Zenvia Inc.

Q2 2025 revenue grew 24% year over year. Consolidated adjusted gross profit was BRL 69 million and consolidated gross margin was 24%, which management said was stable versus Q1 but down due to CPaaS pressure. SaaS adjusted gross profit rose 5% year over year to BRL 45 million, with SaaS adjusted gross margin up 1 percentage point to 55%; CPaaS revenue increased 33% but margins were pressured by lower-margin volume and carrier cost increases. Normalized EBITDA came in at BRL 11 million. For the first half, G&A expenses declined 25% to BRL 48 million, or about BRL 40 million excluding Q1 severance. Forward-looking, management reiterated Zenvia Customer Cloud guidance of about BRL 200 million in revenue, growth of around 25%, and gross margin close to 70%, and said CPaaS margins should normalize closer to 20% by Q4. They also said the company expects profitability to gradually recover and return to a more normalized level by the end of the year.

Cassio Bobsin said the company is executing a new strategic cycle with Zenvia Consumer Cloud at the core and that the product is showing early signs of traction. He highlighted stronger usage, saying Q2 total usage increased around 80% versus Q1, and noted the franchise model is already contributing around 15% of new MRR in Brazil. His tone was optimistic and long-term focused, framing the business as moving toward a more integrated AI CX SaaS platform with stickier, more recurrent revenue.

Shay Chor emphasized that the quarter followed the same trend as Q1: strong revenue growth, but pressure on profitability from a highly competitive CPaaS market. He cited consolidated adjusted gross profit of BRL 69 million, gross margin of 24%, normalized EBITDA of BRL 11 million, and G&A down BRL 9 million or 27% year over year, bringing G&A to 9% of revenue in the quarter and 8.3% in the first half. He said trailing 12-month normalized EBITDA is close to BRL 100 million, with BRL 35 million to BRL 40 million of CapEx leaving about BRL 60 million to BRL 65 million of cash flow for debt service, which he said puts the company close to breakeven by year-end. He also said the company is reviewing divestiture options to help delever the balance sheet, but provided no valuation or transaction specifics.

Analysts asked for more color on Zenvia Consumer Cloud guidance, franchise traction, CPaaS margin recovery, enterprise dynamics, cash flow, and potential divestitures. Management reiterated the BRL 200 million revenue target and roughly 70% gross margin for Zenvia Consumer Cloud, said the business is growing close to 25% as planned, and noted the franchise channel is still early but already represents around 15% of new MRR in Brazil. On CPaaS, they said the market is unusually competitive and margin pressure should ease toward Q4 as carrier cost increases are passed through, though the business remains volatile and commoditized. On divestitures, management said they are looking opportunistically to delever the balance sheet but would not discuss specific assets, timing, or valuation.