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
- Revenues totaled BRL 286 million, up 24% when compared to BRL 231 million in Q2 2024, as a result of CPaaS (+33%) YoY expansion, mostly related to higher SMS volumes with large wholesale clients who have lower margins coupled with newer clients. SaaS revenues, in turn, went up by 3%, mainly driven by Zenvia Customer Cloud, partially offset by the performance of Enterprise clients.
- Non-GAAP Adjusted Gross Profit reached BRL 69 million, while Non-GAAP Adjusted Gross Margin landed at 24%. This performance is mainly explained by:
(i) SaaS gross profit increase in the period for the first time since Q2 2024, driven by the 23% increase in Zenvia Customer Cloud revenues which carry higher margins, coupled with a smaller but more profitable client base, including both SMBs and Enterprises.
More than offset by:
(ii) Lower profitability in CPaaS, stemming from strong volume growth with low margins.
- As a result of these effects, and despite the 27% YoY reduction in G&A in the period, normalized EBITDA was down 68% from Q2 2024, totaling positive BRL 11 million in the quarter. Please refer to the reconciliation table at the end of this report for more details.
Highlights H1 2025
- Revenues totaled BRL 582 million, up 31% when compared to BRL 444 million in H1 2024, as a result of CPaaS (+45%) YoY expansion, mostly due to higher SMS volumes with new and large clients who have lower margins. SaaS revenues went up 4%, mostly from SMB customers, aligned to our strategy of ramping up Zenvia Customer Cloud.
- Non-GAAP Adjusted Gross Profit reached BRL 143 million, down 26% YoY, while Non-GAAP Adjusted Gross Margin landed at 25%.
- G&A Expenses went down 25% YoY 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. The BRL 16 million G&A reduction YoY in H1 2025 puts us on track to reaching the BRL 30-35 million reduction expected for the year.
- As a result of all these effects, normalized EBITDA was positive BRL 31 million in the first half of the year. Please refer to the reconciliation table at the end of this report for more details.
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 …