The Vita o pany(COCO) - 2025 Q4 - Annual Results

Financial Performance - Full Year Net Sales reached $610 million, an increase of 18%, driven by a 26% growth in Vita Coco Coconut Water[1][9] - Full Year Net Income increased to $71 million, up from $56 million, with Net Income per diluted share rising to $1.19 from $0.94[1][12] - Non-GAAP Adjusted EBITDA for the full year was $98 million, compared to $84 million in the prior year, reflecting strong gross profit improvement[1][13] - Gross profit for the full year was $223 million, an increase of $24 million, with a gross margin of 37% compared to 39% in the prior year[1][10] - Total net sales for the twelve months ended December 31, 2025, increased to $609.78 million, up 18.1% from $516.01 million in 2024[29] - Gross profit for the twelve months ended December 31, 2025, was $222.60 million, representing a gross margin of 36.5%, compared to $198.78 million in 2024[29] - Net income for the twelve months ended December 31, 2025, reached $71.32 million, a 27.5% increase from $55.95 million in 2024[29] - Adjusted EBITDA for the twelve months ended December 31, 2025, was $98.24 million, up 16.7% from $84.13 million in 2024[32] - Operating cash flow for the twelve months ended December 31, 2025, was $47.17 million, compared to $42.90 million in 2024, indicating a 9.6% increase[31] Sales Growth - Vita Coco Coconut Water net sales grew 10% in Q4 and 26% for the full year, contributing significantly to overall sales growth[1][4] - For Fiscal Year 2026, the Company expects Net Sales between $680 million and $700 million, with Adjusted EBITDA projected between $122 million and $128 million[1][20] - Total net sales for the three months ended December 31, 2025, reached $127.787 million, a slight increase from $127.293 million in the same period of 2024[35] - For the twelve months ended December 31, 2025, total net sales increased to $609.780 million, compared to $516.013 million in 2024, representing a growth of 18.1%[35] - Vita Coco Coconut Water sales in the Americas segment increased by 4.2% to $85.313 million for the three months ended December 31, 2025, compared to $81.259 million in 2024[35] - The International segment's Vita Coco Coconut Water sales surged by 43.5% to $16.945 million for the three months ended December 31, 2025, compared to $11.818 million in 2024[35] - The company reported a significant increase in "Other" category sales, with a 178.2% growth in the Americas segment for the twelve months ended December 31, 2025[35] Cost and Expenses - SG&A expenses for the full year increased to $140 million, up 12% from the prior year, primarily due to higher personnel-related expenses and increased marketing spend[1][11] - The total cost of goods sold for the twelve months ended December 31, 2025, was $387.185 million, an increase from $317.230 million in 2024, reflecting a rise of 22.0%[35] - The Americas segment's gross margin for the twelve months ended December 31, 2025, was 36.8%, down from 39.2% in 2024[35] Cash and Assets - The Company had cash and cash equivalents of $197 million as of December 31, 2025, up from $165 million at the start of the year[1][13] - Cash and cash equivalents at the end of December 31, 2025, were $198.15 million, up from $165.93 million at the end of 2024[31] - Total assets increased to $461.16 million as of December 31, 2025, compared to $362.38 million in 2024, reflecting a growth of 27.3%[27] - Total liabilities rose to $129.62 million as of December 31, 2025, compared to $103.56 million in 2024, an increase of 25.1%[27] Shareholder Actions - The Board approved a share repurchase program with an authorized limit of $65 million, of which approximately $40.9 million remains as of December 31, 2025[1][15] Inventory - Inventory levels increased to $111.47 million as of December 31, 2025, from $83.60 million in 2024, reflecting a growth of 33.4%[27] Quarterly Performance - The Company reported a gross margin of 35% in Q4, up from 32% in the prior year, driven by higher pricing and a favorable product mix[1][6] - Gross profit for the three months ended December 31, 2025, was $44.577 million, up from $41.307 million in 2024, indicating a year-over-year increase of 5.5%[35] - The consolidated gross margin improved to 34.9% for the three months ended December 31, 2025, compared to 32.4% in the same period of 2024[35] - Private Label sales in the Americas segment decreased by 52.0% to $12.489 million for the three months ended December 31, 2025, down from $26.003 million in 2024[35]