COCO Q2 revenue +28%, operating income +151% on $15.6M tariff refund; Copra factory buy shifts model

Filed July 23, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 30, 2025 · ~2 min read

Key Changes

• high

  $175M Copra acquisition (Jul 2026) adds first owned factory in Thailand, shifting from asset-light to partial vertical integration; earnout of $45-100M due 2029 based on 2028 performance.

  Notes: Copra acquisition verify on EDGAR →
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  $15.6M one-time tariff refund (Supreme Court ruling on IEEPA tariffs) boosted Q2 gross margin 1,240 bp to 48.7%; underlying margin also improved on favorable pricing and lower ocean freight.

  MD&A: tariff refunds verify on EDGAR →
• high

  Revenue growth accelerated to 28.1% (Q2) and 32.1% (six-month) vs. 17.1% prior year, driven by Vita Coco volume +15% and Private Label volume +78% (regained distribution).

  MD&A: consolidated net sales growth verify on EDGAR →