Zevia PBC

What they do

Zevia develops, markets, sells and distributes naturally sweetened, zero sugar, zero calorie beverages made with a handful of simple ingredients and no artificial sweeteners. Following its July 26, 2021 IPO, Zevia PBC operates as a holding company whose sole material asset is a controlling equity interest in Zevia LLC, consolidating Zevia LLC with a non-controlling interest for the portion it does not own. Class A common stock trades on the NYSE under the ticker ZVIA, and the company reports as a single beverage business without disclosed reporting segments.

Revenue drivers

• Zero sugar, naturally sweetened beverages — The company generates revenue from a broad portfolio of zero sugar, zero calorie, naturally sweetened beverages, including carbonated soft drinks, marketed as a better-for-you alternative to conventional soda. This is the entirety of reported net sales, which grew 1.1% year over year to $45.0 million in the second quarter of 2026.
• Pricing actions — Second quarter 2026 net sales growth was driven by pricing actions, which offset a 3.7% decline in volume; gross profit margin of 48.9% benefited primarily from pricing actions partly offset by higher aluminum costs.
• Distribution and retail relationships — Products are sold and distributed through retail channels; management identifies the retail landscape and loss of key retail customers as risks, and second quarter 2026 selling expenses fell $0.6 million partly on lower distribution fees.

Recent performance

Second quarter 2026 net sales rose 1.1% to $45.0 million from $44.5 million a year earlier, with pricing actions offset by a 3.7% volume decline attributed to prior-year distribution load-ins. Gross profit margin was 48.9%, up 0.2 percentage points year over year, as pricing benefits were partly offset by higher aluminum costs. Net loss was $2.9 million, or $0.04 per share, versus a $0.7 million net loss a year earlier, driven mainly by higher equity-based compensation that rose to $2.1 million from $1.0 million. Adjusted EBITDA was $0.5 million, an improvement of $0.3 million, and adjusted net loss was $1.8 million. For the six months ended June 30, 2026, the company cited net sales growth of 10.4%.

Strategy

New President and CEO Alexandre Ruberti said the company is building a strategic plan intended to accelerate growth and deliver sustainable outcomes, with immediate focus on evolving the go-to-market strategy, sharpening and scaling brand identity, executing with financial discipline, and building a performance-driven culture. The company is executing a Productivity Initiative and a warehouse restructuring plan, which produced lower warehousing and repackaging costs and lower distribution fees in the second quarter of 2026, alongside $1.0 million of restructuring expenses. Marketing expenses increased to $5.0 million, or 11.1% of net sales, to drive brand awareness, and the company granted equity awards tied to a brand endorsement agreement with Cardi B. The company also entered a material agreement and took on a direct financial obligation in May 2026 and disclosed a director or officer change in June 2026, though the excerpts do not describe those terms.

Risks

• Intense competition — The company identifies inability to compete in an intensely competitive commercial beverage industry as a principal risk, and its second quarter 2026 volume declined 3.7% year over year.
• Retail customer concentration and landscape shifts — Changes in the retail landscape or the loss of key retail customers is listed as a principal risk for a business that sells through retail distribution and saw lower distribution fees and freight-fuel pressure in the quarter.
• Consumer preference and marketing claims — The company cites changes in consumer preferences, perception and spending habits toward zero sugar naturally sweetened products, and inaccurate or misleading marketing claims whether or not substantiated, as principal risks.
• Input cost and tariff pressure — Higher aluminum costs partly offset pricing gains in second quarter 2026, and the company's forward-looking disclosures flag tariffs including import taxes on steel and aluminum.

Outlook

Management did not provide specific forward financial guidance in the excerpts; the earnings release stated that second quarter net sales came in at the high end of outlook and adjusted EBITDA exceeded outlook. CEO Alexandre Ruberti said the company is working to build a strategic plan that it believes will accelerate growth and deliver sustainable outcomes. The company continues to execute its Productivity Initiative and warehouse restructuring plan, with forward-looking statements referencing expected restructuring charges and cost savings, though no quantified figures were provided in the excerpts.