The Vita Coco Company, Inc. reported a net revenue of $516.0 million for the fiscal year ending December 31, 2024, marking a 4.5% increase from $493.6 million in the previous year. The company's gross profit rose to $198.8 million, up 10.0% from $180.7 million in 2023, driven by higher sales volumes and improved pricing strategies for its flagship coconut water products. The net income for the year was $56.0 million, a 20.0% increase compared to $46.6 million in 2023, reflecting a strong operational performance despite rising costs associated with supply chain disruptions and inflation.
In terms of operational changes, Vita Coco experienced a notable shift in its product mix, with coconut water accounting for 96% of total revenue. The Americas segment generated $442.3 million in sales, a 2.8% increase, while the International segment saw a more significant growth of 16.3%, reaching $73.7 million. The company also reported a decline in private label sales, which fell by 12.9% to $89.9 million, primarily due to the transition away from private label coconut oil with a key customer. The company’s market share in the U.S. coconut water category remains strong at over 40%, while in the U.K., it commands an impressive 82% market share.
Strategically, Vita Coco has focused on expanding its product offerings and geographic reach. The company launched new products, including Vita Coco Treats, and has plans to expand distribution in 2025. Additionally, the company has been actively managing its supply chain, which includes sourcing coconut water from a network of 17 factories across seven countries. This asset-light model allows for flexibility in responding to market changes. As of December 31, 2024, the company employed 319 full-time staff, reflecting a stable workforce as it continues to grow.
Looking ahead, Vita Coco anticipates continued growth driven by consumer demand for healthier beverage options and its commitment to sustainability as a public benefit corporation. The company is also aware of potential risks, including supply chain disruptions and fluctuating consumer preferences, which could impact future performance. The management remains optimistic about leveraging its strong brand presence and expanding its product portfolio to capture new market opportunities while navigating the challenges posed by the current economic landscape.
About Vita Coco Company, Inc.
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