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Earnings analysis · 10-Q

ZVIA earnings analysis

Filed May 6, 2026 · Our reading of the company's report

The latest report

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,…

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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.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

49% Gross margin Operating margin Aug 2021 May 2026

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $52 Operating expenses $53 Left as operating profit $-5

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish Aug 2021 May 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$-0.03
Segment
Soda
Segment
Energy Drinks

What stood out

  • 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.

What to watch

  • 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.

Management's outlook

Zevia raised full-year sales guidance to $170-$175 million.

Earlier filings 4

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 itself. Analysis can contain errors; check the source document for full context.