ZENVIA Reports Q2 2025 Results
Zenvia (NASDAQ: ZENV), Latin America's leading cloud-based CX solution provider, reported mixed Q2 2025 results. Revenue grew 23.6% YoY to BRL 285.7 million, driven by CPaaS revenue growth of 33% and Zenvia Customer Cloud revenue increase of 23%.
However, profitability metrics declined significantly: Gross margin fell to 19.7% from 37.9% in Q2 2024, and Normalized EBITDA decreased 67.9% YoY to BRL 10.8 million. The company's cash position weakened, with cash balance dropping 63.5% YoY to BRL 32.6 million.
The company's transformation to Zenvia Customer Cloud is progressing as planned, with SaaS revenues showing early signs of improvement. Management remains confident in achieving 25-30% growth in Zenvia Customer Cloud for full-year 2025 and expects normalized profitability levels by year-end.
Zenvia (NASDAQ: ZENV), principale fornitore latinoamericano di soluzioni CX basate sul cloud, ha pubblicato risultati misti per il secondo trimestre 2025. I ricavi sono cresciuti del 23,6% su base annua, raggiungendo BRL 285,7 milioni, trainati da una crescita del 33% dei ricavi CPaaS e del 23% dei ricavi di Zenvia Customer Cloud.
Tuttavia, gli indicatori di redditività sono peggiorati notevolmente: il margine lordo è sceso al 19,7% dal 37,9% del secondo trimestre 2024, e l'EBITDA normalizzato si è ridotto del 67,9% su base annua, a BRL 10,8 milioni. La posizione di cassa si è indebolita, con il saldo di cassa in calo del 63,5% su base annua, a BRL 32,6 milioni.
La trasformazione verso Zenvia Customer Cloud procede secondo i piani, con i ricavi SaaS che mostrano segnali iniziali di miglioramento. La direzione rimane fiduciosa di raggiungere una crescita del 25-30% per Zenvia Customer Cloud nel 2025 e prevede il ripristino di livelli di redditività normalizzati entro fine anno.
Zenvia (NASDAQ: ZENV), el principal proveedor latinoamericano de soluciones CX en la nube, presentó resultados mixtos en el segundo trimestre de 2025. Los ingresos aumentaron 23,6% interanual hasta BRL 285,7 millones, impulsados por un crecimiento del 33% en ingresos CPaaS y del 23% en los ingresos de Zenvia Customer Cloud.
No obstante, las métricas de rentabilidad empeoraron significativamente: el margen bruto cayó al 19,7% desde 37,9% en el segundo trimestre de 2024 y el EBITDA normalizado se redujo 67,9% interanual hasta BRL 10,8 millones. La posición de caja se debilitó, con el saldo de efectivo disminuyendo 63,5% interanual hasta BRL 32,6 millones.
La transformación hacia Zenvia Customer Cloud avanza según lo previsto, con los ingresos SaaS mostrando señales iniciales de mejora. La dirección mantiene la confianza en alcanzar un crecimiento del 25-30% en Zenvia Customer Cloud para el conjunto de 2025 y espera recuperar niveles de rentabilidad normalizados antes de finalizar el año.
Zenvia (NASDAQ: ZENV)는 라틴아메리카 선도 클라우드 기반 CX 솔루션 제공업체로, 2025년 2분기 실적이 엇갈렸습니다. 매출은 전년 동기 대비 23.6% 증가한 BRL 2억8570만을 기록했으며, CPaaS 매출이 33%, Zenvia Customer Cloud 매출이 23% 성장하며 이를 견인했습니다.
하지만 수익성 지표는 크게 악화됐습니다: 매출총이익률은 2024년 2분기 37.9%에서 19.7%로 하락
Zenvia Customer Cloud로의 전환은 계획대로 진행 중이며 SaaS 매출은 초기 개선 신호를 보이고 있습니다. 경영진은 2025년 전체 기준 Zenvia Customer Cloud의 25~30% 성장을 달성할 것으로 자신하며, 연말까지 정상화된 수익성 수준을 기대하고 있습니다.
Zenvia (NASDAQ: ZENV), premier fournisseur latino-américain de solutions CX basées sur le cloud, a publié des résultats mitigés pour le deuxième trimestre 2025. Le chiffre d'affaires a augmenté de 23,6% en glissement annuel pour atteindre BRL 285,7 millions, porté par une croissance de 33% des revenus CPaaS et de 23% des revenus Zenvia Customer Cloud.
Cependant, les indicateurs de rentabilité se sont fortement détériorés : la marge brute est tombée à 19,7% contre 37,9% au T2 2024, et l'EBITDA normalisé a diminué de 67,9% en glissement annuel pour s'établir à BRL 10,8 millions. La trésorerie s'est affaiblie, le solde de trésorerie diminuant de 63,5% en glissement annuel pour atteindre BRL 32,6 millions.
La transformation vers Zenvia Customer Cloud progresse comme prévu, les revenus SaaS montrant des premiers signes d'amélioration. La direction reste confiante d'atteindre une croissance de 25 à 30% pour Zenvia Customer Cloud sur l'ensemble de l'année 2025 et prévoit un retour à des niveaux de rentabilité normalisés d'ici la fin de l'année.
Zenvia (NASDAQ: ZENV), Lateinamerikas führender Anbieter cloudbasierter CX-Lösungen, meldete gemischte Ergebnisse für das zweite Quartal 2025. Der Umsatz stieg im Jahresvergleich um 23,6% auf BRL 285,7 Millionen, angetrieben durch ein 33%iges Wachstum bei CPaaS-Erlösen und ein 23%iges Wachstum bei Zenvia Customer Cloud.
Die Rentabilitätskennzahlen verschlechterten sich jedoch deutlich: die Bruttomarge sank von 37,9% im Q2 2024 auf 19,7%, und das bereinigte EBITDA fiel im Jahresvergleich um 67,9% auf BRL 10,8 Millionen. Die Liquiditätsposition schwächte sich, der Kassenbestand ging im Jahresvergleich um 63,5% auf BRL 32,6 Millionen zurück.
Die Umstellung auf Zenvia Customer Cloud verläuft planmäßig, und die SaaS-Umsätze zeigen erste Anzeichen einer Erholung. Das Management ist zuversichtlich, für das Gesamtjahr 2025 ein Wachstum von 25–30% bei Zenvia Customer Cloud zu erreichen und erwartet bis Jahresende normalisierte Profitabilitätsniveaus.
- Revenue growth of 23.6% YoY to BRL 285.7 million
- Zenvia Customer Cloud revenues increased 23% YoY
- SaaS gross profit increased for first time since Q2 2024
- G&A expenses reduced by 27% YoY in Q2 2025
- Gross margin declined significantly to 19.7% from 37.9% YoY
- Normalized EBITDA fell 67.9% YoY to BRL 10.8 million
- Cash balance dropped 63.5% YoY to BRL 32.6 million
- Total active customers decreased 18% YoY to 9,718
- Net loss widened to BRL 42.0 million from BRL 15.9 million YoY
Insights
Zenvia shows strong revenue growth but alarming margin compression and negative operating income, raising concerns about sustainability.
Zenvia presents a concerning set of Q2 results that requires careful examination beyond the headline revenue growth. While total revenues increased 23.6% year-over-year to
The revenue growth story has two distinct components: The CPaaS (Communications Platform as a Service) segment showed strong
However, the overall financial health is deteriorating rapidly. The company swung from a
Most concerning is the cash position, which has deteriorated
Management's cost-cutting efforts, including a
While management expresses confidence in returning to "normalized profitability" by year-end, the current trajectory suggests significant execution challenges ahead. The company must successfully accelerate the adoption of its higher-margin Zenvia Customer Cloud offerings while stabilizing the profitability of its CPaaS business to reverse these concerning trends.
Transition to Zenvia Customer Cloud moving on as expected, with revenues from these services up
CPaaS revenues still fueling top line
Continued strict expense control
SÃO PAULO, Sept. 10, 2025 /PRNewswire/ -- Zenvia Inc. (NASDAQ: ZENV), the leading cloud-based CX solution in
Cassio Bobsin, Founder & CEO of ZENVIA, said: "We are happy to report our strategy to focus on Zenvia Customer Cloud is starting to pay off, as the revenues from these services went up
Shay Chor, CFO & IRO of ZENVIA, said: "While we are advancing with the evolution of Zenvia Customer Cloud and executing on the streamlining initiatives as planned, we continue to face a highly volatile market environment, marked by intense competition, especially on the CPaaS, which has weighed on our profitability. Nonetheless, we remain confident that the actions underway, combined with the scaling of our new platform, will drive a gradual recovery, allowing us to return to normalized profitability levels by year-end and create a solid foundation for 2026."
Key Financial Metrics (BRL MM and %) | Q2 2025 | Q2 2024 | YoY | H1 2025 | H1 2024 | YoY |
Revenues | 285.7 | 231.2 | 23.6 % | 581.6 | 443.8 | 31.1 % |
Gross Profit | 56.4 | 87.5 | -35.6 % | 118.0 | 168.4 | -29.9 % |
19.7 % | 37.9 % | -18.1 p.p | 20.3 % | 37.9 % | -17.7 p.p | |
Non-GAAP Adjusted Gross Profit(1) | 68.8 | 100.2 | -31.3 % | 143.0 | 193.8 | -26.2 % |
Non-GAAP Adjusted Gross Margin(2) | 24.1 % | 43.3 % | -19.3 p.p | 24.6 % | 43.7 % | -19.1 p.p |
Operating Income/Loss (EBIT) | -10.2 | 10.0 | n.m | -12.5 | 0.3 | n.m |
Adjusted EBITDA(3) | 10.7 | 33.6 | -68.1 % | 30.6 | 46.7 | -34.5 % |
Normalized EBITDA(4) | 10.8 | 33.7 | -67.9 % | 30.8 | 56.8 | -45.8 % |
Income/Loss for the Period | -42.0 | -15.9 | 163.4 % | -38.3 | -72.2 | -46.9 % |
Cash Balance | 32.6 | 89.4 | -63.5 % | 32.6 | 89.4 | -63.5 % |
Net Cash Flow from (used in) Operating Activities | -25.0 | 18.1 | n.m | -17.6 | 5.3 | n.m |
Total Active Customers(5) | 9,718 | 11,849 | -18.0 % | 9,718 | 11,849 | -18.0 % |
(1) For a reconciliation of our Non-GAAP Gross Profit to Gross Profit, see Selected Financial Data section below.
(2) We calculate Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by Revenues.
(3) For a reconciliation of our Adjusted EBITDA to Loss for the Period, see Selected Financial Data section below.
(4) For a reconciliation of our Normalized EBITDA to Loss for the Period, see Selected Financial Data section below.
(5) We define an Active Customer as an account (based on a corporate taxpayer registration number) at the end of any period that was the source of any amount of revenue for us in the preceding three months. We classify a customer from which we generated no revenue in the preceding three months as an Inactive Customer. The consolidated number of Total Active Customers doesn't reflect the sum of SaaS and CPaaS Clients, as there is cross selling between them.
Highlights Q2 2025
- Revenues totaled
BRL 286 million , up24% when compared toBRL 231 million in Q2 2024, as a result of CPaaS (+33% ) YoY expansion, mostly related to higher SMS volumes with large wholesale clients who have lower margins coupled with newer clients. SaaS revenues, in turn, went up by3% , mainly driven by Zenvia Customer Cloud, partially offset by the performance of Enterprise clients. - Non-GAAP Adjusted Gross Profit reached
BRL 69 million , while Non-GAAP Adjusted Gross Margin landed at24% . This performance is mainly explained by:
(i) SaaS gross profit increase in the period for the first time since Q2 2024, driven by the23% increase in Zenvia Customer Cloud revenues which carry higher margins, coupled with a smaller but more profitable client base, including both SMBs and Enterprises.
More than offset by:
(ii) Lower profitability in CPaaS, stemming from strong volume growth with low margins.
- As a result of these effects, and despite the
27% YoY reduction in G&A in the period, normalized EBITDA was down68% from Q2 2024, totaling positiveBRL 11 million in the quarter. Please refer to the reconciliation table at the end of this report for more details.
Highlights H1 2025
- Revenues totaled
BRL 582 million , up31% when compared toBRL 444 million in H1 2024, as a result of CPaaS (+45% ) YoY expansion, mostly due to higher SMS volumes with new and large clients who have lower margins. SaaS revenues went up4% , mostly from SMB customers, aligned to our strategy of ramping up Zenvia Customer Cloud. - Non-GAAP Adjusted Gross Profit reached
BRL 143 million , down26% YoY, while Non-GAAP Adjusted Gross Margin landed at25% . - G&A Expenses went down
25% YoY in H1 toBRL 48 million , bringing G&A as a percentage of revenues to8.3% , down 6.2 percentage points from the14.5% reported in the same period of 2024. TheBRL 16 million G&A reduction YoY in H1 2025 puts us on track to reaching theBRL 30-35 million reduction expected for the year. - As a result of all these effects, normalized EBITDA was positive
BRL 31 million in the first half of the year. Please refer to the reconciliation table at the end of this report for more details.
SaaS Business
SaaS Key Operational & Financial Metrics (BRL MM and %) | Q2 2025 | Q2 2024 | YoY | H1 2025 | H1 2024 | YoY |
Revenues | 80.6 | 78.0 | 3.4 % | 161.3 | 154.8 | 4.2 % |
Gross Profit | 32.3 | 29.9 | 8.0 % | 63.1 | 60.4 | 4.4 % |
Gross Margin | 40.0 % | 38.3 % | 1.7p.p. | 39.1 % | 39.0 % | 0.1p.p. |
Non-GAAP Adjusted Gross Profit(1) | 44.7 | 42.5 | 5.1 % | 88.0 | 85.9 | 2.5 % |
Non-GAAP Adjusted Gross Margin(2) | 55.4 % | 54.5 % | 0.9p.p.' | 54.6 % | 55.5 % | -0.9p.p. |
Total Active Customers(3) | 5,783 | 6,770 | -14.6 % | 5,783 | 6,770 | -14.6 % |
(1) For a reconciliation of the Non-GAAP Adjusted Gross Profit to the Gross Profit of our SaaS business segment, see the Selected Financial Data section below.
(2) We calculate the Non-GAAP Adjusted Gross Margin of our SaaS business segment by dividing its Non-GAAP Gross Profit by its Revenues.
(3) We define an Active Customer as an account (based on a corporate taxpayer registration number) at the end of any period that was the source of any amount of revenue for us in the preceding three months. We classify a customer from which we generated no revenue in the preceding three months as an Inactive Customer.
Our SaaS business is still in a transition phase with the rollout of Zenvia Customer Cloud. Although the ramp-up placed temporary pressure on margins, we anticipate ongoing scaling and better profitability in the coming quarters, with early signs of progress already evident this quarter.
Revenues in our SaaS business went up by
Q2 2025 Non-GAAP Adjusted Gross Profit from SaaS was up
CPaaS Business
CPaaS Key Operational & Financial Metrics (BRL MM and %) | Q2 2025 | Q2 2024 | YoY | H1 2025 | H1 2024 | YoY |
Revenues | 205.1 | 153.9 | 33.3 % | 420.3 | 289.0 | 45.4 % |
Non-GAAP Adjusted Gross Profit(1) | 24.1 | 57.7 | -58.2 % | 54.9 | 108.0 | -49.1 % |
Non-GAAP Adjusted Gross Margin(2) | 11.8 % | 37.5 % | -25.7p.p. | 13.1 % | 37.4 % | -24.3p.p. |
Total Active Customers(3) | 3,958 | 5,506 | -28.1 % | 3,958 | 5,506 | -28.1 % |
(1) For a reconciliation of the Non-GAAP Adjusted Gross Profit to Gross Profit of our CPaaS business segment, see the Selected Financial Data section below.
(2) We calculate the Non-GAAP Adjusted Gross Margin of our CPaaS business segment by dividing its Non-GAAP Gross Profit by its Revenues.(3) We define an active customer as an account (based on a corporate taxpayer registration number) at the end of any period that was the source of any amount of revenue for us in the preceding three months. We classify a customer from which we generated no revenue in the preceding three months as an inactive customer.
While the CPaaS business reported strong volumes and a YoY increase of
Q2 Consolidated Financial Result Analysis
In the SaaS business, we already could see encouraging signs of results coming from the ramp up of Zenvia Customer Cloud in this quarter. When we compare to the same period last year, revenues from our core business increased by
In the CPaaS business, we recorded once again high volumes leading to a
As a result, our Normalized EBITDA came in below our expectations at positive
H1 Consolidated Financial Result Analysis
The H1 results are very similar to the Q2 results, with strong expansion in the CPaaS business coming with margin pressure coupled with a solid evolution in Zenvia Customer Cloud driving our SaaS business.
This performance was offset by the YoY decrease of
As a result, Normalized EBITDA for the first half was positive
Conference Call
The Company's senior management team will host a webcast to discuss the results and business outlook on September 11, 2025, at 10:00 am ET. To access the webcast presentation, click here.
Additional information regarding Zenvia can be found at https://investors.zenvia.com.
Contacts
Investor Relations Shay Chor Fernanda Rosa | Media Relations – FG-IR Fabiane Goldstein – (954) 625-4793 – fabi@fg-ir.com
|
About ZENVIA
Zenvia (NASDAQ: ZENV) is a technology company dedicated to creating a new world of experiences. It focuses on enabling companies to create personalized, engaging and fluid experiences across the entire customer journey, all through its unified, multi-channel customer cloud solution. Boasting two decades of industry expertise, almost 10,000 customers and operations throughout
Forward-Looking Statements
The preliminary quarter and year-to-date operating results set forth above are based solely on currently available information, which is subject to change. These preliminary operating results constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Zenvia's control. Zenvia's actual results could differ materially from those stated or implied in forward-looking statements due to several factors, including but not limited to: our ability to innovate and respond to technological advances, changing market needs and customer demands, our ability to successfully acquire new businesses as customers, acquire customers in new industry verticals and appropriately manage international expansion, substantial and increasing competition in our market, compliance with applicable regulatory and legislative developments and regulations, the dependence of our business on our relationship with certain service providers, among other factors.
SELECTED FINANCIAL DATA
The following selected financial information are preliminary, unaudited and are based on management's initial review of operations for the second quarter of 2025.
Income Statement
Q2 | H1 | |||||
2025 | 2024 | Variation | 2025 | 2024 | Variation | |
(non-audited) | (non-audited) | (non-audited) | (non-audited) | |||
(in thousands of R$) | ( %) | (in thousands of R$) | ( %) | |||
Revenue | 285,701 | 231,159 | 23.6 % | 581,647 | 443,795 | 31.1 % |
Cost of services | -229,337 | -143,624 | 59.7 % | -463,626 | -275,403 | 68.3 % |
Gross profit | 56,364 | 87,535 | -35.6 % | 118,021 | 168,392 | -29.9 % |
Selling and marketing expenses | -25,352 | -26,001 | -2.5 % | -53,880 | -53,360 | 1.0 % |
General and administrative expenses | -24,441 | -33,293 | -26.6 % | -48,192 | -64,563 | -25.4 % |
Research and development expenses | -9,546 | -14,071 | -32.2 % | -20,108 | -28,867 | -30.3 % |
Allowance for expected credit losses | -1,654 | -1,464 | 13.0 % | -1,662 | -6,895 | -75.9 % |
Other income and expenses, net | -5,618 | -2,690 | 108.8 % | -6,630 | -14,406 | -54.0 % |
Operating gain (loss) | -10,247 | 10,016 | -202.3 % | -12,451 | 301 | -4236.5 % |
Financial expenses | -37,530 | -37,895 | -1.0 % | -58,696 | -105,133 | -44.2 % |
Finance income | 4,762 | 438 | 987.2 % | 32,131 | 7,472 | 330.0 % |
Financial expenses, net | -32,768 | -37,457 | -12.5 % | -26,565 | -97,661 | -72.8 % |
Income/Loss before taxes | -43,015 | -27,441 | 56.8 % | -39,016 | -97,360 | -59.9 % |
Deferred income tax and social contribution | 5,100 | 14,011 | -63.6 % | 8,337 | 30,094 | -72.3 % |
Current income tax and social contribution | -4,068 | -2,507 | 62.3 % | -7,642 | -4,927 | 55.1 % |
Income/Loss for the period | -41,983 | -15,937 | 163.4 % | -38,321 | -72,193 | -46.9 % |
Income/Loss attributable to Company Owners | -41,983 | -16,045 | 161.7 % | -38,321 | -72,419 | -47.1 % |
Non-controlling interests | 0 | -108 | -100.0 % | 0 | -226 | -100.0 % |
Balance Sheet
December 31, 2024 (audited) | June 30, 2025 (non-audited) | ||
(in thousands of reais) | |||
Assets | |||
Current assets | 318,990 | 271,140 | |
Cash and cash equivalents | 116,884 | 32,611 | |
Trade and other receivables | 171,190 | 203,895 | |
Recoverable assets | 19,572 | 20,112 | |
Prepayments | 5,157 | 6,098 | |
Other assets | 6,187 | 8,424 | |
Non-current assets | 1,424,564 | 1,401,130 | |
Restricted cash | 10,891 | 3,415 | |
Prepayments | 423 | 230 | |
Deferred tax assets | 77,304 | 85,642 | |
Property, plant and equipment | 15,350 | 12,728 | |
Right-of-use of assets | 2,497 | 3,426 | |
Intangible assets | 1,318,099 | 1,295,689 | |
Total assets | 1,743,554 | 1,672,270 | |
December 31, 2024 (audited) | June 30, 2025 (non-audited) | ||
(in thousands of reais) | |||
Liabilities | |||
Current liabilities | 674,759 | 715,374 | |
Trade and other payables | 445,804 | 457,911 | |
Loans, borrowings and Debentures | 81,137 | 78,014 | |
Liabilities from acquisitions | 90,920 | 113,940 | |
Employee benefits | 21,109 | 32,059 | |
Tax liabilities | 28,612 | 25,415 | |
Lease liabilities | 1,511 | 1,744 | |
Deferred revenue | 5,371 | 6,237 | |
Derivative financial instruments | 295 | 54 | |
Non-current liabilities | 297,380 | 214,735 | |
Liabilities from acquisitions | 189,886 | 157,279 | |
Loans, borrowings | 45,718 | 14,598 | |
Provisions for tax, labor and civil risks | 804 | 1,614 | |
Lease liabilities | 1,309 | 1,948 | |
Trade and other payables | 15,528 | - | |
Employee Benefits | 2,056 | 2,043 | |
Derivative financial instruments | 41,814 | 16,622 | |
Taxes to be paid in installments | 265 | 20,631 | |
Shareholders equity | 771,415 | 742,161 | |
Capital | 1,007,522 | 1,007,522 | |
Reserves | 230,901 | 243,121 | |
Foreign currency translation reserve | 4,847 | 1,694 | |
Other components of equity | 2,394 | 2,394 | |
Accumulated losses | (474,249) | (512,570) | |
Total shareholders equity and liabilities | 1,743,554 | 1,672,270 | |
Statement of Cash Flow
Q2 | H1 | |||
2025 (non-audited) | 2024 (audited) | 2025 (non-audited) | 2024 (audited) | |
(in thousands of R$) | (in thousands of R$) | |||
Net cash from (used in) operating activities | -25,036 | 18,134 | -17,643 | 5,269 |
Net cash used in investing activities | -191 | -21,078 | -10,346 | -33,507 |
Net cash from (used in) financing activities | -29,088 | 21,459 | -58,461 | 54,793 |
Exchange rate change on cash and cash equivalents | 801 | -629 | 2,177 | -886 |
Net (decrease) increase in cash and cash equivalents | -53,514 | 17,886 | -84,273 | 25,669 |
Special Note Regarding Non-GAAP Financial Measures
This press release presents certain Non-GAAP financial measures, which are not recognized under IFRS, specifically Non-GAAP Adjusted Gross Profit, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Profit for our SaaS business segment, Non-GAAP Adjusted Gross Profit for our CPaaS business segment, Non-GAAP Adjusted Gross Margin for our SaaS business segment, Non-GAAP Adjusted Gross Margin for our CPaaS business segment, Adjusted EBITDA and Normalized EBITDA. A Non-GAAP financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure. Non-GAAP financial measures do not have standardized meanings and may not be directly comparable to similarly titled measures adopted by other companies. These Non-GAAP financial measures are used by our management for decision-making purposes and to assess our financial and operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. We also believe that the disclosure of our Non-GAAP Adjusted Gross Profit, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Profit for our SaaS business segment, Non-GAAP Adjusted Gross Profit for our CPaaS business segment, Non-GAAP Adjusted Gross Margin for our SaaS business segment, Non-GAAP Adjusted Gross Margin for our CPaaS business segment, Adjusted EBITDA and Normalized EBITDA provides useful supplemental information to investors and financial analysts and other interested parties in their review of our operating performance. Potential investors should not rely on information not recognized under IFRS as a substitute for the IFRS measures of earnings, cash flows or profit (loss) in making an investment decision.
The following table shows the reconciliation for our consolidated Non-GAAP Gross Profit and consolidated Non-GAAP Gross Margin:
Q2 | H1 | |||
Consolidated | 2025 (non-audited) | 2024 (non-audited) | 2025 (non-audited) | 2024 (non-audited) |
(in thousands of R$) | (in thousands of R$) | |||
Gross profit | 56,364 | 87,535 | 118,021 | 168,392 |
(+) Amortization of intangible assets acquired from business combinations | 12,434 | 12,654 | 24,941 | 25,439 |
Non-GAAP Adjusted Gross Profit(1) | 68,798 | 100,189 | 142,962 | 193,831 |
Revenue | 285,701 | 231,159 | 581,647 | 443,795 |
Gross Margin(2) | 19.7 % | 37.9 % | 20.3 % | 37.9 % |
Non-GAAP Adjusted Gross Margin(3) | 24.1 % | 43.3 % | 24.6 % | 43.7 % |
(1) We calculate Non-GAAP Adjusted Gross Profit as gross profit plus amortization of intangible assets acquired from business combinations.
(2) We calculate gross margin as gross profit divided by revenue.
(3) We calculate Non-GAAP Adjusted Gross Margin as Non-GAAP Adjusted Gross Profit divided by revenue.
The following tables shows the reconciliation for the Non-GAAP Gross Profit and Non-GAAP Gross Margin for our SaaS and CPaaS business segments:
Q2 | H1 | |||
SaaS Segment | 2025 (non-audited) | 2024 (non-audited) | 2025 (non-audited) | 2024 (non-audited) |
(in thousands of R$) | (in thousands of R$) | |||
Gross profit | 32,250 | 29,871 | 63,099 | 60,440 |
(+) Amortization of intangible assets | 12,434 | 12,654 | 24,941 | 25,439 |
Non-GAAP Adjusted Gross Profit(1) | 44,684 | 42,525 | 88,040 | 85,879 |
Revenue | 80,609 | 77,977 | 161,320 | 154,797 |
Gross Margin(2) | 40.0 % | 38.3 % | 39.1 % | 39.0 % |
Non-GAAP Adjusted Gross Margin(3) | 55.4 % | 54.5 % | 54.6 % | 55.5 % |
(1) We calculate Non-GAAP Adjusted Gross Profit for our SaaS business segment as gross profit for our SaaS business segment plus amortization of intangible assets acquired from business combinations for our SaaS business segment.
(2) We calculate gross margin for our SaaS business segment as gross profit for our SaaS business segment divided by revenue of our SaaS business segment.
(3) We calculate Non-GAAP Adjusted Gross Margin for SaaS business segment as Non-GAAP Adjusted Gross Profit for our SaaS business segment divided by revenue for our SaaS business segment.
Q2 | H1 | |||
CPaaS Segment | 2025 (non-audited) | 2024 (non-audited) | 2025 (non-audited) | 2024 (non-audited) |
(in thousands of R$) | (in thousands of R$) | |||
Gross profit | 24,114 | 57,652 | 54,922 | 107,952 |
(+) Amortization of intangible assets acquired from business combinations | 0 | 0 | 0 | 0 |
Non-GAAP Adjusted Gross Profit(1) | 24,114 | 57,652 | 54,922 | 107,952 |
Revenue | 205,092 | 153,852 | 420,327 | 288,988 |
Gross Margin(2) | 11.8 % | 37.5 % | 13.1 % | 37.4 % |
Non-GAAP Adjusted Gross Margin(3) | 11.8 % | 37.5 % | 13.1 % | 37.4 % |
(1) We calculate Non-GAAP Adjusted Gross Profit for our CPaaS business segment as gross profit for our CPaaS business segment plus amortization of intangible assets acquired from business combinations for our CPaaS business segment.
(2) We calculate gross margin for our CPaaS business segment as gross profit for our CPaaS business segment divided by revenue of our CPaaS business segment.
(3) We calculate Non-GAAP Adjusted Gross Margin for CPaaS business segment as Non-GAAP Adjusted Gross Profit for our CPaaS business segment divided by revenue for our CPaaS business segment.
The following table shows the reconciliation for our Adjusted EBITDA and Normalized EBITDA:
Q2 | H1 | |||
2025 (non-audited) | 2024 (non-audited) | 2025 (non-audited) | 2024 (non-audited) | |
(in thousands of R$) | (in thousands of R$) | |||
Income/Loss for the period | -41,983 | -15,937 | -38,321 | -72,193 |
Current and Deferred Income Tax | -1,032 | -11,504 | -695 | -25,167 |
Financial expenses, net | 32,768 | 37,457 | 26,565 | 97,661 |
Depreciation and Amortization | 20,953 | 23,582 | 43,021 | 46,379 |
Adjusted EBITDA(1) | 10,706 | 33,598 | 30,570 | 46,680 |
Earn-outs | -121 | -80 | -225 | -10,161 |
Normalized EBITDA(2) | 10,827 | 33,678 | 30,795 | 56,841 |
(1) We calculate Adjusted EBITDA as loss for the period adjusted by income tax and social contribution (current and deferred), financial expenses, net, depreciation and the goodwill impairment.
(2) We calculate Normalized EBITDA as the Adjusted EBITDA adjusted by non-recurring events and non-cash impacts from earn-out adjustments.
View original content:https://www.prnewswire.com/news-releases/zenvia-reports-q2-2025-results-302553210.html
SOURCE Zenvia Inc.
FAQ
What were Zenvia's (ZENV) key financial results for Q2 2025?
How much did Zenvia's (ZENV) Zenvia Customer Cloud revenue grow in 2025?
What caused the decline in Zenvia's (ZENV) profitability in Q2 2025?
How much did Zenvia's (ZENV) operating expenses decrease in H1 2025?
What is Zenvia's (ZENV) outlook for profitability recovery?
