Free cash flow remains inconsistent, with the company recording negative FCF in seven of the last ten quarters, including a low of -$6.7 million in 2023Q4, indicating difficulty in achieving self-sustaining operations.
| Cash from Operations | -137K | -4.7M | -1.02M | -16.27M | -21.11M | -17.81M | -3.26M | -14.76M |
| Operating CF Margin % | - | -2.92% | -0.66% | -9.78% | -12.94% | -12.89% | -2.96% | -17.26% |
| Operating CF Growth % | -458.24% | -361.53% | 93.74% | 22.92% | -18.57% | -446.53% | 77.93% | - |
| Net Income | -7M | -9.92M | -23.78M | -28.32M | -33.86M | -87.67M | -6.07M | -5.41M |
| Depreciation & Amortization | 784K | 868K | 1.33M | 1.61M | 2M | 997K | 932K | 786K |
| Stock-Based Compensation | 3.03M | 3.76M | 4.96M | 8.28M | 0 | 77.72M | 7.87M | 606K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.43M | -613K | 1.07M | 1.12M | 12.82M | 652K | 563K | 106K |
| Working Capital Changes | 1.68M | 1.2M | 15.4M | 1.03M | -2.08M | -9.51M | -6.55M | -10.86M |
| Change in Receivables | -275K | -311K | 324K | -42K | -2.03M | -2.06M | -2.07M | -1.16M |
| Change in Inventory | 1.87M | -1.77M | 15.93M | -6.97M | 3.92M | -10.7M | -9.41M | -3.11M |
| Change in Payables | 332K | 2.01M | -5.86M | 13.64M | -5.85M | 4.4M | 2.37M | -5.72M |
| Cash from Investing | -566K | -307K | -283K | 805K | 27.41M | -33.14M | -805K | -456K |
| Capital Expenditures | -566K | -307K | -283K | -1.62M | -2.59M | -3.14M | -805K | -456K |
| CapEx % of Revenue | 0.33% | 0.19% | 0.18% | 0.98% | 1.59% | 2.27% | 0.73% | 0.53% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 2.43M | 0 | 0 | 0 | 0 |
| Cash from Financing | -420K | -289K | 0 | 25K | -2.01M | 79.12M | 15.76M | 17.09M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 60K | 59K | 0 | 0 | 124K | 90.07M | 15.78M | 17.13M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -2.67M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -49.63M | -175M | 0 |
| Other Financing | -480K | -348K | 0 | 25K | -2.13M | -8.28M | -20K | -44K |
| Net Change in Cash | -1.12M | -5.3M | -1.3M | -15.44M | 4.29M | 28.17M | 11.69M | 1.87M |
| Free Cash Flow | -703K | -5.01M | -1.3M | -17.9M | -23.7M | -20.95M | -4.06M | -15.22M |
| FCF Margin % | -0.42% | -3.11% | -0.84% | -10.75% | -14.53% | -15.16% | -3.69% | -17.79% |
| FCF Growth % | 29.91% | -284.79% | 92.73% | 24.5% | -13.16% | -415.6% | 73.3% | - |
| FCF per Share | -0.01 | -0.08 | -0.02 | -0.35 | -0.55 | -0.61 | -0.06 | -0.23 |
| FCF Conversion (FCF/Net Income) | 0.10x | 0.47x | 0.05x | 0.76x | 0.62x | 0.37x | 0.54x | 2.73x |
| Interest Paid | 30K | 0 | 93K | 79K | 0 | 148K | 321K | 288K |
| Taxes Paid | 19K | 0 | 85K | 127K | 0 | 0 | 0 | 0 |
Persistent negative operating cash
According to quarterly financial disclosures, Zevia's operating cash flow frequently diverges from net income, with OCF/NI ratios fluctuating wildly between -1.54 and 1.99, suggesting that reported earnings are poor indicators of the company's actual ability to generate cash from its core beverage operations.
The significant variance between net income and operating cash flow suggests that non-cash items and working capital swings are the primary drivers of cash movement rather than operational profitability. Investors should monitor this disconnect, as it implies that the company's cash position is highly sensitive to timing differences in receivables and payables rather than sustainable margin expansion.
As reported in recent filings, Zevia's free cash flow trajectory is highly inconsistent, with the company recording negative FCF in seven of the last ten quarters, including a low of -$6.7 million in 2023Q4, highlighting the difficulty of achieving self-sustaining growth in the competitive beverage sector.
The inability to maintain positive free cash flow suggests that the company's current business model requires constant external liquidity or cash reserves to fund operations. This pattern warrants further investigation into whether the recent improvements in FCF are structural or merely the result of temporary working capital management.
Based on the provided cash flow statements, working capital changes have been the most volatile component of Zevia's cash flow, with quarterly fluctuations ranging from -$2.1 million to +$5.2 million, indicating that the company's cash position is heavily dependent on the timing of inventory and trade payables.
These large swings suggest that management may be utilizing aggressive working capital management to offset operational cash burn. Analysts should be cautious, as relying on working capital shifts to bolster cash flow is not a sustainable substitute for organic profitability.
As indicated by historical data, Zevia consistently utilizes stock-based compensation, with quarterly expenses reaching as high as $1.7 million, which effectively masks the true economic cost of operations and dilutes shareholders while the company continues to burn cash from its core beverage business.
The reliance on stock-based compensation as a non-cash expense suggests that the company is managing its cash burn by shifting compensation costs to equity. This practice may obscure the underlying operational inefficiency, and investors should consider the impact of this dilution on the long-term value of the firm.
Quick answers to the most common questions about buying ZVIA stock.
Zevia PBC (ZVIA) generated $-4.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Zevia PBC (ZVIA) reported negative free cash flow of $5.0M in 2025, indicating capital requirements exceeded cash from operations.
Zevia PBC (ZVIA) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.