Sure. We've grabbed our samples up front before we start off with Horatio Lonsdale-Hands with Buda Juice. Oops. Good morning. Good morning. Our vision at Buda Juice is to place our Ultra Fresh products in every grocery store across the country. First, we have the forward-looking statements, which I'm sure you're all familiar with. Our story began, Bernard, the Co-Founder, and myself, we started in a little fridge in a coffee shop in Plano, Texas. From there, we grew into about 20 Buda-branded retail locations across Texas, mainly in DFW. We got a call from H-E-B and Costco, and we got on the shelves. Is everyone familiar with H-E-B here or not? They're kind of the 800-pound gorilla in Texas, top grocery store retailer. They say that more people go through H-E-B in one month than the entire year at Disney World. When you have these 20 little retail stores of Buda Juice, where we have maybe 10, 15, 30 customers coming in a day, it was an easy choice to focus more on the other side. As a retailer, we were losing a lot of money, a lot of branding. We pivoted away from losing a lot of money and having our own stores to all of a sudden making a lot of money. We broke even for a couple of years, and then about four and a half years, we started going profitable. Why invest in Buda Juice? Well, first of all, we're a different, unique CPG company. We have a proven playbook of scaling nationally, and we have 4-plus years of being profitable. We have cash in the bank, and we have zero debt, an experienced management team, and we have accelerated growth. The retail market now, the grocery store market, is changing dramatically and very quickly. You can buy loo paper and cleaning liquids, all this stuff online with Amazon. It's delivered to your doorstep. Most customers now don't go to the center of the store anymore. They go straight to the produce department. They want fresh. They want to experience it, they want to see it, they want to feel it, they want to taste it. That's where we are. That's the fastest-growing segment of the grocery market today. Fresh is very difficult. We've created what we call Ultra Fresh. Ultra Fresh is where from farm all the way to the consumer, it's kept at 35 degrees Fahrenheit. 72 hours from production to the grocery store. Short shelf life, less than 30 days. Of course, clean ingredients. We've always had clean ingredients. No artificial flavors, no artificial colors, dyes, sugars. We have actually samples here. After this presentation, we have our fresh cherry limeade, which we just got into Walmart. It's a 12-ounce bottle, and hopefully, you'll see for yourself why we're different. We have what we call a platform of Fresh35°. What we do, we pick the fruit off the trees. We don't take anything from the ground, and it goes refrigerated to our facility in one of those big retailers. We check the Brix level, the quality of the fruit, the pH levels, and of course, the temperature. Has to be 35 degrees Fahrenheit. We accept it. It goes into our produce room. The next day or two, we then juice it. We inspect it. We put it through our wash. Our wash is 35 degrees Fahrenheit. We have an unbroken cold chain, which is really important. We then extract the juice. A lot of companies out there, most companies do what I'm sure you've heard is cold press. We don't cold press. What we do is extract the juice because when you cold press it, you get the skin and the oil of the fruit, and that really changes the flavor. We extract the juice. It goes through our finisher, takes out most of the pulp, then goes through our bottling line, where it's bottle capped, labeled. Goes into our packaging room, where it's crated, all at 35 degrees Fahrenheit, store for another day, then it goes out on our trucks. Our trucks are kept at 35 degrees Fahrenheit, and we inspect to make sure every crate has 35 degrees Fahrenheit temperature. We have this unbroken cold chain, which is really important. Our vision is a good one, Country Fresh has already done it. They've already done it with the freshly cut fruit, the freshly cut veggies you see in every grocery store across the country. Bryan Herr is the co-founder of Country Fresh. He's our Executive Chairman. He's also on our board. He's the second-largest shareholder. He built Country Fresh from nothing into a massive company across the country, sold it to private equity in 2017, bought it back in 2021, when it was losing $35 million a year, then built it back up into a massive company. Doug Burris, who was formerly an executive at H-E-B, has been with Bryan for 20+ years. He's also on our board, and he's now the CEO of Country Fresh as well. Country Fresh have the cold chain, nationwide cold chain. They have 12 plants and 15,000 retail store locations. Juice is very similar to freshly cut fruit because it has a short shelf life. It's the same buyer, it's the same produce department, same logistics, that's where we fit, right next to the freshly cut fruit. These are some of our products. We do wellness shots. It's all fresh. We do lemonades, limeades, citrus, beautiful citrus juices, a lot of it's private label. About 40% is private label, the rest is under Buda Fresh. Right now, we're in Texas. We started, I guess, in January in Texas when we did the IPO with 350 stores. Today, we're at 600 stores in Texas and eight other states. We're going to build a new facility on the East Coast and the West Coast. Right now, we have capacity in Dallas for about $55 million a year of sales. We will expand next year to another facility, then one on the West Coast the following year. The little blue dots, that's Country Fresh. That's kind of the same playbook as where we're going. We did our IPO in January. We had 350 stores between Kroger and H-E-B. Four weeks ago, we got into Walmart, we have 246 stores in nine states in Walmart now. It's very exciting for us to go from just Texas now to eight other states. On the left here, this photo actually goes all the way over. There's hundreds and hundreds of lemonades, juices, all these brands. All you've heard of, Suja, Evolution Fresh, Naked, Bolthouse, they're all in the juice fridge here. That's not where we belong. That's not where we are. This is where we are. We are amongst the freshly cut fruit, the veggies, the produce. It's a whole different area because the consumer wants fresh, that's where we are. We're fresh. These bottles, this is a big bottle of lemonade, fresh lemonade. It retails for $5.99. Most of the products, as you can see in this fridge, are $5.99-$10.99, they're not fresh. All this fridge here is in a cooler, most of it doesn't have to be. It's what's called shelf stable, pasteurized, lightly pasteurized, gourmet pasteurized, HPP, UV'd. It has a long shelf life. We don't. We specialize in fresh. That's why we had to name a category Ultra Fresh, so there was a point of difference for the consumers. The juice market is currently about $57 billion a year, forecasted to be $81 billion by 2034. Our beverages taste like grandma used to make them. Delicious. Consumers want clean labels. That's what we specialize in. They want fresh. Fresh is hard to do, it's hard to find. Today, in the Ultra Fresh category, we're doing these beautiful fresh shots, wellness shots. We're doing lemonades, limeades, fresh citrus, we've just started now getting into other products because the Ultra Fresh category is not just about juice. It's everything that's freshly made for the consumers. We started getting into dressings now. We're going to do salsas, then maybe down the road, do soups, freshly made meals, nut butters, and pasta sauces. Ultra Fresh is a category. It's a growing category, it's the fresh perimeter of the stores. If you think about it, that's why people go to the market, the grocery market. They go two or three times a week, they love fresh. They see our products. We have the same buyers for all these products. It is the same buyer in produce. What we're trying to do is take the middle of the store, which is kind of dead zone now, and we're bringing it into fresh, into produce. That's a huge point of difference, and right now we're the only one doing that, especially in the category we're in. We have an experienced management team. We talked about Bryan, our Executive Chairman. We have Don Short, who's the former Worldwide CEO and President of Minute Maid, the largest juice company in the world, and formerly CEO of The Coca-Cola Company in different places around the world. Marie Quintana, who's here with us now, also a board member. She was with PepsiCo and Tropicana, the second-largest juice company in the world. Doug Burris, we talked about him. Mo Hayat, who's here as well, who keeps us in good governance because a lot of us are entrepreneurs, and we need to know how public companies work. Of course, my co-founder. In 2025, we made money, i n the first quarter, we made money as well. We have free cash flow in the first quarter of $1.1 million, and after the IPO, we now have $20 million cash. We've had four years plus of consecutive profitability. What we've done is we focused on running the business first and then going public, because as Chris said earlier, we had a lot of PE companies wanted to do a deal with us, and MDB Capital took us public in a different way. We feel this was the right move for us because even though we had no debt, we had $2 million in the bank, we were making money, and a great management team, we felt by going public, we could spread our wings and become nationwide and become well-known to consumers, which is really important as you grow. We feel that we're in a really good position with a unique CPG model, and we have the playbook ahead of us, Country Fresh. We've been profitable for 4+ years now. No debt, positive free cash flow, accelerated growth, and experienced management team. I'm all ready for your questions now. Horatio, what's the difference between Buda Juice and Suja? Okay. Is everyone familiar with Suja? They just did an IPO with Goldman Sachs. It was very successful. Then it went down. There's two things really. They're pasteurized. Everything they do is pasteurized, otherwise known as HPP. They're on the shelves all across America. They have to spend a lot of money on branding, a lot of money on slotting fees. They have a long shelf life. I feel like Suja and everyone else on the long shelves, they're great branding companies, marketing companies, some with manufacturing, some without. We're fresh. We're Ultra Fresh. Totally different category to be in. Our product, when you taste it's so delicious. What do you think? Do you like it? Yeah, it's really good. Yeah. It really is different. By the way, if you taste the product, it's at the back there. If you don't like it, please don't buy the stock, okay? We stand firmly behind the taste. It's really important. The category is really important. Where we're going is really important. Everything about being in the vegetable space and the fresh and cold chain health. It is 18% juice. Right. I was wondering why 18% and sugar is second biggest ingredient. Right. I just assumed it was all apple juice. Okay. Well, first of all, great question. We have citrus juices, we have wellness shots, and we have lemonades. Lemonades, they have real sugar in them, and of course, it's not all sugar. You have water, and you have beautiful fresh lime and lemon and strawberry in it. Most people talk wellness, most of America. I'm healthy. I love eating healthy and drinking these green juices. The reality is, America is all about taste and clean ingredients. We've created something that tastes great. It's clean. There's no artificial flavors, artificial sugars, artificial colors, artificial dyes. It's the real thing, but it's not a health drink. It's a great cocktail mix. It's great for the family. It's the alternative to what's out there with Coke and whoever you want to compare us to. The wellness shots, which we have, it's a very small part of the market. The big market likes to eat and drink. You talk a lot about Buda being in the fresh section whereas your competitors are not, but the pricing seems to be kind of comparable. I guess why not take more price? Also curious on the cold chain, what your private label partners kind of think of that technology and how that's impacting how they think about working with you. Okay. First of all, the drink that you have here is at Walmart and sells for $1.47, which is lower than a price of Coke or price of bottled water. It's very cool, and we still have a very good profit on it. The second question was the cold chain and competitors, or what do you- Yeah, just kind of how your partners with the people you're working with at H-E-B think about that technology and whether they think it's really important now o r how they think about it. Yes. Well, we've been with H-E-B eight years now. We have about 14 SKUs. Their whole department is exploding around fresh. As you know, they're one of the leaders in the country. Everyone's following what they're doing. Some are three years behind. Everyone's catching up. Fresh is such an important part of the growth because people don't go to H-E-B to buy loo paper. They go there to buy fresh. The fresh is expanding. You've got all these different fresh products coming in. Are you guys planning on varying price side as similar to those, like you said, bottle of juice costs about $1.47. That's without the price markup. Right. It seems like you've lost your pricing power. Were you strategically kind of raise prices down the road? Well, we sell at a certain price to Walmart. We have no say. We can recommend where they price it. It's really up to the retailers. We could sell at a higher price point down the road. As you can see from our financials, we have very healthy margins. We're the owner in this category. We feel we got a first-mover advantage to grow it as quickly as possible across the country. We feel this is value too. We want everyone to buy this, everyone in the market. The wellness shops we talked about, that's a different market. The green juice is a different market. We are totally mainstream. I was at Kroger the other day. This little old lady, she comes out with her basket and she grabs two of these beautiful lemonades. I said, "Ma'am, have you tried the strawberry?" She said, "No, I come every week, and I get these two." I said, "Try the strawberry." She had a taste of strawberry, and she put it in her basket. That's all she had in her basket. That day, there happened to be a whole lot of executives of Kroger, and they were all huddled up in the produce department. I said, "Madam, would you mind coming with me?" She takes her little basket, and she goes down here. I said, "Ladies and gentlemen, would you like to meet one of your customers?" She starts telling them how this lemonade reminds her of how grandma used to make the lemonade, how delicious it is, and it belongs in every Kroger, all 3,000 stores. She comes twice a week. She had them all eating out of her hand. I couldn't do a job like that, but it was $5.99. It was the value. She appreciate that it's fresh and delicious and like her grandma used to make, but the value is really important, too, if you're going to build a mainstream following. What you're doing is really unique. I imagine that's a critical part of your response. Do you feel like that's sustainable through all the stores? Because it's almost like you have to chop up specific deals with each one of these retail stores. Well, I tell you the beauty of the model. We spend very little money marketing. There's no slotting fees. Right now, there's no alternative. You either juice in store, which is very expensive. Imagine you juice in store. You have 3,000 stores like Kroger. You've got to juice in every single store. You have a production. You have quality. Can you get the fruit? Can you get the personnel? Are they trained? Do they have QA experience? What's the room temperature? It's ambiance with 35 degrees. Our shelf life is extraordinary. If you think about it, you juice at home, you juice an orange. The next two or three hours, it doesn't taste as good. The next day, it doesn't taste great. Ours is 14 days. In some cases, 21 days, depending on the product. That's because we have this cold chain. This wonderful facility, which no one else is doing. It's easy. It's so easy just to juice at ambient temperature, pasteurize it, have the shelf-stable products, or have a long shelf life. That's easy. That's what everyone does. We're different, but that's what the consumers want. They want fresh. I'm talking about that box. Right? You're saying it used to be an empty space at the grocery stores. I imagine each one of these grocery stores has to do that for you specifically. No one else is[inaudible] Got it. Good question. Yeah. No- Make sure that you[inaudible] Yeah. Okay. That was a cool. That happens to be at Kroger. In H-E-B, each store manager typically can put us where they want to. Okay. They have certain planograms and then they have a gallery that goes around. A lot of the stores like at H-E-B, they may put in 300 bottles on the shelves because it's selling 100 cases a week of one flavor. You go to a small H-E-B, and they maybe have us just in the planogram where they have 20. That's it. Each store can do it, and it's up to them. Where we are is in the freshly cut fruit section, the fresh vegetables around us. We're not where all the other hundreds of juices are. It is a good point because if we're there, then how does the consumer know it? Is it fresh? I don't know. Is Evolution Fresh? Is that fresh? No, it's not, but the consumers may think it is. Right. Your team is very focused on trying to get something in that fresh category. This is such a good question. Actually, it's the grocery stores are coming to us because they want fresh. They see what we're doing at retailers like H-E-B and Walmart now and Kroger, this is incremental sales. It doesn't affect anything else going on there. It's all incremental. They love us, and it's double-digit growth as well. Yes. Sorry, quick question. I know a lot of these other players like Kroger and Walmart have talked about the retailers having more bargaining power now. You mentioned private label. Private label obviously helps in terms of the volume. Correct capacity utilization, it's also a competitive threat to yourself. How are you managing that, and do you feel like private label will be part of your business? We have about 40% private label today. Okay. The good thing with private label, it usually outsells any brand because it's the H-E-B own brand, as an example, is very popular and well-known. Consumers trust it. However, for us, it's the same margin. We pay for the label, the bottle, the cap, the juice. It's the same margin exactly. If it's more volume, we're delighted. You don't get a lower price? No. It's the same. That's it. Okay. Thank you all very much. Thank you.