A Paradise Acquisition Corp. Q2 FY2026 earnings call

• Corporate Milestones and Capital Raising

  • Completed the announced business combination with A Paradise Acquisition Corp. in Q2 2026, and listed on the NYSE in May 2026.
  • Raised just over $50 million in total financing in 2026, including $20 million from Executive Chairman Christian Angermayer and $5 million from CEO Maximilian Martin.

• Enhanced Games (Sports Segment) Operational Highlights

  • Held the inaugural, first-of-its-kind medically supervised enhanced athletic competition in May 2026, completing an IRB-approved clinical trial despite regional armed conflict that put the trial at risk, with all athletes completing safely and improving their health metrics.
  • The event delivered 21 personal bests, one world record, and generated over 1 billion global impressions (excluding Roku partner streaming data) and 4 million live views, equivalent to viewership of a standard NBA regular season game.
  • Secured approximately $32 million in total sponsorship deal value for the inaugural games from partners including Resolve, Rumble, and title sponsor Bazook.
  • Built reusable venue infrastructure (pool, track) that can be monetized for future events, reducing future capital costs. Launched the smaller-format, lower-cost Enhanced Breakers series in July 2026, which already produced a new world record in Olympic snatch.
  • Management acknowledges mismanaging pre-event expectations around world records, which led to unfair negative press coverage, and has pivoted its communication strategy to better position the event's core achievements.

• Live Enhanced (Consumer Segment) Operational Highlights

  • Launched the direct-to-consumer telehealth and supplement platform Live Enhanced in Q2 2026, operating in 34 countries: prescription services are limited to the U.S., while supplements are available in the U.S. and 33 international markets.
  • The platform currently offers 11 prescription products (testosterone replacement therapy, hormone therapy, approved longevity medications and peptides) and two supplement stacks, with plans to expand into new categories including cognitive enhancement.
  • The business is built around personalized performance medicine (focused on moving consumers beyond baseline health, rather than just treating specific conditions), leveraging proprietary medical IP and data collected from elite athlete protocol optimization to create personalized consumer plans.
  • Announced Enhanced OS, a data-driven personalization platform launching later in 2026 that will guide consumers through their health journey by integrating personal health data, wearables, and ongoing feedback to continuously adjust protocols.

• Long-Term Strategic Ecosystem

  • Management is building a compounding flywheel ecosystem: sports events generate global attention and trust, elite athlete testing generates unique medical IP and data, data enables personalized consumer protocols, and community engagement drives retention. This model is differentiated from commoditized competitors that compete only on price.

Enhanced Group operates two core business segments: Enhanced Games (sports events) and Live Enhanced (direct-to-consumer telehealth and supplements). In Q2 2026, total company revenue was $17.7 million, with 99% ($17.5 million, ~98.9% of total revenue) coming from Enhanced Games sponsorship revenue. Only a small portion of revenue came from Live Enhanced, which launched fully in May 2026 (near the end of the quarter) and had just a few weeks of operational activity in the period. Total reported net loss for the company in Q2 2026 was $61.9 million, with an adjusted EBITDA loss of $42.7 million.

• Management expects strong week-over-week and month-over-month customer growth for the Live Enhanced platform to continue through the second half of 2026, driven by the launch of new product categories including cognitive enhancement.
  • Enhanced OS, the company's personalized consumer health platform, is on track to launch by the end of 2026.
  • Future Enhanced Games and related events are expected to operate at a materially more capital-efficient cost structure than the 2026 inaugural event, thanks to pre-built reusable infrastructure and the established lower-cost Breakers series format for regular intermediate events.
  • Management expects the overall quality of athlete rosters for future Enhanced Games to improve, driven by growing trust and increased interest from elite Olympic champions and world record holders following the successful inaugural event, which will in turn support higher sponsorship and media rights revenue.

• Pre-event expectation mismanagement for the inaugural Enhanced Games led to negative press coverage that damaged initial public perception of the event's success, prompting a necessary communication strategy pivot.
  • The peptide product category, while a large growth opportunity, is expected to become commoditized if the FDA approves expanded compounding access, requiring the company to compete on personalization and IP rather than product alone.
  • The company relies on future regulatory approvals (such as FDA rulemaking for peptide compounding) to expand its prescription product offering, which is outside of management's control.
  • The company recorded a large net loss in Q2 2026, and has near-term accounts payable obligations that require ongoing cash flow from sponsorships and new customer growth to manage.

Q: What customer ramp, demographics, and back-half 2026 growth do you expect for the Live Enhanced telehealth platform? / A: Live Enhanced currently offers 11 prescription products (U.S.-only) and two supplement stacks (available in 34 total countries). The core customer demographic is concentrated among 25-45 year olds, with broad representation across genders and age groups with minimal drop-off among older consumers. Management expects strong ongoing growth through the second half of 2026, supported by the launch of new categories including cognitive enhancement and the upcoming launch of the Enhanced OS personalization platform.

Q: How large is the peptide opportunity if FDA approves the 6 new recommended compounds, and how will Enhanced differentiate in this likely commoditized market? / A: If approved, the opportunity will extend far beyond existing grey market consumers, as many consumers have avoided unregulated suppliers and will enter the market once safe, regulated access is available. Enhanced plans to launch all approved peptides quickly, and will differentiate through its personalized protocol approach, leveraging proprietary data and learnings from elite athlete testing to tailor plans to each consumer's baseline, lifestyle, and goals via the Enhanced OS platform, rather than just operating as a commodity storefront.

Q: What interest have you seen from athletes for future Enhanced Games, and how has the inaugural event changed athlete participation quality? / A: The inaugural event delivered 21 personal bests from an average athlete age of 30, with many athletes coming out of retirement to hit new bests, demonstrating the model's success. The event built significant trust in the athlete community by prioritizing athlete health and reliable compensation, a common pain point in emerging sports. Management is now direct messaged by Olympic gold medalists and world record holders seeking entry to future events, so the overall quality of the future athlete roster is expected to improve materially, which will also support higher sponsorship and media revenue.

Q: What marketing plans does Enhanced have for its consumer products between the annual tentpole Enhanced Games? / A: The lower-cost Enhanced Breakers series will hold smaller, more frequent events between major games to keep fans, athletes, journalists, and sponsors engaged year-round. Management also plans to expand beyond spectator events into participatory community events, partnering with existing amateur fitness groups like run clubs to attract everyday consumers and build a broader community aligned with the company's mission of accessible performance enhancement.