Good afternoon, everyone. Thank you for participating in today's conference call to discuss Jones Soda's financial results for the fourth quarter and full year ended December 31, 2025. Before we begin, let me remind everyone of the company's safe harbor disclaimer. Certain portions of our comments today will concern future expectations, plans, and prospects of the company that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements containing verbs such as aims, anticipates, estimates, expects, believes, intends, plans, predicts, will, may, continue, projects or targets, and negatives of these words and similar words or expressions. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could affect our actual results include, among others, those that are discussed under the heading Risk Factors in our most recently filed reports with the SEC, including our annual report on Form 10-K, our quarterly reports on Form 10-Q, and our current reports on Form 8-K. In addition, this call includes discussions of certain non-GAAP financial measures, including Adjusted EBITDA. The most directly comparable GAAP measures and reconciliations for non-GAAP measures are available in the earnings release and other documents posted on the company's website under Investor Relations. A telephone replay will be available after the call through April 14, 2026, and a webcast replay of today's webinar will also be available for one year via the link provided in today's press release, as well as on the company's website. Now, I would like to turn the call over to Jones Soda CEO, Scott Harvey. Thank you, Shamali. Good afternoon, everyone, and thank you for joining our fourth quarter and full year 2025 earnings call. 2025 was a transformational year for Jones Soda, culminating in a strong fourth quarter that underscores the progress we've made both operationally and strategically. For the full year, we generated more than $25.3 million in revenue, representing significant growth over the prior year and reflecting the impact of our expanded distribution, product innovation, and operational execution. Throughout the year, channel focus along with operational improvements reinforced the company's foundation. We centralized our warehousing, optimized logistics, and implemented just-in-time inventory practices, making the organization leaner and more efficient organization. These actions also reduced costs, enabling us to reinvest in areas of the business that we had the highest impact potential. Strategic divestitures, including the sale of our cannabis business, enabled us to fully focus on scalable beverage operations and sale proceeds reinforce our balance sheet. Partnerships with Bethesda and our Fallout, Crayola, Folds of Honor, alongside our expansion in the club channel, further enhanced the brand's visibility and drove record purchase orders, demonstrating the combined power of operational discipline and strategic growth initiatives. As we closed out the year, we began shipping Fallout, the Vault-Tec packs, to club stores nationwide, dramatically increasing the availability of our Fallout-inspired beverages. We completed the first of multiple shipments to select locations across Canada as well. Fourth quarter revenues reached $11.7 million, the highest gross sales Jones Soda has ever delivered in its history, underscoring the strong consumer demand and the effectiveness of our strategic initiatives. The operational and strategic foundation we built in 2025 positions Jones Soda to leverage growth opportunities, scale efficiently, and drive sustained value across its key business areas in the year ahead. Core soda remains the backbone of our business. Over the course of 2025, we expanded our distribution network, adding new partners and extending our reach in both the U.S. and Canada. Direct store delivery partners serving major national retailers strengthen our presence in key markets. Culturally relevant and collectible product launches drove strong engagement and expanded the Jones brand to reach millions of consumers across North America. Crayola- inspired packs sold out within hours, generating approximately $275,000. Our D2C channel further accelerated momentum with the launch of the Fallout-inspired rocket bottles, which sold out within days, creating a meaningful online excitement, reinforcing the value of our partnerships with iconic brands and gaming platforms. As a result of our success of these launches, retailer demand and interest continue to grow with each subsequent release. These results highlight the impact of culturally relevant collectible products while underscoring our focus on disciplined execution within core soda. Operational improvements, including enhanced forecasting, centralized logistics, and multi-SKU shipping capabilities, enabled us to meet strong demand efficiently, maintain product quality, and support continued growth. Modern soda delivered limited growth in 2025 despite operating in an increasingly crowded and competitive category. Demand for better- for- you beverage remains strong, particularly among consumers seeking functional benefits without compromising on taste. Pop Jones, a functional soda, expanded into 1,500 retail doors, including national chains, and consistently performed well in consumer taste evaluations versus comparable offerings. Our work in this category is far from complete. In 2026, we'll introduce new flavors anchored in high demand core profiles such as root beer and cream soda while evolving our go-to-market approach. We'll increase localized support for retailers through a focused four walls, four blocks, four-mile strategy designed to drive awareness, trial, and sustained velocity at the store level. Overall, Pop Jones's performance reinforces that while the category is highly competitive, consumer demand for healthier functional beverages continues to support steady growth and long-term opportunity. In adult beverage, regulatory changes were a key consideration. Federal legislation enacted in 2025 alters the framework for hemp-derived products, including certain intoxicating cannabinoids. While the law is not expected to take effect until late 2026 and enforcement still remains uncertain, we are actively evaluating potential impacts and have developed contingency plans to address a range of outcomes. We are more cautiously moving forward with trusted partners while closely monitoring developments in Washington, D.C., and engaging with industry advocates to determine the appropriate path forward. At the same time, evolving state-by-state regulations continue to create complexity, requiring ongoing vigilance to ensure our products remain compliant. While we do not expect HD9 to be a material growth product line in 2026, we will continue to support our dedicated partners. We remain focused on staying nimble, adapting quickly to regulatory changes while maintaining and supporting our distribution network, and ready to enact our contingency plans as regulatory deadlines approach. Spiked Jones also faced challenges in 2025 as distribution declined in certain accounts due to the product's high alcohol by volume and sugar content. In 2026, we plan to reposition the brand with a revised 4%-5% alcohol by volume, new flavors, refreshed packaging. We also intend to support the brand through a more targeted regional strategy, as mentioned earlier, enable us to launch in a specific market, provide appropriate local marketing support, and drive consumer engagement more effectively. Across all of our areas of business for Modern Adult, we built an operational discipline, drove consumer engagement, creating meaningful momentum heading into 2026. With that performance as context, I'd like to turn the call over to Brian to review our fourth quarter and full year financial results. Brian? Thank you, Scott. Good afternoon, everyone. I'll first go over our full year 2025 results, starting with revenue. Jones achieved revenues of $25.3 million for the 12 months ended December 31, 2025, compared to $17.8 million in the prior year, or a 42% increase in revenue. Two categories stood out to drive the increase. Sales of Fallout licensed products to the club channel and sales of Fallout products to the direct-to-consumer channels. We also saw some increases in the Pop Jones SKUs. However, this will be a focus in 2026, as Scott has previously stated, to make more material progress in the modern soda category. I'll further discuss the company's outlook for revenue 2026 later in my comments. Focusing next on adjusted gross margin. Adjusted gross margin is a non-GAAP measure. It effectively takes GAAP gross profit and adds back one-time inventory provisions and divides that into net sales. Full year adjusted 2025 adjusted gross profit margin was 32% compared to 27% in the prior period. We incurred $1.2 million in one-time inventory write-downs associated with an HD9 business and inventory stranded with a co-man we had a legal dispute with, as we previously disclosed. The majority of the write-down was due to the federal legislative changes to the HD9 business enacted in November 2025. Our outlook for the HD9 business as a result of these changes and its impact on the Jones HD9 business in general necessitated a further write-down of our year-end 2025 HD9 inventories to a level that reflects today's HD9 marketplace. The good news here is that we improved our adjusted gross profit margin by 5 percentage points comparing to the prior fiscal year. Gains were driven twofold. Firstly, the reduction in trade spend from 20% incurred in 2024 to 10% on average in 2025. The reduction was achieved through a mix of channels that have lower trade spend as a percentage of gross sales, for example, club channel and direct-to-consumer, as well as we exited a DSD relationship in Canada that had a very high trade spend negotiated in 2024. This relationship was effectively exited in Q1 2025, and we saw the impact from Q2 onwards. Secondly, we made improvements in the freight and warehousing from 17% of gross sales to 16% of gross sales in 2025. We see continued opportunities to also reduce our product COGS in 2026 based on our increased volumes. We also see further opportunities to reduce warehousing costs in 2026. However, freight out most likely will be negatively impacted by the higher oil prices we're seeing currently. SG&A. Scott and I took the reins in February 2025. We had quite a challenge in front of us to aggressively cut the burn rate and institute the necessary cash controls urgently. We shared the progress across the last 3 quarters, and I'm pleased to update our shareholders on the full year results from our efforts. Looking at SG&A in total for the year ended December 31, 2025, we reduced SG&A by 14%. Now to dig a little deeper into the truly amazing reductions we achieved, 'cause some of the SG&A numbers increased in line with the 42% increase in revenues. For example, the 42% increase in revenues also drove up our broker payments and licensing costs. These two items alone increased $0.7 million for the year. If you remove the impact of those two items, our SG&A decreased 20% for the full year. More specifically, we took out $2.4 million out of SG&A compared to 2024 in consulting, travel, marketing and promotions, rent and utilities, and legal expenses, whilst at the same time driving up our revenues by over 40%. These decreases were necessary to turn around the Jones business. Scott and I instituted a variety of common sense business controls, including centralized controls over legal contract approvals, purchase orders, marketing expenditures, travel, and of course, cash disbursements. That financial discipline is now entrenched in the Jones business. Further, we also implemented discipline in how we evaluate new business opportunities, product pricing and promotions. All of P&L statements developed for review and approval by Scott and myself. Moving to net loss. Net loss for the 12 months ended December 31, 2025 was $1.8 million, compared to $9.9 million in the prior period, or an $8.1 million improvement year-over-year, or 82% improvement. This is driven primarily by two things, the gain on sale of our cannabis business of $3.9 million, but more importantly, the reduction in operating loss of $5 million. Adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure. It reflects management's view of a more accurate reflection of ongoing cash flow generated or lost from its continuing operations. For the year ended December 31, 2025, Adjusted EBITDA was a loss of $2 million, compared to an Adjusted EBITDA loss in the prior year of $7.2 million, or an improvement of $5.2 million, or a 72% reduction in Adjusted EBITDA loss. Turning to the fourth quarter results. Revenue. Jones achieved revenues $11.7 million for the quarter ended December 31, 2025, compared to $2.6 million in the prior period, or a 450% increase in sales. Two channels stood out to drive the increase. Sales of Fallout licensed products to the club channel, as well as sale of Fallout licensed products in the DTC channels. I'll further discuss the company's outlook for revenue in 2026 later in my comments. Adjusted gross margin. Again, non-GAAP measure. For the fourth quarter ended December 31, 2025, adjusted gross margin was 32% compared to 10% in the prior period. As previously discussed, we incurred a $1.2 million one-time inventory write-down associated with our HD9 business. These improvements were also driven by a reduction in trade spend as a percentage of gross revenues and a reduction in COGS and freight and warehousing costs. Trade spend as a percentage of gross sales reduced from 33% in the fourth quarter of 2024 to 10% in the fourth quarter of 2025. COGS as a percentage of gross sales reduced from 71% in Q4 2024 to 54% in the fourth quarter of 2025. We also made improvements in freight and warehousing from 20% of our gross sales to 18% in the fourth quarter gross sales in 2025. We see continued opportunities to reduce our product COGS in 2026 based on our increased volumes. We also see some opportunities to further reduce warehousing costs in 2026. However, freight out most likely will be negatively impacted by the higher oil prices we are now seeing. SG&A. Looking at SG&A for the fourth quarter, SG&A increased by $0.9 million or 28% up. This increase is primarily attributed to licensing fees on Fallout revenues and increased broker payments on increased sales in the fourth quarter. Looking at the net loss for the quarter, it was $2.1 million compared to $4.5 million loss in the prior period or a $2.4 million improvement year-over-year or a 53% improvement. This is driven by the reduction in operating loss entirely of $2.4 million. Adjusted EBITDA for the quarter. For the quarter ended December 31, 2025, adjusted EBITDA was a positive $0.5 million compared to an adjusted EBITDA loss in the prior year of $2.7 million, or an improvement of $3.2 million in adjusted EBITDA. Cash on hand December 31, 2025. We ended the year with $3.6 million in cash on hand compared to $1.3 at the end of 2024. We also increased the size of the line of credit with our lending partner, Two Shores Capital, from $5 million to $10 million. As of year-end 2025, we had borrowed $3 million on this $10 million line. Subsequent to year-end, we also sold a promissory note owed to Jones from our cannabis business sale, which had a face value of $2 million or $1.4 million. We look at the payments that were associated with that $2 million that would have taken place from 2026 through to 2028 to collect the $2 million. We determined that having cash in hand now would be the more prudent course of action to further give us the flexibility to finance the expected growth in 2026 and help reduce some of the legacy payables. Looking at the outlook for 2026. First quarter in 2026 revenue guidance. The following forward-looking statements reflect the company's expectations as of March 31, 2026. They are subject to substantial uncertainty and may be materially affected by many factors, many of which are outside the company's control. Based on the preliminary first quarter results of revenues recognized as of March 30, 2026, the company currently expects first quarter revenues to exceed $12 million or a 260% increase over the prior year first quarter revenues. Additionally, we expect the growth rate on our 2025 full year revenues to exceed 60% for fiscal 2026. Scott, over to you for final remarks. Thanks, Brian. As we enter 2026, we expect our operating environment to remain dynamic, requiring continued laser focus on execution, innovation and discipline, and strategic prioritization. Our strategy is clearly focused on our three core channels of growth, core soda, modern, and adult beverages, where we are prioritizing disciplined execution and targeted, supported expansion. While the work is not done across these channels by any means, we are encouraged by the progress and remain optimistic given the strength of our innovation pipeline, increasing brand exposure and continued consumer demand. Innovation with each channel is well underway, and we're excited about the new offerings set to roll out across North America during this year, designed to strengthen our portfolio and drive incremental growth as well. Part of our direct-to-consumer and digital expansion strategy in 2026 will be reintroducing our D2C platform with a more focused and integrated approach aimed at strengthening consumer engagement, expanding higher margin channels. Under this initiative, we're launching a new service-based offering and membership programs designed to deepen brand loyalty and increase lifetime customer value. These programs will provide consumers with exclusive access to reduced product pricing in exchange for participation, helping to establish a more predictable and recurring revenue stream. A key component of our direct-to-consumer and digital expansion effort is the upgrade in our digital infrastructure. We're enhancing the website to deliver a more interactive brand experience, including improved navigation, richer brand storytelling, and an addition to tools such as Product Locator to better connect consumer demand with the retail availability. Together, these initiatives reinforce our ability to capture direct to consumer insights, drive incremental revenue, and further strengthen our brand ecosystem. Launching our technology enablement and operational integration strategy, we are investing in implementing systems that strengthen our ability to manage a business more effectively across all disciplines. These efforts include upgrading platforms that enhance customer engagement and response time, ensuring we are more connected and responsive to consumer needs across all touch points. In parallel, we're implementing an integrated transportation management solution to improve logistics visibility, to optimize costs, and drive greater efficiency across our supply chain. We're also advancing the adoption of project management tools and workflows to improve execution, accountability, and cross-functional alignment. These systems provide real-time visibility into key initiatives, helping ensure that priorities are delivered on time and in line with our strategic objectives. Collectively, these technology investments are designed to improve operational discipline, enhance decision-making through better data visibility, and support the scalable growth across our organization. In addition, we've also added and strengthened our key leadership roles across our sales group, marketing, supply chain, positioning the organization to execute more effectively against our 2026 and long-term objectives. At the same time, we continue to actively identify and attract high impact talent across the organization to support our next phase of growth, enhance capabilities, and elevate overall execution, all the while maintaining a sharp focus on controlling SG&A costs and driving operational leverage. Our focus remains unwavering, delivering channel execution, advancing innovation with each segment, maintaining cost discipline, deepening strategic partnerships, and ultimately delivering shareholder value. Finally, and most importantly, I want to acknowledge the Jones teams. I refer to them as our village. Each individual has contributed meaningfully to our progress over the past 12 months. Our achievements would not have been possible without their focus on execution, adaptability, and commitment to the brand. For that, I thank each and every one of them. As we operate in 2026, our 30th anniversary, we expect our success to continue as the brand evolves and progresses. With that, we'll wrap up the call by addressing some of the questions submitted live by the shareholders through our webcast chat. With that, first question that we have relates to, you know, the public relations website section that, you know, we didn't have the correct information for our new IR firm on there. I can update you that that was corrected this morning, and you will see over the next few weeks an actual transition from the existing company that's actually managing that site to another one. If you go back and reference that site today, the new IR firm, which is Hayden IR, their information is listed on there. Again, you'll see further improvements as we start to transition that section over the next couple of weeks. Second question, given the global success of Fallout, is there any possibility to roll out products via licensing to countries abroad? Great question. Matter of fact, we're already working down that path, not necessarily trying to secure a license, but actually exploring what it's going to take in order for us, one, to be able to ship it over water. What each one of these potential countries that we're interested in, what the regulations are, you know, how do we get in there, what, you know, what the restrictions, the timing and such. It is a work in progress. It takes time because you wanna make sure everything's aligned from paperwork to what kind of pallets you're shipping into these countries. It's an exciting opportunity for us. We believe that the Fallout and Jones products will play in other countries around the world. You know, stay tuned. More to come on that, but we are actively pursuing that as we continue throughout the year. Question three, and Brian, I'll throw this over to you. Can you provide an update on the S-1 process and potential up-listing timeline, and how are you thinking about capital needs support the next phase of growth? Thanks, Scott. The board and Scott and I are certainly committed to moving forward the S-1 process and up-listing to either Nasdaq or NYSE. We can't give a definitive timeline today, but we do think it could happen in 2026. How we think about capital needs, we certainly have managed to not deploy equity last year in spite of a very difficult situation to manage through. We thank our operating line partner with Two Shores Capital for their belief and support in us as a management team. As a result of that, they did expand the line successfully, driven by the success in the club channel and DTC that they see. Scott and I, as we evaluate other growth opportunities, there may be a role for additional equity at some point in the future. Certainly, if we do an uplist process, that would be part of it. To date, you can see we have worked with our vendors and with our line of credit to support the 42% growth last year. With the expansion of the line this year, we look like we're in a pretty good shape to manage growth this year. Back to you, Scott. Great. Thanks, Brian. Next question. Can you comment on store count trends for Pop Jones and Fiesta Jones? Are those channels expanding, holding steady or being optimized? You know, we're currently sitting around about 1,700 stores for the Pop Jones and Fiesta Jones combined product lineup. You know, we have a relaunch plan that we're underway. And as I referenced within my comments, there's got to be a market strategy when we go into these markets. What we've done in the past is that we were out selling the product. We didn't have the ability to support those. I think, you know, people. We sort of thought that people would just stumble upon us in the store, but that's not good enough. When I talked about earlier about the four walls, four blocks, four miles, you know, we have to be able to tell consumers when we're into a store. We're relaunching that strategy. We've got a test market happening in two different states with two different markets to really put marketing efforts behind that, being able to communicate to consumers that Pop Jones is there. Not only is Pop Jones there, but why you should come in and check out Pop Jones, and the Fiesta segment of that as well. We're taking a different approach to it. We expect it to accelerate. We, you know, we're going to relaunch some more core flavors of Jones, such as the cream soda and the root beer in the Pop Jones flavors. I believe that, you know, we'll see some positive results, and it'll give us some good trial. If we can go in and win a region, then it gives us something to go to the next region to be able to talk to. I think strategically on how we go to market and how we re-impact in there is paramount on how we gain success on a go-forward basis. Next question. You demonstrated strong early success with Costco and licensed products. Can you help investors understand the roadmap to scaling success across national retailers and IP partnerships, including the benchmarks and operational investments required to support that expansion? I can tell you that, you know, yes, we've had some really strong wins, where we are currently with our club programs. We do have other club programs that they're actually reaching out to us saying, you know, "How do we get on? How do we help, and how do we start to utilize some of those partnerships that we have?" It's, you know, it's just not the Fallout, you know, through Bethesda. You know, we also do, you know, the Folds of Honor. We've got Crayola, and we're actively speaking with other potential partnerships to be able to drive that. Currently, the way that we look at it now is that, you know, we've got Costco that we're rolling out through our club program, and then subsequently roll that out through some of our other partners. What we're hoping to and working towards is being able to isolate some of those properties, such as Folds of Honor and Crayola, and create those experiences for either other clubs or other partnerships that are out there. You know, what those terms look like and operational investments, you know, quite honestly, it all depends. It depends on who you're partnering with, what the requirements are, how big they are. Those are active conversations that we're continuing to have day in and day out with a lot of these, you know, potential partnerships that we have. Yes, partnerships is a big thing. What partnerships also does for us is it gives us the ability to be able to bring impressions of Jones, the name, in front of people, re-engaging consumers when they see that name. Yes, we're utilizing partnerships to gain share in some of the outlets that we're in, but we're also getting Jones in front of them. Perfect examples. We launched a Bethesda Fallout SKU. We did a very short stunt of doing a social media post. One social media post resulted in 19 million views of that just because of the partnership that we had. I look at it as great for our partner, great for Jones because 19 million people got to see our name. When you start to build impressions and people start to shop in stores, see our name, there's that connection. Super excited about that opportunity. We're going to maximize as much as we can on partnerships, but also using that as a springboard to continue to drive the Jones name into every household. Next question. How are you thinking about expanding core soda portfolio, particularly with respect to new flavors, formats, low calorie, multi-pack configurations that could drive higher velocity? Again, great question. Yes, we have new formats. We have new flavors. I approach the businesses as you introduce a new flavor, but it's got to replace something, right? And everything that we do, such as we've rolled out, you know, with a partnership with Fallout, you know, Sunset Sarsaparilla, it's done phenomenal for us. You know, it's really moving. How does that get into our daily and our core products that we roll out in an everyday item? It will, but something has to fall off the chart because again, we can't do SKU growth without, you know, and being able to manage that. Yes, we are looking at different flavors. You know, we've got a few new ones that I'll share with you on the upcoming calls that we'll be rolling out shortly. Low calorie, ready to go, you know, that's ready and on the shelf ready to go. It will be. You'll start to see some of that in our normal retailers. Multi-pack configuration. Yeah, we're looking at a couple of them. Right now, we've got the 12 packs through our club, but there may be a 6 pack coming to a store near you soon. There are, and we continue to look at that through our new sales leader and our operations leaders that we have and our supply chain is how do we optimize this? More importantly, how do we have the name Jones in front of consumers when they come into the store? Next question. Are there plans to bring successful limited or specialty formats like rocket bottles into a broader retail distribution? Yes, but it has to be the right mix. I can tell you, rocket bottles are very unique, and they're not only unique in just the shape and form, but you know, the weight, how they have to be manufactured, you know, the glass itself, where they have to be manufactured, how they are decorated. When you look at, you know, how do you get them into more mass retailers, it's really complicated because not every one of the manufacturers that we work with can run that product down the line. It gets a little bit more tricky for that. You'll see, you know, rocket bottles will be here for a while. If there is something that comes up that we can do and we can duplicate through our manufacturers, absolutely take full advantage of everything that we can at the right time. Next question. Does the company currently hold rights to expand into more mainstream licensed product like Nuka-Cola, and how should investors think about timing or scale of those opportunities? Well, you know, you will see some more potential Fallout stuff coming out later on this year. We do have Folds of Honor stuff coming out. You'll see a lot of that this summer out there in the stores. Crayola will be making a reappearance again and again. We have other partnerships that we're in active conversations with, so as soon as those come to light, we will bring those to you as well. You know, where will they go? I'm a big believer in spreading things out and not just focusing on one specific retailer because what we've learned through this is that other retailers are asking, "How do I play in this? How do I get involved with this?" It's advantageous for us to continue to build those partnerships and share that with other retailers out there that want that same kind of excitement that we've seen. Question. The next question, with the addition of a new CMO, what strategic shifts should we expect in brand positioning, marketing investment, and go-to-market execution? Should we expect a redesign or modernization of any of the product lines? Yeah, all great questions, right? You know, I sort of alluded to this four walls, four blocks, four miles. It's really something I'm a firm, big believer in that we've got to be able to communicate. We can't just assume, you know, we do a display in a store that people are gonna come and buy us, specifically if you don't go to that store. The way that our CMO is looking at it in a more holistic thing is how do we get people in there? Use of social media today because it's so prevalent that's out there. Could be geo-fencing around stores. I believe that we'll have more to report out after we complete these test markets that we're doing, where we're actually deploying some of these strategies as to how do we reengage or engage consumers that are in this geographic, you know, circumference around stores and how we get them in and one, not only to, you know, drive the new experience, but also drive velocities inside those stores. Next question. How are you thinking about leveraging current trends like 90s nostalgia to accelerate brand awareness and the velocity? Well, you know, Jones is, you know, that's where we played skateboarders and such, but also Fallout is coming from there. I think, again, as we start to engage either through, like, you know, the introduction of Zeros, fans that may have loved the brand but can't drink it because of sugar constraints, Zeros is a great way, and let me tell you, they're absolutely phenomenal. I believe by doing some of those things, we can reengage folks from there. You know, we're still doing pitchers. We're still doing that. Our MyJones is bigger than life out there as well. You know, we continue on through our marketing efforts and looking at trends of how do we get involved, but it's got to be the right trend that matches Jones's history of who we are. You know, it's got to be something that really sinks in what we think we are and how we wanna be able to operate going forward. Definitely looking at those and that, and to be able to drive brand awareness, you know, across, you know, all of our consumer bases. Next question. How are you approaching e-commerce fulfillment and channel control across platforms like Amazon, Walmart, Target to improve margin and customer experience? Well, you know, the easy question is, one, we've got to fix what we have today, right? I'm not happy with the way that, you know, our D2C platform is operating today, and we're taking that challenge, and we've brought in some new folks to help us bring the back of house and the front of house to life, be able to serve consumer needs. I talked about in the first section about, you know, subscription base, really, you know, signing up folks and signing up, you know, consumers so that they get the first look of what's coming out, potential, you know, discounts that are. We really got to work on our cost of shipping and such, and we've got a full, robust plan in place to be able to start delivering on this here in the near term. I'll be excited to get it all out in front of you when, you know, when we're getting ready to launch. You know, stay tuned to the website as you start to see things change, but super excited about what that brings to us. Once we get that in place, then that lets us, you know, springboard into the Walmarts, you know, the Amazons, the Targets. Once we have a platform that's operating functionally, I don't believe in jumping ahead without making sure that we have the platform that's executing correctly to be able to do so. Next question. Can you provide any update on the regulatory landscape for hemp-derived products, particularly around the potential for a multi-year extension, and how do those factors into your planning? Addressed that in the earlier comments. You know, the multi-year extension, haven't heard about it yet. I'm always a firm believer in anything that we do, I don't wanna be the first one in, I don't wanna be the last one out. We, you know, we will stay in the game, and we will monitor what's happening within that environment. Should the extension go, we've got great partners that say, "Hey, if it continues to go, you're gonna be our soda guy because you stood with us during these times." We'll continue to monitor it, but it's closely monitored because, one, we don't wanna be overexposed, as well as if it goes into effect, it's actually illegal for us to be able to do that, so we'll have to go back to a more of a state-by-state thing. We've worked through a ton of contingency plans. We stay close to be able to monitor. State complexity is ramping up because each one of them is starting to position themselves almost like the cannabis business did. As that does, it becomes a little bit more complicated to do scale of anything because each one of the states has their own set of criteria of how they want it, how the boxes are labeled, the cans are labeled, what the milligrams per can. Not to bore you with all the details, but it gets, it's getting more and more complex as the states start to split apart from the national guidelines based upon what they perceive coming. Next question. Can you provide an update on Spiked Jones reformulation of whether the broader or national retail roll-out is still planned, including how you're thinking about positioning the segment with an overall portfolio? You know, I talk about our channels, so adult is still a channel that we are not going to abandon. We're examining different ways of bringing Spiked Jones back to the market, you know, in its form of reduced alcohol by volume, lower sugar, and some other avenues that we're currently exploring. I still believe that we have a plan in that piece. We are looking to get in front of consumers here later on this year as we reformulate it, the alcohol by volume, look at the flavor profiles as well as, you know, continue down some of the other paths that we're talking about internally as to how do we make it a more robust. You know, our channels are our channels. We stay with our channels. I've always said, you know, stay narrow, go deep, and we will continue to do that, and do whatever we can in order to get that, you know, to make sure that we're innovative and that we're addressing consumer needs. Stay tuned. More to come on that as we progress throughout the year. Next question. As demand increases, how are you ensuring consistency in customer experience across fulfillment, shipping, and direct-to-consumer? Mentioned that earlier in there as well. We're, you know, looking at one, we've boosted some talent within our D2C on the back of the house and the front of the house. We've partnered with some customer service software to help us get back to consumers when it's needed. Really, it's just reworking the website to make it more friendly and more friendly for users to work, as well as easier for us to be able to respond, whether it is a, "Hey, here's your tracking number," "Here's what your receipts are." You know, really looking at shipping costs. Again, lots of initiatives going around there. I'm super excited about the two individuals that have joined us to help us bring this to life. Again, stay tuned in the works. I think it's going to be a viable piece for us as we look to launch other innovative things like the Rocket Bottle. We need to fix it 'cause it has to work in order for us to be successful in there. Are there investments underway to further strengthen digital infrastructure and online presence? Again, I think that goes to the last question about our D2C piece. You know, again, in addition to that, when you look at marketing, it's about, you know, "How do we utilize social media? How do we engage influencers to do the talking for us?" Again, we've seen this through some of our club rollouts that, "Hey, we did one post or we engaged with one influencer, and it just exploded across social media." Great learnings for us to be able to do that. I think we have to be strategic, and they have to be meaningful with what is it that we're trying to get out to. More importantly, we have to be able to understand, you know, what's the return that we're getting for any investment that we do online. We will not just throw money at influencers, but we definitely have to understand, you know, what the return is and how is it impacting our business on a go-forward basis. Next question. Are there plans to offer the 12 multipacks through grocery and retailers? 12-packs, really competitive. I think that you'll see some different packs going in there, but I'm not sure 12 packs today will be something that we could do. It's specifically because we're glass, and I have not seen any glass 12-pack. Doesn't mean that's not a great idea, but it's probably not something that we're looking at in the short term. I will say stay tuned, because you will see some different packs coming through in some of the test markets that we've earmarked for the balance of the year. Next question. Do you have a plan for more flavors for Fallout throughout the year? Yeah, we do. Not going to peek under the hood at this moment, but yes, there are more flavors coming out. I don't wanna ruin the excitement, but stay tuned. It's all exciting for us. I think it's, you know, it's gonna be engaging for our consumers, for the Fallout fans, for our consumers with the different flavors that are coming out. Yes, stay tuned. There's more flavors and stuff coming out. Will the company consider canned products like 12-pack cans to reach more customers, possibly using the Fallout IP? We've looked at it. We're not there yet. Again, the 12-pack, super competitive with, you know, Big Red and Big Blue that are out there. Again, it's a—you have to have volume in order to drive margins with this, so we'd have to be very convinced that we have a great path to market to be able to do so. But we'll never say never, but currently it's not on the docket today. You know, when we've rolled out some of these packs, the, you know, with the inserts in there has driven great success for the consumers. It's drawn great success for the fans that, "Hey, it's, I can go out and find this, get something inside there," as well as enjoy the phenomenal product that we put in those containers for them. It's not something that, like I said today. Great idea, but it will definitely be something that we'll keep on the docket on a go-forward basis as well. Does the second quarter have things in the pipeline that will support continued quality revenue growth? Yeah, it did, we do. You know, we've put a forward-looking statement in there and we take those things very seriously when we do that. You know, the team has worked really hard with our partners, with our retailers, to secure different promotions and such throughout the balance of the year. Yeah, there's great stuff coming. Again, we'll be back here in a short 45 days reporting on the success of Q1, you know, and we'll be well into Q2 by that time. As a matter of fact, it starts tomorrow. Can I just add something there? Sure. Can I just add something there, Scott? I think when I read the questions about continued quarterly revenue growth, I think we have to root ourselves again. We guided for the year 60% revenue growth over 2025 revenues, right? There is seasonality that Jones has typically experienced in our business. I think I would look at the overall year number. It may ebb and flow a little bit between quarters. Yeah. Right. Did you want me to go back over some of these other questions? Yeah, if you could, Brian, that'd be great. There's a multi-part question here, so I'm gonna take it one piece at a time. Who is the note receivable with, I think is the question. That is, we sold our cannabis business in June, and the private company called MJ Reg Disrupters purchased it. Part of that sale for $3 million, we took a $2.5 million prom note. So that was the note receivables related to that. What inventory writedown was the impairment coming from? Primarily our HD9 business. Based on the legislative change, we had to look at how our business was performing, you know, in the recent months, how much inventory we have on hand, and what was the likelihood we were gonna sell through that before, let's say the November deadline happens in 2026. We thought it was reasonable and prudent, you know, to write down the HD9 inventory at year-end. Next part of this was, COGS seems incredibly high. Do you expect this to continue in Q1? I would go back to what I said earlier. We actually reduced our COGS from 71% to 54% in the prior year in the fourth quarter. We do see opportunities to further reduce our COGS because we are looking at higher volumes, right? There's a real volume and lower cost relationship in this business. There was a question about expected sales in Q1. Today, we guided to a minimum of $12 million for Q1. Do we expect to see a GAAP profit? We haven't guided on GAAP profit or EBITDA for 2026. What I could say is if you look at the fourth quarter, we did generate half a million dollars on $11.7 million in revenue. Let me see, Scott. I think the last one is yours. Yeah. With the engagement of your new investor relationship, how are you thinking about increasing investor visibility, investor demand, and are you setting a path towards up-listing to a real exchange? W e've just transitioned over to Hayden IR. You know, so the point will be is try to get out in front of more investors, have more calls, more visibility. They're a great team. We're super excited to partner with them as our IR firm going forward. Stay tuned. Again, you know, I was gonna close the call. Again, any type of questions or comments or one-off calls that you wanna have, I'll give you their email address. Again, it's up and updated on the website as well. You know, and again, you know, setting... Is there a path that you're setting to up-listing to a real exchange? I think Brian covered that before. It's always something on our radar. Again, you know, we've done a couple of things that could maybe kick that into gear. Yes, there is that idea to get up-listed to either the NYSE or Nasdaq on a go-forward basis. More to come on those pieces. W e're super excited about the partnership with the Hayden IR team, and to be able to start to develop that and get us more out in front of the investors and new investors that are interested in the brand based upon the results that we've been able to deliver and will continue to deliver through the balance of the year. With that, those are all the questions that we're going to answer at this time. We'd like to thank everyone for taking the time to listen today. I would welcome further questions, and we'd be happy to take your one-on-one calls later this week or early into next week. Please direct any inquiries to James at Hayden IR, haydenir.com. I'd be happy to address accordingly. If I don't speak to you soon, I look forward to addressing you all when we report our first quarter results in May. Thanks again and have a great day. Shamali, back to you. Thank you. This concludes today's conference, and you may disconnect your line at this time. Thank you and have a great day.