Business
The Vita Coco Company Reports Fourth Quarter and Full Year 2022 Financial Results
Full Year Net Sales Increased 13% to $428 million Driven by Vita Coco Coconut Water Growth of 18% Full Year Net Income of $8 million and Full Year Non-GAAP
About this update from The Vita Coco Company, Inc.
[{"type":"text","content":"Full Year Net Sales Increased 13% to $428 million Driven by Vita Coco Coconut Water Growth of 18% Full Year Net Income of $8 million and Full Year Non-GAAP Adjusted EBITDA1 of $20 million Consistent with Guidance For Fiscal Year 2023, Expect Significant Cost of Goods Improvements and Adjusted EBITDA2 between $52-58 million NEW YORK, March 08, 2023 (GLOBE NEWSWIRE) -- The Vita Coco Company, Inc. (NASDAQ:COCO) (“Vita Coco” or “the Company”), a leading high-growth platform of better-for-you beverage brands, today announced financial results for the fourth quarter and full year ended December 31, 2022. Fourth Quarter 2022 Highlights Compared to Prior Year Net sales grew 6% to $92 million, slightly exceeding expectations, driven by Vita Coco Coconut Water growth of 4%Gross profit was flat to prior year at $22 million, or 24% of net sales versus 25% of net salesNet loss attributable to shareholders was $(3) million, or $(0.05) per diluted share, compared to a net loss attributable to shareholders of $(3) million, or $(0.06) per diluted shareNon-GAAP Adjusted EBITDA1 was $4 million compared to $1 million Full Year 2022 Highlights Compared to Prior Year Net sales grew 13% to $428 million driven by Vita Coco Coconut Water growth of 18%Gross profit decreased to $103 million, or 24% of net sales, from $113 million, or 30% of net sales, with the decrease driven by higher year-over-year transportation costsNet income attributable to shareholders was $8 million, or $0.14 per diluted share, compared to $19 million, or $0.35 per diluted shareNon-GAAP Adjusted EBITDA1 was $20 million compared to $37 million due primarily to higher transportation and ongoing incremental public company costs Michael Kirban, the Company's Co-founder and Executive Chairman, stated, “I am very proud of our team's performance during a challenging supply chain environment in 2022, and I'm very excited that in early 2023 we are starting to see those challenges ease. I'm especially happy with our strong Vita Coco Coconut Water net revenue growth of 18% for the year, building on a very strong brand performance in 2021. On a three-year basis, our fourth quarter Vita Coco Coconut Water net sales grew 115%, and our full year net sales grew 72% over the same period in 2019, demonstrating the underlying health of our brand. In 2023, we expect continued growth on our Vita Coco ...