What The Vita Coco Company, Inc. told the SEC could break it.

Vita Coco's sell-side is highly concentrated: as of 12/31/2025 just two customers represented ~44% of consolidated net sales (disclosed as a credit-risk concentration; customers not individually named in these windows). Several customers also carry Vita Coco's branded products alongside the company's Private Label business, so a shift in one large retailer's strategy, pricing/margin expectations, or private-label support would have an outsized effect. Registered as an (unnamed) concentration risk — no named counterparty to anchor a graph edge.

“As of December 31, 2025, sales to two customers represented approximately 44% of our consolidated net sales.”

Because Vita Coco imports all of its coconut water, 2025 U.S. tariffs hit COGS directly: a 10% baseline, then ~20% reciprocal rates on the Asian countries it sources from and an incremental rate reaching 50% for Brazil, taking its estimated weighted-average tariff rate to ~23% by Q3 2025 (Mexico/Canada exempt under USMCA). The exposure then eased — on Nov 14, 2025 the White House granted reciprocal-tariff relief for certain agricultural products covering the coconut-water tariff codes (the bulk of its portfolio), and on Nov 21, 2025 waived the incremental Brazil tariff on coconut water, which the company says significantly reduced its tariff burden. A bidirectional, dated trade-policy → import-cost channel central to the business.

“Throughout 2025, we faced evolving tariff pressures, beginning with the implementation of a 10% baseline U.S. tariff and country specific rates. This was followed by reciprocal tariffs announced in August 2025 of approximately 20% for Asian countries from which we source, and incremental tariffs that raised the effective rate to 50% for Brazil.”

Coconut water is ~96% of Vita Coco's revenue, and it sources 100% of its coconut raw material internationally through manufacturing partners in the Philippines, Sri Lanka, Malaysia, Thailand, Brazil, Vietnam and Indonesia (owned trees plus networks of independent small farmers). Weather, disease, political events and yield/quality shortfalls in these tropical growing regions can cut available supply or raise raw-material prices — a core single-commodity, concentrated-geography input dependence for an asset-light importer.

“Our current manufacturing partners operate in the Philippines, Sri Lanka, Malaysia, Thailand, Brazil, Vietnam, and Indonesia, and source coconuts from owned trees and networks of many independent small farmers”