Financial Analysis

COMMITMENTS AND CONTINGENCIES Contingencies: Litigation The Company may engage in various litigation matters in the ordinary course of business. The Company intends to vigorously defend itself in such matters, based upon the advice of legal counsel, and is of the opinion that the resolution of these matters will not have a material effect on the condensed consolidated financial statements. The Company records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable. The Company also discloses when it is reasonably possible that a material loss may be incurred. As of June 30, 2026 and December 31, 2025, the Company has not recorded any liabilities relating to such legal matters. Business Risk The Company imports finished goods predominantly from manufacturers located in South American and Asian countries. The Company may be subject to certain business risks due to potential instability in these regions. Tariffs In February 2026, the United States Supreme Court ruled that certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were not authorized by statute. Following the ruling, the U.S. Court of International Trade ordered U.S. Customs and Border Protection (CBP) to suspend collection of such tariffs and to establish a process to refund amounts previously collected. As a result of this ruling, the Company is eligible to receive refunds of tariffs previously paid on qualifying imports. In April 2026, the …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"DEBT Credit Facility In May 2020, the Company entered into a five-year credit facility with Wells Fargo Bank, National Association consisting of a revolving line of credit, which provides for committed borrowings of $60,000 (the ""Credit Facility""). On February 14, 2025, the Credit Facility was amended, extending the maturity date five years to February 13, 2030. In connection with the amendment, the Company capitalized $90 of deferred financing costs, which are being amortized over the term of the facility. As of June 30, 2026, the unamortized deferred financing fees related to the revolver totaled $65 and are included in Other assets on the Companys condensed consolidated balance sheet. Borrowings on the Credit Facility bear interest at rates based on either: 1) a fluctuating rate per annum determined to be the sum of Daily Simple Secured Overnight Financing Rate (""SOFR"") plus a spread defined in the credit agreement (the ""Spread""); or 2) a fixed rate per annum determined to be the sum of the Term SOFR plus the Spread. The Spread ranges from 1.00% to 1.75%, which is based on the Companys leverage ratio (as defined in the credit agreement) for the immediately preceding fiscal quarter as defined in the credit agreement. In addition, the Company was subject to unused commitment fees ranging from 0.10% and 0.20% on the unused amount of the line of credit through February 13, 2025, with the rate based on the Companys leverage ratio (as defined in the Credit Facility). Star …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table disaggregates net revenue by product type and reportable segment: Three Months Ended June 30, 2026 Americas International Consolidated Vita Coco Coconut Water $ 137,921 $ 31,763 $ 169,684 Private Label 26,901 11,328 38,229 Other 7,643 597 8,240 Total $ 172,465 $ 43,688 $ 216,153 Three Months Ended June 30, 2025 Americas International Consolidated Vita Coco Coconut Water $ 120,450 $ 19,882 $ 140,332 Private Label 14,685 6,222 20,907 Other 6,826 694 7,520 Total $ 141,961 $ 26,798 $ 168,759 Six Months Ended June 30, 2026 Americas International Consolidated Vita Coco Coconut Water $ 255,954 $ 54,283 $ 310,237 Private Label 51,301 20,165 71,466 Other 13,374 841 14,215 Total $ 320,629 $ 75,289 $ 395,918 Six Months Ended June 30, 2025 Americas International Consolidated Vita Coco Coconut Water $ 206,568 $ 33,059 $ 239,627 Private Label 35,882 10,981 46,863 Other 12,111 1,079 13,190 Total $ 254,561 $ 45,119 $ 299,680

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"STOCK-BASED COMPENSATION The Company maintains the 2014 Stock Option and Restricted Stock Plan (the 2014 Plan) and the 2021 Incentive Award Plan (""2021 Plan""). The 2014 Plan provided for the grant of stock options to employees, directors, and consultants. Following the effectiveness of the 2021 Plan in connection with the Company's IPO, no further awards were granted under the 2014 Plan and only stock options granted prior to the Company's IPO remain outstanding under the 2014 Plan. Generally, stock options issued pursuant to the 2014 Plan contain exercise prices no less than the fair value of Common Stock on the date of grant and have a ten-year contractual term. The 2021 Plan became effective in connection with the IPO and serves as the Company's primary equity incentive plan. The 2021 Plan authorizes the grant of stock options, including incentive stock options (""ISOs"") and nonqualified stock options (""NSOs""), dividend equivalents, stock payments, service-based restricted stock units (""RSUs""), performance-based restricted stock units (""PSUs""), other incentive awards, stock appreciation rights (""SARs""), and cash awards. The Plan initially reserved 3,431,312 shares of Common Stock for issuance and provides for annual increases through 2031 of up to 2% of the Company's outstanding stock, subject to Board discretion. No more than 3,431,312 shares may be issued pursuant to ISOs. For the year beginning January 1, 2026, the Board elected not to increase the shares av …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS ASC 820 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. Based upon observability of the inputs used in valuation techniques, the Companys assets and liabilities are classified as follows: Level 1 Quoted market prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes internally developed models and methodologies utilizing significant unobservable inputs. Forward Currency Swap Contracts See Note 8, Derivative Instruments , for a description of these contracts. The Companys valuation methodology for forward currency swap contracts is based upon third-party institution data. The Companys fair value hierarchy for those assets (liabiliti …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL Goodwill consists of the following: June 30, 2026 December 31, 2025 Goodwill $ 7,791 $ 7,791 The Company's goodwill is allocated to the Americas reporting unit and is tax deductible. The Company has not recognized any impairment since the acquisition in accordance with ASC Topic 350 - Intangibles, Goodwill & Other.

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"INCOME TAXES For the three months ended June 30, 2026 and 2025, the Company recorded income tax expense of $14,906 and $5,263, respectively, in its condensed consolidated statements of operations. For the six months ended June 30, 2026 and 2025, the Company recorded income tax expense of $21,874 and $10,744, respectively, in its condensed consolidated statements of operations. In assessing the recoverability of its deferred tax assets, the Company continually evaluates all available positive and negative evidence to assess the amount of deferred tax assets for which it is more likely than not to realize a benefit. For any deferred tax asset in excess of the amount for which it is more likely than not that the Company will realize a benefit, the Company establishes a valuation allowance. As of June 30, 2026 and December 31, 2025, the Company recorded a liability of $89 and $89, respectively, for income tax uncertainties recorded in the Company's condensed consolidated balance sheet and consolidated balance sheet, respectively. The Companys policy is to record interest and penalties related to income taxes as part of its income tax provision. The Company does not expect its uncertain tax positions to change significantly over the next twelve months. The Company recognized interest and penalties related to income tax uncertainties of $0 and $6, respectively, in its condensed consolidated statement of operations for the six months ended June 30, 2026 and 2025. The Company is sub …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"LEASES The Company leases office space in New York, London, and Singapore under non-cancelable operating lease agreements. These leases are accounted for as operating leases pursuant to ASC 842 - Leases (""ASC 842""). The following table summarizes supplemental balance sheet information for the Companys operating leases: Line Item in Balance Sheet As of June 30, 2026 As of December 31, 2025 Operating lease right-of-use assets Right-of-use assets, net $ 10,643 $ 11,592 Current portion of operating lease liabilities Accrued expenses and other current liabilities $ 1,542 $ 1,727 Non-current portion of operating lease liabilities Operating lease liabilities, long-term $ 12,520 $ 13,087 There were no new leases entered into and no material modifications in the existing lease agreements during the current period ended June 30, 2026."

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"Recently Adopted Accounting Pronouncements Income Taxes In December 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2023-09 (""ASU 2023-09""), Income Taxes (""Topic 740""): Improvements to Income Tax Disclosures, which requires public entities to provide disclosure of specific categories in the rate reconciliation, detail out reconciling items that are equal to or greater than 5% of income from continuing operations before income tax expense multiplied by the applicable statutory income tax rate, and break out income taxes by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted the guidance on a retrospective basis for the year ended December 31, 2025. The adoption did not have a material effect on its consolidated financial statements. Credit Losses In July 2025, the FASB issued ASU 2025-05 , Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05) . ASU 2025-05 introduces a practical expedient that allows entities to estimate expected credit losses for current trade receivables and contract assets (within the scope of ASC 606) based on the assumption that current economic conditions will persist over the assets remaining life. The expedient applies only to receivables and contract assets that are expected to be collected within one year (or the operating …

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"RELATED PARTY TRANSACTIONS Director Nominee Agreement - On May 24, 2022, a member of the Board appointed as a nominee under the Investor Rights Agreement by Verlinvest Beverages SA (""Verlinvest""), a stockholder of the Company, entered into a nominee agreement instructing the Company to pay all cash and equity compensation earned in connection with his board of director service to Verlinvest. Based on the aforementioned nominee agreement, until the termination of the agreement, RSUs granted to this director were held by him as a nominee for Verlinvest and, upon vesting of the RSUs, the shares were transferred to Verlinvest. The nominee agreement terminated on June 3, 2025 and is no longer in effect. Following termination of the agreement, the director will receive all cash and equity compensation directly. The nominee agreement was primarily between the director and Verlinvest. The Company was a party to this arrangement solely to agree to the manner in which it would satisfy the compensation obligations to this director."

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"REVENUE RECOGNITION Revenues are accounted for in accordance with ASC Topic 606, Revenue Recognition (""ASC 606""). The Company disaggregates revenue into the following product categories: Vita Coco Coconut Water This product category consists of all branded coconut water product offerings under the Vita Coco labels, where the majority ingredient is coconut water. The Company determined that the sale of the products represents a distinct performance obligation as customers can benefit from purchasing the products on their own or together with other resources that are readily available to the customers. For these products, control is transferred upon customer receipt, at which point the Company recognizes the transaction price for the product as revenue. Private Label This product category consists of all Private Label products, which includes coconut water and coconut oil. The Company determined the production and distribution of Private Label products represents a distinct performance obligation. Since there is no alternative use for these products and the Company has the right to payment for performance completed to date, we recognize the revenue for these Private Label products over time as the products become available for shipment. Other This product category consists of all other products, which includes Vita Coco product extensions beyond coconut water, consisting of coconut milk products, including Vita Coco Treats; PWR LIFT product offerings; Vita Coco coconut oil s …

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"SEGMENT REPORTING The Company has two operating and reportable segments: AmericasThe Americas segment is comprised primarily of the U.S. and Canada, and derives its revenues from the marketing and distribution of various coconut water and non-coconut water products (e.g., coconut oil and milk). The Companys protein infused fitness drink ( PWR LIFT ) is marketed only in the Americas segment. InternationalThe International segment is comprised primarily of Europe, the Middle East, and Asia Pacific. Asia Pacific includes the Companys procurement arm and derives its revenues from the marketing and distribution of various coconut water and non-coconut water products, including product that is shipped directly to customers outside of Asia Pacific regions. All intercompany transactions between the segments have been eliminated. The Companys CEO is the chief operating decision maker (""CODM"") and manages and allocates resources between the Americas and International segments. Consistent with this decision-making process, the CODM uses financial information disaggregated between the Americas and International segment for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. The CODM evaluates segment business performance based primarily on net sales and gross profit. The CODM considers budget-to-actual variances on a monthly basis for both measures when making decisions about allocating capital and person …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements are presented in accordance with U.S. GAAP. Principles of Consolidation The condensed consolidated financial statements include all the accounts of the wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates Preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management considers many factors in selecting appropriate financial accounting policies and controls in developing the estimates and assumptions that are used in the preparation of these condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. Additionally, uncertainty in the macroeconomic environment resulting from current geopolitical and economic instability (including the …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"STOCKHOLDERS EQUITY Common and Treasury Stock Each share of Common Stock entitles its holder to one vote on matters required to be voted on by the stockholders of the Company and to receive dividends, when and if declared by the Companys Board. As of June 30, 2026 and December 31, 2025, the Company held 7,503,267 and 7,104,376 shares, respectively, in treasury stock. On October 30, 2023, the Company's Board approved a share repurchase program (the ""Repurchase Program"") authorizing the Company to repurchase up to $40,000 of Common Stock. On April 28, 2025, the Company's Board approved an additional $25,000 to the Repurchase Program, authorizing the Company to repurchase up to a total of $65,000 of the Company's Common Stock. There were no other changes made to the terms of the Repurchase Program for the quarter ended June 30, 2026. For information about an expansion of the Repurchase Program after June 30, 2026, see Note 18, Subsequent Events , in our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Shares of Common Stock may be repurchased under the Repurchase Program from time to time through open market purchases, block trades, private transactions or accelerated or other structured share repurchase programs. To the extent not retired, shares of Common Stock repurchased under the Repurchase Program are placed in the Company's treasury shares. The extent to which the Company repurchases shares of Common Stock, and the timing of s …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

"SUBSEQUENT EVENTS Stock Repurchase Program On July 21, 2026, the Company's Board approved an additional $40,000 to the Repurchase Program, authorizing the Company to repurchase up to a total of $105,000 of the Company's Common Stock. There were no other changes made to the terms of the Repurchase Program. Acquisition On July 22, 2026, the Company completed the acquisition of Copra Inc. (""Copra""), a super-premium Thai Nam Hom coconut water producer of private label and Copra branded products, that owns and operates a factory in Thailand, which became a wholly-owned subsidiary of the Company. The initial consideration for this transaction was $175,000, consisting of $140,000 in cash on hand and $35,000 paid in the Company's Common Stock at the date of closing. This initial purchase price is subject to customary closing adjustments, with additional earnout consideration to be paid in 2029 based on 2028 financial performance with a minimum of $45,000 and maximum of $100,000, which will be payable in a combination of cash and the Companys Common Stock. As of the issuance date of these condensed consolidated financial statements, the Company has not completed the fair value assessment of the assets acquired and liabilities assumed in the acquisition."

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