Thank you, Shannon. Good morning, everyone. Before anything else, thank you so much for being here. This is actually the first live earnings video webcast we've done in our company's history. And from the numbers that are joining right now, it may be the largest group of our shareholders ever gathered in one place. So whether you manage a fund, hold a single share, or simply here because you drink the Shoshay every morning, welcome. This is for you. And here's why we're doing this way. Our shareholders range from global institutions to people who found IMA as customers and became shareholders. And we believe every one of them deserves the same depth of information at the same moment. This moment where we've opened the book to everyone at once. We can do that for a simple reason. We now have 20 months of data. Every cohort, every month, every market measured end to end. Enough history that numbers no longer need my adjectives. And I will say this plainly, I do not know of another company publicly traded or private that has shown its business in this level of detail in which we are showing you today. I just released a 40-page shareholder letter written to be read, not skimmed. An additional 80-page investor deck that shows you this business the way I see it internally. Every single cohort, every vintage, our full acquisition cost month by month, and even independent card data measuring our retention against every single brand in our category. In this stream, you hear from us directly and feel free to ask us anything at the end of this call. And the business compounding this fast deserves to be examined, not summarized. When the numbers are this good, transparency is a weapon. And today, and the day that numbers soften, someday you'll read it from us first in that letter. And one promise I want to make in the next half hour is not, I'm not going to be standing here and just reading you that letter. However, hopefully everyone here listening in can read it later today. What I owe you is a part of the document that cannot do the story of what actually happened. How a brand that did not exist two Decembers ago crossed last month a line most consumer companies never reach. But before I talk a single number, I want to show everyone what we're building first. We made this video two minutes. Please enjoy.

iMate just covers everything in one sachet.

What are you willing to do to be the best?

We're very strategic in the businesses that we go into. I don't know whether any of you know about IM8, but you should get IM8 because it's got 92 ingredients.

So that's your secret, IM8?

That's my secret, IM8. You know, you don't have to take 15 or 18 tablets every single morning. It's just easy and it's so good for you and the longevity of your life.

I look forward to this every single morning. It's actually my incentive to drink more fluid because I just don't really enjoy it unless I mix that IM8 in it.

Since the moment I took IOM8, man, I've been feeling incredible.

IOM8 gives me that immunity and strength that I can wake up every morning and feel good and perform well.

And I think for me, not only has my doctor recommended it to me, I know IOM8's done so much scientific research, and so that makes me feel like I'm in really safe hands with IOM8.

Well, first of all, this guy introduced me to the brand. You're welcome. It's an amazing product. It's really working. That's why I chose IOM8.

So with this $1 billion growth financing, we're able to test so much more, go into more channels, test new creatives, test new offline activations, partnerships. So this growth financing goes beyond just acquisition, but really for everything brand related and marketing related.

The best choose the best.

Yeah, I mean, that was a highlight for the last 20 months and it's quite amazing what we've been able to achieve, right? So Brian, if we get to the next slide. In December 24, we launched IM8 our first month. On our first month on the market, we did about 400,000 USD. and I want to tell you what we believe back then because it's written down. It was in our founding moment before we even shipped a single cha-cha. We believe if we built the best product in the category, clinical studied, certified, customer wouldn't just buy it, they would stay. And if they stayed, every dollar we spent funding them would come back with profit on top. And if that held, then one day the whole machine would cross the line. The point where growth stops consuming cash and starts producing it. We marked that line in the model on day one. Every decision we've made has pointed to it. Last month, we crossed it. In July, our consolidated adjusted free cash flow, and I want to be precise here because precision is the whole point of today, that measure includes the funding under our general catalyst facility turned positive for the first time in our history. It is, I believe, the single most important fact in the letter, in the deck, and in this stream. And I'll be quite honest with you, I did not believe we could get it here so fast. 20 months. Most consumer brands take years. Many never arrive at all. Two things that made it possible. And they are connected. Firstly, our cohorts came first. Customers who stayed, who spent more, who paid back their acquisition costs in months. And these cohorts earned a second thing, $1 billion of a commitment from General Catalyst, committed after they spent months in our data, capital that now funds our growth so our cash no longer has to. We expect Q3 to be our first positive quarter, and we expect to stay positive from there. and now the quarter itself. Just highlight in terms of what we were able to in Q2 and I want to frame this only way results should ever frame against what we told you and what we would do earlier. So in May, we got a publicly 46 to 48 million total revenue, 44 to 46 million for IM8. We reaffirmed those numbers in June This morning, we reported 46.5 million in total, up 29% from Q1, roughly 3.9x from a year ago. with IM8 at 45 million, up 33% sequentially at a 65% gross margins. Both numbers inside both ranges are six consecutive record quarter. We say what we'll do, and then when we do it, I want to own that pattern in front of you. And for the record, because this is the standard you should hold us to every quarter from here. And then July happened. As you can see from this chart wise, this shows you our path from basically December of 24 to July last month. Starting at the 400,000 I talked to you and look where it ends. Last month we achieved 20.9 million of revenue in one month and just strongest month in our history. 4.3X of last July at an annualized running rate of roughly $251 million. And July just wasn't big. It was our largest single month customer cohort ever. We acquired 47,373 customers. And here's the part that I'm most proud of. We acquired that record cohort at a customer acquisition cost of about $239, down roughly 21% from our Q2. So we have record customers falling to CAC, scaling brands never get both. Brian in a few minutes will take the whole P&L apart in a few minutes and share all of the details on that. and the quarter delivered inside our own guidance with a July like that behind it. Change is what I can promise ahead. So today for the first time, today we are also raising our full year total revenue guidance to 220 to 230 million with IMA contributing 215 to 222 million. Understand the nature of that number. The floor of that range is not hope. It's actually underwritten by the subscribers we already have. And we're also initiating something else today, the 2027 figures as we get close to the end of 26. 27, we're initiating 400 million or more. And there's three numbers that you should be thinking about now because they hold the whole story of this company. Last year in our first full year of IMA, we achieved $60 million. In our second year this year, we will achieve $220 million. $400 million plus expected in this third year. In the letter, we put it in one way and we'll say it to you straight. We don't treat that trajectory as ambition. We treat it as arithmetic. We'll exit this year above 300 million run rate before a single 27 customer walks into the door. Note roughly 87% of our revenue is recurring. Subscribers we already have. Our retention curves measure across 20 consecutive cohorts. Everyone behaving the same way. and nothing from the new products you will hear about today is in any of those numbers. So every launch is pure upside to every figure I just gave you. And that's the promise. And now let me show you the machine underneath it. And I want to talk to you a few minutes about the brand that we are building. Because again, in my experience as an entrepreneur, as investors, I haven't seen nothing like this. And I'm so grateful I'm able to live this every single day. You know, it's something that numbers cannot and something you can only see with your own eyes. And as you may know, I spent much of the year traveling, you know, throughout the whole world for IM8. And in every country I land in, the same thing always happens. People come up to me about IM8 and get so happy. It's not because they recognize me. It's because they recognize the crochet. I have athletes, surgeons, founders, CEOs, high performers who could buy anything. telling me unprompted what this product has done for them. In the time we've been around, we've now launched more than 100 brand events around the world, and the room keeps getting fuller. David and I talk about this all the time because it's the thing that we are proudest most of. Somewhere in the last 20 months, this stopped being a product people buy and became something people carry with them. and ask each other about and hand it to the people they care about the most. And I can tell you this on an earnings call for a hard commercial reason, a brand people trust travels. It travels into new countries ahead of our marketing is why our acquisition cost is falling while our spend has doubled in Q2. And it travels into new products where an audience that already believes in us is waiting for whatever we make next. The pipeline as it stands and the brand that we've been able to build and where we're headed next. Because everything you have seen is essentially a one product family and one category. Next quarter in Q4, we're going to launch IMA Hydration into a $37 billion market. In the first quarter of next year, our premium line of gummies into a $25 billion category. and nothing launches without IMA level clinical validation and everything we make carries NSF certified for sport. And on the science behind that, we have three randomized placebo controlled clinical trials ongoing as we speak right now, including one at the Mayo Clinic and Dr. Don Musalem will take you inside them shortly. And I'll say only this, in a category built on marketing claims, we are building one on evidence. And next, And I want everyone also to kind of understand that, you know, while hydration gummies are coming next, it's not the whole story, you know, because I think what we've been able to build this brand is going to be able to do so much more. And look at this slide here. We're talking about, you know, again, sleep, cognition, recovery, women's health, men's health, sports performance. When a customer hands out Shashay to someone they love, They are telling us they will trust us in any category where science and quality decide the winner. And that map is most of consumer health. Now let me be also equally clear about what this slide is not. It's not a roadmap. I'm not announcing anything today. But the honest way to think about IM8 is not just as a supplement company. It is a trusted global premium health brand, 20 months old, with most of its categories still ahead of it. And here's the question every operator in this audience is already asking. Entering new categories normally takes armies, new teams, new overhead, margin walking out the door. So let me show you why that math doesn't apply to us. So this is a chart of our AI native organization. And it may be my favorite slide in the deck next to the adjusted cash flow slide. IMA is an AI native organization from day one. We are roughly 70 people delivering this year's guided 220 to 230 million revenue. More revenue per employee than any scaled brand in this category. And the gap widens as we grow. Revenue grew 3.9 times year over year with no proportional hiring. Fixed operating expenses actually fell 21% quarter over quarter. We doubled acquisition spend from Q1 to Q2 with the same number of team members. That's not discipline for its own sake. It's what a company looks like when AI runs through creative marketing, operations, finance from day one. instead of being bolted on later. Most companies our size are hiring their way to scale. We are compounding our way there. And the biggest partnership of this year is the one funding everything I just described. One month ago, General Catalyst committed $1 billion against our cohorts. The deepest diligence I've been through as a founder, every single monthly cohort examined at the transaction level. Now, to walk you through where that number stands today, I'm going to hand it over to Brian, our CFO. And Brian just joined us three months ago after that diligence process began. And I'll say this plainly, bring Brian on board is one of the best decisions we made this year. He came to see the machine, and he stayed to run the numbers on it. Brian, the floor is yours.

Yeah, thanks, Danny. Thanks for that. Before we get into the quarter here, just a quick word on me since it's probably the first time that some of you are hearing from me or seeing me. I've been a CFO in the CPG space for quite a long time. IM8 is actually the eighth brand that I've been a part of in this category or adjacent categories. And so when I was first presented with the opportunity to join this business, I did what any good CFO would do. I diligence it and evaluated it from roughly the same criteria that we're going to look at today. You kind of take a look at the past, the present, and the future. You start by looking at financial statements. Those will give a good sense as to how the business has performed in the past, kind of near term trends that have led to where it presents at that point in time. And then really, Any given last reported quarter is inherently a little bit in the past anyway, but those quarters are also a byproduct of a lot of the executional effort that's gone into the prior few quarters. And so when you look at a financial statement, it's almost always like looking backwards. When you look at then the present, I think about this as cohort math and unit economics. When you look at those things, you can pretty predictably see where a brand will be in the coming, let's say three to six quarters. It's pretty good line of sight as to how much the business is looking to grow. And then it also tells you at the unit economic level where the business can scale and the opportunities that it can do so. And so those are always the areas that I look at next. Third, when you look out into the future, that's more around expansion opportunities, Brand equity, brand strength, and where are the opportunities in the form of product, market, channel? Where can the brand extend and where can it play? And so when I did this assessment of IM8, each part of that got more bullish than the last. The financials were strong, the unit economics and the cohort math quite strong. And then the future, obviously with Danny's vision, the sky's the limit for this business. And so today I'm gonna take us through that same sort of arc around the, we'll look at the unit economics and the cohort math that's gone into the last few quarters that'll give us good line of sight into the future in the form of our near-term guidance. And then I'll let Danny talk more about the future, but I'll touch briefly on how that future is funded by Strong Balance Sheet and the General Catalyst Financing Partnership today. And so with that, let's get to the quarter. So I'm going to spend a decent amount of time here walking down the P&L because it's really important for everyone to level set on the presentation of this view and what we are going to hold ourselves to in the future. For the quarter in the Q2, so about the middle column of this chart, our revenue was $46.5 million. That's 29% quarter over quarter and 3.9 times bigger than a year ago. That leads us down to gross profit. We did 30.2 million gross profit at a 65% gross margin, which is about three full points better than same period of a year ago. Our fixed operating costs are 8.8 million, which is 19% of sales. Note that this is 14% up versus prior quarter, but 2.3 times greater than a year ago. A lot of additional leverage from this line, as you would expect. Danny mentioned the AI nativeness of this business. You would expect this as a business grows, where your operating costs as a percent of sales will continue to decline. And that takes us down to contribution profit. Now, there's a lot of brands that do contribution a little bit differently. I've seen many brands present contribution profit before G&A, before operating expenses, and I've never found that to be a very productive thing to do. Because when you really think about it, the operating costs are really what's there to drive the business currently. These costs are to drive the fixed base of current customer, current ad spend, current marketing team, and just the day-to-day operation of today. And so when I think about contribution profit, it's really a gross profit minus your operating costs, then what's left in contribution profit and contribution margin as percent of revenue before you make your choiceful investments into demand creation and customer acquisition. And so you'll notice then below contribution profit, which was 21.4 million on the quarter, 46% of sales, that's 16% points, 16% better margin than we saw one year ago. So a great amount of leverage has happened at the contribution profit line, which again is gonna be a really important metric to look at in the future. But then below that, you're looking at what is our demand creation bucket and really our all in marketing. We've split this into three lines. For a brand like ours, I think a lot of people just present marketing as one full number. We've gone into a little bit more depth here to show how much our brand royalty is, how much our ambassador partnerships are, and then how much isn't just a paid acquisition marketing spend bucket. This acquisition marketing spent of $36.2 million on the quarter is 78% of sales. This is the numerator in what we would consider our CAF equation. So whenever we're talking about CAF, that is the numerator. Our brand royalty is typically going to be 3.5% of revenue. That's our contracted royalty against the business. Our ambassador contracts, you'll notice, were 2.1 million in the quarter, which is down to 4% of revenue, versus in prior year, we were at 1.1 million in the ambassador line at 9% of revenue. So this includes all of our ambassador partnerships with our equity partners. athletes and lifestyle ambassadors, as well as our scientific advisory board. So that's what that line is. And so when you look at all marketing, this is really a dial for us as to how much we want to throw profit today versus how much we want to grow for tomorrow. Every acquisition dollar that we've spent has generated $1.52 of gross profit in our life cycle of our business. And that includes several cohorts that are not yet very mature. But for every dollar we've spent, we've gotten back $1.52 of gross profit. That straight return, we're going to go into the unit economics in a little bit. But this spend here is really our choice as to whether or not to drive profit today versus growth for tomorrow. And so our adjusted EBITDA for the quarter of negative 19 million is really just a byproduct of our marketing spend that as Danny mentioned, we spent double versus prior quarter, but our caps have actually gone down. Below adjusted EBITDA, we have adjustments for fair value gains in the quarter of 9.9 million. you have depreciation and amortization add back that puts you to a net loss of 9 million for the quarter or 52 cents a share. That's down 45% from same period of a year ago when our loss per share was 94 cents. So in a lot of ways, a terrific quarter. Last on this slide, you see the July column. Danny showed revenue in July. It was a terrific month for us. And so we wanted to prudently show what July's preliminary results look like because there's been material strengthening of this business in a way that is quite exciting as we head into Q3 and the rest of this year. Revenue is 21.4 for total Brunetics. A little bit under that Friday, maybe we'll see in a second. Gross margin, 64% on that. Our operating costs have dropped to 15% of revenue from 19% just last quarter. So some good expansion there. So your contribution profit, 10.4 million in just a month, 49% contribution margin. Our spend, you'll notice, versus the Q2 average actually went down. That wasn't necessarily choiceful. We drove a lot more new customers in the quarter, which is that our caps improved by so much that our marketing line, our acquisition marketing line, rather, as a percent of sales dropped to 54%, which puts our adjusted EBITDA for July at $2.4 million loss, or just negative 11% adjusted EBITDA margin. You take it down to net loss of a $3.6 million loss in just July. But you can see that July is setting the stage for a really strong Q3. We'll briefly then look at the IM8 specific segment or business unit rather. And so the same view of the P&L, IM8 is effectively all of Prenetics today. And so as we start to report into the future, we won't necessarily be breaking out IM8 specifically versus Total Prenetics as there's really not too much of a need to do so. But same view of the P&L of Q2 on IM8, 45 million of revenue, so almost all of it. all the way down to the EBITDA line, which is a negative $18.6 million loss in the period. The marketing was almost all IMAs. And so you're looking at a P&L that's very similar to Prenetics. But then look at the bottom chart. This is what we were speaking to with the customer acquisition metrics. And so you see 118,000 new customers were acquired in the quarter. It's 98% better than prior quarter. So like let that soak in. 98% better on the quarter and our CACs were flat to slightly down at negative 1%. You don't typically see a business able to double its spend and for your customer acquisition efficiency to improve slightly or even hold flat. Take it one step further and you look at the July column, go all the way down to the bottom right and you'll see that we did 47,000 new customers in July that Danny mentioned at a CAC of 239. It's 21% less CAC on an average Q2 number versus July that improved by 20%. So more than 20% customer growth, 21% CAC improvement. Those two things are moving in a way that we have not yet modeled into the future. We modeled the business on a CAC more in line with what we saw in the first half. Of course, we would hope that our CAC efficiency will continue. Everything is looking strong, but we haven't necessarily remodeled any of our guidance to assume any of that type of CAC improvement in July. It's just the business scaling. Then we'll move to the rest of the financial statements as kind of the round out of the past, as we'll call it, for the financial statements. Looking at the cash flow view next, The first half is really a story of two major investments. The loss for the period as we saw entirely driven by the customer acquisition spend for future growth is the first major investment in the first half. So you see the operating loss was 27 million. We also then executed a share buyback of $40 million, which reflected a $36.1 million cash investment by us net of proceeds as your second major investment. And so you see both of those lines take you to about $27 million on the operating loss side and then $36 million on the buyback net of proceeds. And what's going to change going forward is that the general catalyst funding will fund 70% of that acquisition marketing line. So our biggest line in our P&L is now funded at 70% of it on the way in. Net of our repayments to them will still end up generating quite a bit of adjusted free cash flow positive momentum into future quarters that started with the month of July. If we take a quick look at the balance sheet next. We have a really strong balance sheet we have consistently, which allows for us to make the types of investments into the Q2 quarter that we saw. We can really invest for the future in a way that not a lot of brands have the ability to do. And further, they don't have the economics to then support that into the future and actually get the return on that. But taking a quick look at the balance sheet, we have $109.4 million of cash and current financial assets. Our inventory levels have risen within the other assets section. We also have prepayments on inventory that get us ready for the back half of the year. It gets us ready for our new products. And so we put a lot of cash back into the form of inventories to fuel our growth. as you move down to the liability section. The warrant liabilities here, this is the fair market valuation against the warrants that are currently on the cap table that we'll look at in a second. We have $18 strike price on 2.36 million warrants. Then we have about 300,000 at some higher strike prices as well. But if the stock goes above 2160 per share for 10 consecutive days, we have a call option to bring in those warrants, which would generate us another 42.5 million of additional cash should that happen. And so this is kind of the fair market value of the warrant liabilities on the books. The other liabilities are mostly trade payables. So if we move then to the cap table. So I think there's been a lot of uncertainty around our cap table. What does fully diluted look like? And so we've done the job of laying this out for everybody very clearly. And so what you see is a outstanding share burden today of 15.2 million shares. That's 13.6 million class A's and about 1.6 million class B's. If you look at the fully diluted nature of that, so that includes grants not yet issued, but able to be issued in the class A's, you'll see that that jumps to 14.5 million fully diluted. And then down below, as you see the warrants, as I mentioned, you see that 2.36 million warrants at $18. And then you see the additional 362,000 at strike prices of 24 and 32. These would generate quite a bit of additional cash for us. And the totally fully diluted cap table would then be 19.2 million shares. That includes everything that's been able to be granted today to all of our partners and should be looked at as kind of what the fully diluted burden would be. This is the change since December and you can see that per our share buyback, we've actually been able to reduce the amount of Class A's outstanding down to 13.6 million from my 15.3 million at the end of the 25 calendar year. And so we've returned a bunch of money to shareholders in that line. and then we have the warrant roll downs that are down below. And so this is a flow of the shares since the end of the year. So we've been really pleased to have delivered some capital back to shareholders in that form. And that will round out kind of the past as we talk about the financial statements. Moving next to the unit economics and the cohort math which is really important because what does that investment in acquisition spending Q2 get us? And so first we're looking at the cap chart that we've talked a little bit about. This helps put into perspective what we were talking about with the spend levels effectively doubling from Q1 to Q2. Yet you see us doubling the amount of average new customers that we're bringing in. And then you see the July month there, the largest cohort we've ever had at a cap that has gone down to 239. And I also should mention that there's been no mixed shift within any of that July number. That's the same mix of quarterly versus monthly as we had seen in the past in terms of subscription duration and all that. No change. So really a true apples to apples 21% decrease in July versus Q2. So tremendous amount of momentum heading into Q3. And then we'll look at the return next on the investments. So this is a good view of our quarterly vintages. For some of you, you might have seen this same chart when the General Catalyst news dropped. We presented this as the collective chart that General Catalyst and us had worked through to kind of underwrite our book of cohort vintages. At that time, if you look at the pink line, the through Q1 chart, Our gross profit to cap and the dollars that we had returned was $1.44. Fast forward to today, we've updated just through that pink Q1 vintage group. It's gone up from $1.44 to $1.52, which is effectively the month. We've gained eight cents on this return just in one month of return against existing cohort business. And so this is what the engine would expect is that you would see that to continue to rise. So every dollar we've ever spent into this business through Q1 cohorts has generated 1.52 times the dollar that we put in. And that number will obviously continue to go up over time. You'll see that the Q1 cohort is quite large, the Q4 cohort is quite large, and you're talking about cohorts that have not had very much time to mature. So that $1.52 is just the beginning of where this business will end up in the coming quarters. All right, this is a great chart that shows some panel data from a partner of ours, Indigari. They do credit card panel data. are all within the US, and so they represent anywhere from 6% to 8% of all US card transactions online. And so effectively, this is the direct-to-consumer business on brands with, in the US specifically, 6% to 8% of the population. And so we stack ourselves pretty well as a brand that's only 20 months old against some other big names in the space that we obviously consider as fairly direct competitors. By month 20, our retention is still at 14% and Gruen's on this chart. We have a lot of work to do as a business. We're still quite young. We've got a lot of room to run, but this number on the surface of it is really powerful. I mean, a brand that has done what we've done this early on and to have a month 20 retention number at that stage higher than some great businesses in this space is no small feat to be sure. And then last, moving on to our subscriber base. This is 140,000 active subscribers. You'll see that we've grown fairly steadily throughout this whole period, but we've really started to accelerate during the 26 periods and have now reached 140,000. So this is active subscribers. And then towards the bottom, you'll see the current base by tenure. If you have some of those percentages, you'll see that 50% of our subscribers have been with the business at least for three months, which is meaningful given that a lot of our subscribers, especially from a number of cohorts coming into the business standpoint, are still relatively immature and have not been with the business for that long. But half of our subscribers are already past the three-month tenure, and this number obviously is going to continue to compound into Q3 and the rest of this year. It's a really strong subscriber base that fuels this business as we head towards the next phases. So moving on to the next view, this is where the cohort economics and the unit, sorry, the unit economics and the cohort math that we just talked about will help guide us really predictably into the next three to six quarters. By just running out the existing repeat revenue of this business, which is how we guide, we can pretty easily see where the next several quarters are gonna land. And so when you look at our Q3 guidance, we are guiding at 61.5 to 62.5 million on the IM8 revenue or 63 million to 64 million on the Prunetics parent, which would then imply based on Danny's guidance metrics of 220 to 230 million for full business, an $81.2 million Q4, which would put us to the top of our guidance. We are also guiding on EBITDA to improve quite substantially, whereas in the first half, we saw a negative $24.6 million EBITDA loss. In the second half, we expect that adjusted EBITDA loss to drop to negative eight to negative 12 million. We expect that to take the form of a couple different things on our P&L. We expect to see additional leverage in most areas. We expect to see the fixed operating costs show nice leverage gains. We expect to see some potential further gains on gross margin as we continue to move into the subscription duration. of longer quarterlies and the like, which are more favorable margin. And we also expect to see further leverage, especially on our ambassador costs as a percent of sales, as well as the acquisition spend line. We would expect that to also get more efficient as a percentage of sales. And so you have a lot of different areas of the P&L that are driving towards this adjusted EBITDA improvement in the second half expected versus the first half. I would also say that into the future, we will very likely as we get to be a more mature business to show better versions of guidance figures at the different lines of the P&L so that we can really break this down. But we feel very confident about our guidance here and a great improvement on the adjusted EBITDA line, which as you can see on the revenue side is not sacrificing growth at all. We expect a 38% revenue increase in Q3 versus Q2. and another sequential 31% increase in Q4. And then moving on to the next slide. So this is the Q3 specifically. As mentioned, our guidance is 61.5 to 62.5 million on IMA specifically or 63 million to 64 million on the parent. We are seeing great momentum in Q3. So we're excited about this quarter on not only the acquisition front, but also on the adjusted free cash flow front. With the general callous financing in place, we have seen July be a strong adjusted free cash flow positive period, and that will continue into the future. So we are quite excited about this quarter. Moving into Q4, this is the 81.2% implied revenue guidance for the year should we hit the top end of our range. This would be three times better than fourth quarter of 2025. which if you'll note was our strongest quarter in 2025. It's a holiday quarter. It's typically very strong seasonally. We did 59% sequential growth last year. We're only guiding right now to 31% sequential. And so we think quite deliverable in terms of a number. And then also, as Danny mentioned, these numbers do not include the hydration launch within Q4. So that would all be upside to these figures. Lastly, so Danny touched on this slide briefly, we expect to exit the 26th calendar year at a $300 million annualized revenue run rate, which would put us at $25 million per month. And then we are guiding to at least 400 million in 2027. I would say that if you look at the exit points of December 2025 of just over 100 million, We've now delivered a year of 220 to 230 million. And so for us to say we're going to exit 26 with a $300 million annualized revenue run rates and deliver at least 400 million next year, that ratio is quite achievable relative to what we just saw in this period. And so we're quite excited about the business. To kind of round it back to our past, present, future discussion, The past is really strong in the forms of our financial statements. The present in the form of our unit economics and cohorts are driving the growth of the future. And then the future itself is being dictated by our expansion into additional markets, channels, and geographies. So we like to see that the past is printed, our present is guided and measured, and our future with General Catalyst $1 billion financing and a strong balance sheet is now funded. So with that, I'll turn it back to Danny and let him go into more of the future.

Great. Thank you, Brian, for that detailed walkthrough of the P&L wise, right? Before we turn to science, I want to really give a big welcome to Caroline Levy. Caroline, she's on the screen right now. I see the Golden Gate Bridge in the background there. That's where I grew up, spent a lot of my early years there. And Caroline, you know, I've actually met Caroline for over two years. I met Caroline in March of 24. And Los Angeles, I remember the first meeting I've had, I actually really wanted, you know, Caroline to join the board at that time. And this is pre-IM8. Yeah, but, you know, she respectfully denied me or rejected me at that time, which, you know, she was like, hey, I need to watch a little bit more what you guys up to, see if you can actually deliver on everything you say. We would. And then I would say maybe about three, four months, we got reconnected again. And I'm so very, very happy and honored to officially welcome Caroline. Yesterday, she joined the Prenetics Board as well as the Auditing Committee and the Governance and Nominating Committee. And since we just announced Caroline, that would be great for her to spend a few minutes on Caroline. You have so many options when it comes to Thank you, Danny. Good morning, everybody.

I'm so excited to be part of the iMake team. For more than 30 years, my job was professional skepticism. As an analyst, I was paid to look beyond the story, test the numbers, the strength of the brand, the discipline behind the growth. And after doing that across hundreds of consumer companies, big and small, you develop a fairly high bar for what genuinely impresses you. So there are three things that impressed me about prenetics and IMH. First, as Danny said, I met him more than two years ago, and what has stood out to me is his ability to execute. Over my career, I've heard hundreds of CEOs describe what they intend to build. What matters, of course, is what actually gets done. And Danny laid out a clear ambition and step by step he has delivered it. I place enormous value on that combination of ambition, focus and follow through. Second, the brand. I spent my career studying consumer brands, including some of the fastest growing brands of the past decade. And the connection IM8's built with consumers in a relatively short period is unusual. Strong consumer affinity is difficult to create. It's difficult to sustain. And when it's genuine, it's enormously valuable. And I believe there's something quite special here. And third, the role Danny has asked me to play. He didn't ask me to join the board simply to agree with him. He asked me to bring the same rigor and willingness to ask difficult questions that I have brought to companies throughout my career as an analyst. And that is important to me. I'm joining the board with real enthusiasm of my responsibility to shareholders and to the long-term success of the company. I'm so delighted to be here, Danny. Back to you.

Thank you, Caroline. Again, really, really glad to welcome you to the board. And also, I'm very excited to also welcome Dr. Dawn Musalem, which she's actually going to be talking to everyone about the science. And again, that's the one thing that we're really proud of is when I go around the world, people are telling us hey basically we love the science we love everything that you guys stand from from day one and Dr. Dawn you know again she's been with us before we launched the brand yeah so she was the founding she's our founding scientific advisory board member And then, you know, again, the amazing thing about Dawn, I mean, when you meet her in person, it's just full of hope, full of life. And she also has a very interesting story is that, you know, when she went to medical school, you know, she actually was diagnosed with stage four cancer. Given three months to survive, she survived that. And about, I think in 2021, about five years ago, she actually underwent a heart transplant. Due to her cancer from 20 plus years ago. And one year to the anniversary of her heart transplant, she became the first woman in the world, I believe, to run a full marathon. and while at the same time, she was a founder at Mayo Clinic for the Breast Oncology Center. So Dr. Dawn, thank you so much for being here with us from day one. And yeah, Dawn's gonna talk to us about the science, the background and what makes IM8 so special.

Thank you so much, Danny. And I'm so excited to be alive to celebrate this time with IMAID. And as you said, 20 years as a physician at Mayo Clinic, everything you do is rooted in the deepest of science. And, you know, I had frequently been approached by other supplement brands. And truly, I would just delete each email because it was never something that Mayo Clinic would allow me to participate in until I received that email and that call from Danny. And You know, I remember that in that first call, there was nothing about marketing. The only thing we talked about is how could we create the best scientifically backed nutraceutical solution in the world. And that's exactly what we have done. So, you know, this was a conversation I had been waiting for, for truly, you know, my entire career, because I was an exercise physiologist, actually, before I went to medical school with a special interest in ergogenic aids or Nutraceuticals that can help to enhance an individual's overall health span. So for two decades, though, at Mayo Clinic, I was just emerged in the sick care environment. I watched patients try to assemble their nutrition from shelves, bottles. They would take 16 to 18 supplements and they were all inconsistent with quality and some would do harm. Some patients would actually come in, be admitted to the hospital because these supplements would actually hurt them in their effort to be healthy. The Daily Ultimate Essentials is basically replacing everything in those 16, 18 bottles that people would take with over 90 ingredients in that tasty little daily sachet. If any of you on this call haven't tried it, this is my invitation to go out there and make sure you try it because the biggest investment you can make is actually in your health. Let's start with that IM8 Daily Sachet. It's at a clinical dose. Over 74% of Americans have nutrient gaps, and that's exactly what the Daily Ultimate Essentials is setting out to do, is to close those nutrient gaps and more. And what I was sharing with you about having safety at the cornerstone of every single thing we do, it's just not one hero product that's doing it. It's every single SKU that IM8 sets forward is NSF certified for sport, Meaning that there's no banned substances in it. And then it's third party batch tested, meaning that every single ingredient on that label in the dose is exactly what you're getting. And when you go to that IM8 website, there's transparency. So you can see that actual certificate of what each batch has for you. Thank you so much for joining us today. And in truth, we literally talk every single day among the scientific advisory board of how we can do things better. Now, I want to talk to you about how do we prove this? Because, you know, it sounds great. It sounds like I'm selling something, but it's because I have such belief in it. And we saw this in our first 12 week randomized controlled study where 95% of participants reported improved energy. improve vitality. That's the number one thing we want to set out to do. There was other reports. We saw 85% improvement in gut health. We saw 80% improvement in the ability for people to sleep. And people felt sharper. 75% of individuals felt they had more clarity of thought. They felt a difference. This is why people keep on coming back for more. And we have that high retention rate. So we're going to continue to hold ourselves to this high bar. And that's why we're continuing research right at my, we can say alma mater because essentially I did all my training at Mayo Clinic. And we have an ongoing randomized controlled study right now at Mayo Clinic among healthcare workers. And there's a hundred individuals that are being enrolled into this study. And the study is designed, one that is really rooted in rigorous science and basically what we're doing with the IM8 study at Mayo Clinic that is being run by a former colleague of mine, Dr. George Paholte. He is looking at these 100 healthcare workers. These are healthcare workers at the world's number one research hospital. So they are definitely critical when it comes to taking supplements, but it's being randomized. So half of the 100 individuals unknowingly will get IM8 and the other half will have a matched placebo and it's matched for taste. And in fact, we even stepped out onto a ledge a little bit because the placebo still has some beetroot extract. So even within the placebo, people may feel better. As part of the study, every single study participant has to have a four week washout, meaning if they're taking any other supplement, they have to hold that supplement and then they will start IM8 from day one when the study starts. They have baseline laboratory studies, and those laboratory studies will be completed at the completion of the study. We're going to be checking different vitamin levels, mineral levels, inflammatory markers, cardiometabolic markers, as well as doing functional tests, like a six-minute walk test with an equivalent to VO2 calculation, body composition with an in-body, grip strength, as well as, of course, as you can imagine, health-related quality of life surveys. Research like this is not inexpensive. Studies like this cost on par to what they cost for pharmaceutical companies. And this is a huge shout out to Danny and why that first conversation with Danny was so meaningful to me as a clinician who is a research scientist as well as a physician is because he wanted to invest in the research, in the science, and that matters. So we expect to have results from that Mayo Clinic study by quarter two of 2027. if not sooner. Next, I want to share with you about the longevity randomized controlled study. This is a large study with 180 participants, and it is randomized among four different arms. So there's going to be a placebo arm where they're not getting anything. There's going to be a single dose of the longevity, a double dose of the longevity, and then the full Beckham stack, which is going to be a sachet of the longevity and a sachet of the daily essentials. And what we're going to look at is inflammatory markers as well as metabolic markers. These are one of the two most important markers when it comes to the hallmarks of aging. And we even know that about 88 to 92% of Americans have metabolic disease, basically. And so this is a really critical study that can help to inform us how we can help Americans basically be healthier. So I'm really, really excited to see what these results show us. And we're expecting results from this study, quarter one of 2027. Next for the gut health study. I mean, it's estimated that 66% of Americans struggle with GI issues and over 70 million Americans actually have diagnosed digestive diseases. So this study has 135 participants and there's three arms that we're gonna be testing with the different dose response. But what's unique in this study were many studies you know for supplement companies they just look at quality of life surveys that indeed is what we did with our first study that I shared with you those results but this one is going a step deeper we are actually sequencing the gut microbiome with shotgun metagenomics this is huge and this is super exciting because when we look at the gut microbiome this is actually our window for bio-individualized optimization of pretty much every bodily function So really exciting with Suzanne Devakoda and the team to see what these results show us. So we're not going to just stop there. As Danny shared with you, come the end of this year into quarter one, quarter two, we have some new exciting products on the market, starting with the hydration, which is going to have, well, I don't know if I'm allowed to go into detail, but two forms of hydration. So we can help people who are athletes as well as people who are more just home who need hydration solutions, thinking of patients and people with complex health issues. And then the gummy, this is so exciting because we can help children to be healthier, making sure that they have a tasty gummy that has favorable fibers also for their gut microbiome, no sugar, no artificial colorings, but we're also going to have this product NSF certified and third label tested. So this means that there's not going to be any of those heavy metals and that what's on the label is actually the dose that that child is getting. So as a physician and as a patient myself, you know, I've owed my life to the world's best medicine. And now we have a nutraceutical solution that is done with the same rigorous methodology. So I can tell you this, IMA is doing it right. And again, remember the biggest investment is when you make in your health. So Danny, back over to you.

Great. Thank you so much, Don. Yeah, just let me wrap it up here. One more minute here. Again, let me bring everything that you heard this morning onto one page. So Brian showed you all the numbers. Dr. John showed you the science. Here's what all adds up. We have eight advantages, each one making the other better and stronger. The science, three trials underway, including at the Mayo Clinic. The brand, The one people hand to other people. We also have General Catalyst, again, underwrote $1 billion after months inside our cohorts. A subscription engine across 140,000 active subscribers. And again, growing very, very fast. July, we had our best month ever. and AI native organizations, 70 people delivering over 3 million of revenue each, a footprint of 46 countries. And again, we started with 31 countries from day one, our largest market only 0.15% penetrated and founders who own the outcome My own capital, our athletes' equity, all of it in the stock that you hold. And now any one of those, a competitor can copy. Money can buy their certifications, money can even buy their trials. But the eight together, compounding through the same subscribers, the same data, the same brand, month after month for 20 months, That is something really, really rare that nobody has been able to copy. And that's why we call ourselves IAM8. And here's what I want to sit with you as you go into your questions. Everything you saw today is just from two products. The flywheel is just beginning to turn. The flywheel is just beginning to turn. That's what I'm so excited every day to wake up to. And I'm so grateful for the opportunity and what we're able to do because again, we have tens and thousands of positive reviews around the world. And then with that, we're right on time, one hour. I know we've done a lot of talking. I think everyone on this stream have learned a lot, but we're not done yet. So I think the point of this format that allows everyone, especially our research analysts to ask us questions. So please feel free to ask Brian, myself, or Dr. Dong any questions.

Thank you, Danny. We'll now open the line to our research analysts ask those questions. If you'd like to ask a question, please raise your hand and you will be moved into the call as a panelist or you could also drop your question in the chat function of this call. It looks like we'll take our first question from Ryan Myers of Lake Street.

Hey guys, thanks for taking my questions. Appreciate the really extensive overview here. You know, first question for me with the general catalyst sort of removing the cash constraint on marketing, you know, how should we be thinking about the spend in the second half of the year, especially as we sort of bridge that gap to the updated adjusted EBITDA loss?

Yeah, Brian, you want to take that?

Yeah, Ryan, thanks for the question. What we're looking at for the second half is a percentage of revenue that's likely more in line with the second quarter in terms of percentages. Maybe a slightly more favorable number than that, but not materially different. We would expect to continue to invest in the business at roughly the same percentage of revenue, probably not as low as July had come in. But that's also we're not necessarily expecting that July customer acquisition efficiency to continue. And so I would expect you to see a little bit more leverage gained on the marketing line, but not too much versus Q2.

Okay, got it. And then, you know, as the quarterly subscriptions become a larger share of the business, and the volumes continue to increase, you know, where do you see the sustainable gross margins going forward from here, obviously, two sort of consecutive quarters of 65% gross margins, just, you know, how we should think about that going forward as the mix changes a little bit?

Yeah, that's a good question. So on the gross margin side, the The quarterly duration definitely is more favorable. And so if mix continues to shift even more heavily towards quarterly, which you would expect as those cohorts continue to grow and to build in, I would expect to see at least a few points of additional margin just come from that portion of the mix. and then there's also then economies of scale to come which we have not yet modeled or forecasted or guided to but as we continue to scale this business there's definite efficiency to be gained on economies of scale and not just the supply chain piece of the The people and production side of it, but also on the third party logistics side, postage, freight, rates, and then also on the cost of product, you know, working with our manufacturers, you get cost down with the ability to buy into more ingredients and get some economies of scale that way. So I would expect that to continue into 2027 as further expansion at the gross margin level. And so you kind of have two parallel things happening, each of which should be margin accreted for us.

Okay, got it. And then lastly, maybe one for Don, because I don't know if I've ever spoken with you and really appreciate hearing the sort of science background of this stuff. But you know, as you guys go through some of these more clinical trials, which are obviously super extensive, and to my knowledge, there's no one else in the supplement space doing that. I mean, what do you think that that brings to the brand? Let's say you have successful outcomes for each of those three. I mean, what sort of benefit do you think that provides you guys with?

Well, you know, our consumers nowadays are becoming much smarter. Thank you for this question, Ryan. And more importantly, we're seeing that physicians, this is becoming the trusted product for physicians. It's in full scripts. I'm now chief medical officer of Fountain Life, which is the world's number one longevity program. And essentially all of our physicians are now switching over our members who were taking 16, 18 plus bottles of I had a patient once come into Mayo Clinic literally with a suitcase of supplements. And so it's so nice to have one trusted supplement in a solution that is able to check the box in all of these areas. And then you continue that pipeline down through knowing where the ask is with different products on the pipeline.

Okay, got it. That's helpful. Thank you guys.

In fact, we are actually, you know, Mayo Clinic even has this in their pharmacy. They have it in the Mayo Clinic online store even to sell to patients. So If you have it in the world's number one hospital, that speaks volumes.

And just to add to that, that's one thing that we're really proud of. We have so many physicians recommending this product to their patients, which is really rare in a supplement space. We know, for example, the New York Yankees physician is recommended to all their team players. Jay Shetty found out about this through his physician. Irina Sabalenka found out this through her nutrition coach. and then so it's really rare that happens and again every time the doctors are recommending this they're going through the labels they're going through the NSF certifications they're going everything before they're recommending this so I think that's something we're really proud of well that's great to hear thank you guys we'll go next to Tom Forte of Maxim

So first off, Danny and Brian, congrats on the quarter, the general catalyst deal. And thanks for taking the time this morning to tell the story so well and thoughtfully. And then Dr. Dawn and Carolyn, thanks for joining the call. I have three questions. I'll go one at a time. So Danny, in general, how long does it take you from deciding to enter a new category to having a product available for consumers?

Oh, yeah, to be fair, you know, we're very deliberate and strategic about when we have a new product. Again, because we want to understand, you know, if we can create the best product in that category as well. And so as you've seen earlier, when I showed you those two slides, right, again, right now, we've only honed in on basically two new categories, hydration and gummies. and because part of the reason we chose hydration is we see a lot of gaps in the current market. They're either with too much sugar, like liquid IV, or too much sodium. And then so we saw that and say, why can't we make something much better? And then again, through discussions with Don as well as some of our SAB, then we have to look at all the clinical evidence to create a very comprehensive product before it even goes into the manufacturing and tests, et cetera. And then we also have to spend time on the NSF certification, on the clinical part. So I would say, going back to your original question, when we first thought about hydration, It was already end of last year, I would say. And so it's easily will be 12 to 18 months, if not longer, when we bring a product into market. I think the good thing is that we don't rush into any new products. And that's why, again, 20 months, you've only seen us with two SKUs, right? And to be fair, if we wanted to, we could have launched a dozen new SKUs. I can tell you, though, we won't have a dozen good SKUs, right? So I think for us, it's not the number of SKUs, but every SKU that we do launch and always challenge everyone, hey, put into Cloud, put into ChatGPT, is just the best compared to whatever's out there. and so I would be very confident to know. Again, I tested like 50 different hydration products. I tested like 30 plus gummies. I know for a fact that when we come out with it, we'll have the best ingredients and we'll also have the best certifications around those.

Excellent. And then my second question is, how should we think about your build versus buy strategy when entering a new category?

I think right now, our strategy right now is just building. Again, we've been able to build a very, very strong brand and we're very strategic with the categories that we're looking into. However, with that being said, if there is always a strategic opportunity and we have the capital to do so, we will take a look at it. But I think our primary focus right now and all of my focus right now is actually on product development, working with the teams for clinical validation, as well as continue to discuss with our SAB in terms of what that pipeline could look like.

Excellent. And then lastly, so Dr. Don and Carolyn, while we have you, I'd appreciate your thoughts on consumers' increasing interest in health and wellness. And if you think this is a multi-generational interest versus just baby boomers.

It's definitely a multi-generational. Oh, Carolyn, do you want me to go and take this one first? Oh, you're on mute.

Danny, I've been on your board one day. Do you want me to take a stab at that?

Yeah, feel free to. I mean, this is a general question, I think. It's a general question.

Yes. I'll just say that 25 years ago, I think I wrote a report called The Absolute Risk of Obesity and talked about the problem with sugar in the American diet and the risk to the stock valuations on Coke and Pepsi and stuff like that. So I've been thinking about health and wellness for years and years and years. It was identified as a trend many years ago. We wrote a futures report on it and it felt like stating the obvious. But what I've noticed about trends is that Thank you so much for joining us. Thank you so much for joining us. As older people, there are a lot of us and we're not going quietly into the dark night. We are finding new careers and want to contribute greatly to society. And so I think we are at the cusp of something really enormous in health and wellness.

I agree, Carolyn. And you know, the baby boomer population is one, but the biggest rise actually in wellness prioritization is spending among millennials and Gen Z. And these younger cohorts are actually driving over 41% of total wellness spending. It is incredible. And this is the first generation that they're not actually drinking alcohol, they want to drink their There are mocktails. So whenever we have our events and we're really focusing a lot on connection and sense of belonging and community, you'll see that in all the ads, which that gives me chills to say, but this is more than just a product. This is really a relationship, as you said, Caroline, with health and wellness and vitality and sending forward that message of just being fully alive. So no, it's a lot of fun to be in this space for pretty much people of all ages, and now including stepping into the children and keeping children safe. And again, it's that safety first, which a lot, the majority of companies just aren't putting that into perspective. So really proud to be behind this product.

Great. Thank you everyone for taking my questions. I appreciate it. Thank you.

Thank you, Tom. Our next question will be from Patrick Budistini from UBS. Patrick, please go ahead.

Hey, thanks for taking the questions. First of all, Danny and Brian, congrats on the great quarter. It's awesome to see the continued momentum. Kind of two questions around competitive landscape. If you could just start by speaking a bit on how the competitive landscape has evolved over the last few months and related to that is when you guys are acquiring new customers, are customers typically coming from a competing product or kind of new entrants into the category?

Yeah, so I think... I think Patrick, I can answer that, right? So we actually published some interesting stats from a competitive perspective in the investor deck, where again, this is third party independent data. And then so if you look at even the last 20 months of when we launched the brand, you know, basically December 24, et cetera, right? So if you look at the landscape, we grew, of course, we're new to 2,500%. In the same period of time, you know, AG1 went down 36%. I think Groons went down about 50%. Dorne went up 50% in this period of time. So we have been taking quite significant market share from the top players. And rightfully so, we believe we have the best product in the market. And so again, at the premium price point right now, also, I think that's key. And we also published this data too, the Inglotory data is that On average-wise, at least in the whole supplement category, we have the highest average order value of any supplement brand. So on average-wise, it's $180 USD. So if you look at AG1, Thorne, they're about $80 to $100. And then Gruins is like $50. And so what this means is that our clientele, our customer clientele, And again, it's also published in this third party data is that more than 50% of our current customers have a household income above $150,000 USD or more. So if you think about that for a second, that's one of the reasons why after month 20, customers stay with us. Again, the product works and we have really engaged customers. So I hope that answers your question about the competitive landscape. Now we're growing every month, right? So last month in July, we added 47,000 new customers. From our data, I believe 20 to 30% of new customers are from another customer and other ones, again, a lot of our customers, like Dr. Don mentions, they may be taking five, six, seven different types of supplements. And for us wise, we've been able to condense and make it easy where, again, you don't have to spend $200 to $300 on a monthly basis. Thank you, Patrick. We'll go next to Alex Hantman of Sidoti. Please go ahead, Alex. Thanks for taking questions and congrats on the quarter.

The customer acquisition cost improvements throughout spend growth have been very impressive from my perspective. Could you talk a little bit more about TikTok Shop and some of the social commerce efforts you have and how you're thinking about their effects on CAC and AOV and sort of prioritizing revenue through your store versus off-store as you scale those efforts?

Yeah, so I think gradient from day one wise, you know, we've been able to build IMA against direct to consumer and majority of transactions are transacted on our own website, you know, is roughly about 95% of another 5% from Amazon, right? And that was by design. Yeah, because again, when individuals transact on our own website across 40 plus countries, we get to create a much greater experience for them. We also get their email information. And so when we launch new products, we can easily offer it to our existing customer base. Again, so we are now experimenting now or doing more testing on TikTok, Applovin, but majority, I was 90 plus percent of our customers are transacted on our website. And again, we're still seeing significant growth opportunities on the DDC perspective. So I think we'll continue to scale that way.

Very helpful. Thanks, Danny. And I was also excited to hear about the science and the ongoing research. So beyond getting on physician radars, which we just talked about, can you also talk about your plans to leverage the science to develop future products or partnerships and also share what we might expect readouts from those studies?

Yeah, so I think, again, day one wise, science has been the core to our foundation, right? Even when me and David Beckham met like three years ago, we're like, hey, we need to make this a science backed brand. And this is where, again, even the early question, this is not a trend. I think at the end of the day, consumers, they want to understand what ingredients we have, right? They want to see the results. They want to see the third party testing. Again, for us wise, we publish Eurofins on our website. We also publish NSF contents for Certify, NSF for Sport. So we're going well beyond the norm in terms of what you expect from a supplements brand. So I think with the two trials that are underway for the Longevia as well as Gut, we expect to have results of those by Q1. and Mayo Clinic, just given the academic institutions, will likely take a little bit longer. But we expect those, I would say, by Q2 of Q3. Again, that's something that these trials, like Don said, are expensive. But these are multimillion dollar trials that were undertaken. But we do believe This is going to be part of our moat in terms of the science where the reality is we don't know what the results are going to garner, but we're confident just based upon how many customers we have, our scientific advisory board, the level of quality ingredients that we have in our product that we'll be able to get some good results from it.

Great, I appreciate that. And beyond the long history of science, with Carolyn's addition to the board, I know she has a background in beverages. So I was curious if there's any thoughts around form factor expansions and potential retail sales, particularly for the upcoming hydration product.

Yeah, so great question. That's definitely, I would say, a possibility. But I think right now we're focused on the stick powders, stick packs first, for hydration. But again, I think everything is possible in the future. But again, we want to be very deliberate, and we don't want to rush into anything. Right now, our main focus is launching our two new categories in the stick powders for hydration, as well as gummies. And then we'll see after that.

Understood. Thanks for all the context.

And we'll go next to George Kelly of Roth. George, please go ahead.

Thank you. Can you all hear me? Yes. Hey, George. Okay. Hey, Danny. Thanks for taking my questions and for doing this presentation today. So I had a few questions for you. First, I wanted to start with your July performance. Curious if you could give us more detail about what drove the acceleration to revenue in the improved CAC. I don't know if it was a certain marketing channel or partner or anything worth flagging. And then secondly, I know your second half EBITDA guide does not bake in a continuation of the CAC that you saw in July. So I was wondering if you've seen some kind of normalization in August or just, I guess, comment on what you've seen so far in August with respect to CACC.

I would say the first question in terms of July, and obviously July wise, our cap went down by about 20% over Q2. So in Q2, we made a big investment in terms of overall spending, nearly double from Q1. So I think we had some spillover from that aspect. And then to be fair, the brand As I mentioned, again, I've written in my shareholder letter and where I talked about earlier, I mean, it's getting very strong, right? Across international, right? When I'm in US, when I'm in Europe, when I'm in Hong Kong, I think there's a lot more word of mouth. So we're not just depending on paid. And so we're getting a lot of organic word of mouth sharing. I think that's been very strong, right? So I think we're also seeing like a halo effect of, Yeah, a lot of our ambassadors, again, it's not just like we have one, we have like an elite roster. Again, Q2, we signed up, you know, Yanis, right? Then we had Inter Miami. And then again, we had lots of offline events as well, which is very rare in the supplement category, because everyone's online. While we're 100% DTC online, but we've also have 100 plus events that we've been a part of in the last 20 months. So I think the combination of all of these little things added together really created a lot of word of mouth in the past few months. And again, I think that's the same thing for Q2. Q2, our CAC in Q1 was 301. Our CAC in Q2 was 305. CAC in Q2 was 301. So it went down by $4, even though we doubled our spend. So that rarely happens. You know my background is in e-commerce with Groupon, right? I haven't seen that. that only happens when the brand is getting stronger, right? And this is where I think we're seeing that. And then, so again, the great thing is that we're gonna be doing more stuff on streaming, podcasts, YouTube, and so these are all gonna be incremental new channels. So I think for August wise, it's still a bit too early, but we are still seeing continued momentum, but I don't have, It's too early to comment on the cap because I don't have a full month yet of August figures.

Okay, fair enough. That's helpful. Can you still hear me? Am I still? I wasn't sure. Yes, I can. Okay, great. And then second question for me on your new products. I understand you didn't bake them into your targets for this year or next year. And I understand they're huge categories and seem to make sense with your I'm just trying to sort of dig into what the attach could be with your current subscriber base. Do you have any kind of survey data that shows X amount of our subs already use hydration or just anything to help me as I try to layer in what these new products could be?

Yeah, so we've done surveys for my existing customer base, post-purchase survey questions in terms of what are the key products that you would like IMA to come out with. and then when we did that survey you know hydration and gummies was the actual answer at least for our customer base right so that's why we feel very strongly that we'll be successful in these two calories even though it's highly competitive because at the end of the day we also believe we've been able to build a much better product than what's into the market that's available right so in terms of tax rates again the reason why we haven't been given we haven't provided a guidance because again for a new skill it's just very difficult to have very difficult to provide good forecasts and we don't want to provide anything that we are we don't have a good database of already but i can tell you from at least our customers for both of the hydration and gummies more than 20 percent of our existing customers have asked for this

Okay. And maybe a follow-up to that question. Are you thinking, are these more attached products or are they sort of lower customer acquisition cost, you know, lower priced products? Both. Then hopefully you can, they're both. Okay.

So there would not, it wouldn't come out. Go ahead. Sorry.

Nope.

Nope.

I cut you off.

Okay yeah so I would say there was it's twofold right so in the I mean it doesn't compete with our existing products for sure all right correct so I think it's going to be only complementary so there will be some individuals again that will want to have a hydration product because again they are already taking a separate brand's hydration today right and then so we believe they would be able to switch to ours and then there is a big subset around the world that are just drinking hydration, which we believe we'd be able to have them on board. And then we can also cross and upsell them the standard IMA Essentials on longevity. So I think we'll work to our advantage. And the same thing, same way for the gummies. Also, again, we're looking at kids' gummies, and then it doesn't compete with our current product, right? 20-30% of our current customers are already parents. So it's naturally that this could be a really great product for the kids. And again, that we can identify new customers coming in from the kids segment that ultimately will come in to our hero products of essentials and longevity.

Okay. And then last one for me, your guided adjusted free cash flow and adjusted EBITDA, do they both add back the general catalyst funding?

They do, yeah, George. Okay, okay, and I imagine- Just to clarify that on the cash flow statement, it'll be presented as cash from financing, but since it's real cash into the business and funding a largest part of our P&L, we'll present a view that is adjusted free cash flow that assumes that the operating cash flow plus the proceeds from general catalyst net of the repayment there.

And your second half adjusted EBITDA guide handles it similarly?

So the cash flow from general accounts wouldn't impact EBITDA at all, except for below. It'd be interest effectively as interest expense in terms of the repayment rate, but it wouldn't impact the actual EBITDA guidance. It would just impact cash flow.

Okay. Okay. Thank you.

Yeah. Thanks, George.

Thank you. And now we have a written submitted question, our last from the analyst community. from Susan Anderson of Canaccord. I'm curious how they are thinking about the distribution channels. Right now they are all DTC. So do they think that retail will be a part of the strategy at some point? Then where's the opportunity internationally? What countries are they not in and looking to be in? And finally, how do they think about the competitive landscape and the moat IM8 has? Why would another brand copy what you are doing?

Thank you, I'll take that. So I think the first question was the retail and DTC model, right? So as you can see, we just had our best quarter ever continue momentum in July and we're 100% direct to consumer and then we're not seeing any slowdowns at all in terms of our growth online. and as again, I want to always keep the business operations simplified, simple as much as we like. And then if you get into retail, it's a completely different business model. And then so we believe we are able to scale and scale well, at least for the next 24 or 36 months without the need for retail presence. And we've been able to build a very strong online presence. Again, even in the last 20 months, you know we have you know 350 000 followers on instagram last year we had one social ad that generated 233 million views on instagram and there's just no way you can generate that type of figures on a retail basis so again if we're able to still have such strong unit economics and so short payback periods you know there's no reason for us to get into retail um i mean i mean if The only reason why we won't go into retail now, I would say, and I said this before, is that we wanted to sell the brand. But we have zero interest in selling the brand, so there's no reason for us to get into retail right now.

And then in terms of countries, yeah, in terms of countries that we're in today, we're in 46 countries today. We're not in China. We're not in India as kind of the two larger countries. China, obviously, we have a good way in to China, and that'll be a different business model with like a different team, I would say, you know, 18, 24 months out. We have not explored India at this time. And so those are kind of the only countries that we're not yet covering today.

And now I'll take a question from our retail community. Danny, P&G just paid nearly six times revenue for Thorne. You trade well below that. Would the board entertain an offer? And if not, how do you close the gap?

Now, great question. Again, I think the sector has been very hot, I would say the last six months, right? Danone acquired Heal, Unilever acquired Gruins, and then of course, P&G acquired Dorne. I'd say in total, it was about $6 billion worth of acquisitions over the course of the last six months. Yeah, so as I just mentioned, I mean, we're building IMA not to get acquired, right? I mean, that's not the goal of building this company. And when me and David started this company, this brand, it wasn't like, hey, well, how do we exit the next three to four years? Or like, how do we build a generational health company over the course of the next five, 10, 15 years? That's why we're investing in clinical trials, because these things take a long time. So we're trying to sell the company that we wouldn't do this from day one, right? With that being said, we are a public company. We have an independent board as well. So if there are offers that come in, we have to entertain it. But again, my focus has always been about building this into a generational health company. And regardless of what's happening out there, my role and Brian's role is to continue to deliver quarter over quarter. and as long as we do that and the more data that we have and now the reason why we've done this live stream and sharing the investor deck that Cheryl likes because now I have 20 months of data yeah six months ago nine months ago I didn't have that data so there's not much for us to show but now we are able to do that so I think, again, we'll continue to deliver. I think people that have followed our journey, again, I was just looking at it yesterday, it's quite crazy. We're a $350 million, $400 million company approximately today, but one year ago, you know we were about a hundred million dollar company and you know we were trading bombs so just alone in the last 12 months for people that have been following us we've already made significant lead ways and we're going to continue to deliver quarter over quarter and that's and again again I'm having so much fun. I think everyone that knows me knows this, right? It's a lot of work, but I don't call it work because it's so fun. And we have a very unique opportunity given how much momentum we have with this brand. Yeah, so I think to answer your question, we'll just deliver cord of cord and I think that will close the gap in time.

I think that's it for our Q&A session today. Danny, I'll turn it back over to you. Awesome.

Great. So thank you, everyone. We're well over time. So I think that's a good sign, as always, right? So we error marked 60 minutes, and now we're in 92 minutes. So again, thank you, everyone, for joining today and for following us. I think it's a very, very exciting time. Thank you, Dawn and Caroline, for coming on board. Yes, follow our journey. I think you guys will be all surprised.

Great.

Thank you.