ZENVIA Reports Q2 2025 Results

Transition to Zenvia Customer Cloud moving on as expected, with revenues from these services up 23% YoY
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 Latin America empowering companies to craft personal, engaging and fluid experiences throughout the customer journey, today reported its operational and financial metrics for the second quarter of 2025.

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 23% YoY. We are seeing strong adoption among new customers joining the platform - and we even saw our SaaS client base go up from Q1 2025. This makes us confident that we will deliver growth of 25 to 30% in the full year 2025 for Zenvia Customer Cloud."

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 %

Gross Margin

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

Highlights H1 2025

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 3% YoY in Q2 2025 to BRL 80.6 million from BRL 78.0 million in Q2 2024, primarily driven by Zenvia Customer Cloud. Revenues from Zenvia Customer Cloud solutions increased 23% in the H1 2025 when compared to H1 2024, and are expected to increase even more as our clients deepen the adoption of our solutions. On the rest of our SaaS business, we continue to see a tough competitive environment in the Enterprise segment in Brazil for our SaaS legacy solutions, which have partially offset Zenvia Customer Cloud top line growth. We believe the superior value offered by Zenvia Customer Cloud is key to better position us in this more competitive Enterprise segment, as evidenced by the first dozen projects implemented last quarter that will help improve overall SaaS metrics in the next coming quarters.

Q2 2025 Non-GAAP Adjusted Gross Profit from SaaS was up 5% YoY at BRL 44.7 million, while Non-GAAP Adjusted Gross Margin from SaaS was modestly up 0.9 p.p. to  55.4% as compared to 54.5% in the same period last year.

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 33% in Revenues, reaching      BRL 205.1 million in Q2 2025, its Non-GAAP Adjusted Gross Profit decreased 58%, leading to a Non-GAAP Adjusted Gross Margin of 11.8%. This lower profitability is explained by (i) continued competitive dynamic for clients with large volumes, and (ii) higher SMS costs resulting from carrier cost adjustments, which are being passed on to clients throughout the year. We expect to see normalized CPaaS margins closer to year-end.

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 23% YoY, mainly from SMBs. This performance brought the Non-GAAP Adjusted Gross Profit of the SaaS segment up by 5%, the first positive YoY increase in gross profit since Q2 24.

In the CPaaS business, we recorded once again high volumes leading to a 33% YoY revenue growth, but coming mostly from certain customers that currently have tight margins, which coupled with the higher SMS costs when compared to the same period last year had a negative effect on our gross profit and margins. We expect margins to normalize by year-end. We are confident that the strategy of maintaining clients at tighter margins will pay off in the middle and long term as we do not need to incur additional G&A expenses to manage them.

As a result, our Normalized EBITDA came in below our expectations at positive BRL 11 million in the quarter.

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 25% in our G&A expenses in H1 to BRL 48 million, bringing G&A as a percentage of revenues to 8.3%, down 6.2 percentage points from the 14.5% reported in the same period of 2024. This amount already reflects the approximately 15% workforce reduction announced in January, which is expected to generate cost savings of BRL 30 million to BRL 35 million in FY 2025.

As a result, Normalized EBITDA for the first half was positive BRL 31 million. While this performance was below our expectations, we are confident to be in the right direction to accelerate profitability in the second half of the year and create a solid foundation for 2026. Please refer to the reconciliation table for more details.

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

ir@zenvia.com

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 Latin America, Zenvia enables businesses of all segments to amplify brand presence, escalate sales, and elevate customer support, generating operational efficiency, productivity and results, all in one place. To learn more and get the latest updates, visit our website and follow our social media profiles on LinkedIn, Instagram, TikTok and YouTube.

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
acquired from business combinations

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.

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SOURCE Zenvia Inc.