CPaaS revenues kept fueling top line in the quarter
Transition to Zenvia Customer Cloud moving on as expected
Strict expense control with G&A-to-revenues improving 6.7p.p. to 8.0%
Normalized EBITDA of BRL 20.0 million
SÃO PAULO, July 2, 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 first quarter of 2025.
Cassio Bobsin, Founder & CEO of ZENVIA, said: “We have been fully focused on transitioning the company into the Zenvia Customer Cloud since its launch in October of last year. The ramp-up is expected to continue over the next few quarters and should be completed by year-end. In the meantime, we are also working on strengthening our partner ecosystem. 2025 is a transformative year for Zenvia, as we expect to begin reaping the results of all the investments made over the past few years.”
Shay Chor, CFO & IRO of ZENVIA, said: “Q1 2025 top-line performance was driven by continued strong CPaaS volume growth, along with moderate SaaS growth fueled by SMBs. Gross profit remains impacted by SMS cost adjustments that have not yet been passed on to clients—a process expected to take place gradually throughout the year. G&A, in turn, went down 24% YoY, partially offsetting gross profit reduction. The revenue increase, along with strict expense control, brought G&A-to-revenues to 8.0%, even including the severance costs incurred in the quarter. As a result, our Normalized EBITDA reached BRL 20 million, which is in line with our expectations and is expected to ramp up throughout the year. The rollout of the new strategic cycle announced in January is taking a toll on short term profitability, but we are steadily advancing efforts to boost our medium to long term performance.”
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Key Financial Metrics (BRL MM and %) |
Q1 2025 |
Q1 2024 |
YoY |
|
Revenues |
295.9 |
212.6 |
39.2 % |
|
Gross Profit |
61.7 |
80.9 |
-23.7 % |
|
Gross Margin |
20.8 % |
38.0 % |
-17.2p.p. |
|
Non-GAAP Adjusted Gross Profit(1) |
74.2 |
93.6 |
-20.8 % |
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Non-GAAP Adjusted Gross Margin(2) |
25.1 % |
44.0 % |
-19.0p.p. |
|
Operating Income/Loss (EBIT) |
-2.2 |
-9.4 |
-76.4 % |
|
Adjusted EBITDA(3) |
19.9 |
13.4 |
47.7 % |
|
Normalized EBITDA(4) |
20.0 |
23.5 |
-15.1 % |
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Income/Loss for the Period |
3.7 |
-55.9 |
n.m. |
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Cash Balance |
86.1 |
71.5 |
20.5 % |
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Net Cash Flow from (used in) Operating Activities |
7.4 |
-12.9 |
-157.5 % |
|
Total Active Customers(5) |
10,462 |
13,257 |
-21.1 % |
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(1) For a reconciliation of our Non-GAAP Gross Profit to Gross Profit, see Selected Financial Data section below. |
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(2) We calculate Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by Revenues. |
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(3) For a reconciliation of our Adjusted EBITDA to Loss for the Period, see Selected Financial Data section below. |
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(4) For a reconciliation of our Normalized EBITDA to Loss for the Period, see Selected Financial Data section below. |
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(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. |
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Highlights Q1 2025
- Revenues totaled BRL 296 million, up 39% when compared to BRL 213 million in Q1 2024, as a result of CPaaS (+58%) YoY expansion, mostly due to higher SMS volumes with large clients who have lower margins. SaaS revenues increased 5%, mostly from SMB customers.
- Non-GAAP Adjusted Gross Profit reached BRL 74 million, down 21% YoY, while Non-GAAP Adjusted Gross Margin landed at 25%. This decrease is mainly explained by:
(i) Higher CPaaS mix in the period, due to strong volume growth with lower margins, combined with increased SMS costs from carriers in January, which is expected to be passed on to prices throughout the year.
(ii) Lower SaaS margins impacted by the transition to Zenvia Customer Cloud, as we are still ramping up the business. - Total active customers were 10.5k, being 5.7k from SaaS and 4.8k from CPaaS, stable on a sequential basis when compared to Q4 2024.
- G&A Expenses went down 24% YoY in Q1 to BRL 24 million, bringing G&A as a percentage of revenues to 8.0%, down 6.7 percentage points from the 14.7% reported in the same period of 2024. It is worth noting that this amount includes the ˜BRL 8 million in severance costs incurred in Q1 2025.
- Normalized EBITDA was positive BRL 20 million in the quarter, down 15.1% from Q1 2024, mainly due to the lower gross profit from the CPaaS segment as a result of the higher SMS costs not yet passed on to clients. Please refer to the reconciliation table for more details.
SaaS Business
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SaaS Key Operational & Financial Metrics (BRL MM and %) |
Q1 2025 |
Q1 2024 |
YoY |
|
Revenues |
80.7 |
76.8 |
5.1 % |
|
Gross Profit |
30.9 |
30.6 |
0.9 % |
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Gross Margin |
38.2 % |
39.8 % |
-1.6p.p. |
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Non-GAAP Adjusted Gross Profit(1) |
43.4 |
43.4 |
0.0 % |
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Non-GAAP Adjusted Gross Margin(2) |
53.7 % |
56.4 % |
-2.7p.p. |
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Total Active Customers(3) |
5,668 |
7,139 |
-20.6 % |
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(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. |
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(2) We calculate the Non-GAAP Adjusted Gross Margin of our SaaS business segment by dividing its Non-GAAP Gross Profit by its Revenues. |
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(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. |
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Our SaaS business is going through a transition phase with the rollout of Zenvia Customer Cloud, which is impacting the margins as it is still in its ramp-up phase and is expected to keep scaling over the next few quarters. Revenues went up 5% YoY in Q1 2025 to BRL 80.7 million from BRL 76.8 million in Q1 2024, primarily from SMB customers, despite a smaller total client base. It is worth noting that revenues from Zenvia Customer Cloud solutions increased 15% YoY, and are expected to increase even more as we ramp up the business. Q1 2025 Non-GAAP Adjusted Gross Profit in turn was flat YoY at BRL 43.4 million, while Non-GAAP Adjusted Gross Margin from SaaS went down 2.7 percentage points to 53.7%.
CPaaS Business
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CPaaS Key Operational & Financial Metrics (BRL MM and %) |
Q1 2025 |
Q1 2024 |
YoY |
|
Revenues |
215.2 |
135.8 |
58.5 % |
|
Non-GAAP Adjusted Gross Profit(1) |
30.8 |
50.3 |
-38.7 % |
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Non-GAAP Adjusted Gross Margin(2) |
14.3 % |
37.0 % |
-22.7p.p. |
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Total Active Customers(3) |
4,794 |
6,458 |
-25.8 % |
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(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. |
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(2) We calculate the Non-GAAP Adjusted Gross Margin of our CPaaS business segment by dividing its Non-GAAP Gross Profit by its Revenues. |
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(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. |
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While the CPaaS business reported strong volumes and a YoY increase of 58% in Revenues, reaching BRL 215.2 million in Q1 2025, its Non-GAAP Adjusted Gross Profit decreased 39%, leading to a Non-GAAP Adjusted Gross Margin of 14.3%. This lower profitability is explained by the higher SMS costs resulting from carrier cost adjustment that have not yet been passed on to our customers. These adjustments will be made throughout the year, when we expect to see normalized margins. It’s also worth noting that most of the revenue growth came from customers with tighter margins, a strategic choice in a competitive environment that we expect to yield results over the medium to long term as we strengthen these relationships.
Consolidated Financial …