Zevia PBC (ZVIA) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 18.4% YoY to $48.3M; gross margin increased 80 bps to 46.4%, and the Adjusted EBITDA loss narrowed to $0.9M from $1.7M.

• Nine-month net sales grew 13.0% to $139.4M; Adjusted EBITDA was income of $0.6M versus a $4.8M loss in 2025.

Financial highlights

• Q3 volume rose 14.4% to 3.7M equivalized cases; pricing contributed $1.2M, while lower incentive and discount allowances added $0.4M.

• Q3 gross profit increased to $22.4M from $18.6M; net loss was $2.2M versus $2.8M, and loss per share improved to $0.03 from $0.04.

• Nine-month gross profit rose to $66.8M from $59.3M; gross margin was 47.9% versus 48.1%.

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

• Q3 selling and marketing expense was $15.1M, or 31.3% of sales, versus $12.7M, or 31.0%; marketing expense rose to $7.2M from $4.9M.

Outlook and guidance

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

• Q4 net sales are forecast at $37.5M–$39.5M, with an Adjusted EBITDA loss of $0.5M–$0.9M.

• FY guidance includes $8.5M of incremental fuel and aluminum costs, down from the prior $11M expectation; discontinued tea reduces the outlook by ~2%.

• $3M–$5M of additional cost savings are on track from Q1 2027, with plans to reinvest in the strategic reset; warehouse restructuring is expected to generate ~$4M in annualized savings.

• Two to three products beyond traditional carbonated soft drinks are planned for digital-first launch in H2 2027, followed by broader rollout in 2028.