Zevia Announces Third Quarter 2026 Results

Nine-month operating cash flow turned positive, while the raised annual outlook assumes lower incremental fuel and aluminum costs.

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Exceeds Net Sales and Profitability Guidance
Delivers Net Sales Growth of 18%
Raises 2026 Net Sales and Adjusted EBITDA Outlook

LOS ANGELES--(BUSINESS WIRE)-- Zevia PBC (“Zevia” or the “Company”) (NYSE: ZVIA), the Company that provides naturally delicious, zero sugar, better-for-you beverages, today reported results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights

• Net sales grew 18.4% year over year to $48.3 million
• Gross profit margin was 46.4%, an improvement of 0.8 percentage points year over year
• Net loss was $2.2 million, or $0.03 per share to Zevia’s Class A Common stockholders, including $1.0 million of non-cash equity-based compensation expense, an improvement in net loss of $0.7 million year over year
• Adjusted net loss was $2.1 million⁽¹⁾
• Adjusted EBITDA loss was $0.9 million⁽¹⁾, an improvement of $0.8 million year over year

“Our better-than-expected third quarter results, combined with strong execution against our key focus areas and encouraging proof points across the business, reinforce our confidence in Zevia’s trajectory,” said Alexandre Ruberti, President and CEO of Zevia. “With a stronger foundation, significant liquidity and additional capital, we are entering an exciting new chapter for our business. We believe we now have the resources, momentum and strategic plan to accelerate our growth and create shareholder value over the long term.”

Third Quarter 2026 Results

Net sales increased 18.4% to $48.3 million in the third quarter of 2026 compared to $40.8 million in the third quarter of 2025 due to an increase in volume of 14.4%, associated with our national rotation in the club channel and strength in our e-commerce channels, and pricing actions.

Gross profit margin was 46.4% in the third quarter of 2026 compared to 45.6% in the third quarter of 2025, an improvement of 0.8 percentage points. The increase reflects pricing actions and the lapping of a $0.8 million write-down related to obsolete inventory associated with the package redesign in the third quarter of 2025, partially offset by higher aluminum costs.

Selling and marketing expenses were $15.1 million, or 31.3% of net sales, in the third quarter of 2026 compared to $12.7 million, or 31.0% of net sales, in the third quarter of 2025. Selling expenses were $8.0 million, or 16.5% of net sales, in the third quarter of 2026 compared to $7.7 million, or 18.9% of net sales, in the third quarter of 2025, an increase of $0.3 million driven by higher freight from increased volume and fuel rates, partially offset by savings in warehousing costs.

Marketing expenses were $7.2 million, or 14.8% of net sales, in the third quarter of 2026 compared to $4.9 million, or 12.1% of net sales, in the third quarter of 2025, an increase of $2.2 million reflecting increased investments to drive brand awareness.

General and administrative expenses were $8.3 million, or 17.1% of net sales, in the third quarter of 2026 compared to $7.7 million, or 18.8% of net sales, in the third quarter of 2025. The increase was primarily driven by higher personnel-related costs and higher accrued variable compensation, partially offset by lower professional services expenses.

Equity-based compensation, a non-cash expense, was $1.0 million in the third quarter of 2026, compared to $0.9 million in the third quarter of 2025.

Net loss in the third quarter of 2026 was $2.2 million, compared to net loss of $2.8 million in the third quarter of 2025.

(1)

Adjusted Net Loss and Adjusted EBITDA are non-GAAP financial measures. See the supplementary schedules in this press release for a discussion of how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measures.

Loss per share in the third quarter of 2026 was $0.03 to Zevia’s Class A Common stockholders, compared to loss per share of $0.04 in the third quarter of 2025.

Adjusted net loss in the third quarter of 2026 was $2.1 million, compared to an adjusted net loss of $2.8 million in the third quarter of 2025, which excludes restructuring and certain litigation costs, as applicable.

Adjusted EBITDA loss was $0.9 million in the third quarter of 2026, compared to Adjusted EBITDA loss of $1.7 million in the third quarter of 2025.

Adjusted net loss and Adjusted EBITDA are non-GAAP financial measures. See the supplementary schedules in this press release for a discussion of how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measure.

Balance Sheet

As of September 30, 2026, the Company had $29.5 million in cash and cash equivalents and no outstanding debt, as well as an undrawn $20 million revolving credit facility.

2026 Outlook

“We delivered a strong quarter, raised our outlook and announced a growth equity investment that strengthens our ability to accelerate our strategic reset,” said Girish Satya, Chief Financial Officer of Zevia. “With greater flexibility to invest in innovation, portfolio expansion, distribution and brand building, we believe we are well positioned to move faster against our growth priorities and capture the opportunities ahead. We remain focused on disciplined execution and creating sustainable long-term value for all shareholders and other stakeholders.”

For the full year 2026, the Company now expects net sales to be in the range of $177 million to $179 million, and Adjusted EBITDA between breakeven and a loss of $0.4 million. The Company’s updated guidance assumes approximately $8.5 million in incremental costs related to elevated fuel prices and higher aluminum related costs, versus the Company’s prior expectation of $11 million.

For the fourth quarter of 2026, the Company expects net sales to be in the range of $37.5 million to $39.5 million, and an Adjusted EBITDA loss of between $0.5 million and $0.9 million.

We have not provided the forward-looking GAAP equivalent to our Adjusted EBITDA outlook or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items such as equity-based compensation, income tax, certain litigation expenses, and charges associated with restructuring and cost saving initiatives, including but not limited to severance costs, warehouse/distribution facility exit costs, and asset impairments. Accordingly, a reconciliation of this non-GAAP guidance metric to its corresponding GAAP equivalent is not available without unreasonable effort. These items are inherently variable and uncertain and depend on various factors, some of which are outside of the Company’s control or ability to predict. However, it is important to note that the reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP metrics in tables at the end of this release. For more information regarding the non-GAAP financial measures discussed in this earnings release, please see “Reconciliation of GAAP to non-GAAP Financial Results” below.

Subsequent Events

Subsequent to quarter end, on October 22, 2026, the Company announced that it has entered into a definitive agreement with a fund managed by GP Investments Ltd. to issue convertible preferred stock in exchange for $20 million of growth equity, representing an important milestone in the Company's evolution and providing additional capital and strategic resources to accelerate its medium- and long-term growth agenda.

Webcast

The Company will also host a conference call to discuss its results at 4:30 p.m. Eastern Time today. Investors and other interested parties may listen to the webcast of the conference call by logging on via the Investor Relations section of Zevia’s website at https://investors.zevia.com/. Those who wish to participate in the call may do so by dialing (877) 423-9813 or (201) 689-8573 for international callers, conference ID 13762906. A replay of the webcast will be available for approximately thirty (30) days following the call at Zevia’s website at https://investors.zevia.com/.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “anticipate,” “believe,” “consider,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “look ahead,” “may,” “on track,” “outlook,” “plan,” “potential,” “predict,” “project,” “pursue,” “see,” “seek,” “should,” “target,” “will,” “would,” or the negative of these words or other similar words, terms or expressions with similar meanings. Forward-looking statements should not be read as a guarantee of future performance, results or outcomes and will not necessarily be accurate indications of the times at, or by, which such performance, results or outcomes will be achieved. Forward-looking statements contained in this press release relate to, among other things, statements regarding financial guidance or outlook, long-term growth and profitability plans and opportunities, future results of operations or financial condition, strategic direction, plans and objectives of management for future operations, including branding and marketing, distribution expansion, product innovation, the strategic investment by GP Investments, expectations for aluminum and fuel costs and expected benefits of cost efficiencies. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, our ability to mitigate the impact of tariffs, the ability to develop and maintain our brand, our ability to successfully execute on our rebranding strategy, cost reduction initiatives, and to compete effectively, our ability to maintain supply chain service levels, any disruption of our supply chain or product demand, changes in the retail landscape or in sales to any key customer, changes in consumer preferences and/or behaviors, pricing factors, our ability to manage changes in our workforce, future cyber incidents and other disruptions to our information systems, failure to comply with personal data protection and privacy laws, the impact of inflation on our sales growth and cost structure such as increased commodity, packaging, transportation and freight, warehouse, labor and other input costs and other economic conditions, our reliance on contract manufacturers and service providers, competitive and governmental factors outside of our control, adverse global macroeconomic conditions, including relatively high interest rates and a recessionary environment, changes in trade policies or tariffs and other tariff-related developments, geopolitical events or conflicts, including the military conflicts in the Middle East and trade tensions between the U.S. and China, public health emergencies, our ability to maintain our listing on the New York Stock Exchange, failure to adequately protect our intellectual property rights or infringement on intellectual property rights of others, potential liabilities, and costs from litigation, claims, legal or regulatory proceedings, inquiries or investigations that may cause our business, strategy or actual results to differ materially from those expressed in the forward-looking statements. We do not intend and undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Investors are referred to our filings with the U.S. Securities and Exchange Commission for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.

About Zevia

Zevia PBC is a Delaware public benefit corporation and Certified B Corporation offering a portfolio of naturally sweetened, better-for-you beverages made with simple, plant-based ingredients. Zevia® products are Non-GMO Project Verified, gluten-free, and vegan, and are distributed in more than 41,500 retail locations in the U.S. and Canada through a diverse network of major retailers in the grocery, drug, warehouse club, mass, natural, convenience and ecommerce channels.

(ZEVIA-F)

ZEVIA PBC
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
(in thousands, except share and per share amounts)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net sales		$	48,343			$	40,844			$	139,436			$	123,391
Cost of goods sold			25,902				22,227				72,680				64,049
Gross profit			22,441				18,617				66,756				59,342
Operating expenses:			​				​				​				​
Selling and marketing			15,145				12,665				42,742				41,363
General and administrative			8,259				7,673				25,878				22,733
Equity-based compensation			1,035				950				4,008				2,663
Depreciation and amortization			163				202				514				690
Restructuring			—				—				1,037				2,169
Total operating expenses			24,602				21,490				74,179				69,618
Loss from operations			(2,161	)			(2,873	)			(7,423	)			(10,276	)
Other (expense) income, net			(2	)			(7	)			33				432
Loss before income taxes			(2,163	)			(2,880	)			(7,390	)			(9,844	)
(Benefit from) provision for income taxes			(5	)			(32	)			45				26
Net loss and comprehensive loss			(2,158	)			(2,848	)			(7,435	)			(9,870	)
Loss attributable to noncontrolling interest			49				162				253				1,261
Net loss attributable to Zevia PBC		$	(2,109	)		$	(2,686	)		$	(7,182	)		$	(8,609	)
			​				​				​				​
Net loss per share attributable to common stockholders			​				​				​				​
Basic		$	(0.03	)		$	(0.04	)		$	(0.10	)		$	(0.13	)
Diluted		$	(0.03	)		$	(0.04	)		$	(0.10	)		$	(0.13	)
			​				​				​				​
Weighted average common shares outstanding			​				​				​				​
Basic			72,139,840				67,326,383				70,740,810				65,552,688
Diluted			72,139,840				67,326,383				70,740,810				65,552,688

ZEVIA PBC
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
		September 30, 2026				December 31, 2025
ASSETS			​				​
Current assets:			​				​
Cash and cash equivalents		$	29,513			$	25,354
Accounts receivable, net			10,073				11,106
Inventories			15,142				20,393
Prepaid expenses and other current assets			1,866				1,367
Total current assets			56,594				58,220
Property and equipment, net			826				867
Right-of-use assets under operating leases, net			137				549
Intangible assets, net			3,093				3,135
Other non-current assets			1,980				849
Total assets		$	62,630			$	63,620
LIABILITIES AND EQUITY			​				​
Current liabilities:			​				​
Accounts payable		$	18,661			$	17,565
Accrued expenses and other current liabilities			11,607				9,786
Current portion of operating lease liabilities			187				668
Total current liabilities			30,455				28,019
Total liabilities			30,455				28,019
			​				​
Stockholders’ equity			​				​
Class A common stock			71				67
Class B common stock			6				8
Additional paid-in capital			181,425				182,226
Accumulated deficit			(138,444	)			(131,262	)
Total Zevia PBC stockholders’ equity			43,058				51,039
Noncontrolling interests			(10,883	)			(15,438	)
Total equity			32,175				35,601
Total liabilities and equity		$	62,630			$	63,620

ZEVIA PBC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(in thousands)
		Nine Months Ended September 30,
		2026				2025
Operating activities:			​				​
Net loss		$	(7,435	)		$	(9,870	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:			​				​
Non-cash lease expense			412				412
Depreciation and amortization			514				690
Loss on disposal of property, equipment and software, net			5				7
Amortization of debt issuance cost			75				57
Equity-based compensation			4,008				2,663
Changes in operating assets and liabilities:			​				​
Accounts receivable, net			1,033				(1,813	)
Inventories			5,251				4,490
Prepaid expenses and other assets			(499	)			100
Accounts payable			1,207				(1,573	)
Accrued expenses and other current liabilities			1,375				1,124
Operating lease liabilities			(481	)			(483	)
Net cash provided by (used in) operating activities			5,465				(4,196	)
Investing activities:			​				​
Purchases of property, equipment and software			(563	)			(226	)
Net cash used in investing activities			(563	)			(226	)
Financing activities:			​				​
Proceeds from exercise of stock options			1				59
Financing costs paid			(548	)			(261	)
Payment of debt issuance costs			(195	)			—
Net cash used in financing activities			(743	)			(202	)
Net change from operating, investing, and financing activities			4,159				(4,624	)
Cash and cash equivalents at beginning of period			25,354				30,653
Cash and cash equivalents at end of period		$	29,513			$	26,029

Use of Non-GAAP Financial Information

We use Adjusted Net Loss and Adjusted EBITDA, financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company’s management believes that Adjusted Net Loss and Adjusted EBITDA, when taken together with our financial results presented in accordance with GAAP, provide meaningful supplemental information regarding our operating performance and facilitate internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted Net Loss is useful to investors because it provides a supplemental view of our operating results by excluding restructuring expenses and certain litigation expenses that management does not believe are reflective of our ongoing operating performance, and the use of Adjusted EBITDA is helpful as it is a measure used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes.

We calculate Adjusted Net Loss as net loss adjusted to exclude: (1) restructuring expenses, and (2) certain litigation expenses.

We calculate Adjusted EBITDA as net loss adjusted to exclude: (1) other (expense) (income), net, which includes interest (income) expense and foreign currency (gains) losses, (2) (benefit) from provision for income taxes, (3) depreciation and amortization, (4) equity-based compensation, (5) restructuring expenses, and (6) certain litigation expenses. Also, Adjusted EBITDA may in the future be adjusted for amounts impacting net income related to the Tax Receivable Agreement liability and other infrequent and unusual transactions.

Adjusted Net Loss and Adjusted EBITDA are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Some of the limitations of Adjusted Net Loss include that it does not reflect (1) restructuring expenses and (2) certain litigation expenses that we have determined (a) to arise outside of the ordinary course of business, (b) are not reflective of our ongoing operating activities, and (c) are infrequent or unusual based on considerations which we assess regularly, such as frequency of similar cases that have been brought to date or that are expected to be brought within two years, the complexity of the case, the nature of the remedies sought, the counterparty involved and overall litigation strategy. Some of the limitations of Adjusted EBITDA include that (1) it does not properly reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures, (3) it does not consider the impact of equity-based compensation expense, including the potential dilutive impact thereof, (4) it does not reflect other non-operating expenses, including interest (income) expense, foreign currency (gains)/losses, and restructuring expenses, and (5) it does not reflect the same certain litigation expenses as Adjusted Net Loss.

In addition, our use of Adjusted Net Loss and Adjusted EBITDA may not be comparable to similarly-titled measures of other companies because they may not calculate Adjusted Net Loss and Adjusted EBITDA in the same manner, limiting their usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider Adjusted Net Loss and Adjusted EBITDA alongside other financial measures, including our net income (loss) and other results stated in accordance with U.S. GAAP.

ZEVIA PBC
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(in thousands)
(unaudited)
The following table presents a reconciliation of net loss, the most directly comparable financial measure stated in accordance with GAAP, to Adjusted Net Loss for the periods presented:
		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)		2026				2025				2026				2025
Net loss and comprehensive loss		$	(2,158	)		$	(2,848	)		$	(7,435	)		$	(9,870	)
Restructuring			—				—				1,037				2,169
Certain litigation expenses			73				—				2,435				—
Adjusted Net Loss		$	(2,085	)		$	(2,848	)		$	(3,963	)		$	(7,701	)

The following table presents a reconciliation of net loss, the most directly comparable financial measure stated in accordance with GAAP, to Adjusted EBITDA for the periods presented:
		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)		2026				2025				2026				2025
Net loss and comprehensive loss		$	(2,158	)		$	(2,848	)		$	(7,435	)		$	(9,870	)
Other expense (income), net*			2				7				(33	)			(432	)
(Benefit from) provision for income taxes			(5	)			(32	)			45				26
Depreciation and amortization			163				202				514				690
Equity-based compensation			1,035				950				4,008				2,663
Restructuring expenses			—				—				1,037				2,169
Certain litigation expenses			73				—				2,435				—
Adjusted EBITDA		$	(890	)		$	(1,721	)		$	571			$	(4,754	)
* Includes interest (income) expense, and foreign currency (gains) losses.

 

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Investors
Jean Fontana
ADDO Investor Relations
zevia@addo.com

Source: Zevia PBC