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- **Revenue Growth**: Q2 24% YoY driven by CPaaS (33%) and Zenvia Customer Cloud (23% YTD). 
- **Profitability Challenges**: Consolidated gross margin at 24% due to low-margin CPaaS (72% of revenue). 
- **SaaS Momentum**: Zenvia Consumer Cloud on track for BRL 200M+ with 70%+ gross margin, 80% QoQ usage growth. 
- **Franchise Expansion**: 34 franchisees active in Brazil, contributing 15% of new MRR. 
- **Long-Term Vision**: Transitioning to high-margin AI SaaS, reducing reliance on volatile CPaaS.

**【CFO Financial Commentary】**
- Q2 2025 revenue grew 24% YoY, driven by CPaaS (33% growth) and Zenvia Customer Cloud (23% YTD). 
- Consolidated adjusted gross profit fell to BRL 69M (24% margin), pressured by low-margin CPaaS (72% of revenue). 
- SaaS gross profit improved 5% YoY to BRL 45M (55% margin), benefiting from Zenvia Consumer Cloud adoption. 
- G&A expenses decreased 25% YoY to BRL 48M, with G&A/Revenue ratio at 8.3% (down from 14.5% in Q2 2024). 
- Normalized EBITDA was BRL 11M (below expectations), but trailing 12-month EBITDA remained stable at BRL 100M. 
- Company expects CPaaS margins to normalize near 20% by Q4 and overall profitability recovery by year-end. 
- Exploring divestments of non-core assets to deleverage balance sheet. 

**【CEO Commentary】**
- Zenvia Consumer Cloud onM+ revenue in  track for BRL 2002025, with 23% YTD growth and 70%+ gross margin target. 
- Franchise channel now contributes 15% of new MRR in Brazil, with 34 franchisees active (0 in Q1). 
- Enterprise adoption of Zenvia Consumer Cloud accelerating, with longer sales cycles but higher quality clients. 
- CPaaS remains competitive but essential for EBITDA generation; expects margin stabilization by Q4. 
- Long-term vision to transition to high-margin AI-driven SaaS, reducing reliance on volatile CPaaS. 

**【Q&A Highlights】**
- Zenvia Consumer Cloud usage up 80% QoQ, signaling strong customer engagement. 
- Franchise model expected to become primary growth driver for SaaS in coming quarters. 
- CPaaS cost increases from carriers being passed through to clients, with full impact expected by Q4. 
- Divestment strategy focused on optimizing capital structure for Zenvia Consumer Cloud expansion. 
- 2-3 year outlook: Transition to AI SaaS leader with sticky, high-margin recurring revenue streams.

Zenvia Inc. (ZENV) Q2 2025 Earnings Call Transcript

- **Revenue Surge**: 39% YoY growth driven by 58% CPaaS expansion
- **Margin Challenges**: 21% gross profit decline due to low-margin CPaaS mix and ZCC transition
- **Cost Control**: 24% G&A reduction supports EBITDA stabilization
- **ZCC Momentum**: 15% Q1 growth, targeting 25-30% annual expansion
- **Latin America Focus**: 40% of ZCC+ revenue from region, BRL 50M 2025 target
- **Deleveraging Efforts**: Streamlining operations and exploring asset sales to reduce leverage

**【CFO Financial Commentary】**
- **Revenue Growth**: Q1 2025 revenue rose 39% YoY to BRL 299 million, driven by 58% YoY growth in CPaaS (73% of total revenue) and 5% YoY growth in SaaS (27% of revenue). 
- **Gross Profit Decline**: Adjusted gross profit fell 21% YoY to BRL 74 million due to:
  - Higher CPaaS mix with lower margins
  - 15% YoY increase in SMS costs from carriers
  - Transition costs for Zenvia Customer Cloud
- **Cost Efficiency**: G&A expenses dropped 24% YoY to BRL 24 million (8% of revenue vs. 14.7% prior year), reflecting 15% workforce reduction.
- **EBITDA**: Normalized EBITDA of BRL 20 million (excluding BRL 8 million one-time severance) aligns with expectations, with recurring EBITDA estimated at BRL 25-30 million.

**【CEO Strategic Remarks】**
- **Zenvia Customer Cloud**: 
  - 15% YoY growth in Q1 (includes new and migrated clients)
  - Target 25-30% annual growth
  - Cross-adoption rate 15x higher than legacy solutions
  - 40% of ZCC+ revenue from Latin America
- **Franchise Model**: 30+ franchises contracted in Q1, with focus on Latin America expansion
- **AI Integration**: Using AI to improve customer engagement and internal efficiency
- **Deleveraging**: Aiming to reduce leverage through asset sales, liability management, and EBITDA growth

**【Q&A Highlights】**
- **CPaaS Growth**: Driven by marketing campaigns, not AI. Q2 growth expected to slow but remain strong (high 20% YoY)
- **Customer Churn**: Low for core ZCC solutions (1-2%), higher for legacy systems
- **Latin America**: Target BRL 50 million in 2025 revenue (50% YoY growth)
- **Asset Sales**: Exploring opportunistic divestitures to optimize capital structure

Zenvia Inc. (ZENV) Q1 2025 Earnings Call Transcript

- **Customer Cloud Dominance**: 25%-30% growth expected in 2025, with BRL180 million FY24 revenue and 68%-70% gross margin target.
- **AI-Driven Pricing Shift**: Transitioning to per-interaction pricing, reducing reliance on human agents and boosting efficiency.
- **Financial Recovery Plan**: 2025 EBITDA improvement through cost savings (BRL30-35M from headcount cuts) and margin normalization post-Q4 one-time costs.
- **Market Expansion**: International clients (20% of Customer Cloud users) validate growth, with CPaaS growth moderating to 5%-8% in 2025.
- **AI Adoption Surge**: Complex customer journeys using AI and historical data driving engagement, with franchise partnerships scaling sales.

**【CEO Summary Section】**
- Introduced Zenvia Customer Cloud, a unified AI-driven platform for customer experience, generating BRL180 million in FY24 revenue.
- Projected 25%-30% growth for Customer Cloud in 2025, targeting 68%-70% gross margin and positive EBITDA.
- Shifted to volume-based pricing model, charging per customer interaction, reducing reliance on human agents.
- Expanded international presence in Argentina and Mexico, contributing 20% of Customer Cloud clients.
- Emphasized AI integration for personalized customer journeys and workflow automation.

**【CFO Financial Commentary】**
- Q4 2024 revenue: BRL231 million (+7% YoY), driven by CPaaS growth offsetting SaaS decline.
- Adjusted gross margin: 21% (down from 26% YoY) due to CPaaS cost adjustments and SaaS margin pressure.
- EBITDA (excluding one-time items): BRL35 million (-6% YoY), but expects normalization in 2025.
- FY24 EBITDA missed guidance due to margin compression, but 2025 outlook includes cost savings from headcount reduction and AI automation.
- Ended FY24 with BRL117 million cash and EBITDA minus CapEx improving by BRL26 million YoY.

**【Q&A Key Highlights】**
- Customer Cloud growth will outpace legacy SaaS/CPaaS, with minimal cannibalization as it targets new use cases.
- 2025 CPaaS growth expected to moderate to 5%-8% after 2024's 25% surge.
- No dividend plans; prioritizing debt deleveraging and capital structure optimization.
- AI adoption accelerating in complex customer journeys, e.g., combining transaction history with automated agents.
- Franchise model partnerships to expand sales channels, focusing on vertical-specific expertise.
- 2025 targets: improve EBITDA vs. 2024, deleverage balance sheet, and achieve SaaS gross margin recovery to 45%-50%.
- Monitoring debt repayment flexibility via bank grace periods and selective asset divestments.

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