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The Vita Coco Company, Inc. (NASDAQ: COCO) is a pioneering force in the functional beverage industry, renowned for its flagship product, Vita Coco Coconut Water. Since its inception in 2004, the company has revolutionized the beverage market by introducing coconut water as a mainstream, premium lifestyle drink. Today, Vita Coco is a global brand with a presence in over 30 countries, celebrated for providing delicious, electrolyte-rich hydration.
Headquartered in New York City, The Vita Coco Company has diversified its product range to include coconut oil, coconut milk, and sparkling coconut water. In addition to Vita Coco, the company's product portfolio features several other brands such as Runa, a clean energy drink; Ever & Ever, a sustainable enhanced water; and PWR LIFT, a protein-infused water. These product offerings cater to a broad spectrum of consumer needs, from hydration and nutrition to wellness and fitness.
The company's commitment to environmental and social initiatives is demonstrated through The Vita Coco Project, launched in 2014. This project aims to support and empower coconut sourcing communities by distributing seedlings and trees, training farmers in regenerative agriculture, and constructing educational facilities. A recent partnership with Brazilian environmental nonprofit Apremavi underscores the company's dedication to global reforestation and biodiversity protection.
Despite its impressive growth, The Vita Coco Company remains true to its entrepreneurial roots, fostering a 'can-do' culture that continually seeks to unlock the full potential of the coconut. Financially, the company has shown robust performance, with a 15% net sales growth and a net income of $47 million in 2023. Its strategic initiatives and strong retail execution have driven category and brand growth, positioning the company for continued success in the years ahead.
To learn more about The Vita Coco Company and its commitment to creating healthier and more sustainable beverage options, visit vitacoco.com.
Vita Coco has launched its first juice product, Coconut Juice, available from June 2, 2022, in two flavors: Original with Pulp and Mango. This new offering combines coconut water with bold flavors, catering to consumers seeking refreshing, low-calorie options for summer. Each flavor is conveniently packaged in 16.9 oz aluminum cans, priced at $2.49 each. The product is available at 7-Eleven and online, promoting a healthier beverage choice that aligns with Vita Coco's commitment to organic and non-GMO ingredients.
The Vita Coco Company (NASDAQ:COCO) has announced participation in major investor conferences. CEO Martin Roper and CFO Kevin Benmoussa will present at the William Blair 42nd Annual Growth Stock Conference in Chicago on June 8, 2022, at 11:00 a.m. EST. Additionally, they will join Mike Kirban, Executive Chairman, for a virtual fireside chat at the Evercore ISI Consumer & Retail Conference on June 9, 2022, at 11:45 a.m. EST. Investors can access the webcast on the Company’s Investor Relations website and find archived replays post-event.
The Vita Coco Company reported a strong first quarter for 2022, with net sales increasing by 28% to $96 million. The growth was driven by a 38% rise in sales of Vita Coco Coconut Water. However, gross profit fell to $19 million, a margin decrease attributed to higher transportation costs. The company remains optimistic about achieving its fiscal year sales growth target of 16-20% and plans to increase prices to counteract ongoing cost pressures. Adjusted EBITDA showed a loss of $3 million, with expectations for improvement in gross margin for the remainder of the year.
The Vita Coco Company (NASDAQ:COCO) announced its management team's participation in two upcoming investor conferences. On May 17, 2022, Mike Kirban and CFO Kevin Benmoussa will engage in a fireside chat at the Goldman Sachs Global Staples Forum. Subsequently, on May 24, 2022, Kirban will join a panel discussion at the Credit Suisse HALO Investment Summit. The company, founded in 2004, is renowned for its innovative beverage brands, including Vita Coco coconut water and Runa clean energy drink, focusing on sustainability and health.
The Vita Coco Company (NASDAQ: COCO) announced a new leadership structure on May 2, 2022. Co-Founder Mike Kirban transitions to Executive Chairman, focusing on strategic growth, while Martin Roper remains as CEO, managing day-to-day operations. Kirban emphasized that the title change reflects their existing roles, designed to enhance productivity. Roper, with 24 years at The Boston Beer Company, aims to leverage his experience to build the team and execute plans effectively. The company’s senior team remains unchanged, continuing their efforts in pioneering the functional beverage market.
The Vita Coco Company (NASDAQ:COCO) is set to announce its financial results for the first quarter ending March 31, 2022, on May 11, 2022, after market close. A conference call to discuss these results will take place at 5:00 p.m. ET on the same day, with details provided for investors wishing to participate. The company, co-founded in 2004 by co-CEOs Michael Kirban and Ira Liran, is recognized for its innovative beverage brands including Vita Coco coconut water and other functional drinks, and is committed to balancing purpose with profit as a certified B Corp™.
The Vita Coco Company (NASDAQ: COCO) has published its inaugural Impact Report, highlighting sustainable and social initiatives from 2020-2021. The report outlines the goal to map the coconut carbon footprint by end-2022 and features three main pillars: environmental protection, health advocacy, and community support. Key achievements include building 30 classrooms, planting over 69,000 seedlings, and training 7,000 farmers. The company has donated over 6.5 million meals. In 2021, it became a Public Benefit Corporation and a Certified B Corporation, emphasizing its commitment to diverse workforce representation.
The Vita Coco Company has launched PWR LIFT, a new protein-infused water aimed at supporting the recovery of DEKA FIT athletes. Starting in 2022, PWR LIFT will be available at all U.S. DEKA FIT events, offering 10 grams of whey protein, electrolytes, and B-vitamins in a low-calorie drink. This initiative aligns with the growing isotonic drink market, which is expanding by over 10% annually. The partnership with DEKA FIT underscores the product's role in enhancing performance post-exercise.
The Vita Coco Company (NASDAQ:COCO) reported a strong financial performance for 2021, with net sales increasing by 22% to $380 million, driven by a 39% growth in its Coconut Water segment. Fourth-quarter net sales rose 25% to $87 million. Gross profit for the year was $113 million, reflecting a 30% margin, though down from 34% the previous year. The company faced challenges with rising transportation costs and reported a net loss of $3 million in Q4. Looking ahead, it anticipates net sales growth of 16-20% for 2022 amid ongoing cost pressures.
The Vita Coco Company has been certified as a B Corporation, reinforcing its commitment to operating responsibly after becoming a Public Benefit Corporation (PBC) last year. This certification, granted by B Lab, evaluates social and environmental performance, requiring companies to meet a minimum verified score. The Vita Coco Company aims to positively affect 1 million lives through sustainable initiatives and has already established over 30 classrooms and increased grower incomes by 260% in the Philippines and Sri Lanka. The company joins an international network of over 4,000 B Corps.
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