Preheat oven to 325°F. Spread shredded coconut on a baking sheet in an even layer and toast for 5-7 minutes, stirring every 2 minutes, until deeply golden. Set aside to cool completely.
Preheat your waffle iron according to manufacturer's instructions. In a large bowl, whisk together flour, sugar, baking powder, and salt until evenly combined.
In a separate bowl, beat the eggs lightly, then whisk in the milk, melted coconut oil, and vanilla extract until smooth.
Pour the wet ingredients into the dry ingredients and stir just until combined with a few lumps remaining. Fold in the cooled toasted coconut.
Whip the heavy cream to soft peaks using a hand mixer or whisk. Gently fold the whipped cream into the batter until just incorporated, being careful not to deflate it.
Let the batter rest for 5 minutes to allow the coconut and flour to absorb moisture. The batter should be thick but pourable.
Lightly grease the waffle iron if needed. Pour the recommended amount of batter for your waffle maker, close the lid, and cook until steam stops escaping and the waffle is golden brown, about 4-5 minutes.
Transfer each finished waffle to a wire rack in a single layer to maintain crispiness. Serve immediately or keep warm in a 200°F oven until ready to serve.
