Operator

Good morning, and welcome to Reed's First Quarter 2026 Earnings Conference Call for the 3 months ended March 31, 2026.

My name is Joelle, and I will be your conference call operator for today. Today's call will include prepared remarks from Neal Cohane, Reed's Interim Chief Executive Officer; and Doug McCurdy, Reed's Chief Financial Officer. Following their remarks, we will open the call for questions.

Before we begin, please take note of the company's cautionary statement. Today's call will include forward-looking statements, including statements about Reed's business plan, growth initiatives, operational improvements, including the company's belief that its first quarter results are not indicative of future performance and the impact of its corrective efforts. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Forward-looking statements inherently involve risks and uncertainties and only reflect management's view as of today, May 13, 2026. Reed's assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

For more information, please refer to the risk factors section of the company's annual report filed with the Securities and Exchange Commission on March 25, 2026, and in other filings that the company makes from time to time with the SEC. When discussing results, the presenters may refer to non-GAAP measures, which exclude certain items from reported results.

Please refer to Reed's first quarter 2026 earnings release on Reed's investor website at investor.reedsinc.com and the company's quarterly report on Form 10-Q for the quarter ended