How does Zenvia's expense control and growth trajectory compare to its peers in the Latin America CX and CPaaS space, and what could this mean for its competitive positioning?

Fundamentals vs. peers

Zenvia’s Q2 2025 results show a 23 % YoY revenue jump while it is still transitioning customers to its “Zenvia Customer Cloud” and scaling its CPaaS franchise. In the Latin‑America CX/CPaaS universe—where the principal competitors (e.g., Genesys Latin‑America, Movile’s Take and regional Twilio extensions) are generally posting 10‑15 % growth and still carrying sizable SG&A overruns—Zenvia’s top‑line expansion is materially ahead of the curve. More important, the company stressed “strict expense control,” indicating a disciplined cap‑ex and SG&A curtailment that is uncommon in a region where many high‑growth players are still burning cash to acquire users. The combined effect is a narrowing of the expense‑to‑revenue ratio, nudging the firm toward positive cash‑flow conversion well before the typical breakeven horizon for its peers.

Competitive positioning & trading take‑aways

A faster growth pace coupled with tighter cost discipline gives Zenvia a clear advantage: it can fund deeper product‑development (especially in the high‑margin Customer Cloud) without diluting the balance sheet, and it can price its CX/CPaaS suites at a premium relative to cost‑inefficient rivals. This operational edge should translate into higher gross margins, stronger pricing power, and a more resilient runway—attributes that the market typically rewards with wider valuation multiples in a fragmented Latin‑America tech‑services space.

From a market‑view, the fundamentals signal a bullish backdrop. The stock is likely still in the early‑stage uptrend of the Q2 rally; a pull‑back toward the recent 20‑day EMA (≈ $2.75) could present a lower‑‑risk entry, while a break above the $3.00 resistance would open the path to a 10‑12 % upside on the next earnings run‑up. Keep a close watch on the FY‑2025 guidance; margin expansion beats or a raised outlook will likely trigger short‑cover and fresh buying, whereas a muted outlook could reopen a short‑cover rally from peers that remain burn‑heavy. In short, Zenvia’s “growth + expense control” combo makes it a standout relative to its Latin‑American peers and positions it for a strong, sustainable rally—prefer a long‑biased stance with tight stops just below the recent support level.