second quarter 2026
Filed Aug 5, 2026Zevia Announces Second Quarter 2026 Results Net Sales at the High End of Outlook; Adjusted EBITDA Exceeds Outlook
Net sales grew 1.1% to $45.0 million and gross profit margin improved to 48.9%, while volume declined 3.7% and GAAP net loss widened to $2.9 million from $0.7 million. Adjusted EBITDA improved to $0.5 million, and the Company continued its full-year outlook.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net salesGAAP | $45.0 million | – | 1.1% |
| Volumeother | 3.7% decline | – | 3.7% decline |
| Gross profit marginGAAP | 48.9% | – | 0.2 percentage points |
| Selling and marketing expensesGAAP | $13.1 million, or 29.0% of net sales | – | – |
| Selling expensesGAAP | $8.1 million, or 17.9% of net sales | – | a decrease of $0.6 million |
| Marketing expensesGAAP | $5.0 million, or 11.1% of net sales | – | an increase of $0.3 million |
| General and administrative expensesGAAP | $8.6 million, or 19.0% of net sales | – | – |
| Equity-based compensationGAAP | $2.1 million | – | $1.1 million increase |
| Restructuring expensesGAAP | $1.0 million | – | – |
| Net lossGAAP | $2.9 million | – | an increase in net loss of $2.3 million |
| Loss per share to Zevia’s Class A Common stockholdersGAAP | $0.04 | – | – |
| Adjusted net lossnon-GAAP | $1.8 million | – | – |
| Adjusted EBITDAnon-GAAP | $0.5 million | – | an improvement of $0.3 million |
| First-half net sales growthGAAP | 10.4% | – | 10.4% |
full year 2026 and third quarter of 2026 outlook
- RevenueFor the full year 2026, net sales to be in the range of $170 million to $175 million
- NoteFor the full year 2026, an adjusted EBITDA loss of between $2.0 million and $4.0 million
- NoteFor the third quarter of 2026, net sales to be in the range of $44.0 million to $46.0 million
- NoteFor the third quarter of 2026, an adjusted EBITDA loss of between $3.0 million and $3.5 million
What drove it
- Net sales growth was due to pricing actions, partially offset by a 3.7% decline in volume, primarily reflecting the comparison against distribution load-ins in the prior-year period.
- Gross profit margin increased primarily from pricing actions, partially offset by higher aluminum costs.
- Selling-expense savings reflected the Productivity Initiative, lower distribution fees, and lower other direct selling costs.
- Higher freight costs were driven by increased fuel rates.
- Marketing expense increased due to investments to drive brand awareness.
- General and administrative expense increased due to higher personnel-related costs and outside service expenses, partially offset by lower accrued variable compensation.
- The increase in equity-based compensation was primarily driven by equity awards granted in connection with the Company's brand endorsement agreement with Cardi B.
- Restructuring expenses primarily consisted of contract termination costs and freight costs incurred to transfer inventory as part of the Company's productivity initiatives.
Concerns
- Volume declined 3.7%.
- GAAP net loss increased to $2.9 million from $0.7 million.
- Equity-based compensation increased to $2.1 million from $1.0 million.
- General and administrative expenses increased to $8.6 million, or 19.0% of net sales, from $8.1 million, or 18.2% of net sales.
- The third-quarter outlook calls for an adjusted EBITDA loss of between $3.0 million and $3.5 million.
- The Company cited higher aluminum costs and higher freight costs driven by increased fuel rates.
What to watch
- Whether pricing actions continue to offset volume trends.
- Execution of the stated go-to-market strategy, brand identity initiatives, financial discipline, and performance-driven culture.
- Progress under the Productivity Initiative and its effects on warehousing, repackaging, distribution, and direct selling costs.
- Third-quarter net sales relative to the range of $44.0 million to $46.0 million.
- Third-quarter adjusted EBITDA loss relative to the range of $3.0 million to $3.5 million.
- Full-year net sales relative to the range of $170 million to $175 million and adjusted EBITDA loss relative to between $2.0 million and $4.0 million.
Balance sheet and cash flow
- As of June 30, 2026, the Company had $28.5 million in cash and cash equivalents.
- The Company had no outstanding debt.
- The Company had an unused credit line of $20 million.
Analysis
Second-quarter net sales grew 1.1% to $45.0 million from $44.5 million. Pricing actions supported growth, but volume declined 3.7%, which the Company said primarily reflected comparison against prior-year distribution load-ins. Management also cited net sales growth of 10.4% in the first half of 2026, although the release did not provide the underlying first-half sales amount.
Gross profit margin improved 0.2 percentage points to 48.9%, as pricing actions more than offset higher aluminum costs. Selling and marketing expense declined to $13.1 million from $13.4 million, with selling expense down $0.6 million through Productivity Initiative savings, lower distribution fees, and lower other direct selling costs. Those savings were partly offset by fuel-driven freight costs, while marketing expense rose $0.3 million to support brand awareness.
Profitability remained mixed. General and administrative expense increased to $8.6 million from $8.1 million, and equity-based compensation rose to $2.1 million from $1.0 million, primarily due to awards linked to the Cardi B brand endorsement agreement. Restructuring expenses were $1.0 million. GAAP net loss widened to $2.9 million, or $0.04 per share, from $0.7 million, or $0.01 per share, while adjusted net loss was $1.8 million compared with $0.6 million.
On a non-GAAP basis, Adjusted EBITDA improved to $0.5 million from $0.2 million. The Company ended the period with $28.5 million in cash and cash equivalents, no outstanding debt, and an unused credit line of $20 million. Zevia continued to expect full-year net sales of $170 million to $175 million and an adjusted EBITDA loss of between $2.0 million and $4.0 million. Third-quarter guidance calls for net sales of $44.0 million to $46.0 million and an adjusted EBITDA loss of between $3.0 million and $3.5 million.
Management, verbatim
Stepping into the role as CEO of Zevia, I am excited to begin this new chapter following net sales growth of 10.4% in the first half of 2026, which demonstrates the strong momentum in our business.
Alexandre Ruberti, President and CEO of Zevia
We are working aggressively to build a strategic plan that we believe will accelerate growth and deliver sustainable outcomes for the organization. Our immediate areas of focus are to evolve the go-to market strategy, sharpen and scale our brand identity, execute with financial discipline, and establish a performance driven culture.
Alexandre Ruberti, President and CEO of Zevia
Our first half of 2026 reflects steady execution and a continued focus on our strategic growth pillars.
Girish Satya, Chief Financial Officer of Zevia
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported operating metrics.
- Gross profit dollars.
- GAAP operating income or loss and operating margin.
- GAAP net income attributable to common stockholders beyond the reported net loss and loss per share.
- Diluted weighted-average shares outstanding.
- Cash flow from operations.
- Free cash flow.
- Capital expenditures.
- Share repurchases, dividends, and other capital-return activity.
- Segment revenue disclosures.
- Full-year and third-quarter gross-margin guidance.
- Full-year and third-quarter operating-expense guidance.
- Full-year and third-quarter tax-rate guidance.
- Forward-looking GAAP equivalent and reconciliation for Adjusted EBITDA outlook.
- Prior outlook for comparison with actual results.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.