ZVIA earnings analysis
What we found in ZVIA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Zevia reported significant revenue growth of 21.2% year-over-year in Q1 2026, with net sales reaching $46.1 million, exceeding expectations. Despite these strong sales figures, the company continues to face challenges, resulting in a net loss of $2.27 per share, consistent with analyst projections but reflecting ongoing operational restructuring costs and macroeconomic pressures.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 21.2% Revenue Growth
- Net sales increased to $46.1 million, up from $38.0 million year-over-year.
- Improved Gross Profit
- Gross profit rose by 17.1% to $22.3 million despite increased costs.
- Decrease in Selling Expenses
- Selling and marketing expenses fell by 5.1% to $14.5 million.
- Positive Cash Flow from Operations
- Operating cash flow was $1.6 million, a recovery from a loss of $2.9 million in Q1 2025.
- Reducing Restructuring Costs
- Restructuring expenses decreased to zero from $2.1 million in the previous year.
- Improved Inventory Management
- Inventories decreased by $5.2 million due to better sales management.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Ongoing Tariff Pressures
- Since June 2025, tariffs on aluminum imports have raised costs significantly, affecting margins.
- Rising Commodity Prices
- Key ingredient cost inflation continues to impact overall profitability.
- Litigation Settlements
- General and administrative expenses surged by 29.9% to $9.1 million, largely due to litigation settlements.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.03
- Gross margin
- 48.4%
- Operating margin
- -5%
- Segment
- Soda
- Segment
- Energy Drinks
What they said about what is next.
Zevia raised full-year sales guidance to $170-$175 million.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 25, 2026
- Zevia reported modest top-line growth in 2025 with revenue rising to approximately $162.0M (sum of quarterly revenue $38M, $45M, $41M, $38M) versus $154.0M in 2024, while gross margins stayed healthy in the high-40s.…
- 10-Q · November 5, 2025
- Zevia reported Q3 net sales of $40.844 million (up $4.478M or 12.3% YoY) with gross profit of $18.617 million, but continued to report an operating loss of $2.873 million and diluted EPS of $(0.04). Cash on the balance…
- 10-Q · November 6, 2024
- Zevia reported Q3 net sales of $36,366,000 and GAAP diluted loss per share of $(0.04). Gross margin expanded to 49.1% while selling & marketing expense declined materially to $11,981,000, helping operating loss narrow…
- 10-Q · November 7, 2023
- Zevia reported Q3 net sales of $43.09M (down $1.15M vs. $44.24M in Q3 2022) and GAAP diluted EPS of $(0.16), unchanged year-over-year. Gross profit improved to $19.57M (gross margin ~45.4%), but operating loss widened…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing ZVIA makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever