Topline fund discloses 8.8% Zevia PBC (ZVIA) ownership stake

Rhea-AI Filing Summary

Topline Capital Management, LLC and related reporting persons disclosed beneficial ownership of 5,951,196 shares of Zevia PBC Class A common stock, representing 8.8% of the class. The shares are held by Topline Capital Partners, LP, with Topline Capital Management having sole voting and dispositive power over this position.

Individual manager Collin McBirney is deemed to share voting and dispositive power over the same shares but reports no sole authority. The filers state the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control of Zevia PBC.

Insights

Equity ownership analyst

Topline Capital reports an 8.8% passive stake in Zevia PBC.

Topline Capital Partners, LP reports beneficial ownership of 5,951,196 Zevia PBC Class A shares, equal to 8.8% of the class as of February 13, 2026. The investment manager, Topline Capital Management, LLC, holds sole voting and dispositive power over this block.

Individual manager Collin McBirney is deemed to share voting and dispositive power over the same shares, though he reports no sole authority and disclaims beneficial ownership beyond his pecuniary interest. The filers certify the position is held in the ordinary course of business and not to influence control.

This kind of Schedule 13G filing signals a sizable but passive institutional position rather than an activist campaign. Future ownership updates would be expected through amended beneficial ownership filings if the percentage meaningfully changes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/13/2026 - 05:21 PM Learn about SEC filing dates

FAQ

What stake in Zevia PBC (ZVIA) does Topline Capital report?

Topline Capital’s fund reports beneficial ownership of 5,951,196 Zevia PBC Class A shares, representing 8.8% of the outstanding class. This makes the Topline entities significant shareholders based on the company’s reported equity structure at the time of the filing.

Who are the reporting persons in the Zevia PBC (ZVIA) Schedule 13G?

The Schedule 13G lists three reporting persons: Topline Capital Management, LLC, Topline Capital Partners, LP, and individual manager Collin McBirney. Together they report beneficial ownership of the same 5,951,196-share position in Zevia PBC Class A common stock.

Is Topline’s Zevia PBC (ZVIA) position disclosed as passive or activist?

The filing characterizes Topline’s stake as passive. The signatory certifies the securities were acquired and are held in the ordinary course of business, not for changing or influencing control, and not as part of any control-related transaction.

How is voting power over Zevia PBC (ZVIA) shares allocated among Topline filers?

Topline Capital Management, LLC and Topline Capital Partners, LP each report sole voting and dispositive power over 5,951,196 shares. Collin McBirney reports shared voting and dispositive power over the same shares, with no sole voting or dispositive authority.

Does Collin McBirney claim full beneficial ownership of Zevia PBC (ZVIA) shares?

No. The filing states that McBirney and the entities may be deemed beneficial owners under Rule 13d-3 but expressly disclaim beneficial ownership of the securities, except to the extent of their respective pecuniary interests in the fund holding the shares.

As of what date does the Zevia PBC (ZVIA) Schedule 13G stake apply?

The event triggering the filing is dated December 31, 2025, and the ownership detail notes that as of February 13, 2026 the fund beneficially owns 5,951,196 shares, representing 8.8% of Zevia PBC’s Class A common stock.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Zevia PBC

(Name of Issuer)

Class A Common Stock - $0.001 par value

(Title of Class of Securities)

98955K104

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 98955K104

1

Names of Reporting Persons

Topline Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,951,196.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,951,196.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,951,196.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: The securities reported on this Schedule as beneficially owned by TCM (the "Securities") are held by and for the benefit of the Fund. Under the definition of "beneficial ownership" in Rule 13d-3 under the Act, it is also possible that the individual general partners, executive officers, and members of the foregoing entity might be deemed the "beneficial owners" of some or all of the Securities insofar as they may be deemed to share the power to direct the voting or disposition of such Securities. TCM, as the investment manager and general partner of the Fund, and Collin McBirney, as the member-manager of TCM, may, therefore, be deemed to beneficially own the Securities held by the Fund for the purposes of Rule 13d-3 under the Act insofar as they may be deemed to have the power to direct the voting or disposition of those Securities. Neither the filing of this Schedule nor any of its contents shall be deemed to constitute an admission that any of TCM or Mr. McBirney is, for any other purpose, the beneficial owner of any of the Securities held by the Fund, and each of TCM and Mr. McBirney expressly disclaims beneficial ownership as to the Securities held by the Fund, except to the extent of its or his pecuniary interests therein.

SCHEDULE 13G

CUSIP No. 98955K104

1

Names of Reporting Persons

Topline Capital Partners, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,951,196.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,951,196.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,951,196.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The securities reported on this Schedule as beneficially owned by TCM (the "Securities") are held by and for the benefit of the Fund. Under the definition of "beneficial ownership" in Rule 13d-3 under the Act, it is also possible that the individual general partners, executive officers, and members of the foregoing entity might be deemed the "beneficial owners" of some or all of the Securities insofar as they may be deemed to share the power to direct the voting or disposition of such Securities. TCM, as the investment manager and general partner of the Fund, and Collin McBirney, as the member-manager of TCM, may, therefore, be deemed to beneficially own the Securities held by the Fund for the purposes of Rule 13d-3 under the Act insofar as they may be deemed to have the power to direct the voting or disposition of those Securities. Neither the filing of this Schedule nor any of its contents shall be deemed to constitute an admission that any of TCM or Mr. McBirney is, for any other purpose, the beneficial owner of any of the Securities held by the Fund, and each of TCM and Mr. McBirney expressly disclaims beneficial ownership as to the Securities held by the Fund, except to the extent of its or his pecuniary interests therein.

SCHEDULE 13G

CUSIP No. 98955K104

1

Names of Reporting Persons

Collin McBirney

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,951,196.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,951,196.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,951,196.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: The securities reported on this Schedule as beneficially owned by TCM (the "Securities") are held by and for the benefit of the Fund. Under the definition of "beneficial ownership" in Rule 13d-3 under the Act, it is also possible that the individual general partners, executive officers, and members of the foregoing entity might be deemed the "beneficial owners" of some or all of the Securities insofar as they may be deemed to share the power to direct the voting or disposition of such Securities. TCM, as the investment manager and general partner of the Fund, and Collin McBirney, as the member-manager of TCM, may, therefore, be deemed to beneficially own the Securities held by the Fund for the purposes of Rule 13d-3 under the Act insofar as they may be deemed to have the power to direct the voting or disposition of those Securities. Neither the filing of this Schedule nor any of its contents shall be deemed to constitute an admission that any of TCM or Mr. McBirney is, for any other purpose, the beneficial owner of any of the Securities held by the Fund, and each of TCM and Mr. McBirney expressly disclaims beneficial ownership as to the Securities held by the Fund, except to the extent of its or his pecuniary interests therein.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Zevia PBC
(b)	Address of issuer's principal executive offices: 15821 VENTURA BLVD., SUITE 135, ENCINO, CALIFORNIA 91436
Item 2.
(a)	Name of person filing: Topline Capital Management, LLC ("TCM") Topline Capital Partners, LP ("TCP" or the "Fund") Collin McBirney
(b)	Address or principal business office or, if none, residence: 544 EUCLID STREET SANTA MONICA, California 90402
(c)	Citizenship: Topline Capital Management, LLC - CALIFORNIA Topline Capital Partners, LP - DELAWARE Collin McBirney - UNITED STATES
(d)	Title of class of securities: Class A Common Stock - $0.001 par value
(e)	CUSIP No.: 98955K104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Reference is hereby made to Rows 5-9 and 11 of pages 2, 3 and 4 of this Schedule, which are incorporated by reference herein. As of February 13, 2026 the Fund beneficially owns 5,951,196 shares of the issuer's common stock.
(b)	Percent of class: 8.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Topline Capital Management, LLC - 5,951,196 Topline Capital Partners, LP - 5,951,196 Collin McBirney - 0
	(ii) Shared power to vote or to direct the vote: Topline Capital Management, LLC - 0 Topline Capital Partners, LP - 0 Collin McBirney - 5,951,196
	(iii) Sole power to dispose or to direct the disposition of: Topline Capital Management, LLC - 5,951,196 Topline Capital Partners, LP - 5,951,196 Collin McBirney - 0
	(iv) Shared power to dispose or to direct the disposition of: Topline Capital Management, LLC - 0 Topline Capital Partners, LP - 0 Collin McBirney - 5,951,196
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Topline Capital Management, LLC

Signature:	/s/ Collin McBirney
Name/Title:	By: Collin McBirney, Managing Member
Date:	02/13/2026

Topline Capital Partners, LP

Signature:	/s/ Collin McBirney
Name/Title:	By: Topline Capital Management, LLC, the General Partner By: Collin McBirney, its Managing Member
Date:	02/13/2026

Collin McBirney

Signature:	/s/ Collin McBirney
Name/Title:	Collin McBirney
Date:	02/13/2026

Exhibit Information

Exhibit A - Joint Filing Undertaking