What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-07-30 compared with 2025-04-30 · 147 added, 101 removed, 486 unchanged (34% of the section changed)

7 unchanged sentences

Cash and cash equivalents $ 167,042 $ 164,669

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

Accounts receivable, net of allowance of $ 2,783 at June 30, 2025, and $ 2,255 at December 31, 2024

102,551 63,450

26 unchanged sentences

500,000,000 shares authorized;

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

63,877,128 and 63,702,387 shares issued at June 30, 2025 and December 31, 2024, respectively 56,802,981 and 56,961,941 shares outstanding at June 30, 2025 and December 31, 2024, respectively

Additional paid-in capital 178,774 174,077

Retained earnings 198,484 156,694

Accumulated other comprehensive loss ( 365 ) ( 860 )

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.

Accumulated other comprehensive income (loss)

Treasury stock, 7,074,147 shares at cost as of June 30, 2025, and 6,740,446 shares at cost as of December 31, 2024.

( 81,784 ) ( 71,731 )

7 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Net sales $ 168,759 $ 144,116 $ 299,680 $ 255,814

7 unchanged sentences

Unrealized gain/(loss) on derivative instruments 1,067 ( 5,963 ) 3,884 ( 8,488 )

Foreign currency gain

Foreign currency gain/(loss)

482 ( 136 ) 1,062 ( 78 )

Interest income 1,500 1,627 3,018 3,150

37 unchanged sentences

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 — — — — — — — 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, 2024

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

Balance at December 31, 2024

7 unchanged sentences

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 — — — — — — — 22,908 — — — 22,908

Purchase of treasury stock — — — — — — — — — 284,728 ( 8,552 ) ( 8,552 )

Stock-based compensation — — — — — — 2,962 — — — — 2,962

Exercise of stock awards 69,409 1 — — 69,409 1 571 — — — — 572

Foreign currency translation adjustment — — — — — — — — 1,191 — — 1,191

Balance at June 30, 2025

55,764,023 $ 558 8,113,105 $ 81 63,877,128 $ 639 $ 178,774 $ 198,484 $ 826 7,074,147 $ ( 81,784 ) $ 296,939

See accompanying notes to the condensed consolidated financial statements.

3 unchanged sentences

(Amounts in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Cash flows from operating activities:

2 unchanged sentences

Depreciation and amortization 408 344

Amortization of debt issuance cost 6 —

(Gain)/loss on disposal of equipment — 13

8 unchanged sentences

Accounts payable, accrued expenses, and other liabilities 6,272 3,375

Net cash used in operating activities

Net cash provided by operating activities

12,010 26,652

9 unchanged sentences

Effects of exchange rate changes on cash and cash equivalents 961 ( 106 )

Net increase/(decrease) in cash and cash equivalents ( 11,057 ) ( 9,557 )

Net increase in cash and cash equivalents

Cash, cash equivalents and restricted cash at beginning of the period ( 1 )

2 unchanged sentences

$ 168,315 $ 150,437

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

1 Includes $ 1,273 and $ 334 of restricted cash as of June 30, 2025 and 2024, respectively, reported in other current assets on the condensed consolidated balance sheet.

See accompanying notes to the condensed consolidated financial statements.

5 unchanged sentences

The Vita Coco Company, Inc.

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, 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).

13 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 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 .

The condensed consolidated financial statements included herein 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 six months ended June 30, 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

23 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 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 is exposed to concentration of credit risk from its major customers, for which two customers in aggregate represented 45 % and 49 % of total net sales for the six months ended June 30, 2025 and 2024, respectively.

In addition, the two customers in aggregate also accounted for 44 % and 30 % of total accounts receivable as of June 30, 2025 and December 31, 2024, respectively.

The Company has not experienced credit issues with these customers.

36 unchanged sentences

Since these sales promotions and sales discounts do not meet the criteria for a distinct good or service, they are primarily accounted for as a reduction of revenue and include payments to customers and distributors for performing activities on our behalf, such as payments for in-store displays, payments to gain distribution of new products, payments for shelf space and discounts to promote lower retail prices.

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

These condensed consolidated financial statements include accruals for these promotions 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.

1 unchanged sentence

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

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Americas International Consolidated

3 unchanged sentences

Total $ 141,961 $ 26,798 $ 168,759

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Americas International Consolidated

3 unchanged sentences

Total $ 124,502 $ 19,614 $ 144,116

Six Months Ended June 30, 2025

Americas International Consolidated

Vita Coco Coconut Water $ 206,568 $ 33,059 $ 239,627

Private Label 35,882 10,981 46,863

Other 12,111 1,079 13,190

Total $ 254,561 $ 45,119 $ 299,680

Six Months Ended June 30, 2024

Americas International Consolidated

Vita Coco Coconut Water $ 168,016 $ 23,617 $ 191,633

Private Label 47,408 9,968 57,376

Other 5,169 1,636 6,805

Total $ 220,593 $ 35,221 $ 255,814

Inventory consists of the following:

6 unchanged sentences

Goodwill $ 7,791 $ 7,791

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

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

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

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:

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

The table below details the outstanding balances on the Company’s debt as of June 30, 2025 and December 31, 2024:

2025 December 31,

1 unchanged sentence

Vehicle loans 8 13

Current 10 10

Non-current $ — 3

1 unchanged sentence

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.

On February 14, 2025, the 2020 Credit Facility was amended, extending the maturity date five years to February 13, 2030.

In connection with the amendment, the Company capitalized $ 90 of deferred financing costs, which are being amortized over the term of the facility.

As of June 30, 2025, the unamortized deferred financing fees related to the revolver totaled $ 83 and are included in Other assets on the Company’s condensed consolidated balance sheet.

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 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.

Starting February 14, 2025, the unused commitment fees range 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 2020 Credit Facility).

As of June 30, 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 six months ended June 30, 2025 and June 30, 2024, respectively.

The unused commitment fee for the 2020 Credit Facility amounted to $ 19 and $ 15 for the three months ended June 30, 2025 and June 30, 2024, respectively.

The unused commitment fee for the 2020 Credit Facility amounted to $ 36 and $ 30 for the six months ended June 30, 2025 and June 30, 2024, respectively.

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

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

As of June 30, 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 March 31, 2025 was less than $ 100 .

The outstanding balance on the vehicle loans as of June 30, 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 March 31, 2025 and December 31, 2024, the Company has not recorded any liabilities relating to such legal matters.

As of June 30, 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

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

Six Months Ended June 30, June 30, December 31,

2025 2024 2025 2024

4 unchanged sentences

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 .

The customer monetized its investment in the Company during the first quarter of 2025.

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

Three Months Ended March 31,

Six Months Ended June 30,

Supplier A 15 % 22 %

6 unchanged sentences

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

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.

As of June 30, 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:

Inventory Purchases from Brazilian, Malaysian and Thai Manufacturers —In order to mitigate the currency risk on inventory purchases from its Brazilian, Malaysian and Thai manufacturers, which are settled in Brazilian real ("BRL"), Malaysian ringgit ("MYR") and Thai baht ("THB"), the Company's subsidiary, All Market Singapore Pte.

("AMS"), enters a series of forward currency swaps to buy BRL, MYR and THB.

("AMS"), enters into a series of forward currency swaps to buy BRL, MYR and THB.

Intercompany Transactions Between AME and AMS —In order to mitigate the currency risk on intercompany transactions between AME and AMS, AMS enters into foreign currency swaps to sell British pounds ("GBP").

1 unchanged sentence

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

March 31, 2025

June 30, 2025

Derivatives not designated as

3 unchanged sentences

Foreign currency exchange contracts

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

Receive USD/pay EUR 14,041 104 Derivative assets

Receive BRL/sell USD $ 27,743 $ 603 Derivative assets

Receive THB/sell USD 17,352 476 Derivative assets

Receive Eur/pay USD 1,516 95 Derivative assets

Foreign currency exchange contracts

Receive BRL/sell USD $ 35,843 $ ( 2,207 ) Derivative liabilities

Receive USD/pay GBP $ 22,590 $ ( 1,787 ) Derivative liabilities

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

Receive USD/pay EUR 9,245 ( 730 ) Derivative liabilities

Receive USD/sell THB 4,582 ( 219 ) Derivative liabilities

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

Receive USD/pay CAD 6,211 ( 66 ) Derivative liabilities

December 31, 2024

10 unchanged sentences

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,

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 six months ended June 30, 2025 and 2024 are as follows:

Three Months Ended June 30,

Unrealized gain/(loss) on derivative instruments $ 1,067 $ ( 5,963 )

Foreign currency gain/(loss)

$ ( 1,289 ) $ 188

Six Months Ended June 30,

Unrealized gain/(loss) on derivative instruments $ 3,884 $ ( 8,488 )

Foreign currency gain/(loss)

$ ( 2,621 ) $ 795

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

12 unchanged sentences

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 March 31, 2025 and December 31, 2024, is as follows:

The Company’s fair value hierarchy for those assets (liabilities) measured at fair value on a recurring basis at June 30, 2025 and December 31, 2024, is as follows:

Level 1 Level 2 Level 3 Total

1 unchanged sentence

Swaps/Contracts

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

June 30, 2025 $ — $ ( 1,628 ) $ — $ ( 1,628 )

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

2 unchanged sentences

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.

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").

As of June 30, 2025 and December 31, 2024, the Company held 7,074,147 and 6,740,446 shares, respectively, in treasury stock.

As of June 30, 2025 and December 31, 2024, the Company had 2,803,388 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.

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.

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.

2 unchanged sentences

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 284,728 shares during the three months ended June 30, 2025 at a cost of $ 8,552 .

The Company repurchased 333,701 shares under the Repurchase Program at a cost of $ 10,053 during the six months ended June 30, 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.

As of June 30, 2025, the Company had $ 42,143 remaining under the Repurchase Program.

STOCK-BASED COMPENSATION

4 unchanged sentences

Under the terms of the 2014 Plan, the Company may grant employees, directors and consultants stock options and restricted stock awards and has the authority to establish the specific terms of each award, including exercise price, expiration and vesting.

Currently, only stock options were granted under the 2014 Plan.

The 2014 Plan includes only outstanding stock options, all of which were granted before the Company's IPO.

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 Incentive Award Plan ("2021 Plan"), which became effective after the closing of the IPO.

In October 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.

5 unchanged sentences

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:

For the year beginning January 1, 2025, the Board elected not to increase the shares available for the 2021 Plan.

As of June 30, 2025, only stock options, RSUs, and PSUs have been granted under the 2021 Plan.

For the three and six months ended June 30, 2025 and 2024, the Company recorded stock compensation costs totaling:

Three months ended

Six Months Ended June 30,

2025 2024 2025 2024

Reduction in revenue (1)

$ — $ — $ — $ 151

Selling, general & administrative expenses

3 unchanged sentences

(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.

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.

3 unchanged sentences

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

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

The following table summarizes the service-based stock option activity during the six months ended June 30, 2025:

Outstanding—December 31, 2024 3,054,060

2 unchanged sentences

Forfeited or expired 21,828

Outstanding—March 31, 2025 3,205,922

Exercisable—March 31, 2025 2,438,867

Outstanding—June 30, 2025 3,139,501

Exercisable—June 30, 2025 2,373,334

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.

6 unchanged sentences

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.

During the six months ended June 30, 2025, there was no activity related to the existing stock options with performance-based vesting conditions and no grants of stock option awards with performance-based vesting conditions.

Service-based and Performance-based Restricted Stock

4 unchanged sentences

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

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:

During the six months ended June 30, 2025 and June 30, 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 six months ended June 30, 2025:

Number of RSU Awards

5 unchanged sentences

Forfeited/Cancelled 17,666 1,528

Non-vested - March 31, 2025

Non-vested - June 30, 2025

700,660 144,191

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.

For the three months ended June 30, 2025 and 2024, the Company recorded income tax expense of $ 5,263 and $ 6,416 , respectively, in its condensed consolidated statements of operations.

For the six months ended June 30, 2025 and 2024, the Company recorded income tax expense of $ 10,744 and $ 10,193 , 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 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.

As of June 30, 2025 and December 31, 2024, the Company recorded a liability of $ 88 and $ 106 , respectively, 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 condensed consolidated statement of operations for the three months ended March 31, 2025 and 2024.

The Company recognized interest and penalties related to income tax uncertainties of $ 6 and $ 0 , respectively, in its condensed consolidated statement of operations for the six months ended June 30, 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.

On July 4, 2025, the United States enacted tax reform legislation through the passage of H.R.1, One Big Beautiful Bill Act, which changes existing U.S.

tax laws, including extending or making permanent certain provisions of the 2017 Tax Cuts and Jobs Act, and repealing certain clean energy initiatives, in addition to other changes.

The Company continues to evaluate the impact that the new legislation will have on the consolidated financial statements but does not anticipate a significant impact to deferred tax assets and liabilities or to income taxes payable in the period of enactment.

EARNINGS PER SHARE

1 unchanged sentence

Three months ended

Six months ended

2025 2024 2025 2024

Net income $ 22,908 $ 19,093 $ 41,790 $ 33,331

6 unchanged sentences

Three months ended

Six months ended

2025 2024 2025 2024

Options to purchase Common Stock and RSUs

5 unchanged sentences

The Company’s aluminum bottle canned water ( Ever & Ever ) and protein infused fitness drink ( PWR LIFT ) are marketed only in the Americas segment.

The Company also offered guayusa leaf products ( Runa) in the Americas segment.

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

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

5 unchanged sentences

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,

Information about the Company’s operations by operating segment as of and for the three and six months ended June 30, 2025 and 2024 is as follows:

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Net sales $ 168,759 $ 144,116 $ 299,680 $ 255,814

12 unchanged sentences

International 142,528 120,487

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

Reconciliation:

2025 2024 2025 2024

Total gross profit $ 61,265 $ 58,737 $ 109,350 $ 105,914

3 unchanged sentences

Unrealized gain/(loss) on derivative instruments 1,067 ( 5,963 ) 3,884 ( 8,488 )

Foreign currency gain

Foreign currency gain/(loss)

482 ( 136 ) 1,062 ( 78 )

Interest income 1,500 1,627 3,018 3,150

2 unchanged sentences

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:

Three Months Ended March 31,

Six Months Ended June 30,

United States $ 235,813 $ 205,561

4 unchanged sentences

Net sales $ 299,680 $ 255,814

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

(1) No individual country is greater than 10% of total net sales for the six months ended June 30, 2025 and 2024.

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

2 unchanged sentences

United States

$ 1,163 $ 758

United Kingdom

2 unchanged sentences

$ 3,461 $ 2,351

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

(1) No individual country is greater than 10% of total property and equipment, net as of June 30, 2025 and December 31, 2024.

RELATED PARTY TRANSACTIONS

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.

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

The nominee agreement terminated on June 3, 2025 and is no longer in effect.

Following termination of the agreement, the director will receive all cash and equity compensation directly.

The nominee agreement was primarily between the director and Verlinvest.

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

Registration Rights and Underwriting Agreements - Under the Registration Rights agreement by and among the Company, Verlinvest, and certain other investors, in connection with each demand registration, piggyback or shelf offering, the Company agreed to reimburse the holders of registrable securities for the reasonable fees and disbursements of not more than one law firm.

5 unchanged sentences

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.

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

Coco Ventures Limited purchases 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.

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 Company recorded 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 is accounted using the equity method of accounting in accordance with ASC 323.

In the six months ended June 30, 2025, the Company contributed $ 104 as a part of initial capital funding.

Coco Ventures Limited commenced operations in February 2025.

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

The Company's existing New York office lease expired on April 30, 2025, and was extended to October 31, 2025 to allow for a smooth transition to the Company's new New York office.

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.

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

Additionally, upon signing the agreement, the Company was required to establish a letter of credit of $ 920 as a security deposit which may be used in case of delinquency, which is accounted for 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 Company recognized right-of-use assets and lease liabilities of $ 1,140 and $ 1,252 respectively, upon lease commencement on the Company’s condensed consolidated balance sheet .

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

The operating lease commenced on April 1, 2025 and terminates in June 2030.

The Company recognized right-of-use assets and lease liabilities of $ 1,564 and $ 1,564 respectively, upon lease commencement on the Company’s condensed consolidated balance sheet .

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

Line Item in Balance Sheet As of March 31, 2025

Line Item in Balance Sheet As of June 30, 2025

As of December 31, 2024

2 unchanged sentences

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