10-Q Filing

ZEVIA PBC CIK: 1854139 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-019698`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	zvia-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 38 Cash Flow Statement 56 Stockholders Equity 17

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`Cash`	$55.96M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`Cash`	$47.40M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$11.08M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$14.32M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$27.58M	USD	Point-in-time
Inventories	`InventoryNet`	$28.95M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$2.16M	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.61M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.06M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$88.66M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$103.44M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.64M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.65M	USD	Point-in-time
Right-of-use assets under operating leases, net	`OperatingLeaseRightOfUseAsset`	$708.00K	USD	Point-in-time
Right-of-use assets under operating leases, net	`OperatingLeaseRightOfUseAsset`	$2.38M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.22M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.38M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$520.00K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$539.00K	USD	Point-in-time
Total assets	`Assets`	$113.22M	USD	Point-in-time
Total assets	`Assets`	$98.93M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.02M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$22.18M	USD	Point-in-time
Accrued expenses and other current liabilities	`Accruedexpensesandothercurrentliabilitiesnet`	$7.38M	USD	Point-in-time
Accrued expenses and other current liabilities	`Accruedexpensesandothercurrentliabilitiesnet`	$8.41M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$715.00K	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$577.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.14M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.81M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$31.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.15M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock, $0.001 par value. 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, $0.001 par value. 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Class A common stock, $0.001 par value. 550,000,000 shares authorized, 49,324,363 and 47,774,046 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`ClassACommonStockValue`	$50.00K	USD	Point-in-time
Class A common stock, $0.001 par value. 550,000,000 shares authorized, 49,324,363 and 47,774,046 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`ClassACommonStockValue`	$48.00K	USD	Point-in-time
Class B common stock, $0.001 par value. 250,000,000 shares authorized, 21,260,609 and 21,798,600 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`ClassBCommonStockValue`	$21.00K	USD	Point-in-time
Class B common stock, $0.001 par value. 250,000,000 shares authorized, 21,260,609 and 21,798,600 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`ClassBCommonStockValue`	$22.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$189.72M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$191.40M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-81.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-79.84M	USD	Point-in-time
Total Zevia PBC stockholder's equity	`StockholdersEquity`	$109.95M	USD	Point-in-time
Total Zevia PBC stockholder's equity	`StockholdersEquity`	$109.54M	USD	Point-in-time
Noncontrolling Interests	`MinorityInterest`	$-28.16M	USD	Point-in-time
Noncontrolling Interests	`MinorityInterest`	$-28.26M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$81.28M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$104.56M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$81.79M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$93.86M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$98.93M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$113.22M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$43.30M	USD	1 Quarter
Net sales	`Revenues`	$38.03M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$23.20M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$22.16M	USD	1 Quarter
Gross profit	`GrossProfit`	$15.88M	USD	1 Quarter
Gross profit	`GrossProfit`	$20.11M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$14.05M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$11.91M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.64M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$10.13M	USD	1 Quarter
Equity based compensation	`ShareBasedCompensation`	$8.90M	USD	1 Quarter
Equity based compensation	`ShareBasedCompensation`	$2.38M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$351.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$419.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$23.36M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$33.43M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-17.55M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.25M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$82.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$340.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.91M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-17.47M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$-12.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$-1.00K	USD	1 Quarter
Net loss and comprehensive loss	`ProfitLoss`	$-2.91M	USD	1 Quarter
Net loss and comprehensive loss	`ProfitLoss`	$-17.48M	USD	1 Quarter
Loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-6.59M	USD	1 Quarter
Loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-821.00K	USD	1 Quarter
Net loss attributable to Zevia PBC	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.09M	USD	1 Quarter
Net loss attributable to Zevia PBC	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-10.90M	USD	1 Quarter
Net loss per share attributable to common stockholders, basic	`EarningsPerShareBasic`	$-0.28	USD	1 Quarter
Net loss per share attributable to common stockholders, basic	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Net loss per share attributable to common shareholders, diluted	`EarningsPerShareDiluted`	$-0.28	USD	1 Quarter
Net loss per share attributable to common shareholders, diluted	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Weighted-average shares of Class A common stock outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	38.37M	shares	1 Quarter
Weighted-average shares of Class A common stock outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	49.37M	shares	1 Quarter
Weighted-average diluted shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	72.25M	shares	1 Quarter
Weighted-average diluted shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.37M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-17.48M	USD	1 Quarter
Net loss	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-2.91M	USD	1 Quarter
Non-cash lease expense	`OperatingLeaseExpense`	$142.00K	USD	1 Quarter
Non-cash lease expense	`OperatingLeaseExpense`	$149.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$419.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$351.00K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$19.00K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Equity based compensation	`ShareBasedCompensation`	$8.90M	USD	1 Quarter
Equity based compensation	`ShareBasedCompensation`	$2.38M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$3.24M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$4.38M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.37M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$920.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-546.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-957.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.65M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$14.59M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.02M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-456.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-148.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-166.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.40M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.40M	USD	1 Quarter
Purchases of property, equipment and software	`PaymentsToAcquirePropertyPlantAndEquipment`	$565.00K	USD	1 Quarter
Purchases of property, equipment and software	`PaymentsToAcquirePropertyPlantAndEquipment`	$862.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-565.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-862.00K	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$213.00K	USD	1 Quarter
Minimum tax withholding paid on behalf of employees for net share settlement	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Minimum tax withholding paid on behalf of employees for net share settlement	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.13M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$16.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$23.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$23.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.33M	USD	1 Quarter
Net change from operating, investing, and financing activities	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-14.29M	USD	1 Quarter
Net change from operating, investing, and financing activities	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$8.56M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.11M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.40M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.82M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.96M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.11M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.40M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.82M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.96M	USD	Point-in-time
Capital expenditures included in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$141.00K	USD	1 Quarter
Capital expenditures included in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$71.00K	USD	1 Quarter
Conversion of Class B common stock to Class A common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$724.00K	USD	1 Quarter
Conversion of Class B common stock to Class A common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.93M	USD	1 Quarter
Operating lease right-of-use assets obtained in exchange for lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$1.02M	USD	1 Quarter
Operating lease right-of-use assets obtained in exchange for lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$1.82M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	-	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$19.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$52.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$81.28M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$104.56M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$81.79M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$93.86M	USD	Point-in-time
Vesting and release of common stock under equity incentive plans, net	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Vesting and release of common stock under equity incentive plans, net	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.13M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$23.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$16.00K	USD	1 Quarter
Exercise of stock options Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	30,424.00	shares	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.38M	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$8.90M	USD	1 Quarter
Net loss	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-17.48M	USD	1 Quarter
Net loss	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-2.91M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$81.28M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$104.56M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$81.79M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$93.86M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.