v3.26.3
Segment Reporting
 9 Months Ended
Sep. 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 nine months ended September 30, 2026 and 2025 is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Net sales$243,825 $182,313 $639,744 $481,993 
Americas198,557 151,724 519,188 406,285 
International45,268 30,589 120,556 75,708 
Cost of goods sold
$151,148 $113,645 $369,942 $303,975 
Americas122,824 93,859 $293,240 $255,062 
International28,324 19,786 $76,702 $48,913 
Gross profit$92,677 $68,668 $269,802 $178,018 
Americas75,732 57,866 225,948 151,224 
International16,945 10,802 43,854 26,794 
As of
 September 30,
As of December 31,
20262025
Total segment assets$696,142 $461,318 
Americas479,805 302,185 
International216,337 159,133 

Three Months Ended September 30,Nine Months Ended September 30,
Reconciliation:
2026202520262025
Total gross profit$92,677 $68,668 $269,802 $178,018 
Less:
Selling, general, and administrative expenses47,226 40,745 127,629 105,680 
Income from operations
$45,451 $27,923 $142,173 $72,338 
Less:
Unrealized (loss) gain on derivative instruments(2,083)2,391 511 6,275 
Foreign currency loss(887)(1,411)(2,432)(349)
Interest income, net1,231 1,776 5,252 4,794 
Other (expense) income, net(84)— (77)155 
Income before income taxes$43,628 $30,679 $145,427 $83,213 
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:
Nine Months Ended September 30,
20262025
United States$492,636 $377,382 
United Kingdom
72,021 50,851 
All other countries(1)
75,087 53,760 
Net sales$639,744 $481,993 
__________
(1)
No individual country is greater than 10% of total net sales for the nine months ended September 30, 2026 and 2025.
The following table provides information related to the Company’s property and equipment, net by country:
September 30,
2026		December 31,
2025
Thailand$15,838 $— 
United States
6,050 $6,419 
Singapore
1,929 2,224 
United Kingdom
624 655 
Property and equipment, net
$24,441 $9,298