Zevia PBC (ZVIA) Q4 2025 earnings summary

Executive summary

• Net sales for full year 2025 grew 4% to $161.3 million, with Q4 net sales down 4% to $37.9 million due to timing shifts and lapping expanded Walmart distribution.

• Adjusted EBITDA loss improved to $4.7 million for the year, with Q4 adjusted EBITDA turning positive at $50,000.

• Net loss for 2025 narrowed to $11.1 million from $23.8 million prior year; Q4 net loss improved to $1.3 million.

• Strategic focus on marketing, product innovation, and expanded distribution drove improved financial and competitive positioning.

• Andy Ruben appointed Chair of the Board and Suzanne Ginestro as Director.

Financial highlights

• Full year gross margin improved to 48%, up 1.6 points year-over-year; Q4 gross margin was 47.7%, down 1.5 points due to channel mix and tariffs.

• Selling and marketing expenses for Q4 were $11 million (29.1% of net sales), down from $16.5 million (41.7%) year-over-year.

• Cash and cash equivalents at year-end were $25.4 million, with no outstanding debt and a $20 million unused credit line.

• Full year selling and marketing expenses fell to $52.4 million (32.5% of sales) from $57.1 million (36.8%).

• Q4 loss per share improved to $0.02 from $0.09 year-over-year; full year loss per share improved to $0.15 from $0.34.

Outlook and guidance

• 2026 net sales expected between $169 million and $173 million, representing 6% growth at midpoint.

• Guidance reflects discontinuation of tea line, impacting growth by 1-1.5 points.

• Q1 2026 net sales expected between $40 million and $42 million, driven by Costco national program.

• Full-year adjusted EBITDA guidance ranges from a loss of $1 million to positive $0.5 million, factoring in $5 million in new aluminum tariffs and reinvestment.

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