Revenue growth remains highly volatile, evidenced by a 21.2% expansion in 2026Q1, while persistent SG&A spending continues to constrain profitability, resulting in an operating margin of -5.1% for the same period.
| Sales/Revenue | 169.33M | 161.26M | 155.05M | 166.42M | 163.18M | 138.17M | 110.03M | 85.56M |
| Revenue Growth % | 9.76% | 4.01% | -6.83% | 1.99% | 18.1% | 25.58% | 28.59% | - |
| Cost of Goods Sold | 89.52M | 84.71M | 83.12M | 91.67M | 93.16M | 74.23M | 60.52M | 48.66M |
| COGS % of Revenue | - | 52.53% | 53.61% | 55.08% | 57.09% | 53.72% | 55.01% | 56.87% |
| Gross Profit | 79.81M | 76.55M | 71.93M | 74.76M | 70.02M | 63.94M | 49.5M | 36.9M |
| Gross Margin % | 47.13% | 47.47% | 46.39% | 44.92% | 42.91% | 46.28% | 44.99% | 43.13% |
| Gross Profit Growth % | - | 6.43% | -3.78% | 6.77% | 9.51% | 29.17% | 34.15% | - |
| Operating Expenses | 84.35M | 86.17M | 95.58M | 103.7M | 117.89M | 151.37M | 54.98M | 42.35M |
| OpEx % of Revenue | - | 53.44% | 61.65% | 62.31% | 72.24% | 109.55% | 49.97% | 49.5% |
| Selling, General & Admin | 82.98M | 82.41M | 92.12M | 102.09M | 116.54M | 150.37M | 54.05M | 41.57M |
| SG&A % of Revenue | - | 51.1% | 59.41% | 61.34% | 71.42% | 108.83% | 49.12% | 48.58% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.37M | 3.76M | 3.47M | 1.61M | 1.35M | 997K | 932K | 786K |
| Operating Income | -5.61M | -9.62M | -23.65M | -28.94M | -47.87M | -87.43M | -5.48M | -5.45M |
| Operating Margin % | -3.31% | -5.97% | -15.26% | -17.39% | -29.33% | -63.27% | -4.98% | -6.37% |
| Operating Income Growth % | - | 59.33% | 18.27% | 39.54% | 45.25% | -1495.95% | -0.44% | - |
| EBITDA | -4.82M | -8.75M | -22.32M | -27.33M | -46.52M | -86.43M | -4.55M | -4.67M |
| EBITDA Margin % | -2.85% | -5.43% | -14.4% | -16.42% | -28.51% | -62.55% | -4.13% | -5.46% |
| EBITDA Growth % | 77.57% | 60.79% | 18.31% | 41.26% | 46.17% | -1801.21% | 2.61% | - |
| D&A (Non-Cash Add-back) | 784K | 868K | 1.33M | 1.61M | 1.35M | 997K | 932K | 786K |
| EBIT | -5.13M | -11.11M | -21.52M | -28.94M | -47.87M | -87.43M | -5.48M | -5.45M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.5M | -1.49M | -63K | 673K | 286K | -207K | -593K | 47K |
| Pretax Income | -7.11M | -11.11M | -23.72M | -28.27M | -47.58M | -87.63M | -6.07M | -5.41M |
| Pretax Margin % | -4.2% | -6.89% | -15.3% | -16.99% | -29.16% | -63.42% | -5.52% | -6.32% |
| Income Tax | 50K | 54K | 66K | 52K | 65K | 34K | 0 | 0 |
| Effective Tax Rate % | -0.7% | -0.49% | -0.28% | -0.18% | -0.14% | -0.04% | 0% | 0% |
| Net Income | -7M | -10.08M | -20M | -21.49M | -33.86M | -47.9M | -6.07M | -5.41M |
| Net Margin % | -4.14% | -6.25% | -12.9% | -12.92% | -20.75% | -34.67% | -5.52% | -6.32% |
| Net Income Growth % | 63.92% | 49.6% | 6.93% | 36.52% | 29.32% | -688.98% | -12.28% | - |
| Net Income (Continuing) | -7.06M | -11.17M | -23.78M | -28.32M | -47.65M | -87.67M | -6.07M | -5.41M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -10.73M | -15.44M | -21.93M | -28.11M | -28.16M | -23.92M | 0 | 0 |
| EPS (Diluted) | -0.10 | -0.15 | -0.34 | -0.41 | -1.10 | -2.54 | -0.09 | -0.08 |
| EPS Growth % | 67.55% | 55.88% | 17.07% | 62.73% | 56.69% | -2599.26% | -14.2% | - |
| EPS (Basic) | - | -0.15 | -0.34 | -0.41 | -1.10 | -2.54 | -0.09 | -0.08 |
| Diluted Shares Outstanding | 68.21M | 66.02M | 58.68M | 50.62M | 43.47M | 34.46M | 64.53M | 65.61M |
| Basic Shares Outstanding | 68.21M | 66.02M | 58.68M | 50.62M | 43.47M | 34.46M | 64.53M | 65.61M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Persistent operating losses
As indicated by the most recent quarterly data, Zevia's revenue growth remains highly volatile, with a 21.2% expansion in 2026Q1 following several periods of stagnation or contraction, suggesting that the company struggles to maintain a predictable trajectory in its core natural channel distribution strategy.
The erratic nature of top-line performance implies that Zevia has yet to achieve the consistent household penetration required for sustainable scale. Investors should monitor whether the recent growth spike represents a structural shift in demand or merely a temporary fluctuation driven by promotional timing and inventory stocking.
Based on reported financial statements, Zevia has maintained gross margins fluctuating between 40.7% and 50.1% over the last ten quarters, demonstrating a degree of pricing power that allows the brand to command a premium despite the absence of proprietary manufacturing capabilities.
The ability to sustain these margins while relying on third-party co-packers suggests that the brand's 'clean label' positioning resonates sufficiently with consumers to offset input cost volatility. However, the lack of manufacturing control leaves the company vulnerable to sudden spikes in packaging and freight expenses that could compress these margins without warning.
According to the income statement history, Zevia has failed to demonstrate meaningful operating leverage, as SG&A expenses frequently track closely with or exceed gross profit, resulting in persistent operating losses that highlight the high cost of competing for shelf space in the beverage industry.
The company's inability to scale operating income faster than gross profit suggests that its current marketing and distribution model is inefficient at its present size. Without a significant reduction in overhead relative to revenue, the path to sustained profitability appears increasingly dependent on achieving a much larger volume threshold.
As reported in recent filings, Zevia's cost structure is heavily burdened by SG&A expenses that consistently erode gross profits, with quarterly operating losses reaching as high as $8.9 million in 2023Q4, reflecting the aggressive spending required to maintain brand visibility in a crowded market.
The reliance on third-party co-packers shifts the cost burden from capital expenditure to variable COGS, yet the high SG&A suggests that the company is over-investing in customer acquisition relative to its current revenue base. This expense discipline warrants further investigation, as the current burn rate may necessitate future financing if revenue growth does not accelerate significantly.
While management emphasizes a path to profitability, the historical data shows that Zevia has struggled to generate positive net income in any of the last ten quarters, raising concerns that the brand may be a niche player with limited appeal beyond its core demographic.
Short-sellers would likely focus on the company's inability to convert its premium brand positioning into bottom-line results, suggesting that the 'formulation moat' may not be enough to protect against larger competitors. The persistent reliance on stock-based compensation and the lack of organic profitability suggest that the current business model may be fundamentally misaligned with the scale required for long-term viability.
Quick answers to the most common questions about buying ZVIA stock.
For fiscal year 2025, Zevia PBC (ZVIA) reported total revenue of $161.3M. This represents a 88.5% increase compared to $85.6M in 2019.
Zevia PBC (ZVIA) reported a net loss of $10.1M for the fiscal year ending 2025.
Zevia PBC (ZVIA) reported an operating income of $-9.6M, resulting in an operating profit margin of -6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Zevia PBC (ZVIA) generated $76.6M in gross profit for the year, representing a gross profit margin of 47.5%. This demonstrates the company's core pricing power and production efficiency.