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Here are a few analogies to describe Vita Coco:

• The Tropicana for coconut water.
• The Oatly of coconut water.

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• Vita Coco Coconut Water: Their flagship beverage, offering hydration and natural electrolytes from coconuts in original, pressed, and flavored varieties.
• PWR LIFT Plant-Based Energy Drinks: A line of natural energy beverages formulated with plant-based ingredients for a sustained energy boost.
• Vita Coco Kids: Beverages specifically crafted for children, often featuring coconut water as a base with added nutrients and fruit flavors.
• Ever & Ever Water: Purified drinking water packaged in infinitely recyclable aluminum bottles.

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Vita Coco (symbol: COCO) primarily sells its products to other companies, which act as distributors and retailers to reach individual consumers. Therefore, its major customers are found within the distribution and retail sectors.

According to The Vita Coco Company's Form 10-K for the fiscal year ended December 31, 2023, no single customer accounted for 10% or more of its net sales for 2023, 2022, or 2021. This indicates a diversified customer base, meaning Vita Coco does not rely heavily on any one specific customer for a significant portion of its revenue. However, its products are sold through a broad range of channels, and its primary customers are large companies in the following categories:

• Supermarkets and Grocery Chains: These include major national and regional grocery retailers that stock Vita Coco products on their shelves. Examples of prominent public companies in this category include:
  • Walmart Inc. (WMT)
  • The Kroger Co. (KR)
  • Albertsons Companies, Inc. (ACI)
  • Amazon.com, Inc. (AMZN) - through its Amazon Fresh and Whole Foods Market channels
• Club Stores and Mass Merchandisers: Large format stores that often sell products in bulk or at discounted prices. Examples of public companies in this category include:
  • Costco Wholesale Corporation (COST)
  • Target Corporation (TGT)
  • Walmart Inc. (WMT) - also fits here with its Supercenter format
• Convenience Stores and Drug Stores: Smaller format stores where consumers make quick purchases. These are typically supplied by national or regional distributors. Examples of public drug store companies that carry such beverages include:
  • CVS Health Corporation (CVS)
  • Walgreens Boots Alliance, Inc. (WBA)
• E-commerce Platforms: Online retailers through which Vita Coco products are sold directly to consumers or through other online vendors.
  • Amazon.com, Inc. (AMZN)
  • Walmart Inc. (WMT) - via Walmart.com
• Food Service and Specialty Distributors: Companies that supply products to restaurants, hotels, schools, offices, and specialty retailers.
  • United Natural Foods, Inc. (UNFI)
  • KeHE Distributors (private company)

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Michael Kirban, Executive Chairman of the Board of Directors

Michael Kirban is a Co-founder of The Vita Coco Company, established in 2004. He has served as Executive Chairman since May 2022 and as Chairman of the Board since the company's inception. Prior to Vita Coco, he started a computer software business at age 19, which he still owned as of 2019. He also oversees the Runa and Ever & Ever brands. Mr. Kirban has served on the board of directors of Software Answers Inc., a technology service provider, since 1995.

Martin Roper, Chief Executive Officer

Martin Roper has served as Chief Executive Officer of The Vita Coco Company since May 2022 and as a director since January 2021. He joined Vita Coco in 2019, serving as President and then Co-Chief Executive Officer. Before joining Vita Coco, Mr. Roper spent 24 years at The Boston Beer Company, Inc., serving as its President and CEO from 2001 to 2018. During his tenure at Boston Beer, he significantly increased revenue, introduced several brand platforms, and expanded international partnerships and acquisitions. Mr. Roper currently serves as a director for LL Flooring Holdings, Inc., Financial Information Technologies, LLC (Fintech), and Bio-Nutritional Research Group, Inc. (Power Crunch).

Corey Baker, Chief Financial Officer

Corey Baker was appointed Chief Financial Officer of The Vita Coco Company in March 2023. He joined Vita Coco from PepsiCo, Inc., where he worked for 16 years. At PepsiCo, he held various global finance leadership roles, including Senior Vice President, Global Finance since December 2022, and Chief Financial Officer for PepsiCo Beverages Canada.

Jonathan Burth, Chief Operating Officer

Jonathan Burth has served as Vita Coco's Chief Operating Officer since 2016. He has held various positions at Vita Coco since joining in 2007, including Vice President of Supply Chain from 2011 to 2016 and Director of Finance from 2008 to 2010. Before joining Vita Coco, Mr. Burth worked as a trainee at UBS from 2006 to 2007. He also serves on the board of directors for Madecasse LLC, a chocolate manufacturer, since June 2018.

Jane Prior, Chief Marketing Officer

Jane Prior has served as The Vita Coco Company's Chief Marketing Officer since April 2019. She has held various marketing positions at Vita Coco since 2009, including EVP, Global Brand Strategy & Development from 2014 to 2019 and Vice President, US Marketing from 2011 to 2014. Prior to her time at Vita Coco, Ms. Prior served as Director of Marketing for the New York Red Bulls, a Major League Soccer team, from 2006 to 2008, and as Manager of Marketing and Communications at Maxim Sports Marketing from 2002 to 2006.

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The Vita Coco Company (COCO) faces several key risks to its business, primarily stemming from its product concentration, intense market competition, and vulnerabilities within its global supply chain.

1. Dependence on Coconut Water: A significant portion of Vita Coco's revenue, reportedly 96% for the year ended December 31, 2024, is derived from its coconut water products. This heavy reliance makes the company particularly vulnerable to shifts in consumer preferences away from coconut water or a general cooling of the "craze for coconut-based products." A substantial reduction in demand for coconut water could materially and adversely affect Vita Coco's financial condition and results of operations.
2. Intense Competition: The functional beverage market, in which Vita Coco operates, is highly competitive. The company faces significant pressure from established beverage giants, such as Coca-Cola (with brands like Zico) and PepsiCo, as well as numerous emerging brands and private-label products. This intense competition can lead to pricing pressures, a reduction in market share, and the ongoing need for substantial investment in product innovation, marketing, and brand differentiation to maintain its competitive edge.
3. Supply Chain Vulnerabilities and Cost Volatility: Vita Coco's global sourcing of coconuts exposes it to various supply chain risks. These include disruptions caused by geopolitical instability, trade restrictions, shipping capacity issues, and adverse weather events linked to climate change. Furthermore, fluctuations in commodity prices (coconuts), tariffs (such as a 40% ad valorem duty on imports from Brazil), and elevated ocean freight costs can directly impact the company's cost of goods sold and pressure its gross margins. The company has explicitly noted that macroeconomic conditions and geopolitical factors can impact its supply chain and costs.

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The addressable markets for Vita Coco's main products are detailed below, specifying the relevant regions.

Vita Coco Coconut Water

• Global Market: The global coconut water market was estimated at approximately USD 4.43 billion in 2024 and is projected to reach USD 11.43 billion by 2030, growing at a compound annual growth rate (CAGR) of 17.3% from 2025 to 2030. Other estimates place the global market size at USD 8.59 billion in 2024, with a projection to reach USD 28.84 billion by 2033 at a CAGR of 13.25% from 2025-2033, or USD 4.39 billion in 2024, projected to reach USD 24.85 billion by 2034 at a CAGR of 17.2% from 2025-2034.
• U.S. Market: The U.S. coconut water market generated a revenue of USD 788.5 million in 2023 and is expected to reach USD 2,282.0 million by 2030, demonstrating a CAGR of 16.4% from 2024 to 2030. In 2023, the U.S. market accounted for 20.6% of the global coconut water market. Another source indicated the U.S. coconut water market was approximately USD 2.5 billion in 2023 with a CAGR of about 6.5% between 2023 and 2028.

Vita Coco Boosted (Plant-Based Energy Drink)

• Global Market: The global plant-based energy drink market size was valued at approximately USD 1.72 billion in 2024 and is expected to reach USD 3.06 billion by 2032, at a CAGR of 7.40% during the forecast period. However, other reports estimate the global market size at USD 9,011.2 million in 2024, projected to reach USD 16,915.2 million by 2034 at a CAGR of 6.5%, or USD 5.5 billion in 2023, expected to grow to USD 10.5 billion by 2033 at a CAGR of 6.7% from 2024 to 2033.
• North American Market: North America held the largest revenue share in the plant-based energy drink market, accounting for 38.5% of the global market in 2024. The North American plant-based energy drink market is valued at USD 2.3 billion, representing 42.6% of the global market.

Vita Coco Coconut Milk

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Vita Coco Treats (Coconut Milk-based Drink)

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PWR LIFT (Protein-Infused Water)

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Ever & Ever (Sustainable Enhanced Water)

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Vita Coco Spiked (Alcoholic Coconut Water)

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1. Continued Growth of Core Vita Coco Coconut Water
   Vita Coco's flagship coconut water product is expected to remain a primary driver of revenue growth, fueled by increasing household penetration and sustained volume growth in both the U.S. and international markets. The coconut water category continues to outpace other beverage segments in growth.
2. Expansion of New Product Lines and Innovation
   The successful launch and expansion of new product lines, particularly "Vita Coco Treats" (e.g., Strawberries & Crème, Orange & Crème) and "Vita Coco Coconut Juice" (e.g., Piña Colada), are anticipated to drive incremental growth. These innovations are designed to attract a younger and more diverse consumer base and extend consumption occasions.
3. International Market Expansion
   Vita Coco is focused on growing its international presence, especially in markets like Western Europe and Asia. International sales have shown strong performance, and the company aims for these markets to potentially rival the U.S. market in size.
4. Enhanced Distribution and Retail Presence
   Expanding distribution across existing and new channels, including a focus on multipacks, convenience stores, and food service partnerships, is a key growth strategy. The company is actively working to optimize its retail execution and broader retailer relationships.
5. Strategic Pricing Initiatives
   Vita Coco has implemented and plans to continue with strategic price increases to contribute to net sales growth. These pricing actions are also crucial for offsetting potential impacts from higher finished goods costs and tariffs.

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Share Repurchases

• In January 2021, Vita Coco repurchased 5,192,005 shares of its common stock from a principal stockholder for approximately $50 million.
• The Board of Directors approved a share repurchase program of up to $40 million in October 2023, which was subsequently increased by an additional $25 million in April 2025, raising the total authorized amount to $65 million.
• The company repurchased $12.03 million in shares during the year ended December 31, 2024, and $10.2 million during the nine months ended September 30, 2025. Approximately $42.0 million remained on the authorized limit of the Repurchase Program as of September 30, 2025.

Share Issuance

• The Vita Coco Company completed its Initial Public Offering (IPO) in October 2021, with 11,500,000 shares priced at $15.00 per share. Of these, 2,500,000 shares were offered by the company.
• The number of outstanding shares increased from 55.49 million at the end of 2020 to 56.79 million as of October 2025, reflecting the IPO and subsequent changes.

Outbound Investments

• Vita Coco has not made any significant outbound investments or acquisitions of other companies within the last 3-5 years.
• The company ceased its Runa product line in December 2023, indicating a strategic streamlining of its product portfolio.

Capital Expenditures

• Capital expenditures for Vita Coco Company Inc. amounted to approximately -$974,000 for the fiscal year ended December 31, 2024.
• Since 2023, Vita Coco has invested $4.2 million in sustainable sourcing programs. These initiatives primarily focus on long-term contracts with farming cooperatives, training farmers in sustainable practices, and distributing coconut seedlings to enhance supply chain resilience.
• The company typically does not own manufacturing plants, instead focusing its investments on research and development and marketing.