Zevia PBC (ZVIA) Q4 2025 earnings summary

Executive summary

• Full year 2025 net sales grew 4% to $161.3 million, while Q4 net sales declined 4% to $37.9 million due to timing shifts in Costco programs, lapping Walmart pipeline fill, and reduced promotions.

• Adjusted EBITDA loss improved to $4.7 million for 2025 (from $15.2 million in 2024); Q4 Adjusted EBITDA reached break even or slightly positive, ahead of expectations.

• Net loss for 2025 narrowed to $11.2 million from $23.8 million in 2024; Q4 net loss was $1.3 million, a $5.5 million improvement year-over-year.

• Transformation and productivity initiatives in marketing, product innovation, and distribution drove improved financial and competitive positioning.

• Expanded national presence at Walmart, Albertsons, and Costco, with new product launches, packaging updates, and board leadership changes.

Financial highlights

• Full year 2025 net sales: $161.3 million (+4% YoY); Q4 net sales: $37.9 million (-4% YoY).

• Gross margin expanded to 48% for 2025 from 46.4% in 2024; Q4 2025 gross margin was 47.7%, down 150 bps YoY due to channel mix and tariffs.

• Net loss for 2025 reduced to $11.2 million from $23.8 million in 2024; Q4 net loss was $1.3 million.

• Adjusted EBITDA loss improved to $4.7 million from $15.2 million in 2024; Q4 Adjusted EBITDA was $0.05 million, up from a $3.9 million loss in Q4 2024.

• Ended Q4 with $25.4 million in cash, no outstanding debt, and an undrawn $20 million credit line.

Outlook and guidance

• 2026 net sales expected at $169–$173 million, 6% growth at midpoint; adjusted EBITDA guidance ranges from a $1 million loss to $0.5 million profit.

• Q1 2026 net sales expected at $40–$42 million, with adjusted EBITDA loss of $1.6–$1.9 million.

• Guidance reflects discontinuation of tea line and $5 million in incremental aluminum tariff costs for 2026.

• Gross margins expected in the high 40% range from Q2, barring further aluminum cost increases.

• Path to sustainable profitability targeted for 2026, supported by productivity initiatives and cost savings.