COCO · CIK 1482981
What The Vita Coco Company, Inc. told the SEC could break it.
Vita Coco's disclosures cluster on a tightly concentrated single-product, import-dependent model. Coconut water is about 96% of revenue, and it sources 100% of its coconut raw material internationally through manufacturing partners in the Philippines, Sri Lanka, Brazil and other tropical countries, so weather, disease or yield shortfalls in those regions can cut supply or raise prices. Because it imports everything, 2025 U.S. tariffs hit costs directly — a 10% baseline, roughly 20% reciprocal rates on Asian sources and up to 50% on Brazil, lifting its weighted-average rate to about 23% before late-2025 agricultural waivers eased the burden. On the demand side it is equally concentrated, with two customers representing about 44% of consolidated net sales.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Two customers ≈ 44% of consolidated net sales (unnamed major retailers)high
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.”
SEC filing →As of 2026
Regulatory & policy
- 2025 U.S. import tariffs on coconut water — 23% weighted-avg (50% Brazil, ~20% Asia), partly relieved by Nov 2025 agricultural waiverhigh
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.”
Commodity & input dependence
- Coconuts / coconut-derived raw materials — weather, disease, yield; sourced from Philippines, Sri Lanka, Brazil & SE Asiamedium
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”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Tetra Pak
“The majority of our products are produced and packaged with materials sourced from a single supplier, Tetra Pak, whether purchased by us or by our contract manufacturers on our behalf”
Cited →
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