Zenvia Inc. (NASDAQ: ZENV), specializing in cloud-based CX solutions that enable companies to create personal, engaging, and seamless experiences throughout the customer journey, today reported its operational and financial metrics for the second quarter of 2025.
Cassio Bobsin, founder and CEO of ZENVIA, said: “I am pleased to share that our strategy of focusing on Zenvia Customer Cloud is beginning to bear fruit. Revenues from these services grew 23% compared to the previous year, and we are seeing strong adoption among new customers starting to work with the solution. Additionally, our SaaS customer base also increased sequentially. This performance reinforces our confidence that we will achieve 25% to 30% growth in Zenvia Customer Cloud in 2025”.
Shay Chor, CFO and IRO of ZENVIA, said:“Although we are advancing the evolution of Zenvia Customer Cloud and implementing streamlining initiatives as planned, we remain in a highly volatile market environment, marked by strong competition, especially in CPaaS, which pressured our profitability this quarter. Nevertheless, we remain confident that the ongoing actions, combined with the growth of our new solution, will support a gradual recovery, allowing us to return to normalized profitability levels by year-end and lay solid foundations for 2026”.
| Key Financial Metrics(R$ million and %) | 2T2025 | 2T2024 | A/A | 1S2025 | 1S2024 | A/A |
| Revenue | 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. |
| Adjusted Non-GAAP Gross Profit | 68.8 | 100.2 | -31.3% | 143.0 | 193.8 | -26.2% |
| Adjusted Non-GAAP Gross Margin (1) | 24.1% | 43.3% | -19.3 p.p. | 24.6% | 43.7% | -19.1 p.p. |
| Operating Profit/Loss (EBIT) | -10.2 | 10.0 | – | -12.5 | 0,3 | – |
| Adjusted EBITDA | 10.7 | 33.6 | -68.1% | 30.6 | 46.7 | -34.5% |
| Normalized EBITDA | 10.8 | 33.7 | -67.9% | 30.8 | 56.8 | -45.8% |
| Net Profit/Loss | -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% |
| Cash Flow from (used in)operating activities | -25.0 | 18.1 | – | -17.6 | 5,3 | – |
| Total Active Customers (2) | 9,718 | 11,849 | -18.0% | 9,718 | 11,849 | -18.0% |
- We calculate Adjusted Non-GAAP Gross Margin as Adjusted Non-GAAP Gross Profit divided by revenue.
- We define Active Customer as an account (based on a CNPJ) at the end of any period that has been a source of any revenue in the previous three months. Customers that did not generate revenue in the previous three months are classified as Inactive Customers.
- 2Q 2025 Highlights
- Revenues totaled R$286 million, a 24% increase compared to R$231 million in
2Q 2024, driven by CPaaS expansion (+33% YoY) primarily related to higher SMS volumes with large customers that have lower margins. - Adjusted Non-GAAP Gross Profit reached R$69 million, while Adjusted Non-GAAP Gross Margin stood at 24%.
- Although the CPaaS business posted robust volumes and revenue growth, profitability was impacted by more intense competitive dynamics among high-volume customers. We expect CPaaS margins to normalize by the end of 2025.
- SaaS revenues, in turn, grew 3%, driven primarily by Zenvia Customer Cloud, partially offset by Enterprise customer performance. Zenvia Customer Cloud revenues grew 23% in the first half of 2025 compared to the first half of 2024, and are expected to increase further as our customers expand adoption of our solutions. Zenvia’s SaaS business is still in transition following the launch of Zenvia Customer Cloud in October of last year, and while this transition is exerting temporary pressure on margins, expectations point to a trajectory of continued growth and improved profitability over the coming periods, with the first signs of progress already visible this quarter.
- As a result of these effects, and despite a 27% YoY reduction in general and administrative expenses this quarter, normalized EBITDA fell 68% compared to 2Q 2024, totaling R$11 million.
1H 2025 Highlights
- First-half results are very similar to second-quarter results, with strong expansion in the CPaaS business amid margin pressure, along with the evolution of Zenvia Customer Cloud beginning to drive SaaS business.
- Revenues totaled R$582 million, a 31% increase compared to R$444 million in 1H 2024, driven by CPaaS expansion (+45% YoY), primarily explained by higher SMS volumes with new and large corporate customers with lower margins. SaaS revenues grew 4%, primarily from SMBs, aligned with our strategy of focusing on Zenvia Customer Cloud growth.
- Adjusted Non-GAAP Gross Profit reached R$143 million, while Adjusted Non-GAAP Gross Margin stood at 25%.
- This performance was offset by a 25% YoY reduction in general and administrative expenses (G&A), totaling R$48 million in the first half. As a result, G&A as a percentage of revenue reached 8.3%, a 6.2-percentage-point reduction compared to the 14.5% reported in the same period in 2024. This R$16 million reduction in G&A in the first half of 2025 positions us well to achieve the target of R$30 to R$35 million in expense reductions for the year.
- As a result of all these effects, normalized EBITDA was positive at R$31 million in the first half of the year.
