olivlawolivlaw

olivLaw · US equity research

Zevia PBC ZVIA

Bottled & Canned Soft Drinks & Carbonated Waters · SIC 2086 · Vertical: Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086)

1.20USD+2.56% · 1 dayClose 04 Nov 2026

Zevia PBC is a better-for-you beverage company selling zero sugar soda, energy drinks and tea sweetened with stevia in the U.S. and Canada. It enters 2026 with a new chief executive and net sales up 10.4% in the first half of 2026, though it remains loss-making. Net sales of 161.3 million dollars in fiscal 2025 and 45.0 million dollars in the second quarter of 2026 show the current size of the business.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Zevia PBC (ZVIA) stock was 1.20 USD (+2.56% on the day), with beta 1.04, 52-week range 1.12–2.71 USD. Latest reported quarter (Q3 2026): revenue of 48.3 m USD (+18.4% YoY), net income of -2.1 m USD, diluted EPS -0.03 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
unavailable
Diluted EPS TTM -0.12 · TTM to 30 Sept 2026
E/P (TTM)
-9.95%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
1.04
Volatility (1y) 69%
52-week range
1.122.71

Price history

Loading chart…

Technical reading

RSI (14)
46.1
neutral
Bollinger (20, 2)
1.14 – 1.28
in the lower half of the band · %B 0.43 · band width 11.9%
SMA 50 / 200
1.28 / 1.43
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.02 / -0.02
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−0.8%−1.1%+0.3 pp—
3 months−29.8%−0.5%−29.4 pp—
6 months+0.8%+4.4%−3.6 pp—
Year to date−48.3%+12.3%−60.6 pp—
1 year−48.1%+13.5%−61.6 pp+25.3%
3 years−42.0%+76.4%−118.4 pp+37.5%
5 years−90.1%+63.7%−153.7 pp—
Max drawdown (1y)
−58.7%
12 Nov 2025 → 02 Nov 2026
Max drawdown (5y)
−94.9%
08 Nov 2021 → 08 Jul 2024
Compound annual growth (5y)
−37.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
48.3 m USD
+18.4% YoY
Net income
-2.1 m USD
unavailable YoY
Diluted EPS
-0.03
unavailable YoY
net / operating
-4.4% / -4.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue39.5 m38.0 m44.5 m40.8 m37.9 m46.1 m45.0 m48.3 m
Cost of revenue20.0 m19.0 m22.8 m22.2 m19.8 m23.8 m23.0 m25.9 m
Gross profit19.4 m19.0 m21.7 m18.6 m18.1 m22.3 m22.0 m22.4 m
Operating income-6.3 m-6.4 m-1.0 m-2.9 m-1.5 m-2.4 m-2.9 m-2.2 m
Depreciation & amortisation288.0 k252.0 k236.0 k202.0 k178.0 k168.0 k182.0 k163.0 k
Pre-tax income-6.8 m-6.3 m-634.0 k-2.9 m-1.3 m-2.3 m-2.9 m-2.2 m
Income tax23.0 k41.0 k17.0 k-32.0 k28.0 k37.0 k12.0 k-5.0 k
Net income-5.8 m-5.2 m-697.0 k-2.7 m-1.3 m-2.3 m-2.8 m-2.1 m
Diluted EPS-0.10 ≈-0.08-0.01-0.04-0.02 ≈-0.03-0.04-0.03
Operating cash flow-2.0 m-2.9 m-1.4 m ≈116.0 k ≈-507.0 k1.6 m2.3 m ≈1.5 m ≈
Capex45.0 k11.0 k34.0 k ≈181.0 k ≈81.0 k270.0 k124.0 k ≈169.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202020212022202320242025
Revenue110.0 m138.2 m163.2 m166.4 m155.0 m161.3 m
Revenue YoYunavailable+25.6%+18.1%+2.0%−6.8%+4.0%
Net income-6.1 m-87.7 m-47.6 m-28.3 m-20.0 m-9.9 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailable-1.33-0.81-0.41-0.34-0.15
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailable
net %-5.5%-63.4%-29.2%-17.0%-12.9%-6.2%
Free cash flow-4.1 m-20.9 m-23.4 munavailable-1.3 m-5.0 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
25.4 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
35.6 m USD
Total assets
63.6 m USD
Debt / equity
unavailable
Current ratio
2.08x
ROE
-25.3%
ROA
-15.1%
FCF margin
-3.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
166.4 m
2024
155.0 m
2025
161.3 m

SEC (XBRL)· 25 Feb 2026verified

Cost of revenue
2023
91.7 m
2024
83.1 m
2025
83.8 m

SEC (XBRL)· 25 Feb 2026verified

Gross profit
2023
74.8 m
2024
71.9 m
2025
77.4 m

SEC (XBRL)· 25 Feb 2026verified

Operating income
2023
-28.9 m
2024
-23.7 m
2025
-11.8 m

SEC (XBRL)· 25 Feb 2026verified

Depreciation & amortisation
2023
1.6 m
2024
1.3 m
2025
868.0 k

SEC (XBRL)· 25 Feb 2026verified

EBITDA
2023
-27.3 m ≈
2024
-22.3 m ≈
2025
-10.9 m ≈

SEC (XBRL)· 25 Feb 2026derived

Pre-tax income
2023
-28.3 m
2024
-23.7 m
2025
-11.1 m

SEC (XBRL)· 25 Feb 2026verified

Income tax
2023
52.0 k
2024
66.0 k
2025
54.0 k

SEC (XBRL)· 25 Feb 2026verified

Net income
2023
-28.3 m
2024
-20.0 m
2025
-9.9 m

SEC (XBRL)· 25 Feb 2026verified

Diluted EPS
2023
-0.41
2024
-0.34
2025
-0.15

SEC (XBRL)· 25 Feb 2026verified

Weighted average diluted shares
2023
50.6 m
2024
58.7 m
2025
66.0 m

SEC (XBRL)· 25 Feb 2026verified

Balance sheet · USD

Cash
2023
32.0 m
2024
30.7 m
2025
25.4 m

SEC (XBRL)· 25 Feb 2026verified

Receivables
2023
11.1 m
2024
10.8 m
2025
11.1 m

SEC (XBRL)· 25 Feb 2026verified

Inventories
2023
34.6 m
2024
18.6 m
2025
20.4 m

SEC (XBRL)· 25 Feb 2026verified

Current assets
2023
82.7 m
2024
61.9 m
2025
58.2 m

SEC (XBRL)· 25 Feb 2026verified

Property, plant & equipment, net
2023
2.1 m
2024
1.3 m
2025
867.0 k

SEC (XBRL)· 25 Feb 2026verified

Intangibles (excl. goodwill)
2023
3.5 m
2024
3.2 m
2025
3.1 m

SEC (XBRL)· 25 Feb 2026verified

Total assets
2023
90.9 m
2024
68.0 m
2025
63.6 m

SEC (XBRL)· 25 Feb 2026verified

Accounts payable
2023
21.2 m
2024
15.3 m
2025
17.6 m

SEC (XBRL)· 25 Feb 2026verified

Current liabilities
2023
27.7 m
2024
24.2 m
2025
28.0 m

SEC (XBRL)· 25 Feb 2026verified

Total liabilities
2023
29.1 m
2024
25.0 m
2025
28.0 m

SEC (XBRL)· 25 Feb 2026verified

Equity
2023
61.8 m
2024
42.9 m
2025
35.6 m

SEC (XBRL)· 25 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-16.3 m
2024
-1.0 m
2025
-4.7 m

SEC (XBRL)· 25 Feb 2026verified

Capex
2023
—
2024
283.0 k
2025
307.0 k

SEC (XBRL)· 25 Feb 2026verified

Free cash flow
2023
—
2024
-1.3 m ≈
2025
-5.0 m ≈

SEC (XBRL)· 25 Feb 2026derived

Investing cash flow
2023
805.0 k
2024
-283.0 k
2025
-307.0 k

SEC (XBRL)· 25 Feb 2026verified

Financing cash flow
2023
25.0 k
2024
0
2025
-289.0 k

SEC (XBRL)· 25 Feb 2026verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 10 Mar 2023verified

Computed indicators

Growth

Revenue growth (YoY)
4.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
-0.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
7.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
47.8%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
-4.7%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
-5.0%
computed by olivLawTTM to 30 Sept 2026
Net margin
-4.8%
computed by olivLawTTM to 30 Sept 2026
FCF margin
2.4%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
-18.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
-13.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
-27.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.9x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
1.4x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
1.0x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
5.0 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
644.0 k USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
4.3 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
23 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
58 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
64 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
17 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
insufficient data
Earnings yield
-10.0%
computed by olivLawTTM to 30 Sept 2026
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 18.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.20 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-18.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
-4.8%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
4.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Source: SEC (XBRL)published 04 Nov 2026
verified 869derived 53

Score by group

19% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-4.8%13 (vs peers)33%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-0.4%0 (on a fixed band)44%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.9x88 (on a fixed band)22%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial88/100 · 1/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial13/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Zevia PBC (ZVIA). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 161.3 m USD in 2025; YoY growth 4.0%; net margin -4.8%; ROE -18.0%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 1.9x

What contradicts it

  • Net margin: -4.8%
  • Revenue CAGR 3Y: -0.4%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Bottled & Canned Soft Drinks & Carbonated Waters (SIC 2086) · same industry (4-digit SIC) · compared with 9 companies

Multiples and returns vs the median

P/E
—
vertical median 22.4x
EV/EBITDA
—
vertical median —
P/S
—
vertical median 2.6x
P/B
—
vertical median 6.5x
ROE
-18.0%
vertical median 24.5%
below median (−173.5%)
Net margin
-4.8%
vertical median 7.8%
below median (−161.7%)
EBIT margin
-5.0%
vertical median 13.2%
below median (−138.1%)
Revenue YoY
4.0%
vertical median 3.7%
above median (+7.1%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MNSTMonster Beverage Corp47.8 bn22.425.7%23.1%+10.7%+30% / +77%
CELHCelsius Holdings, Inc.7.8 bn104.310.5%4.2%+85.5%−25% / −38%
FIZZNational Beverage Corp.3.5 bn20.240.1%14.8%−1.7%+11% / −21%
COKECoca-Cola Consolidated, Inc.1.5 bn2.590.0%7.5%+4.8%+25% / +178%
REEDReed's, Inc.12.0 m—-14,800.0%-63.5%−10.2%−80% / −92%
AKO-AAndina Bottling Co Inc——25.2%8.0%+3.7%+18% / +105%
FMXMexican Economic Development, Inc.——12.0%5.1%−9.9%+36% / +3%
ZVIAZevia PBC——-18.0%-4.8%+4.0%−48% / −42%
KOFCoca Cola Femsa Sab De Cv—82.6——+18.2%+33% / +38%
CCEPCOCA-COLA EUROPACIFIC PARTNERS plc——23.8%9.3%+2.3%+26% / +91%

1- and 3-year price returns: for ZVIA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).

In brief

Zevia PBC is a better-for-you beverage company selling zero sugar soda, energy drinks and tea sweetened with stevia in the U.S. and Canada. It enters 2026 with a new chief executive and net sales up 10.4% in the first half of 2026, though it remains loss-making. Net sales of 161.3 million dollars in fiscal 2025 and 45.0 million dollars in the second quarter of 2026 show the current size of the business 13.

SWOT

Strengths

  • The brand has a loyal consumer base and a recognized zero sugar portfolio with exclusively aluminum packaging 1.
  • The asset-light model with outsourced production gives flexibility when scaling 1.
  • The balance sheet carries no debt, and the company has cash and an unused credit line 3.

Weaknesses

  • The company has not been profitable in the periods reviewed, and net losses continued in fiscal 2025 and the first half of 2026 13.
  • Reliance on a few large customers makes sales sensitive to decisions by a small number of retailers 1.
  • Most sales come from one product category, soda, which concentrates risk 1.

Opportunities

  • The energy line and expansion into new channels could add growth if the brand gains traction 1.
  • The new go-to-market strategy and warehouse reorganization could improve margins and operating efficiency 23.
  • Greater brand awareness could bring new consumers into the zero sugar category 1.

Threats

  • Large producers entering the functional segment could reduce shelf space and pressure prices 1.
  • Tariffs and aluminum costs could reduce margins if they cannot be offset through prices 12.
  • Retailers developing their own brands could displace Zevia products on shelf 1.

Risks

  • Intense competitionhigh

    Much larger competitors can react quickly with new products, pricing or promotion, which could limit growth 1.

  • Customer concentrationhigh

    The ten largest customers account for a major share of sales, and losing an important customer could affect results 1.

  • Persistent lossesmedium

    The company has reported net losses over several consecutive years, and the path to profitability remains uncertain 13.

  • Tariffs and raw material costsmedium

    Higher tariffs and aluminum prices could reduce gross margin if selling prices cannot be adjusted 12.

  • Leadership changelow

    A new chief executive in 2026 may bring changes in strategy and execution whose effects are hard to predict 23.

Investment thesis

What would need to be true (bull case)

  • If sales growth continues through the first half of 2026 and gross margin holds steady, the company could move toward profitability faster 3.
  • The zero sugar brand holds a clear position in a category where consumers seek healthier products, which could support long-term growth 1.
  • Savings from the productivity program and the warehouse restructuring could lower costs and support brand investment 12.

What would break the thesis

  • The company was unprofitable in 2026 so far, and compensation and restructuring costs could delay reaching profitability 13.
  • Competition from large producers could limit shelf space and force price cuts, which would hurt margins 1.
  • Dependence on a few large customers and a single product category makes the company vulnerable to changes in retailer decisions 1.

What to watch

  • Delivery against full-year 2026 net sales guidance2026
  • Gross margin trend and aluminum cost developmentsQ3 2026
  • Completion of the warehouse restructuring and the savings announcedQ3 2026
  • New chief executive's strategy and its effect on distribution and marketingnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).

The business

Zevia PBC is a Delaware public benefit corporation based in Los Angeles that develops, markets and distributes zero sugar, zero calorie beverages sweetened naturally. Its products are made with a handful of simple ingredients, contain no artificial sweeteners, and are sold through major grocery, drug, warehouse club, mass, natural, convenience and e-commerce retailers 1. Products are manufactured by third-party contract manufacturers in the U.S. and Canada, which keeps the model asset-light 1. Packaging is exclusively aluminum cans, and the company says it has never sold a beverage in a plastic bottle 1.

The company has focused on brand building and distribution while remaining unprofitable. Net loss attributable to Zevia PBC was 9.9 million dollars in fiscal 2025, compared with 20.0 million dollars in 2024, and equity-based compensation rose in the first half of 2026 after a brand endorsement agreement with a musician 13. The Productivity Initiative launched in 2024 reduced costs, and a new warehouse restructuring aims at further savings 2.

The customer base is concentrated: the ten largest customers represented 75% of net sales in 2025, and there are no long-term commitments with them 1. The balance sheet carries no debt, with cash on hand and an unused credit line 3.

Segments

Soda

Soda is the flagship product, released in 2008, and accounted for approximately 95% of net sales in 2025, offered in 20 flavors across multiple formats 1. The company sees significant growth opportunities in this line 1.

Energy drinks

The Energy line, released in 2016, contains 120 mg of organic caffeine with zero sugar and comes in eight flavors, mostly sold through natural and e-commerce channels 1. Management views it as a growth opportunity across more channels 1.

Tea

Tea is a zero calorie, naturally sweetened ready-to-drink tea released in 2018 in eight flavors. The company will discontinue this line in 2026, which may affect sales 12.

Market context

Zevia operates in the North American soft drink market, where consumers increasingly seek products with less sugar and no artificial ingredients 1. The company says it has helped consumers avoid over 103,000 metric tons of sugar since 2011, though this is its own estimate 1. The market remains competitive, and better-for-you sodas draw large players and new entrants 1.

Demand depends on consumers' disposable income. The company notes that inflation and reduced discretionary spending may affect sales, and tariffs may raise aluminum and other input costs 12. If these pressures persist, margins could stay under pressure.

Trends

  • Zero sugar and clean label demandtailwind

    Consumers are more health conscious and increasingly avoid added sugar and artificial colors, which favors the Zevia brand 1.

  • Competitive pressure in functional sodaheadwind

    Large producers such as PepsiCo and the Coca-Cola Company have moved into the better-for-you segment, and shelf space is increasingly contested 1.

  • Tariffs and input costsheadwind

    Tariffs and aluminum price volatility have increased cost of goods sold, and the company expects those costs to keep rising 12.

  • Brand investment and distribution resetmixed

    The company has stepped up marketing and changed its distribution approach, which could accelerate growth if the new management executes well 13.

Competitive position

Competitors include large companies with far greater financial resources, such as The Coca-Cola Company, Keurig Dr Pepper, PepsiCo, National Beverage Corp., Monster Energy and Red Bull 1. Competition also extends to prebiotic soda brands such as Poppi and Olipop, as well as regional and private label producers 1.

Large brands have the scale to respond quickly through pricing, promotion or new products. Zevia can compete on its clean label, no artificial ingredients positioning, but remains smaller than most rivals 1.

  • The Coca-Cola CompanyKO

    Multinational with far greater financial resources that has entered the functional soda segment 1.

  • PepsiCoPEP

    Large competitor that acquired a prebiotic soda brand and is focusing on the better-for-you segment 1.

  • Keurig Dr PepperKDP

    Large beverage competitor with resources that allow it to change pricing or promotion 1.

  • Poppi

    Prebiotic soda brand cited as a direct rival in the functional soda segment 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Quarterly report04 Nov 2026
  • Current report04 Nov 2026
    Results of operations · Financial statements and exhibits
  • Current report23 Oct 2026
    Material agreement · Item 3.02 · Item 3.03 · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report05 Aug 2026
  • Current report05 Aug 2026
    Results of operations · Financial statements and exhibits
  • Current report15 Jun 2026
    Shareholder vote
  • Current report15 Jun 2026
    Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
  • Current report18 May 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Quarterly report06 May 2026
  • Current report06 May 2026
    Results of operations · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Zevia PBC · 25 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Zevia PBC · 05 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Zevia PBC · 05 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.