NYSE:ZVIA
Zevia PBC
Zevia offers a comprehensive line of zero-calorie beverages sweetened only with stevia to cater to the growing demand for natural and sugar-free drinks.
Key Metrics
Investment Thesis
Bull Case
Investors may view Zevia as an attractive turnaround opportunity given its dominant market share in the stevia-only beverage niche and consistent revenue growth over the last two years. The narrowing net loss trajectory suggests that management is making progress on cost optimization or efficiency improvements, potentially paving the way for future profitability.
Bear Case
The stock carries high risk due to a substantial retained earnings deficit of $131.3M and a lack of positive operating cash flow, which limits financial flexibility during economic downturns. Without a clear path to consistent net income or a reduction in heavy marketing spend, the company may struggle to maintain its valuation if consumer preferences shift away from natural sweeteners.
About Zevia PBC
Zevia PBC (ZVIA) is a leading natural beverage manufacturer specializing in zero-calorie soft drinks sweetened exclusively with stevia. The company serves the North American retail and foodservice markets through its diverse portfolio of sodas, teas, and coffee products designed for health-conscious consumers seeking sugar-free alternatives.
Analysis
Management Discussion
While total revenue stabilized slightly in 2025 at $161.3M compared to the previous year, the company continues to report a significant net loss of $11.2M, narrowing from -$23.8M in 2024 but still indicating structural challenges in cost management. The negative operating cash flow of $4.7M combined with a retained earnings deficit of $131.3M highlights the difficulty in achieving positive unit economics despite steady top-line performance.
Industry Overview
The global functional beverage market is expanding rapidly as consumers prioritize health and wellness, creating a favorable environment for sugar-free alternatives like Zevia. However, intense competition from major players introducing their own stevia lines and private-label options poses significant pressure on margins and market share within this crowded sector.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $163.2M | $166.4M | $155.0M | $161.3M |
| Cost of Revenue | $93.2M | $91.7M | $83.1M | $83.8M |
| Gross Profit | $70.0M | $74.8M | $71.9M | $77.4M |
| Operating Expenses | $117.9M | $103.7M | $95.6M | $89.2M |
| Operating Income | $-47.9M | $-28.9M | $-23.7M | $-11.8M |
| G&A | $36.8M | $31.5M | $30.0M | $30.0M |
| Marketing | $52.9M | $62.3M | $57.1M | $52.4M |
| Stock-Based Comp | $26.9M | $8.3M | $5.0M | $3.8M |
| D&A | $1.3M | $1.6M | $1.3M | $868.0K |
| Depreciation | $700.0K | $1.0M | $1.0M | — |
| Amortization | $700.0K | $600.0K | $300.0K | $200.0K |
| Other OpEx | $28.2M | $9.9M | $8.4M | $6.8M |
| Non-Operating Income | $286.0K | $673.0K | $-63.0K | $678.0K |
| Interest Income | — | — | — | $800.0K |
| Pre-Tax Income | $-47.6M | $-28.3M | $-23.7M | $-11.1M |
| Income Tax | $65.0K | $52.0K | $66.0K | $54.0K |
| Continuing Ops | $-47.6M | $-28.3M | $-23.8M | $-11.2M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-47.6M | $-28.3M | $-23.8M | $-11.2M |
| Minority Interest | $0 | $-6.8M | $-3.8M | $-1.2M |
| Net to Common | $-47.6M | $-21.5M | $-20.0M | $-9.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $88.7M | $82.7M | $61.9M | $58.2M |
| Cash & Equivalents | — | — | — | $25.4M |
| Marketable Securities | $0 | — | — | — |
| Accounts Receivable | $11.1M | $11.1M | $10.8M | $11.1M |
| Inventory | $27.6M | $34.5M | $18.6M | $20.4M |
| Prepaid Expenses | $2.6M | $5.1M | $1.8M | $1.4M |
| Other Current Assets | $47.4M | $32.0M | $30.7M | $0 |
| Long-Term Assets | $10.3M | $8.2M | $6.0M | $5.4M |
| PP&E (Net) | $4.6M | $2.1M | $1.3M | $867.0K |
| Intangibles | $4.4M | $3.5M | $3.2M | $3.1M |
| Operating Leases | $708.0K | $2.0M | $1.1M | $549.0K |
| Other LT Assets | $539.0K | $579.0K | $503.0K | $849.0K |
| Total Assets | $98.9M | $90.9M | $68.0M | $63.6M |
| Current Liabilities | $17.1M | $27.7M | $24.2M | $28.0M |
| Accounts Payable | $8.0M | $21.2M | $15.3M | $17.6M |
| Current Leases | $715.0K | $575.0K | $587.0K | $668.0K |
| Other Current Liab | $8.4M | $6.0M | $8.3M | $0 |
| Long-Term Liabilities | $0 | $1.4M | $784.0K | $0 |
| LT Operating Leases | $0 | $1.4M | $726.0K | $0 |
| Other LT Liab | $0 | $0 | $58.0K | $0 |
| Total Liabilities | $17.1M | $29.1M | $25.0M | $28.0M |
| Shareholders' Equity | $81.8M | $61.8M | $42.9M | $35.6M |
| Paid-In Capital | $189.7M | $191.1M | $186.1M | $182.2M |
| Retained Earnings | $-79.8M | $-101.3M | $-121.3M | $-131.3M |
| Total L&E | $98.9M | $90.9M | $68.0M | $63.6M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-47.6M | $-28.3M | $-23.8M | $-11.2M |
| Non-Cash Adjustments | $34.4M | $-8.2M | $46.3M | $2.2M |
| Working Capital Changes | $-7.6M | $20.2M | $-23.5M | $4.3M |
| Cash from Operations | $-20.8M | $-16.3M | $-1.0M | $-4.7M |
| Capital Expenditures | $2.6M | — | — | $307.0K |
| Cash from Investing | $27.4M | $805.0K | $-283.0K | $-307.0K |
| Share Buybacks | $0 | — | — | — |
| Cash from Financing | $-2.3M | $25.0K | $0 | $-289.0K |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $4.3M | $-15.4M | $-1.3M | $-5.3M |
| Beginning Cash | $43.1M | $47.4M | $32.0M | $30.7M |
| Ending Cash | $47.4M | $32.0M | $30.7M | $25.4M |
Frequently Asked Questions
How does Zevia PBC make money?
The company's revenue is primarily driven by its core beverage brands including Zevia Soda, Zevia Tea, and Zevia Coffee. Significant portions of operating expenses are allocated to marketing efforts to build brand awareness across these segments, alongside general administrative costs supporting distribution and retail expansion.
What are the main risks for ZVIA?
The company faces substantial profitability risks due to persistent net losses of $11.2M in 2025, which could impact its ability to secure additional capital or favorable credit terms. High marketing expenditures relative to revenue growth suggest potential inefficiencies in converting brand investment into sustainable earnings power. Cash burn continues at a rate that exceeds operational cash flow, increasing reliance on existing cash reserves and paid-in capital.
What is ZVIA's competitive advantage?
Zevia maintains a unique market position as the only major beverage manufacturer using stevia exclusively without artificial sweeteners or high-fructose corn syrup. The company leverages a differentiated product portfolio that avoids GMOs and artificial ingredients, creating strong brand loyalty among consumers seeking clean-label options.
Related Companies
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.