Vita Coco is a branded beverage company built around coconut water. Its flagship product, Vita Coco Coconut Water, is marketed as a natural sports drink alternative, positioned against Gatorade and Powerade on the basis of naturally occurring electrolytes and clean ingredients. Vita Coco holds over 40% U.S. market share in coconut water and over 80% in the U.K., and sells in more than 35 countries through supermarkets, club stores, convenience stores, and e-commerce. Beyond coconut water — which represents roughly 96% of total sales — the company sells coconut milk-based beverages, canned coconut juice, a protein drink called PWR LIFT, and private label coconut water and coconut oil to retailers. Vita Coco uses an asset-light model with contract manufacturers across roughly 16 factories in six countries, keeping fixed costs low. The branded business earns money through volume growth and net pricing, while private label — a smaller, lower-margin, more volatile revenue stream — is priced on a cost-plus basis and helps deepen retailer relationships. Gross margins are sensitive to ocean freight rates, input costs, and U.S. import tariffs, all of which affect the P&L with a multi-month lag due to the time it takes inventory to arrive from Asia. The company operates two segments: Americas (~83% of sales) and International (~17%), with the international segment growing rapidly. Vita Coco carries no debt and holds $197M in cash, which management intends to deploy toward organic growth, innovation, and potential M&A to build a broader beverage platform.