Zevia PBC (ZVIA) investor relations material

Executive summary

• Q3 net sales rose 18.4% YoY to $48.3M, driven by higher case volume in club and e-commerce channels; gross margin increased 80 bps to 46.4%.

• Q3 Adjusted EBITDA loss narrowed to $0.9M from $1.7M YoY; nine-month Adjusted EBITDA was income of $0.6M versus a $4.8M loss.

• FY2026 net sales and Adjusted EBITDA outlook was raised; a $20M growth-equity investment agreement was announced.

Financial highlights

• Q3 equivalized cases rose 14.4% to 3.7M; $1.2M came from pricing and $0.4M from lower incentive and discount allowances.

• Q3 gross profit increased 20.5% to $22.4M; cost of goods sold rose 16.5% to $25.9M, including $1.2M of tariff-driven unfavorable unit costs.

• Q3 net loss was $2.2M versus $2.8M; adjusted net loss was $2.1M versus $2.8M.

• Nine-month net sales grew 13.0% to $139.4M; GAAP net loss was $7.4M versus $9.9M.

• Nine-month operating cash flow was $5.5M versus cash use of $4.2M; cash and equivalents were $29.5M at September 30, 2026.

Outlook and guidance

• FY2026 net sales guidance increased to $177M–$179M; Adjusted EBITDA guidance is breakeven to a $0.4M loss.

• Q4 2026 net sales guidance is $37.5M–$39.5M, with an Adjusted EBITDA loss of $0.5M–$0.9M.

• FY guidance assumes $8.5M of incremental fuel and aluminum-related costs, down from the prior $11M expectation.

• Warehouse restructuring is expected to generate ~$4.0M of annualized savings; related restructuring charges were completed by June 30, 2026.