coco-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

____________________

FORM 10-Q

____________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 001-40950

____________________

The Vita Coco Company, Inc.

(Exact Name of Registrant as Specified in its Charter)

____________________


Delaware						11-3713156
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

111 Fifth Avenue Second Floor New York, NY						10003
(Address of principal executive offices)						(Zip Code)

(212) 206-0763

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

____________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, Par Value $0.01 Per Share

COCO

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of April 27, 2026, there were 57,112,643 shares of the registrant’s common stock, par value $0.01 per share, outstanding.

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TABLE OF CONTENTS


		Page

PART I - FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (unaudited)
	Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	5
	Condensed Consolidated Statements of Operations & Other Comprehensive (Loss ) Income for the three months ended March 31, 2026 and 2025	6
	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025	7
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	8
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	33

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	36
Item 4.	Mine Safety Disclosures	36
Item 5.	Other Information	36
Item 6.	Exhibits	37
Signatures		39

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FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding our future results of operations and financial position, industry and business trends, equity compensation, business strategy, projected costs, plans, prospects, expectations, market growth, new products, supply chain predictions, and our objectives for future operations.

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in this Quarterly Report on Form 10-Q. The forward-looking statements in this Quarterly Report on Form 10-Q are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this Quarterly Report on Form 10-Q and the documents that we reference herein and have filed as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report on Form 10-Q, whether as a result of any new information, future events or otherwise.

As used in this Quarterly Report on Form 10-Q, unless otherwise stated or the context requires otherwise, the terms “Vita Coco,” the “Company,” “we,” “us,” and “our” refer to The Vita Coco Company, Inc. and its consolidated subsidiaries.

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

THE VITA COCO COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in thousands, except share data)


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	201,912	$	196,873
Accounts receivable, net of allowance of $2,752 at March 31, 2026, and $2,660 at December 31, 2025	120,840		81,514
Inventory	86,412		111,468
Supplier advances, current	626		693
Derivative assets	2,963		732

Prepaid expenses and other current assets	36,899		30,160
Total current assets	449,652		421,440
Property and equipment, net	9,276		9,298
Goodwill	7,791		7,791

Supplier advances, long-term	1,779		1,860
Deferred tax assets, net	6,465		6,463
Right-of-use assets, net	10,943		11,592
Other assets	2,437		2,714
Total assets	$	488,343	$	461,158
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	24,808	$	25,464
Accrued expenses and other current liabilities	97,437		89,461

Derivative liabilities	912		1,507
Total current liabilities	123,157		116,432



Operating lease liability, long-term	12,914		13,087
Other long-term liabilities	99		97
Total liabilities	136,170		129,616
Commitments and contingencies (See Note 7)
Stockholders’ equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 64,435,954 and 64,186,549 shares issued at March 31, 2026 and December 31, 2025, respectively; 57,106,305 and 57,082,173 shares outstanding at March 31, 2026 and December 31, 2025, respectively	644		642
Additional paid-in capital	187,520		185,400

Retained earnings	258,488		228,014
Accumulated other comprehensive gain	26		486
Treasury stock, 7,329,649 shares at cost as of March 31, 2026, and 7,104,376 shares at cost as of December 31, 2025.	(94,505)		(83,000)


Total stockholders’ equity	352,173		331,542
Total liabilities and stockholders’ equity	$	488,343	$	461,158

See accompanying notes to the condensed consolidated financial statements.

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THE VITA COCO COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS &

OTHER COMPREHENSIVE (LOSS) INCOME

(UNAUDITED)

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


	Three Months Ended March 31,
	2026		2025
Net sales	$	179,765	$	130,921
Cost of goods sold	107,952		82,836
Gross profit	71,813		48,085
Operating expenses
Selling, general and administrative	38,231		28,792
Income from operations	33,582		19,293
Other income (expense)
Unrealized gain on derivative instruments	2,827		2,817
Foreign currency (loss) gain	(499)		580
Interest income	1,561		1,518

Other (expense) income	(29)		155
Total other income	3,860		5,070
Income before income taxes	37,442		24,363
Income tax expense	6,968		5,481
Net income	$	30,474	$	18,882

Other comprehensive (loss) income
Foreign currency translation adjustment	(460)		495
Total comprehensive income attributable to The Vita Coco Company, Inc.	$	30,014	$	19,377

Net income per common share
Basic	$	0.53	$	0.33
Diluted	$	0.50	$	0.31
Weighted-average number of common shares outstanding
Basic	57,114,475		56,994,146
Diluted	60,471,324		59,975,827

See accompanying notes to the condensed consolidated financial statements.

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THE VITA COCO COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

(Amounts in thousands, except for shares)


	Common Stock			Common Stock with Exit Warrants			Total Common Stock			Additional Paid-In		Retained Earnings		Accumulated Other Comprehensive Income / (Loss)			Treasury Stock				Total Shareholders’ Equity Attributable to The Vita Coco Company, Inc.
	Shares	$ Amount		Shares	$ Amount		Shares	$ Amount		Capital						Shares		$ Amount
Balance at December 31, 2024	55,589,282	$	556	8,113,105	$	81	63,702,387	$	637	$	174,077	$	156,694	$	(860)		6,740,446		$	(71,731)	$	258,817
Net income	—	—		—	—		—	—		—		18,882		—			—		—		18,882
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)
Foreign currency translation adjustment	—	—		—	—		—	—		—		—		495			—		—		495
Balance at March 31, 2025	55,694,614	557		8,113,105	81		63,807,719	638		175,241		175,576		(365)			6,789,419		(73,232)		277,858














Balance at December 31, 2025	56,073,444	$	561	8,113,105	$	81	64,186,549	$	642	$	185,400	$	228,014	$	486		7,104,376		$	(83,000)	$	331,542
Net income	—	—		—	—		—	—		—		30,474		—			—		—		30,474
Purchase of treasury stock	—	—		—	—		—	—		—		—		—			225,273		(11,505)		(11,505)
Stock-based compensation	—	—		—	—		—	—		4,626		—		—			—		—		4,626
Exercise of stock awards	249,405	2		—	—		249,405	2		(2,506)		—		—			—		—		(2,504)
Foreign currency translation adjustment	—	—		—	—		—	—		—		—		(460)			—		—		(460)
Balance at March 31, 2026	56,322,849	$	563	8,113,105	$	81	64,435,954	$	644	$	187,520	$	258,488	$	26		7,329,649		$	(94,505)	$	352,173

See accompanying notes to the condensed consolidated financial statements.

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THE VITA COCO COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	30,474	$	18,882
Adjustments required to reconcile net income to cash flows from operating activities:
Depreciation and amortization	476		202
Amortization of debt issuance cost	5		—

(Decrease) increase of provision for credit losses	(384)		434
Unrealized gain on derivative instruments	(2,827)		(2,817)

SEC Form 10-Q filed by The Vita Coco Company Inc.