Zevia PBC (ZVIA) · Nov 4, 2026 · Earnings

Zevia earnings beat and 2026 guidance rises on stronger growth

Beat — Revenue $48.3M vs ~$44.8M consensus; EPS -$0.03 vs -$0.05 consensus

Zevia earnings beat revenue and EPS expectations, while stronger volume and margins support a higher 2026 outlook despite continued losses.

Zevia is moving from a two-year restructuring and strategic reset into a growth phase, using expanded club distribution, e-commerce momentum, brand investment, and new capital to rebuild its beverage business. The October 22 growth-equity announcement and preliminary Q3 figures had already signaled an upside quarter, so the surprise here is the degree of delivery and the sharper full-year outlook.

The quarter beat the market’s bar by a wide margin. Revenue rose 18.4% to $48.3 million, above the published consensus of roughly $44.8 million, while the $0.03 per-share loss was better than the expected $0.05 loss. The underlying volume increase of 14.4% is more important than pricing alone because it suggests the club-channel rotation and e-commerce strength are translating into broader demand.

MetricQ3 2026Q3 2025Consensus
Net sales (Press release)$48.3M (+18.4%)$40.8M$44.8M
EPS (Financial statements)($0.03)($0.04)($0.05)
Gross margin (Press release)46.4%45.6%
Adjusted EBITDA (Reconciliation)($0.9M)($1.7M)

Profitability improved enough to support a higher outlook, but the business is not yet sustainably profitable. Gross margin expanded to 46.4% despite higher aluminum costs, and adjusted EBITDA loss narrowed to $0.9 million from $1.7 million. The improvement came alongside heavier marketing investment, which rose to $7.2 million from $4.9 million, meaning Zevia is spending to convert distribution gains into brand growth rather than simply harvesting cost cuts. 〔0〕

The full-year guidance raise is the clearest change to the business story. Zevia lifted 2026 sales guidance from $170–175 million to $177–179 million and improved adjusted EBITDA guidance from a $2–4 million loss to breakeven through a $0.4 million loss. That is a meaningful reset in expectations, especially because the new outlook still absorbs approximately $8.5 million of fuel and aluminum cost pressure rather than assuming those headwinds disappear.

The financing adds capacity, but it is not new information in this release. The $20 million convertible-preferred investment was announced on October 22, so it was already part of the standing setup; today’s filing confirms that Zevia now has more room to fund innovation, distribution, and marketing. It strengthens execution capacity, but the preferred structure and potential dilution mean the capital itself is an enabler, not proof that the reset has succeeded.

Bottom line: This is a genuinely strong earnings update: demand accelerated, losses narrowed, and the 2026 outlook moved materially higher. The strategic reset is gaining operating traction, although Zevia still has to turn that growth into durable GAAP profitability.

What to watch next

Q4 results and full-year 2026 results, early 2027

Original filing on SEC EDGAR

More Zevia PBC news

Zevia earnings beat and 2026 guidance rises on stronger growth | ZVIA Stock News
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