What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-04-30 compared with 2024-10-30 · 205 added, 255 removed, 382 unchanged (55% of the section changed)

4 unchanged sentences

(Amounts in thousands, except share data)

September 30,

2025 December 31,

1 unchanged sentence

Cash and cash equivalents $ 153,608 $ 164,669

Accounts receivable, net of allowance of $ 2,257 at September 30, 2024, and $ 2,486 at December 31, 2023

Accounts receivable, net of allowance of $ 2,804 at March 31, 2025, and $ 2,255 at December 31, 2024

76,759 63,450

19 unchanged sentences

Notes payable, long-term

Operating lease liability, long-term 12,583 —

Other long-term liabilities 163 295

4 unchanged sentences

500,000,000 shares authorized;

63,472,285 and 63,135,453 shares issued at September 30, 2024 and December 31, 2023, respectively 56,731,839 and 56,899,253 shares outstanding at September 30, 2024 and December 31, 2023, respectively

63,807,719 and 63,702,387 shares issued at March 31, 2025 and December 31, 2024, respectively 57,018,300 and 56,961,941 shares outstanding at March 31, 2025 and December 31, 2024, respectively

Additional paid-in capital 175,241 174,077

1 unchanged sentence

Accumulated other comprehensive loss ( 365 ) ( 860 )

Treasury stock, 6,740,446 shares at cost as of September 30, 2024, and 6,236,200 shares at cost as of December 31, 2023.

Treasury stock, 6,789,419 shares at cost as of March 31, 2025, and 6,740,446 shares at cost as of December 31, 2024.

( 73,232 ) ( 71,731 )

4 unchanged sentences

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS &

OTHER COMPREHENSIVE INCOME (LOSS)

(Amounts in thousands, except for share and per share data)

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

Three Months Ended March 31,

Net sales $ 130,921 $ 111,698

3 unchanged sentences

Selling, general and administrative 28,792 28,218

Income (Loss) from operations 20,595 23,522 69,535 51,071

Income from operations

19,293 18,959

Other income (expense)

Unrealized gain/(loss) on derivative instruments 2,817 ( 2,525 )

Foreign currency gain/(loss) 550 ( 1,211 ) 472 ( 430 )

Foreign currency gain

Interest income 1,518 1,523

Interest expense — ( 1 ) — ( 31 )

Total other income (expense) 5,070 ( 944 )

2 unchanged sentences

Net income $ 18,882 $ 14,238

Other comprehensive income (loss)

Foreign currency translation adjustment 495 ( 12 )

Total comprehensive income attributable to The Vita Coco Company, Inc.

$ 19,377 $ 14,226

Net income per common share

7 unchanged sentences

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Amounts in thousands)

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

Net income $ 19,251 $ 15,164 $ 52,582 $ 39,856

Other comprehensive income (loss):

Foreign currency translation adjustment 784 ( 426 ) 805 ( 317 )

Total comprehensive income attributable to The Vita Coco Company, Inc.

$ 20,035 $ 14,738 $ 53,387 $ 39,539

See accompanying notes to the condensed consolidated financial statements.

THE VITA COCO COMPANY, INC.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

13 unchanged sentences

Net income — — — — — — — 14,238 — — — 14,238

Cumulative-effect adjustment related to the adoption of accounting guidance for credit losses — — — — — — — ( 1,070 ) — — — ( 1,070 )

Purchase of treasury stock — — — — — — — — — 391,544 ( 9,235 ) ( 9,235 )

Stock-based compensation — — — — — — 2,109 — — — — 2,109

Exercise of stock awards 176,284 2 — — 176,284 2 151 — — — — 153

185,783 2 — — 185,783 2 601 — — — — 603

Foreign currency translation adjustment — — — — — — — — ( 12 ) — — ( 12 )

1 unchanged sentence

55,198,632 552 8,113,105 81 63,311,737 633 163,674 114,980 ( 661 ) 6,627,744 ( 68,936 ) 209,690

Net income — — — — — — — 17,987 — — — 17,987

Stock-based compensation — — — — — — 2,102 — — — — 2,102

Exercise of stock awards 230,857 2 — — 230,857 2 2,112 — — — — 2,114

Foreign currency translation adjustment — — — — — — — — ( 64 ) — — ( 64 )

Balance at June 30, 2023

54,528,785 $ 545 8,113,105 $ 81 62,641,890 $ 626 $ 152,187 $ 78,805 $ ( 885 ) 6,206,200 $ ( 58,928 ) $ 171,805

Net income — — — — — — — 15,164 — — — 15,164

Stock-based compensation expense — — — — — — 2,862 — — — — 2,862

Exercise of stock awards

320,315 3 — — 320,315 3 3,195 — — — — 3,198

Foreign currency translation adjustment — — — — — — — — ( 426 ) — — ( 426 )

Balance at September 30, 2023

54,849,100 $ 548 8,113,105 $ 81 62,962,205 $ 629 $ 158,244 $ 93,969 $ ( 1,311 ) 6,206,200 $ ( 58,928 ) $ 192,603

Balance at December 31, 2024

1 unchanged sentence

Net income — — — — — — — 18,882 — — — 18,882

Purchase of Treasury Shares — — — — — — — — — 391,544 ( 9,235 ) ( 9,235 )

Purchase of treasury stock — — — — — — — — — 48,973 ( 1,501 ) ( 1,501 )

Stock-based compensation — — — — — — 2,186 — — — — 2,186

Exercise of stock awards 105,332 1 — — 105,332 1 ( 1,022 ) — — — — ( 1,021 )

176,284 2 — — 176,284 2 151 — — — — 153

Foreign currency translation adjustment — — — — — — — — 495 — — 495

1 unchanged sentence

55,694,614 $ 557 8,113,105 $ 81 63,807,719 $ 638 $ 175,241 $ 175,576 $ ( 365 ) 6,789,419 $ ( 73,232 ) $ 277,858

Net income — — — — — — — 19,093 — — — 19,093

Stock-based compensation — — — — — — 2,399 — — — — 2,399

Exercise of stock awards 91,376 1 — — 91,376 1 790 — — — — 791

Foreign currency translation adjustment — — — — — — — — 33 — — 33

Balance at June 30.

55,290,008 $ 553 8,113,105 $ 81 63,403,113 $ 634 $ 166,863 $ 134,073 $ ( 628 ) 6,627,744 $ ( 68,936 ) $ 232,006

Net income — — — — — — — 19,251 — — — 19,251

Purchase of Treasury Shares — — — — — — — — — 112,702 ( 2,795 ) ( 2,795 )

Stock-based compensation — — — — — — 2,141 — — — — 2,141

Exercise of stock awards

69,172 1 — — 69,172 1 732 — — — — 733

Foreign currency translation adjustment — — — — — — — — 784 — — 784

Balance at September 30, 2024

55,359,180 $ 554 8,113,105 $ 81 63,472,285 $ 635 $ 169,736 $ 153,324 $ 156 6,740,446 $ ( 71,731 ) $ 252,120

See accompanying notes to the condensed consolidated financial statements.

3 unchanged sentences

(Amounts in thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from operating activities:

6 unchanged sentences

Stock-based compensation 2,186 2,109

Impairment loss on assets held for sale — 363

Noncash lease expense 504 254

4 unchanged sentences

Accounts payable, accrued expenses, and other liabilities ( 8,950 ) ( 4,112 )

Net cash provided by (used in) operating activities 35,977 70,003

Net cash used in operating activities

( 9,800 ) ( 267 )

Cash flows from investing activities:

Cash paid for property and equipment ( 559 ) ( 124 )

Proceeds from sale of property and equipment — 5

Net cash used in investing activities ( 559 ) ( 124 )

2 unchanged sentences

Cash paid on notes payable

( 10 ) ( 18 )

Cash paid to acquire treasury stock ( 1,501 ) ( 9,235 )

Net cash provided by (used in) financing activities ( 10,364 ) 5,897

Net cash used in financing activities

( 1,099 ) ( 9,086 )

Effects of exchange rate changes on cash and cash equivalents 401 ( 80 )

4 unchanged sentences

$ 154,876 $ 123,310

1 Includes $ 1,258 and $ 328 of restricted cash as of September 30, 2024 and 2023, respectively, that were included in other current assets.

1 Includes $ 1,268 and $ 332 of restricted cash as of March 31, 2025 and 2024, respectively, that were included in other current assets.

See accompanying notes to the condensed consolidated financial statements.

6 unchanged sentences

and subsidiaries (the “Company”) develops, markets, and distributes various coconut water products under the brand name Vita Coco and for retailers' own brands, predominantly in the United States.

Other products include coconut milk, coconut oil, coconut as a commodity, water (under the brand name Ever & Ever ), and protein infused fitness drinks (under the brand name PWR LIFT ).

We also offered a natural energy drink (under the brand name Runa ), which we ceased selling in December 2023.

The Company was incorporated in Delaware as All Market Inc.

on January 17, 2007.

On September 9, 2021, we changed our name to The Vita Coco Company, Inc.

In 2018, the Company purchased certain assets and liabilities of Runa , which was marketed and distributed primarily in the United States until the Company ceased selling the brand in December 2023.

Other products include coconut milk, coconut oil, water (under the brand name Ever & Ever ), protein infused fitness drinks (under the brand name PWR LIFT ), and other revenue transactions (e.g., bulk product sales).

The Company completed an initial public offering (the "IPO") of its Common Stock in October 2021.

We are a public benefit corporation under Section 362 of the Delaware General Corporation Law.

As a public benefit corporation, our Board of Directors is required by the Delaware General Corporation Law to manage or direct our business and affairs in a manner that balances the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct and the specific public benefits identified in our certificate of incorporation.

As a public benefit corporation, our Board of Directors (the "Board") is required by the Delaware General Corporation Law to manage or direct our business and affairs in a manner that balances the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct and the specific public benefits identified in our certificate of incorporation.

The Company has ten wholly-owned subsidiaries, including four wholly-owned Asian subsidiaries established between fiscal 2012 and 2015, four North American subsidiaries established between 2012 and 2018, All Market Europe, Ltd.

(“AME”) in the United Kingdom established 2009, and one subsidiary in Germany established during 2024.

(“AME”) in the United Kingdom established in 2009, and one subsidiary in Germany established during 2024.

Through one of its subsidiaries, the Company has a 60 % joint venture interest in a company, Coco Ventures Limited, which provides for the development, marketing, distribution and branding of coconut water-based products under the Vita Coco brand in China.

See Note 16, Joint Venture , for further details.

Unaudited interim financial information

5 unchanged sentences

These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any other interim period or for any other future year.

The condensed consolidated balance sheet as of September 30, 2024 is unaudited and should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the fiscal year ended December 31, 2023.

During the nine months ended September 30, 2024, there were no significant changes to the Company’s significant accounting policies as described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023 .

The condensed consolidated balance sheet as of March 31, 2025 is unaudited and should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the fiscal year ended December 31, 2024.

During the three months ended March 31, 2025, there were no significant changes to the Company’s significant accounting policies as described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2024 .

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 unchanged sentences

Preparation of condensed consolidated financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and

expenses during the reporting period.

Management considers many factors in selecting appropriate financial accounting policies and controls in developing the estimates and assumptions that are used in the preparation of these condensed consolidated financial statements.

Management must apply significant judgment in this process.

In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends.

Additionally, uncertainty in the macroeconomic environment resulting from current geopolitical and economic instability (including the effects of current wars and other international conflicts) and the high interest rate and inflationary cost environment make estimates and assumptions difficult to calculate with precision.

In addition, other factors

may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends.

Additionally, uncertainty in the macroeconomic environment resulting from current geopolitical and economic instability (including the effects of current wars and other international conflicts, as well as recently imposed tariffs) and the high interest rate and inflationary cost environment make estimates and assumptions difficult to calculate with precision.

The estimation process often may yield a range of reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates.

9 unchanged sentences

A material default in payment, a material reduction in purchases from these or any large customers, or the loss of a large customer or customer groups could have a material adverse impact on the Company’s financial condition, results of operations and liquidity.

The Company is exposed to concentration of credit risk from its major customers for which two customers in aggregate represented 48 % and 51 % of total net sales for the nine months ended September 30, 2024 and 2023, respectively.

In addition, the two customers in aggregate also accounted for 37 % and 43 % of total accounts receivable as of September 30, 2024 and December 31, 2023, respectively.

The Company is exposed to concentration of credit risk from its major customers, for which two customers in aggregate represented 45 % and 47 % of total net sales for the three months ended March 31, 2025 and 2024, respectively.

In addition, the two customers in aggregate also accounted for 36 % and 30 % of total accounts receivable as of March 31, 2025 and December 31, 2024, respectively.

The Company has not experienced credit issues with these customers.

Refer to Note 7, Commitments and Contingencies regarding additional information on our major customers.

Refer to Note 7, Commitments and Contingencies regarding additional information on the Company's major customers.

Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326):

Measurement of Credit Losses on Financial Instruments ("ASU 2016-13").

The new accounting standard introduced the current expected credit losses methodology ("CECL") for estimating allowances for credit losses.

The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized costs, including loans and trade receivables.

ASU 2016-13 was effective for the Company for annual and interim reporting periods beginning after December 15, 2022.

The Company adopted the standard on January 1, 2023 using the modified retrospective method for all financial assets in scope.

As a part of the adoption, the Company selected to apply roll-rate method to estimate current expected credit losses for its accounts receivable population and weighted average remaining maturity ("WARM") method for supplier advances.

The difference of $ 1,070 between the incurred credit loss estimate and current expected credit loss estimate was recorded as cumulative effect adjustment to the Company’s opening retained earnings and reflected on the consolidated balance sheet as of January 1, 2023 as a result of the ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326") adoption.

The adoption of the standard did not have a material impact on the Company’s consolidated statements of operations, or consolidated statements of cash flows.

The following table illustrates the impact of ASC 326.

As of January 1, 2023

As reported under ASC 326 Pre-ASC 326 adoption Impact of ASC 326 adoption

Allowance for credit losses on accounts receivables $ 3,552 $ 2,898 $ 654

Allowance for credit losses on supplier advances 416 — 416

Total $ 3,968 $ 2,898 $ 1,070

As of September 30, 2024, the Company signed a lease agreement for a new office in New York, NY.

The operating lease will commence in fiscal year 2025, ending in 2034 with an option to extend for an additional two years .

Total undiscounted future payments for this new office lease are $ 15,766 .

Additionally upon signing the agreement, the Company was required to establish a line of credit of $ 920 as a security deposit which may be used in case of delinquency.

As of September 30, 2024, the Company has established the letter of credit and accounted $ 920 as restricted cash.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis ("ASU 2023-07").

Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC Topic 280, Segment Reporting on an interim and annual basis.

Segment Reporting

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280):

Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in Accounting Standards Codification ("ASC") - Topic 280 on an interim and annual basis.

ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company adopted the standard for the year ended December 31, 2024.

The adoption of the standard did not have a material impact on the Company’s condensed consolidated statements of operations and disclosures.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires expenses in the consolidated statement of operations to be disaggregated into functional categories and separate significant individual expense items that are material to the understanding of the financial statements.

ASU 2024-03 is effective for fiscal years beginning after December 15, 2026.

In January 2025, the FASB issued ASU 2025-01, which clarified the adoption date to include interim periods with annual reporting periods after December 31, 2027.

The Company is currently evaluating the impact of adopting ASU 2024-03.

In December 2023, the FASB issued ASU 2023-09, Income Taxes ("Topic 740"):

Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the effective tax rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction ("ASU 2023-09").

Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires public entities, on an annual basis, to provide disclosure of specific

categories in the effective tax rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction.

ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company is currently evaluating the impact of adopting ASU 2023-09.

The Company is currently evaluating the impact of adopting this new accounting standard on its consolidated financial statements.

REVENUE RECOGNITION

7 unchanged sentences

Since there is no alternative use for these products and the Company has the right to payment for performance completed to date, the Company recognizes the revenue for the production of these private label products over time as the production for open purchase orders occurs, which may be prior to any shipment.

• Other —This product category consists of all other products, which included Runa (until we ceased selling it in December 2023), and includes Ever & Ever and PWR LIFT product offerings and Vita Coco product extensions beyond coconut water, coconut milk products, and other revenue transactions (e.g., bulk product sales).

• Other —This product category consists of all other products, which includes Vita Coco product extensions beyond coconut water, consisting of coconut milk products, including Vita Coco Treats;

Ever & Ever and PWR LIFT product offerings;

Vita Coco coconut oil sold internationally;

and other revenue transactions (e.g., bulk product sales).

For these products, control is transferred upon customer receipt, at which point the Company recognizes the transaction price for the product as revenue.

3 unchanged sentences

These condensed consolidated financial statements include accruals for these promotion and discounts.

The accruals are made for invoices that have not yet been received as of the end of the reporting period and are

recorded as a reduction of sales, and are based on contract terms and our historical experience with similar programs and require management judgment with respect to estimating customer and consumer participation and performance levels.

The accruals are made for invoices that have not yet been received as of the end of the reporting period and are recorded as a reduction of sales, and are based on contract terms and our historical experience with similar programs and require management judgment with respect to estimating customer and consumer participation and performance levels.

Disaggregation of Revenue

The following table disaggregates net revenue by product type and reportable segment:

Three Months Ended September 30, 2024

Americas International Consolidated

Vita Coco Coconut Water $ 94,013 $ 14,883 $ 108,896

Private Label 16,489 4,800 21,289

Other 1,744 977 2,721

Total $ 112,246 $ 20,660 $ 132,906

Three Months Ended September 30, 2023

Americas International Consolidated

Vita Coco Coconut Water $ 89,683 $ 11,350 $ 101,033

Private Label 28,257 5,421 33,678

Other 2,706 647 3,353

Total $ 120,646 $ 17,418 $ 138,064

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Americas International Consolidated

3 unchanged sentences

Total $ 112,600 $ 18,321 $ 130,921

Nine Months Ended September 30, 2023

Three Months Ended March 31, 2024

Americas International Consolidated

4 unchanged sentences

Inventory consists of the following:

September 30,

2025 December 31,

3 unchanged sentences

Goodwill consists of the following:

September 30,

2025 December 31,

Goodwill $ 7,791 $ 7,791

All of the Company’s goodwill is associated with an acquisition, which occurred in June 2018.

All of the Company’s goodwill is associated with an acquisition in June 2018.

The goodwill is allocated to the Americas reporting unit and is tax deductible.

The Company has not recognized any impairment since acquisition.

The table below details the outstanding balances on the Company’s debt as of September 30, 2024 and December 31, 2023:

September 30,

The Company has not recognized any impairment since acquisition in accordance with ASC topic 350 - Intangibles, Goodwill & Other.

The table below details the outstanding balances on the Company’s debt as of March 31, 2025 and December 31, 2024:

2025 December 31,

3 unchanged sentences

Non-current $ — 3

Revolving Credit Facility

In May 2020, the Company entered into the five-year credit facility with Wells Fargo Bank, National Association consisting of a revolving line of credit, which currently provides for committed borrowings of $ 60 million (the "2020 Credit Facility").

The maturity date on the 2020 Credit Facility is May 12, 2026.

2020 Credit Facility

In May 2020, the Company entered into a five-year credit facility with Wells Fargo Bank, National Association consisting of a revolving line of credit, which provides for committed borrowings of $ 60,000 (the "2020 Credit Facility").

During the three months ended March 31, 2025, the 2020 Credit Facility was amended, extending the maturity date five years to February 13, 2030.

Starting in December 2022, borrowings on the 2020 Credit Facility bear interest at rates based on either:

2 unchanged sentences

The Spread ranges from 1.00 % to 1.75 %, which is based on the Company’s leverage ratio (as defined in the credit agreement) for the immediately preceding fiscal quarter as defined in the credit agreement.

In addition, the Company is currently subject to an unused commitment fee ranging from 0.10 % and 0.20 % on the unused amount of the line of credit, with the rate being based on the Company’s leverage ratio (as defined in the credit agreement).

As of September 30, 2024 and December 31, 2023, the Company had no outstanding balance and $ 60 million undrawn and available under its amended 2020 Credit Facility.

The Company incurred no interest expense for the 2020 Credit Facility for the nine months ended September 30, 2024 and September 30, 2023, respectively.

The unused commitment fee for the 2020 Credit Facility amounted to $ 15 and $ 15 for the three months ended September 30, 2024 and September 30, 2023, respectively.

The unused commitment fee for the 2020 Credit Facility amounted to $ 46 and $ 46 for the nine months ended September 30, 2024 and September 30, 2023, respectively.

In addition, the Company was subject to unused commitment fees ranging from 0.10 % and 0.20 % on the unused amount of the line of credit in the year ended December 31, 2024, with the rate based on the Company’s leverage ratio (as defined in the credit agreement).

Starting February 14, 2025, the effective date of the amendment, the unused commitment fees ranges from 0.13 % and 0.23 % on the unused amount of the line of credit, with the rate being based on the Company’s leverage ratio (as defined in the credit agreement).

As of March 31, 2025 and December 31, 2024, the Company had no outstanding balance and $ 60,000 undrawn and available under its amended 2020 Credit Facility.

The Company incurred no interest expense for the 2020 Credit Facility for the three months ended March 31, 2025 and March 31, 2024, respectively.

The unused commitment fee for the

2020 Credit Facility amounted to $ 17 and $ 15 for the three months ended March 31, 2025 and March 31, 2024, respectively.

The 2020 Credit Facility is collateralized by substantially all of the Company’s assets.

3 unchanged sentences

(iii) sell, transfer or dispose of assets;

(iv) merge with or acquire other companies, (v) make loans, advances or guarantees;

(iv) merge with or acquire other companies;

(v) make loans, advances or guarantees;

(vi) make investments;

2 unchanged sentences

The 2020 Credit Facility also requires the Company to maintain certain financial covenants including a maximum leverage ratio, a minimum fixed charge coverage ratio, and a minimum asset coverage ratio.

As of September 30, 2024, the Company was in compliance with all financial covenants.

As of March 31, 2025, the Company was in compliance with all financial covenants.

Vehicle Loans

1 unchanged sentence

Interest rates on these vehicle loans range from 4.56 % to 5.68 %.

The outstanding balance on the vehicle loans as of September 30, 2024 was less than $ 0.1 million.

The outstanding balance on the vehicle loans as of March 31, 2025 was less than $ 100 .

COMMITMENTS AND CONTINGENCIES

4 unchanged sentences

The Company also discloses when it is reasonably possible that a material loss may be incurred.

As of September 30, 2024 and December 31, 2023, the Company has not recorded any liabilities relating to such legal matters.

As of March 31, 2025 and December 31, 2024, the Company has not recorded any liabilities relating to such legal matters.

Business Risk —The Company imports finished goods predominantly from manufacturers located in South American and Southeast Asian countries.

2 unchanged sentences

Net sales Accounts receivable

Nine Months Ended September 30, September 30,

2024 December 31,

Three Months Ended March 31, March 31, December 31,

2025 2024 2025 2024

Customer A 19 % 25 % 13 % 13 %

Customer B 26 % 22 % 23 % 17 %

One of the customers acquired less than 5% ownership in the Company upon consummation of the Company's initial public offering ("IPO").

As discussed in Note 10, Stockholders' Equity , the same customer also was granted 200,000 restricted stock awards at the time of the IPO, of which 100,000 vested on March 31, 2023 and 100,000 vested on March 31, 2024.

The customer continues to hold less than 5% ownership in the Company as of September 30, 2024.

In 2023, we agreed to start to discontinue the private label coconut water and coconut oil supply relationship with one of our significant customers as the terms required to retain the business were contrary to our long term margin targets.

However, at the request of this customer, we have continued the supply relationship for a significant portion of their private label coconut water needs.

Net sales include branded and private label products.

One of the customers acquired less than 5% ownership in the Company upon consummation of the IPO.

As discussed in Note 11, Stock-Based Compensation , the same customer also was granted 200,000 restricted stock awards at the time of the IPO, of which 100,000 vested on March 31, 2023 and 100,000 vested on March 31, 2024.

The customer advised the Company that as of March 31, 2025, it had monetized its investment in the Company .

Major Suppliers — The Company’s suppliers that accounted for 10% or more of the Company’s purchases were as follows:

Nine Months Ended September 30,

Three Months Ended March 31,

Supplier A 14 % 24 %

Supplier B 14 % 14 %

Supplier C 16 % 9 %

DERIVATIVE INSTRUMENTS

3 unchanged sentences

The ineffective portion of a derivative instrument’s change in fair value is immediately recognized in earnings.

As of September 30, 2024 and December 31, 2023, the Company did not have any derivative instruments that it had designated as fair value or cash flow hedges.

As of March 31, 2025 and December 31, 2024, the Company did not have any derivative instruments that it had designated as fair value or cash flow hedges.

The Company is subject to the following currency risks:

4 unchanged sentences

The notional amount and fair value of all outstanding derivative instruments in the condensed consolidated balance sheets consist of the following at:

September 30, 2024

March 31, 2025

Derivatives not designated as

3 unchanged sentences

Foreign currency exchange contracts

Receive THB/sell USD $ 21,324 $ 1,298 Derivative assets

Receive USD/pay CAD $ 8,208 $ 355 Derivative assets

Receive USD/pay EUR 14,041 104 Derivative assets

Foreign currency exchange contracts

1 unchanged sentence

Receive USD/pay GBP 27,741 ( 488 ) Derivative liabilities

Receive USD/pay EUR 6,691 ( 159 ) Derivative liabilities

Receive THB/sell USD 23,916 ( 346 ) Derivative liabilities

Receive USD/sell THB 7,609 ( 41 ) Derivative liabilities

Receive EUR/pay USD 3,655 ( 73 ) Derivative liabilities

December 31, 2024

4 unchanged sentences

Foreign currency exchange contracts

Receive BRL/sell USD $ 62,253 $ 3,876 Derivative assets

Receive USD/pay EUR $ 9,060 $ 458 Derivative assets

Receive USD/pay GBP 26,303 464 Derivative assets

Receive USD/pay CAD 8,486 460 Derivative assets

Foreign currency exchange contracts

Receive THB/sell USD $ 28,066 $ ( 623 ) Derivative liabilities

Receive USD/pay EUR 5,627 ( 90 ) Derivative liabilities

Receive USD/pay GBP 23,512 ( 749 ) Derivative liabilities

Receive USD/pay CAD 7,666 ( 89 ) Derivative liabilities

The amount and location of realized and unrealized gains and losses of the derivative instruments in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 are as follows:

Three Months Ended September 30,

Unrealized gain/(loss) on derivative instruments $ 2,592 $ ( 3,959 )

Location Unrealized gain/(loss)

on derivative

instruments Unrealized gain/(loss)

on derivative

Foreign currency gain / (loss) $ ( 610 ) $ 1,909

Location Foreign currency

gain/(loss) Foreign currency

Nine Months Ended September 30,

Receive BRL/sell USD 35,443 ( 6,272 ) Derivative liabilities

The amount and location of realized and unrealized gains and losses of the derivative instruments in the condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024 are as follows:

Three Months Ended March 31,

Unrealized gain/(loss) on derivative instruments $ 2,817 $ ( 2,525 )

Location Unrealized gain/(loss)

on derivative

instruments Unrealized gain/(loss)

on derivative

Foreign currency gain / (loss) $ ( 1,332 ) $ 607

Location Foreign currency

gain/(loss) Foreign currency

The Company applies recurring fair value measurements to its derivative instruments in accordance with ASC Topic 820, Fair Value Measurements ("ASC 820").

In determining fair value, the Company used a market approach and incorporated the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique.

In determining fair value, the Company used a market approach and incorporates the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique.

These inputs can be readily observable, market corroborated or generally unobservable internally developed inputs.

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The Company’s valuation methodology for forward currency swap contracts is based upon third-party institution data.

The Company’s fair value hierarchy for those assets (liabilities) measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023, is as follows:

The Company’s fair value hierarchy for those assets (liabilities) measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024, is as follows:

Level 1 Level 2 Level 3 Total

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Swaps/Contracts

September 30, 2024 $ — $ ( 3,234 ) $ — $ ( 3,234 )

March 31, 2025 $ — $ ( 2,696 ) $ — $ ( 2,696 )

December 31, 2024 $ — $ ( 5,513 ) $ — $ ( 5,513 )

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STOCKHOLDERS’ EQUITY

Common and Treasury Stock —Each share of Common Stock entitles its holder to one vote on matters required to be voted on by the stockholders of the Company and to receive dividends, when and if declared by the Company’s Board of Directors.

As of September 30, 2024 and December 31, 2023, the Company held 6,740,446 and 6,236,200 shares, respectively, in treasury stock.

As of September 30, 2024 and December 31, 2023, the Company had 3,257,423 and 3,124,326 shares, respectively, of Common Stock available for issuance upon the conversion of outstanding equity awards under the 2021 Incentive Award Plan ("2021 Plan").

On October 30, 2023, the Company's Board of Directors approved a share repurchase program ("Program") authorizing the Company to repurchase up to $ 40,000 of Common Stock.

Shares of Common Stock may be repurchased under the Program from time to time through open market purchases, block trades, private transactions or accelerated or other structured share repurchase programs.

To the extent not retired, shares of Common Stock repurchased under the Program will be placed in the Company's treasury shares.

As of March 31, 2025 and December 31, 2024, the Company held 6,789,419 and 6,740,446 shares, respectively, in treasury stock.

As of March 31, 2025 and December 31, 2024, the Company had 2,822,547 and 3,254,762 shares, respectively, of Common Stock available for issuance upon the conversion of outstanding equity awards under the 2021 Incentive Award Plan ("2021 Plan").

On October 30, 2023, the Company's Board approved a share repurchase program (the "Repurchase Program") authorizing the Company to repurchase up to $ 40,000 of Common Stock.

Shares of Common Stock may be repurchased under the Repurchase Program from time to time through open market purchases, block trades, private transactions or accelerated or other structured share repurchase programs.

To the extent not retired, shares of Common Stock repurchased under the Repurchase Program will be placed in the Company's treasury shares.

The extent to which the Company repurchases shares of Common Stock, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by the Company.

The Program has no time limits and may be suspended or discontinued at any time.

The Company repurchased 112,702 shares under this Program during the three months ended September 30, 2024.

The Company repurchased 504,246 shares under this Program at a cost of $ 12,030 during the nine months ended September 30, 2024.

The Company repurchased 30,000 shares under this Program at a cost of $ 773 during the year ended December 31, 2023.

As of September 30, 2024, the Company had $ 27,196 remaining under this Program.

On May 23, 2023, the Company entered into an underwriting agreement (the "Underwriting Agreement") with BofA Securities, Inc., Evercore Group L.L.C.

and Goldman Sachs & Co.

LLC, as the representative of the underwriters named in Schedule I thereto (collectively, the "Underwriters"), and a stockholder of the Company, Verlinvest Beverages SA (the "Selling Stockholder"), relating to an underwritten public offering of 5,000,000 shares (the "Offering") of Common Stock at a price to the public of $ 23.00 per share, before deducting underwriting discounts.

Pursuant to the Underwriting Agreement, all 5,000,000 shares of Common Stock were sold by the Selling Stockholder.

Under the terms of the Underwriting Agreement, the Selling Stockholder granted the Underwriters an option exercisable for 30 days to purchase up to an additional 750,000 shares of Common Stock from the Selling Stockholder at the public offering price, less underwriting discounts and commissions, which option was exercised in full prior to the closing of the Offering.

The closing of the Offering occurred on May 26, 2023.

The Company did not receive any of the proceeds from the sale of the shares.

Additionally, the Company incurred $ 856 of administrative expenses related to the Offering, which were expensed in the nine months ended September 30, 2023.

Stock-based Compensation —The stockholders of the Company approved the adoption of the Company’s 2014 Stock Option and Restricted Stock Plan (the “2014 Plan”).

The Repurchase Program has no time limits and may be suspended or discontinued at any time.

The Company repurchased 48,973 shares under the Repurchase Program at a cost of $ 1,501 during the three months ended March 31, 2025.

The Company repurchased 504,246 shares under the Repurchase Program at a cost of $ 12,030 during the year ended December 31, 2024.

As of March 31, 2025, the Company had $ 25,695 remaining under the Repurchase Program.

STOCK-BASED COMPENSATION

The stockholders of the Company approved the adoption of the Company’s 2014 Stock Option and Restricted Stock Plan (the “2014 Plan”).

The 2014 Plan allowed for a maximum of 8 % of the sum of the Available Equity defined as the sum of:

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Generally, stock options issued pursuant to the 2014 Plan contain exercise prices no less than the fair value of Common Stock on the date of grant and have a ten-year contractual term.

Subsequent to September 30, 2021, the stockholders of the Company approved the adoption of the 2021 Plan, which became effective after the closing of the Company's IPO completed in October 2021.

Subsequent to September 30, 2021, the stockholders of the Company approved the adoption of the 2021 Incentive Award Plan ("2021 Plan"), which became effective after the closing of the IPO.

On and after closing of the offering and the effectiveness of the 2021 Plan, no further grants have been made under the 2014 Plan.

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and (ii) an annual increase on the first day of each year beginning in 2022 and ending in and including 2031, equal to the lesser of (A) two percent ( 2 %) of the outstanding shares of our Common Stock on the last day of the immediately preceding fiscal year;

and (B) such lesser amount as determined by our Board of Directors;

and (B) such lesser amount as determined by our Board;

provided, however, no more than 3,431,312 shares may be issued upon the exercise of incentive stock options ("ISOs").

The 2021 Plan provides for the grant of stock options, including ISOs and nonqualified stock options ("NSOs"), restricted stock, dividend equivalents, stock payments, restricted stock units ("RSUs"), other incentive awards, stock appreciation rights ("SARs"), and cash awards.

As of September 30, 2024, only stock options, restricted stock, and RSU's have been granted under the 2021 Plan.

For the three and nine months ended September 30, 2024 and 2023, the Company recorded stock compensation costs totaling:

The 2021 Plan provides for the grant of stock options, including ISOs and nonqualified stock options ("NSOs"), dividend equivalents, stock payments, service-based restricted stock units ("RSUs"), performance-based restricted stock units ("PSUs"), other incentive awards, stock appreciation rights ("SARs"), and cash awards.

For the year beginning January 1, 2025, the Board elected not to increase

the shares available for the 2021 Plan.

As of March 31, 2025, only stock options, RSUs, and PSUs have been granted under the 2021 Plan.

For the three months ended March 31, 2025 and 2024, the Company recorded stock compensation costs totaling:

Three months ended

September 30,

Nine months ended

September 30,

2024 2023 2024 2023

Reduction in revenue (1)

$ — $ 153 $ 151 $ 1,169

Selling, general & administrative expenses

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(1) The cost recognized as a reduction in revenue is related to the RSUs previously granted to a major customer based on guidance in ASC 606 as stock based sales incentive.

These awards are shares of restricted Common Stock valued at $ 3,000 granted at the time of the IPO to an entity affiliated with a significant customer, at a price per share granted at the IPO of $ 15.00 , or 200,000 restricted shares, in connection with an amendment to extend the distributor agreement term to June 10, 2026.

Since the distribution agreement had not been terminated by either party for cause as of March 31, 2023, 50 % of the shares were released on March 31, 2023.

The remaining 50 % were released on March 31, 2024.

Option Awards with Service-based Vesting Conditions

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The options awarded to the employees have differing vesting schedules as specified in each grant agreement.

There were 168,076 new service-based stock option awards granted during the nine months ended September 30, 2024.

Exercises of stock options during the three months ended September 30, 2024, and 2023 were 61,763 and 314,210 , respectively.

Exercises of stock options during the nine months ended September 30, 2024, and 2023 were 148,311 and 583,201 , respectively.

The following table summarizes the service-based stock option activity during the three months ended March 31, 2025:

Outstanding—December 31, 2024 3,054,060

Granted 201,100

Exercised 38,785

Forfeited or expired 10,453

Outstanding—March 31, 2025 3,205,922

Exercisable—March 31, 2025 2,438,867

The fair value of the service-based stock options granted in 2025 and 2024 pursuant to the 2021 Plan was estimated on a grant or on a modification date using the Black-Scholes option-pricing model.

The weighted average assumptions used in the Black-Scholes option-pricing model were as follows:

Weighted average expected term 6.25 years 6.25 years

Weighted average expected volatility 31 % 32 %

Weighted average risk-free interest rate 4.10 % 4.00 %

Weighted average expected dividend yield 0 % 0 %

Option Awards with Performance and Market-based Vesting Conditions

There are also outstanding stock option awards containing performance-based vesting conditions, subject to achievement of various performance goals by a future period, such as revenue and adjusted EBITDA targets.

There were also stock option awards granted in 2019 to the current Chief Executive Officer ("CEO") containing performance and market vesting conditions vesting upon occurrence of an IPO or other qualifying liquidity event and upon achieving a predetermined equity value of the Company, which fully vested as of July 31, 2023.

There were no new stock option awards granted during the nine months ended September 30, 2024 with performance-based vesting conditions.

Service & Performance based Restricted Stock and RSUs

Restricted stock and RSUs were granted under the 2021 Plan and primarily vest based on continuous service.

The Company also has outstanding stock option awards containing performance-based vesting conditions, subject to achievement of various performance goals by a future period, such as revenue and Adjusted EBITDA targets.

There were no new stock option awards granted during the three months ended March 31, 2025 with performance-based vesting conditions.

Service-based and Performance-based Restricted Stock

RSUs were granted under the 2021 Plan and primarily vest based on continuous service.

The RSUs with service-based vesting conditions awarded to the employees have differing vesting schedules as specified in each grant agreement.

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or (ii) the first anniversary of the date of grant.

During the nine months ended September 30, 2024 and September 30, 2023, the Company also granted RSUs that contain performance-based vesting conditions, subject to achievement of various performance goals in the future, specifically net sales growth and Adjusted EBITDA targets.

Also included in these awards are shares of restricted Common Stock valued at $ 3,000 granted at the time of the IPO to entities affiliated with a significant customer, at a price per share granted at the IPO of $ 15.00 , or 200,000 restricted

shares, in connection with an amendment to extend the distributor agreement term to June 10, 2026.

Since the distribution agreement had not been terminated by either party for cause as of March 31, 2023, 50 % of the shares were released on March 31, 2023.

The remaining 50 % were released on March 31, 2024.

The grant was accounted for as a stock-based sales incentive based on guidance in ASC 606 and is reflected as a reduction in the transaction price of revenue on the basis of the grant-date fair-value measure in accordance with the stock compensation guidance in ASC 718.

During the nine months ended September 30, 2024, there were 259,221 service based and 58,365 performance based RSUs granted, which had an aggregate grant date fair value of $ 8,348 .

During the three months ended September 30, 2024 and September 30, 2023, awards vested were 7,275 and 6,105 , respectively.

During the nine months ended September 30, 2024 and September 30, 2023, awards vested were 188,387 and 153,754 , respectively, which includes service based RSUs and restricted stock of the major customer.

For the three months ended September 30, 2024 and 2023, the Company recorded income tax expense of $ 6,362 and $ 4,011 , respectively, in its condensed consolidated statements of operations.

For the nine months ended September 30, 2024 and 2023, the Company recorded $ 16,555 and $ 10,101 , respectively, in income tax expense in its condensed consolidated statements of operations.

During the three months ended March 31, 2025 and March 31, 2024, the Company also granted PSUs, which are subject to achievement of various performance goals in the future, specifically net sales growth and Adjusted EBITDA targets.

The following table summarizes the RSU and PSU activity for the three months ended March 31, 2025:

Number of RSU Awards

Number of PSU Awards

Non-vested -December 31, 2024

634,803 74,579

Granted 183,504 71,140

Vested 108,620 —

Forfeited/Cancelled 13,823 1,528

Non-vested - March 31, 2025

695,864 144,191

For the three months ended March 31, 2025 and 2024, the Company recorded income tax expense of $ 5,481 and $ 3,777 , respectively, in its condensed consolidated statements of operations.

In assessing the recoverability of its deferred tax assets, the Company continually evaluates all available positive and negative evidence to assess the amount of deferred tax assets for which it is more likely than not to realize a benefit.

For any deferred tax asset in excess of the amount for which it is more likely than not that the Company will realize a benefit, the Company establishes a valuation allowance.

As of September 30, 2024 and December 31, 2023, there was a $ 106 liability for income tax uncertainties recorded in the Company's consolidated balance sheets.

As of March 31, 2025 and December 31, 2024, there was a $ 106 liability for income tax uncertainties recorded in the Company's condensed consolidated balance sheet and consolidated balance sheet, respectively.

The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision.

The Company does not expect its uncertain tax positions to change significantly over the next twelve months.

The Company recognized no interest and penalties related to income tax uncertainties in its consolidated balance sheets or consolidated statement of operations for the three and nine months ended September 30, 2024 and 2023.

The Company recognized no interest and penalties related to income tax uncertainties in its condensed consolidated statement of operations for the three months ended March 31, 2025 and 2024.

The Company is subject to income tax examinations by the Internal Revenue Service ("IRS") and various state and local jurisdictions for the open tax years between December 31, 2019 and December 31, 2023.

2 unchanged sentences

Three months ended

September 30,

Nine months ended

September 30,

2024 2023 2024 2023

Net income $ 18,882 $ 14,238

6 unchanged sentences

Three months ended

September 30,

Nine months ended

September 30,

2024 2023 2024 2023

Options to purchase Common Stock and RSUs

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As of December 2023, we ceased offering the Runa brand.

• International—The International segment is comprised primarily of Europe, Middle East, and Asia Pacific, which includes the Company’s procurement arm and derives its revenues from the marketing and distribution of various coconut water and non-coconut water products.

The Company’s CEO is the chief operating decision maker and evaluates segment performance primarily based on net sales and gross profit.

• International—The International segment is comprised primarily of Europe, the Middle East, and Asia Pacific.

Asia Pacific includes the Company’s procurement arm and derives its revenues from the marketing and distribution of various coconut water and non-coconut water products, including product that is shipped directly to customers outside of Asia Pacific regions.

All intercompany transactions between the segments have been eliminated.

Information about the Company’s operations by operating segment as of the three and nine months ended September 30, 2024 and 2023 is as follows:

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

The Company’s CEO is the chief operating decision maker ("CODM") and manages and allocates resources between the Americas and International segments.

Consistent with this decision-making process, the CODM uses financial information disaggregated between the Americas and International segment for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets.

The CODM evaluates segment business performance based primarily on net sales and gross profit.

The CODM considers budget-to-actual variances on a monthly basis for both measures when making decisions about allocating capital and personnel to the segments and also uses segment gross profit for evaluating product pricing.

Information about the Company’s operations by operating segment as of and for the three months ended March 31, 2025 and 2024 is as follows:

Three Months Ended March 31,

Net sales $ 130,921 $ 111,698

1 unchanged sentence

International 18,321 15,607

Cost of goods sold

$ 82,836 $ 64,521

Americas 70,288 55,219

International 12,548 9,302

Gross profit $ 48,085 $ 47,177

1 unchanged sentence

International 5,773 6,305

As of September 30,

As of December 31,

2 unchanged sentences

International 120,288 120,487

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

Reconciliation:

1 unchanged sentence

Selling, general, and administrative expenses 28,792 28,218

Income (loss) from operations $ 20,595 $ 23,522 $ 69,535 $ 51,071

Income from operations

$ 19,293 $ 18,959

Unrealized gain/(loss) on derivative instruments 2,817 ( 2,525 )

Foreign currency gain/(loss) 550 ( 1,211 ) 472 ( 430 )

Foreign currency gain

Interest income 1,518 1,523

Interest expense — ( 1 ) — ( 31 )

Income before income taxes $ 24,363 $ 18,015

1 unchanged sentence

The following table provides information related to the Company’s net sales by country, which is presented on the basis of the location that revenue from customers is recorded:

Nine Months Ended September 30, 2024 2023

Three Months Ended March 31,

United States $ 105,106 $ 90,153

2 unchanged sentences

All other countries (1)

12,685 10,324

Net sales $ 130,921 $ 111,698

(1) No individual country is greater than 10% of total net sales for the nine months ended September 30, 2024 and 2023.

(1) No individual country is greater than 10% of total net sales for the three months ended March 31, 2025 and 2024.

The following table provides information related to the Company’s property and equipment, net by country:

September 30,

2025 December 31,

United States $ 806 $ 729

Singapore $ 1,301 $ 1,280

United States

United Kingdom

All other countries (1)

1 unchanged sentence

$ 2,710 $ 2,351

(1) No individual country is greater than 10% of total property and equipment, net as of September 30, 2024 and December 31, 2023.

(1) No individual country is greater than 10% of total property and equipment, net as of March 31, 2025 and December 31, 2024.

RELATED-PARTY TRANSACTIONS

Director Nominee Agreements - A member of the Board of Directors appointed under the Investor Rights Agreement by Verlinvest Beverages SA ("Verlinvest"), a stockholder of the Company, entered into a nominee agreement on May 24, 2022 instructing the Company to pay all cash and equity compensation earned in connection with his board of director service to Verlinvest.

Based on the aforementioned nominee agreement, RSUs granted to this director will be held by him as nominee for Verlinvest and, upon vesting of the RSUs, the shares will be transferred to Verlinvest.

The nominee agreements are primarily between the director and Verlinvest.

Director Nominee Agreement - On May 24, 2022, a member of the Board appointed as a nominee under the Investor Rights Agreement by Verlinvest Beverages SA ("Verlinvest"), a stockholder of the Company, entered into a nominee agreement instructing the Company to pay all cash and equity compensation earned in connection with his board of director service to Verlinvest.

Based on the aforementioned nominee agreement, RSUs granted to this director will be held by him as a nominee for Verlinvest and, upon vesting of the RSUs, the shares will be transferred to Verlinvest.

The nominee agreement is primarily between the director and Verlinvest.

The Company is a party to this arrangement solely to agree to the manner in which it would satisfy the compensation obligations to this director.

5 unchanged sentences

In accordance with ASC 323, Investments - Equity Method and Joint Ventures, investments in entities over which the Company does not have a controlling financial interest but has significant influence are accounted for using the equity method, with the Company’s share of earnings or losses reported in the condensed consolidated statements of operations.

It is anticipated that Coco Ventures will initially purchase coconut water products from the Company.

The Company acquired this interest on August 2, 2024, the date on which the Company obtained significant influence, for $ 0.6 million to be paid in cash within one year.

It is anticipated that Coco Ventures Limited will initially purchase coconut water products from the Company.

The Company acquired this interest on August 2, 2024, the date on which the Company obtained significant influence, for $ 585 to be paid in cash within one year.

The Company will record the initial investment in the joint venture upon cash payment.

Since the Company is deemed not to have a controlling interest in Coco Ventures Limited, the Company’s investment will be accounted using the equity method of accounting in accordance with ASC 323.

As of September 30, 2024, Coco Ventures Limited had not completed any activity and had no operations.

During the three months ended March 31, 2025, the Company contributed $ 104 as a part of initial capital funding.

As of March 31, 2025, Coco Ventures Limited commenced operations.

In August 2024, the Company signed a lease agreement for a new office in New York, NY.

The Company's existing New York office lease expires on April 30, 2025.

The operating lease commenced on January 1, 2025, ending in December 2034, with an option to extend for an additional two years .

The Company recognized right-of-use assets and lease liabilities of $ 10,002 and $ 11,692 , respectively, on the Company’s condensed consolidated balance sheet as of March 31, 2025.

Additionally, upon signing the agreement, the Company was required to establish a line of credit of $ 920 as a security deposit which may be used in case of delinquency.

The Company established the letter of credit and accounted $ 920 as restricted cash.

In addition, in November, 2024, the Company signed a lease agreement for a new office in London, United Kingdom.

The operating lease commenced on January 2, 2025 and terminates in December 2030.

The Company recognized right-of-use assets and lease liabilities of $ 1,140 and $ 1,252 respectively, on the Company’s condensed consolidated balance sheet as of March 31, 2025 .

The following table summarizes supplemental balance sheet information for the Company’s operating leases:

Line Item in Balance Sheet As of March 31, 2025

As of December 31, 2024

Operating lease right-of-use assets Right-of-use assets $ 11,028 $ 385

Current portion of operating lease liabilities Accrued expenses and other current liabilities

Non-current portion of operating lease liabilities Operating lease liabilities, long-term

In April 2025, the Company signed an agreement for a new office in Singapore.

The operating lease commences in April 2025, and terminates in June 2030.

Total undiscounted future payments for this new office lease are $ 1,384 .

Additionally, the Company agreed to establish a security deposit of $ 184 , which is refundable at the end of the lease period.

SUBSEQUENT EVENTS

On April 28, 2025, the Company's Board approved an additional $ 25,000 to the Repurchase Program, authorizing the Company to repurchase up to a total of $ 65,000 of the Company's Common Stock.

There were no other changes made to the terms of the Repurchase Program.

Beginning April 1, 2025 and through April 29, 2025, the Company repurchased 284,728 shares under the Repurchase Program at a cost of $ 8,552 .

On a year to date basis through April 29, 2025, the Company repurchased a total of 333,701 shares at a cost of $ 10,053 and had $ 42,144 remaining under the Repurchase Program.

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.

What changed 10-Q

Item 1. Financial Statements