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Anticipate full year gross margins in the mid 20%'s due to continued elevated transportation costs, partially offset by the benefit of higher net pricing and efficiency initiatives. Expect gross margin improvement for the fourth quarter relative to the third quarter. Forecast adjusted EBITDA2 in the range of $20-22 million reflecting volume and pricing growth offset by higher than normal transportation costs and increased public company costs.

Reports Q3 revenue $124M, consensus $129.54M. Michael Kirban, the Company's Co-founder and Executive Chairman, stated, "I am very proud of our teams' performance during a challenging supply chain environment, and I'm especially happy with our strong Vita Coco Coconut Water net revenue growth of 14% in the third quarter. On a two-year basis, our third quarter Vita Coco Coconut Water net sales grew 58% over third quarter 2020, and grew 63% for the nine months year-to-date versus the same period in 2020, demonstrating the health of our brands. In 2023, we expect continued strong growth on our Vita Coco Coconut Water net sales, improvement in our gross margins and substantial progress back toward our long-term adjusted EBITDA target of the high teens as a percentage of sales. We are committed to our long-term ambition to create and maintain category leading brands in the broader, better-for you, functional beverage segment."

Expect gross margin improvement for the remainder of 2022 compared to the first quarter. Anticipate full year gross margins in the mid 20%'s due to expected continued elevated transportation costs, partially offset by the benefit of higher net pricing and efficiency initiatives. Forecast Adjusted EBITDA in the range of $27-32 million reflecting volume and pricing growth offset by higher than normal transportation costs and increased public company costs.

Reports Q2 revenue $115M, consensus $115.02M. Michael Kirban, the Company's Co-founder and Executive Chairman, stated, "I am very proud of our team and its performance over the past few months, especially this quarter during which we have significantly improved our gross margins. While continuing to navigate a challenging operating and global macroenvironment, we have begun our journey to profitability recovery and remain confident in achieving our long term Adjusted EBITDA1 margin goals of high teens percentage of net sales. Demand remains very strong for our flagship Vita Coco Coconut Water brand, and it continues to gain share of the growing coconut water category. According to IRI, the Vita Coco brand now holds 51% tracked channel retail value share, up 7% against the comparable prior year period2. Not only do we continue to take share of the category, but we continue to win new households with our household penetration reaching 11.4%, up approximately 170 basis points, or 17% incremental households, against the comparable prior year period according to data from Numerator2. We remain committed to our long-term goals and ambitions to create and maintain category leading brands in the broader, better-for you, functional beverage segment."