1 unchanged sentence
We are exposed to certain market risks in the ordinary course of our business.
−Removed: These risks primarily consist of raw material prices, foreign exchange, inflation and commodities as follows:
−Removed: Raw Material Risk
+Added: These risks primarily consist of raw material and finished good prices, foreign exchange, inflation and commodities as follows:
+Added: Raw Material Risk and Finished Goods Risk
Our profitability is dependent on, among other things, our ability to anticipate and react to raw material costs.
Currently, a key ingredient in our products is stevia extract.
−Removed: Our stevia leaf extract is procured by our contract manufacturers and was previously sourced from a single large multi-national ingredient company with whom we have a long-standing relationship through a two-year agreement that was entered into effective October 15, 2023, which includes fixed pricing for the duration of the term.
−Removed: During 2024, we approved and began sourcing from a second multi-national ingredient company to supply stevia leaf extract in order to diversify our source of stevia leaf extract, with the aim of mitigating price and supply disruptions.
−Removed: However, there can be no assurance that we will be able to secure alternative sources of supply.
−Removed: Additionally, the prices of stevia and other ingredients we use are subject to many factors beyond our control, such as market conditions, climate change, supply chain challenges, and adverse weather conditions.
+Added: Our stevia extract is procured by our contract manufacturers and was previously sourced from a single large multi-national ingredient company with whom we have a long-standing relationship through a two-year agreement that was entered into effective October 15, 2023, which includes fixed pricing for the duration of the term.
+Added: In 2025, we diversified our stevia sourcing strategy and as a result, we have the capability to procure from three qualified entities, which we believe gives us supply continuity, diversification and price leverage for our most important ingredient.
+Added: We currently maintain contractual arrangements with two of the three qualified suppliers.
+Added: However, there can be no assurance that we will be able to continue to secure additional or alternative sources of supply.
+Added: Additionally, the prices of stevia and other ingredients we use are subject to many factors beyond our control, such as changes in trade policies, market conditions, climate change, supply chain challenges, and adverse weather conditions.
Our aluminum cans are procured by our contract manufacturers through various can manufacturers.
1 unchanged sentence
foreign trade policies.
−Removed: The recent implementation of a 25% import tax by the new presidential administration on all steel and aluminum entering the U.S.
−Removed: could increase our operating costs.
+Added: The implementation of an import tax on all steel and aluminum entering the U.S.
+Added: (25% from March to June 2025 and 50% starting in June 2025), has increased our operating costs.
+Added: We expect to continue to see an increase in our cost of goods sold going forward.
+Added: During the first quarter of 2025, the U.S.
+Added: government announced tariffs on certain imports, including imports from Canada.
+Added: We currently believe that our production in Canada is exempt from these tariffs under the United States-Mexico-Canada Agreement ("USMCA"), but this is an area that continues to evolve and there is no assurance that our production in Canada will not be subject to tariffs in the future.
Our contract manufacturers’ ability to continue to procure enough aluminum cans at reasonable prices will depend on future developments that are highly uncertain.
−Removed: We are seeking to diversify our sources of supply and intend to enter into arrangements to better ensure stability of prices of our raw materials.
Due to a change in supply chain processes during 2024, our contract manufacturers are now responsible for the procurement of raw materials to produce our products, which are then sold to us as finished goods.
12 unchanged sentences
dollar, the impact of changes in exchange rates on our results of operations would increase.
−Removed: Foreign currency transaction losses for the years ended December 31, 2024 and 2023 amounted to approximately $0.7 million and $0.0 million, respectively.
+Added: Foreign currency transaction gain (losses) for the years ended December 31, 2025 and 2024 amounted to less than $0.1 million gain and $0.7 million losses, respectively.
Inflation Risk
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.