Zenvia (ZENV) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenues increased 24% year-over-year to BRL 286 million, driven by CPaaS and Zenvia Customer Cloud growth, with Customer Cloud revenues up 23% year-over-year.

• Margins remain pressured due to a higher proportion of low-margin CPaaS revenues, despite SaaS growth and Customer Cloud adoption.

• SaaS client base and adoption grew, especially among SMBs and new customers.

• Normalized EBITDA for Q2 2025 was BRL 11 million, down 68% year-over-year, with trailing 12-month normalized EBITDA at BRL 100 million.

• Management expects 25–30% full-year growth for Customer Cloud in 2025.

Financial highlights

• Q2 2025 consolidated adjusted gross profit was BRL 69 million, with a gross margin of 24.1%, down 19.3 percentage points year-over-year.

• SaaS revenues grew 3% year-over-year in Q2, with gross margin up 0.9 percentage points to 55.4%.

• CPaaS revenues increased 33% year-over-year, now accounting for 72% of total revenues, but with gross margin declining by 25.7 percentage points to 11.8%.

• Q2 2025 net loss was BRL 42.0 million, compared to a loss of BRL 15.9 million in Q2 2024.

• Cash balance at quarter-end was BRL 32.6 million, down 64% year-over-year.

Outlook and guidance

• Management targets 25–30% revenue growth for Customer Cloud in 2025, with a revenue target of BRL 200 million and gross margin of 65–70%.

• CPaaS margins expected to normalize closer to 20% by Q4 2025 as cost increases are passed through.

• Profitability levels anticipated to gradually recover and return to normalized levels by year-end.

• Cost reduction initiatives, including a 15% workforce cut, expected to yield BRL 30–35 million in annual savings.

• Franchise model for Customer Cloud is expected to become the main generator of new MRR in coming quarters.