v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
The Company has two operating and reportable segments:
•Americas—The 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 Company’s protein infused fitness drink (PWR LIFT) is marketed only in the Americas segment.
•International—The International segment is comprised primarily of Europe, the Middle East, and Asia Pacific. Asia Pacific includes the Company’s 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 Company’s 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 personnel to the segments and also uses segment gross profit for evaluating product pricing.
Information about the Company’s operations by operating segment as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025 is as follows:
Three Months Ended March 31,
2026 2025
Net sales$179,765 $130,921 
Americas148,164 112,600 
International31,601 18,321 
Cost of goods sold
$107,952 $82,836 
Americas87,230 70,288 
International20,722 12,548 
Gross profit$71,813 $48,085 
Americas60,934 42,312 
International10,879 5,773 
As of
 March 31,
As of December 31,
20262025
Total segment assets$488,343 $461,158 
Americas317,759 302,185 
International170,584 158,973 

Three Months Ended March 31,
Reconciliation:
20262025
Total gross profit$71,813 $48,085 
Less:
Selling, general, and administrative expenses38,231 28,792 
Income from operations
$33,582 $19,293 
Less:
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 
Income before income taxes$37,442 $24,363 
Geographic Data:
The following table provides information related to the Company’s net sales by country, which is presented on the basis of the location that revenue from customers is recorded:
Three Months Ended March 31,
2026 2025
United States$135,969 $105,106 
United Kingdom
19,156 13,130 
All other countries(1)
24,640 12,685 
Net sales$179,765 $130,921 
___________
(1)
No individual country is greater than 10% of total net sales for the three months ended March 31, 2026 and 2025.
The following table provides information related to the Company’s property and equipment, net by country:
March 31,
2026		December 31,
2025
United States
$6,478 $6,419 
Singapore
2,162 2,224 
United Kingdom
636 655 
Property and equipment, net
$9,276 $9,298