2026년 2월 26일 · Unknown · financial · 출처 Yahoo Finance
LOS ANGELES, February 25, 2026--(BUSINESS WIRE)--Zevia PBC ("Zevia" or the "Company") (NYSE: ZVIA), the Company bringing naturally delicious, zero sugar, clean-label beverages, today reported results for the fourth quarter and fiscal year ended December 31, 2025.
Fourth Quarter 2025 Highlights
Net sales of $37.9 million, a decline of $1.6 million year over year, largely due to the lapping of expanded distribution at Walmart in the same period last year Gross profit margin was 47.7%, a decline of 1.5 percentage points year over year, primarily due to channel mix and higher tariff costs Net loss was $1.3 million, including $1.1 million of non-cash equity-based compensation expense, an improvement of $5.5 million year over year Adjusted EBITDA of approximately $50 thousand(1), an improvement of $3.9 million year over year Loss per share was $0.02 to Zevia’s Class A Common stockholders, an improvement of $0.07 year over year
Full Year 2025 Highlights
Net sales of $161.3 million, an improvement of $6.2 million year over year Gross profit margin was 48.0%, an improvement of 1.6 percentage points year over year Net loss was $11.2 million, including $3.8 million of non-cash equity-based compensation expense, an improvement of $12.6 million year over year Adjusted EBITDA loss was $4.7 million(1), an improvement of $10.5 million year over year Loss per share was $0.15 to Zevia’s Class A Common stockholders, an improvement of $0.19 versus 2025
(1) Adjusted EBITDA is a non-GAAP financial measure. See the supplementary schedules in this press release for a discussion of how we define and calculate this measure and a reconciliation thereof to the most directly comparable GAAP measure.
"2025 was a pivotal year for Zevia. We gained traction across our strategic growth pillars of amplified marketing, product innovation and distribution expansion leading to improved financial performance," said Amy Taylor, President and Chief Executive Officer of Zevia. "There is still important work to do but with these drivers and favorable tailwinds in our category, we look forward to accelerating growth and capitalizing on the opportunities ahead."
Fourth Quarter 2025 Results
Net sales declined 4.0% to $37.9 million in the fourth quarter of 2025 compared to $39.5 million in the fourth quarter of 2024 due to decreased volumes of 5.7% largely driven by the lapping of expanded distribution at Walmart and reduced promotional activity at retailers.
Gross profit margin was 47.7% in the fourth quarter of 2025 compared to 49.2% in the fourth quarter of 2024, a decline of 1.5 percentage points. The decline was primarily due to channel mix and higher tariff costs, partially offset by lower promotional spend.
Story Continues
Selling and marketing expenses were $11.0 million, or 29.1% of net sales, in the fourth quarter of 2025 compared to $16.5 million, or 41.7% of net sales, in the fourth quarter of 2024. Selling expenses were $7.4 million, or 19.5% of net sales, in the fourth quarter of 2025 as compared to $10.0 million, or 25.3% of net sales, in the fourth quarter of 2024, a decrease of $2.6 million. Marketing expenses were $3.6 million, or 9.6% of net sales, in the fourth quarter of 2025 compared to $6.5 million, or 16.5% of net sales, in the third quarter of 2024, a decrease of $2.9 million.
The decrease in selling expenses was primarily due to savings in warehousing and freight costs as a result of Zevia’s Productivity Initiative. The decrease in marketing expenses was associated primarily with higher advertising spend last year related to the holiday campaign.
General and administrative expenses were $7.3 million, or 19.3% of net sales, in the fourth quarter of 2025 compared to $6.8 million, or 17.3% of net sales, in the fourth quarter of 2024. The increase was due primarily to higher accrued variable compensation expense.
Equity-based compensation, a non-cash expense, was $1.1 million in the fourth quarter of 2025, compared to $1.0 million in the fourth quarter of 2024.
Net loss for the fourth quarter of 2025 was $1.3 million, compared to net loss of $6.8 million in the fourth quarter of 2024.
Loss per share for the fourth quarter of 2025 was $0.02 to Zevia’s Class A Common stockholders, compared to loss per share of $0.09 in the fourth quarter of 2024.
Adjusted EBITDA was approximately $50 thousand in the fourth quarter of 2025, compared to an Adjusted EBITDA loss of $3.9 million in the fourth quarter of 2024. Adjusted EBITDA is a non-GAAP financial measure. See the supplementary schedules in this press release for a discussion of how we define and calculate this measure and a reconciliation thereof to the most directly comparable GAAP measure.
Full Year 2025 Results
Net sales increased 4.0% to $161.3 million in the full year of 2025 compared to $155.0 million in the full year of 2024, due to improved volumes of 5.2% largely driven by expanded distribution at Walmart and an increase in promotional activity at retailers, which were partially offset by the previously disclosed reduced distribution in the club channel as well as higher price realization, respectively.
Gross profit margin was 48.0% in the full year of 2025 compared to 46.4% in the full year of 2024, an improvement of 1.6 percentage points. The improvement was primarily due to lower product costs, improved inventory management, and channel mix, partially offset by increased spend on promotional activity and higher tariffs.
Selling and marketing expenses were $52.4 million, or 32.5% of net sales, in the full year of 2025 compared to $57.1 million, or 36.8% of net sales, in the full year of 2024. Selling expenses were $32.9 million, or 20.4% of net sales, for the year ended December 31, 2025, as compared to $40.0 million, or 25.8% of net sales for the year ended December 31, 2024, a decrease of $7.2 million, or 17.9%. Marketing expenses were $19.5 million, or 12.1% of net sales, for the year ended December 31, 2025, as compared to $17.1 mi…