The company’s products are available at 30k+ distribution points, including established retail/pharmacy chains such as Shoppers Drug Mart, Walmart (NYSE: WMT), and Kroger (NYSE: KR). DHB sells sleep aid products through its Dream Water brand, and pain relief products through its LivRelief and LivRelief Infused brands. In Q1-FY2025, 79% of sales came from the U.S., and the Middle East (Q1-FY2024: 80%), and 21% from Canada. We believe FY2025 revenue will be driven by organic growth and recent product launches, including Dream Water Sleep Gummies and Dream Water Immunity Shots. Both products have received favorable reviews and strong ratings on Amazon (NASDAQ: AMZN): Dream Water Sleep Gummies are rated 4.2/5 based on 577 reviews, while Dream Water Immunity Shots have a 4.3/5 rating from 417 reviews. As a result of lower revenue, gross margins and EBITDA declined, and EPS turned negative. In Q1, marketing expenses were up 10 pp YoY to 21% of revenue, which we believe reflects management's positive outlook for the upcoming quarters. The company ran several marketing campaigns last quarter, which should begin to pay off in Q2. DHB remains undervalued, trading at only 0.2x revenue, while comparables trade at an average of 1.4x. Upcoming catalysts include new product launches, geographical expansion, and the potential launch of LivRelief in the U.S. Price Performance (1-year) YTD 12M DHB 0% 0% TSXV 11% 14% S&P Personal Care -15% -4% Background DHB’s product portfolio consists of sleep aid/anxiety relief formulations, and pain relief products. The company is also trying to license its patent-pending proprietary transdermal delivery technology platform to pharma companies. Follows an asset-light model by outsourcing manufacturing and packaging to entities in North America. Two Primary Brands: Dream Water (sold in the U.S./Canada/the Middle East), and LivRelief (sold in Canada) Available at 30k+ outlets in the U.S., and Canada, including major retailers and pharmac