v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 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 and for the three and six months ended June 30, 2026 and 2025 is as follows:
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 20262025
Net sales$216,153 $168,759 $395,918 $299,680 
Americas172,465 141,961 320,629 254,561 
International43,688 26,798 75,289 45,119 
Cost of goods sold
$110,842 $107,494 $218,794 $190,330 
Americas83,185 90,915 $170,415 $161,203 
International27,657 16,579 $48,379 $29,127 
Gross profit$105,311 $61,265 $177,124 $109,350 
Americas89,281 51,046 150,215 93,358 
International16,030 10,219 26,909 15,992 
As of
 June 30,
As of December 31,
20262025
Total segment assets$572,942 $461,158 
Americas366,579 302,185 
International206,363 158,973 

Three Months Ended June 30,Six Months Ended June 30,
Reconciliation:
2026202520262025
Total gross profit$105,311 $61,265 $177,124 $109,350 
Less:
Selling, general, and administrative expenses42,172 36,143 80,403 64,935 
Income from operations
$63,139 $25,122 $96,721 $44,415 
Less:
Unrealized (loss) gain on derivative instruments(233)1,067 2,594 3,884 
Foreign currency (loss) gain
(1,046)482 (1,545)1,062 
Interest income, net2,483 1,500 4,021 3,018 
Other income, net14 — 8 155 
Income before income taxes$64,357 $28,171 $101,799 $52,534 
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:
Six Months Ended June 30,
2026 2025
United States$294,112 $235,813 
United Kingdom
44,665 31,403 
All other countries(1)
57,141 32,464 
Net sales$395,918 $299,680 
__________
(1)
No individual country is greater than 10% of total net sales for the six months ended June 30, 2026 and 2025.
The following table provides information related to the Company’s property and equipment, net by country:
June 30,
2026		December 31,
2025
United States
$6,242 $6,419 
Singapore
2,051 2,224 
United Kingdom
638 655 
Property and equipment, net
$8,931 $9,298