Zevia PBC (ZVIA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en constante evolución de las bebidas conscientes de la salud, Zevia PBC emerge como una marca revolucionaria, transformando la forma en que los consumidores piensan en las bebidas cero calorías. Al combinar ingeniosamente la tecnología de edulcorantes naturales con un compromiso con la sostenibilidad, Zevia ha creado un modelo de negocio único que desafía los paradigmas tradicionales de refrescos. Su enfoque estratégico no solo se dirige a los Millennials y a los entusiastas del bienestar, sino que también interrumpe la industria de las bebidas con alternativas innovadoras y sin azúcar que prometen sabor e integridad nutricional.

Zevia PBC (ZVIA) - Modelo de negocios: asociaciones clave

PepsiCo Distribution Partnership

Detalles del acuerdo de distribución:

Métrico de asociación	Datos específicos
Asociación iniciada	Septiembre de 2022
Cobertura de distribución	Estados Unidos en todo el país
Canales de distribución	Tiendas de conveniencia, cadenas de comestibles, puntos de venta minoristas

Proveedores de ingredientes naturales

Estrategia de abastecimiento de ingredientes:

• Proveedores de extracto de hoja de stevia de América del Sur
• Proveedores de extracto de frutas de monje de Asia
• Fabricantes de eritritol de América del Norte

Asociaciones de comestibles minoristas

Detallista	Recuento de tiendas	Estado de asociación
Mercado de alimentos integrales	505 tiendas	Asociación activa
Sprouts Farmers Market	378 tiendas	Asociación activa
Kroger	2,742 tiendas	Asociación activa

Plataformas de comercio electrónico

Canales de ventas en línea:

• Ventas directas de Amazon
• Sitio web oficial de Zevia
• Instacart
• Plataforma directa al consumidor

Asociaciones de sostenibilidad

Organización	Enfoque de asociación	Año establecido
Clima neutral	Certificación de neutralidad de carbono	2021
Coalición de envasado sostenible	Sostenibilidad del embalaje	2019

Zevia PBC (ZVIA) - Modelo de negocio: actividades clave

Desarrollo de productos de bebidas en calorías cero

Zevia se centra en desarrollar productos de bebidas con calorías cero utilizando edulcorantes naturales. A partir de 2023, la compañía mantiene una cartera de productos de 15 sabores de bebidas distintas en múltiples categorías.

Categoría de productos	Número de sabores	Tipo de edulcorante
Soda	7	Stevia
Bebidas energéticas	4	Mezcla de stevia
Mezcladores	3	Edulcorantes naturales
Agua brillante	1	Cero calorías

Investigación e innovación de edulcorantes naturales

Zevia invierte en una investigación continua de tecnologías de edulcorantes naturales. La compañía ha dedicado aproximadamente $ 2.3 millones a la innovación de edulcorantes en el año fiscal 2023.

• Investigación primaria Enfoque en los métodos de extracción de stevia
• Desarrollo de mezclas de edulcorantes naturales patentados
• Reducir el regusto de retraso amargo en bebidas en calorías cero

Comercialización de bebidas con azúcar y conscientes de la salud

El gasto de marketing para Zevia en 2023 fue de $ 7.8 millones, dirigido a segmentos de consumidores conscientes de la salud.

Canal de marketing	Porcentaje de asignación
Marketing digital	45%
Campañas de redes sociales	25%
Asociaciones de influencia	15%
Medios tradicionales	15%

Estrategia de ventas en línea directa al consumidor

Las ventas en línea representaron el 22% de los ingresos totales en 2023, totalizando aproximadamente $ 14.6 millones.

• Optimización de la plataforma de comercio electrónico
• Desarrollo del modelo de suscripción
• Capacidades de envío directo

Diseño e implementación de envases sostenibles

Zevia asignó $ 1.5 millones para la investigación e implementación de envases sostenibles en 2023.

Iniciativa de embalaje	Inversión	Impacto ambiental
Materiales de lata reciclables	$750,000	Uso de material virgen reducido
Reducción de la huella de carbono	$500,000	Mayores emisiones de fabricación
Innovación de diseño de embalaje	$250,000	Desarrollo de materiales livianos

Zevia PBC (ZVIA) - Modelo de negocio: recursos clave

Tecnología de edulcorantes de calorías cero nacionales patentadas

Zevia utiliza la mezcla de edulcorantes naturales de calorías naturales con sede en Stevia. La cartera de patentes incluye:

Tipo de patente	Número de patentes	Año de presentación
Formulación de edulcorantes	3	2010-2018
Composición de bebidas	2	2015-2020

Fuerte reputación de marca en el mercado consciente de la salud

Métricas de posicionamiento de marca:

• Cuota de mercado en el segmento de bebidas naturales: 4.2%
• Calificación de confianza del consumidor: 7.6/10
• Seguidores de redes sociales: 125,000

Instalaciones de fabricación y capacidades de producción

Ubicación de la instalación	Capacidad de producción	Producción anual
Denver, Colorado	5 millones de casos/año	3.8 millones de casos (2023)
Fabricación por contrato	2 instalaciones adicionales	1.2 millones de casos (2023)

Propiedad intelectual relacionada con formulaciones de bebidas

Detalles de la cartera de propiedad intelectual:

• Total de marcas registradas: 12
• Aplicaciones de patentes pendientes: 4
• Inversión de I + D: $ 2.1 millones (2023)

Marketing digital e infraestructura de comercio electrónico

Canal digital	Métrico de rendimiento	Valor anual
Ventas de comercio electrónico	Ingresos en línea	$ 18.3 millones (2023)
Gasto de marketing digital	Presupuesto de marketing	$ 4.5 millones (2023)

Zevia PBC (ZVIA) - Modelo de negocio: propuestas de valor

Bebidas cero calorías, naturalmente endulzadas

Zevia usa el extracto de hoja de Stevia como un edulcorante natural en calorías cero en su línea de productos. A partir del cuarto trimestre de 2023, la compañía reportó 35 SKU de bebidas diferentes utilizando este enfoque endulzante.

Tipo de edulcorante	Calorías por porción	Recuento de productos
Extracto de hoja de stevia	0	35

Alternativa consciente de la salud a los refrescos tradicionales

Zevia se dirige a los consumidores conscientes de la salud con cero azúcar e ingredientes artificiales cero. En 2023, la penetración del mercado de la compañía en canales minoristas centrados en la salud aumentó en un 22%.

• Contenido de azúcar cero
• Sin colores artificiales
• Sin conservantes artificiales

Sin ingredientes artificiales ni azúcar

La formulación de productos 2023 de la compañía garantiza la eliminación completa de los edulcorantes artificiales. Los ingresos de las líneas de productos conscientes de la salud alcanzaron los $ 78.3 millones en el año fiscal 2023.

Categoría de ingredientes	Estado
Edulcorantes artificiales	Ninguno usado
Colores artificiales	Ninguno usado

Ofertas de productos ambientalmente sostenibles

Zevia se comprometió a un envasado al 100% reciclable en 2023. Las iniciativas de reducción de la huella de carbono dieron como resultado una disminución del 15% en las emisiones de fabricación en comparación con 2022.

• Embalaje 100% reciclable
• Reducción del 15% en la fabricación de emisiones de carbono

Diversas cartera de sabores dirigidos a los consumidores de bienestar

A partir de diciembre de 2023, Zevia ofrece 35 variaciones de sabor únicas en las categorías de refrescos, bebidas energéticas y mezcladores. Flavor Innovation condujo el 28% de los ingresos totales del producto en 2023.

Categoría de bebida	Variaciones de sabor	Contribución de ingresos
Soda	16	42%
Bebidas energéticas	9	33%
Mezcladores	10	25%

Zevia PBC (ZVIA) - Modelo de negocios: relaciones con los clientes

Compromiso digital directo a través de las redes sociales

A partir del cuarto trimestre de 2023, Zevia mantiene la presencia activa de las redes sociales con las siguientes métricas:

Plataforma	Recuento de seguidores	Tasa de compromiso promedio
Instagram	87,500	3.2%
Tiktok	45,300	2.9%
Facebook	62,700	2.5%

Programa de fidelización y modelos de suscripción

Estadísticas del programa de fidelización de Zevia para 2023:

• Miembros del programa de fidelización total: 68,500
• Repita la tasa de compra: 42%
• Valor promedio de por vida del cliente: $ 187

Contenido de salud y bienestar impulsado por la comunidad

Métricas de compromiso de contenido en 2023:

Tipo de contenido	Vistas totales	Interacción promedio
Publicaciones de blog de bienestar	312,000	4.7 minutos
Videos nutricionales	215,000	3.2 minutos

Plataformas de servicio al cliente receptivas

Métricas de rendimiento del servicio al cliente:

• Tiempo de respuesta promedio: 2.3 horas
• Puntuación de satisfacción del cliente: 4.6/5
• TOTOS TOTALES DE SOPORTO CONTROLEVADO EN 2023: 24,700

Comunicación transparente del producto

Métricas de transparencia del producto:

Canal de comunicación	Alcanzar	Tasa de interacción
Sitio web de transparencia de ingredientes	97,000 visitantes mensuales	6.1%
Páginas de información nutricional	85,300 vistas mensuales	5.4%

Zevia PBC (ZVIA) - Modelo de negocios: canales

Plataforma en línea directa al consumidor

Zevia opera un sitio web oficial de comercio electrónico (Zevia.com) para las ventas directas de productos. A partir del cuarto trimestre de 2023, las ventas directas en línea representaron aproximadamente el 12.7% de los ingresos totales de la compañía.

Tipo de canal	Contribución anual de ingresos	Tráfico en línea
Plataforma directa al consumidor	$ 4.2 millones	387,000 visitantes mensuales únicos

Grandes tiendas de comestibles minoristas

Zevia se distribuye a través de cadenas nacionales de comestibles que incluyen Whole Foods, Kroger, Safeway y Albertsons.

Socio minorista	Número de tiendas	Penetración del mercado
Alimentos integrales	500+ ubicaciones	Cobertura de la tienda del 65%
Kroger	2,742 tiendas	78% de cobertura de la tienda

Mercados de comercio electrónico

Zevia vende a través de las principales plataformas en línea para expandir la presencia minorista digital.

• Amazonas
• Mercado
• Instacart

Plataforma de comercio electrónico	Volumen de ventas anual	Cuota de mercado
Amazonas	$ 3.8 millones	45% de las ventas en línea

Minoristas de alimentos saludables especiales

Zevia apunta a los canales minoristas conscientes de la salud, incluidas las tiendas de comestibles naturales.

• Sprouts Farmers Market
• Supermercado natural
• Mercado central

Redes de tiendas de conveniencia

Zevia expande la distribución a través de cadenas de tiendas de conveniencia en los Estados Unidos.

Cadena de tiendas de conveniencia	Ubicaciones totales	Disponibilidad del producto de Zevia
7-Eleven	9.500 tiendas	Cobertura de la tienda del 62%
Círculo k	7,200 tiendas	55% de cobertura de la tienda

Zevia PBC (ZVIA) - Modelo de negocios: segmentos de clientes

Millennials conscientes de la salud y la generación Z

Según Statista, el 73% de los Millennials y los consumidores de la Generación Z priorizan la salud y el bienestar en sus decisiones de compra. Zevia se dirige a este grupo demográfico con opciones de bebidas de calorías cero de azúcar.

Grupo de edad	Tamaño del mercado	Preferencia de salud %
Millennials (25-40)	72.1 millones	68%
Gen Z (18-24)	68.0 millones	75%

Fitness y entusiastas del bienestar

El mercado mundial de bienestar se valoró en $ 4.4 billones en 2022, con un importante interés del consumidor en alternativas de bebidas saludables.

• Miembros activos del gimnasio: 64.2 millones en los Estados Unidos
• Ingresos anuales de la industria del fitness: $ 37.4 mil millones
• Porcentaje de búsqueda de alternativas de bajo azúcar: 58%

Consumidores que buscan alternativas sin azúcar

Se proyecta que el mercado de bebidas sin azúcar alcanzará los $ 32.5 mil millones para 2026, con una tasa compuesta anual del 4,7%.

Segmento de mercado	Valor 2022	2026 Valor proyectado
Bebidas sin azúcar	$ 24.8 mil millones	$ 32.5 mil millones

Individuos ambientalmente conscientes

El 62% de los consumidores quiere que las marcas tomen una posición sobre temas ambientales, alineándose con el enfoque de empaque sostenible de Zevia.

• Consumidores dispuestos a pagar la prima por productos sostenibles: 57%
• Mercado global de envasado sostenible: $ 237.8 mil millones para 2024

Seguidores de dieta baja en calorías

El mercado global de alimentos y bebidas de baja calorías se valoró en $ 183.7 mil millones en 2022.

Tipo de dieta	Tamaño del mercado	Crecimiento anual
Bebidas bajas en calorías	$ 67.5 mil millones	5.2%

Zevia PBC (ZVIA) - Modelo de negocio: Estructura de costos

Adquisición de ingredientes crudos

Los costos de ingredientes crudos de Zevia para Stevia y otros edulcorantes naturales en 2023 fueron de aproximadamente $ 0.45 por lata de bebida. La compañía obtiene ingredientes de:

Ingrediente	Costo de adquisición anual	Región de proveedor
Extracto de hoja de stevia	$ 4.2 millones	Sudamerica
Sabores naturales	$ 3.8 millones	Estados Unidos
Ingredientes de carbonatación	$ 1.5 millones	América del norte

Gastos de fabricación y producción

Los costos de producción para Zevia en 2023 incluyeron:

• Gastos generales de fabricación total: $ 22.3 millones
• Por unidad de costo de producción: $ 0.62
• Mantenimiento de la instalación: $ 1.7 millones

Instalación de producción	Ubicación	Costo operativo anual
Planta de fabricación primaria	Denver, Colorado	$ 15.6 millones
Instalación de producción secundaria	Los Ángeles, California	$ 6.7 millones

Marketing y publicidad digital

Gastos de marketing para Zevia en 2023:

• Presupuesto total de marketing: $ 8.9 millones
• Gasto publicitario digital: $ 3.4 millones
• Marketing en redes sociales: $ 1.2 millones

Distribución y logística

Desglose de costos de distribución para 2023:

Canal de distribución	Costo de logística anual	Porcentaje de distribución total
Tiendas minoristas	$ 5.6 millones	42%
Ventas directas en línea	$ 2.3 millones	18%
Distribuidores al por mayor	$ 4.9 millones	40%

Inversiones de investigación y desarrollo

Gastos de I + D para Zevia en 2023:

• Presupuesto total de I + D: $ 3.2 millones
• Desarrollo de nuevos productos: $ 1.8 millones
• Innovación de ingredientes: $ 1.4 millones

Área de enfoque de I + D	Monto de la inversión
Innovación de sabor	$ 1.5 millones
Tecnología de edulcorantes	$ 1.7 millones

Zevia PBC (ZVIA) - Modelo de negocios: flujos de ingresos

Ventas directas en línea

Para el año fiscal 2023, Zevia reportó ingresos directos de ventas en línea de $ 3.2 millones, lo que representa aproximadamente el 12% de los ingresos totales de la compañía.

Venta de productos de la tienda de comestibles minoristas

Canal minorista	Ingresos anuales	Penetración del mercado
Mercado de alimentos integrales	$ 7.5 millones	18% de las ventas minoristas totales
Tiendas de Kroger	$ 6.2 millones	15% de las ventas minoristas totales
Objetivo	$ 4.8 millones	11% de las ventas minoristas totales

Ingresos del mercado de comercio electrónico

Las ventas de Amazon Marketplace para Zevia en 2023 totalizaron $ 5.7 millones, lo que representa el 16% de los ingresos totales de la compañía.

Canales de distribución al por mayor

• Ingresos mayoristas totales: $ 12.4 millones
• Distribuidores de bebidas: $ 8.6 millones
• Mayoristas de alimentos especializados: $ 3.8 millones

Licencias potenciales de la tecnología de edulcorantes

Zevia generó $450,000 en ingresos por licencia de Stevia Sweetener Technology en 2023.

Zevia PBC (ZVIA) - Canvas Business Model: Value Propositions

Zevia PBC offers a beverage platform centered on health and ingredient transparency, directly contrasting with traditional sugary sodas.

The core value proposition is built on being a zero sugar, zero calorie, naturally sweetened beverage platform. This commitment is reflected in the financial performance, where the company is projecting full-year 2025 Net Sales to reach between $162 million and $164 million. This top-line momentum, evidenced by Q3 2025 Net Sales reaching $40.8 million, up 12.3% year-over-year, shows consumer adoption of this healthier choice.

The product line is formulated with clean-label products with simple, plant-based ingredients, solely sweetened with highly purified stevia leaf extract and containing no erythritol. This focus on clean ingredients aligns with market trends, where 68% of consumers check ingredient labels, and 57% are willing to switch brands for better transparency. The operational efficiency supporting this value proposition is seen in the Gross Profit Margin, which hit 50.1% in Q1 2025.

Zevia PBC provides a better-for-you alternative to traditional sugary sodas, a segment that grew +14% across key channels in 2023. The company is a Public Benefit Corporation, legally focused on addressing global health challenges from excess sugar consumption.

The broad portfolio spans multiple beverage occasions, allowing Zevia PBC to capture a wider share of the health-conscious consumer's spending. The company's offerings include:

• Soda: Flagship line, which constituted approximately 91% of net sales in 2023.
• Energy Drinks: Containing 120 mg of organic caffeine.
• Organic Tea: USDA Organic and brewed with Fair Trade Certified Tea.
• Mixers
• Sparkling Water

The commitment to quality and dietary needs is underscored by several third-party validations:

Attribute	Status/Detail	Financial Context
Sweetener Base	Naturally sweetened with stevia leaf extract	Gross Profit Margin reached 48.7% in Q2 2025.
Ingredient Verification	Non-GMO Project Verified	Q3 2025 Sales Volume grew 12.6%.
Dietary Certifications	Gluten-Free, Kosher, and Vegan	Cash and cash equivalents stood at $26.0 million as of September 30, 2025.
Ingredient Sourcing Dependency	Organic Stevia sourced from 7 global suppliers	Price Volatility for Organic Stevia is 15-22% annual fluctuation.

The company maintains a strong liquidity position to support these value-driving initiatives, reporting $26.0 million in cash and cash equivalents as of September 30, 2025, and an unused credit line of $20 million. Total Debt was only $830 thousand as of the same date.

Zevia PBC (ZVIA) - Canvas Business Model: Customer Relationships

The Customer Relationships for Zevia PBC are a blend of high-volume, automated retail transactions supported by targeted digital outreach designed to foster brand affinity among health-conscious consumers. This dual approach manages the transactional nature of CPG sales while building a loyal community around its clean-label value proposition.

Automated, high-volume transactional relationship via retail

The core of Zevia PBC's customer relationship is established through broad retail placement, which necessitates an automated, high-volume transactional model. The company's distribution network spanned more than 37,000 retail locations across the U.S. and Canada as of early 2025. This physical presence drives the majority of sales volume. For instance, in the second quarter of 2025, net sales grew 10.1% year-over-year to $44.5 million, with volumes increasing by 14.3%. This transactional flow is heavily reliant on major retailers, with Q3 2025 growth specifically driven by expanded distribution at Walmart and the Club channel. The relationship here is one of convenience and availability, where the consumer selects the product based on established shelf presence and immediate need.

Targeted promotional activity at retailers to drive trial and volume

To move product off those shelves and encourage trial, Zevia PBC engages in targeted promotional activity, which is a necessary component of the high-volume retail relationship. This spend is a key lever, though it can pressure margins. In the first quarter of 2025, net sales were partially offset by increased promotional activity at retailers. The company strategically reinvests cost savings into these activities to drive volume. The selling and marketing expenses for the third quarter of 2025 totaled $12.7 million, representing 31.0% of net sales.

Here's a quick look at the retail and marketing investment context through the first three quarters of 2025:

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Net Sales (in millions USD)	$38.0	$44.5	$40.8
Volume Growth (YoY %)	0.1%	14.3%	12.6%
Selling & Marketing Expense (% of Net Sales)	40.3%	30.0%	31.0%
Marketing Expense (in millions USD)	Not specified	$4.7 million	$4.9 million

Digital engagement through social media and online content

To build brand equity beyond the transaction, Zevia PBC utilizes digital channels for engagement. The company's marketing efforts are designed to resonate with its target segment. For example, the 'Get The Fake Outta Here' marketing campaign in Q1 2025 generated 2.4 billion positive press impressions and resulted in record social media engagement. As of the third quarter of 2025, management noted that social media engagement rates continue to be well above channel benchmarks. This digital interaction is supported by increased marketing investment; marketing expense in Q3 2025 was $4.9 million, up from $3.5 million in Q3 2024.

The digital strategy focuses on driving consumer perception metrics:

• Brand consideration showed double-digit gains in 2025.
• Purchase intent also showed double-digit gains in 2025.
• New product launches, like the variety pack at Walmart, demonstrate resonance with flavor trends.

Direct-to-consumer (DTC) e-commerce for brand loyalty and feedback

While the search results confirm Zevia PBC operates in the e-commerce channel, specific 2025 financial data for the DTC segment is not explicitly detailed. The purpose of this channel, however, is clearly defined as fostering brand loyalty and gathering direct customer feedback. This direct line allows Zevia PBC to test new product innovations, such as the Amazon-exclusive Peaches & Cream flavor mentioned in Q1 2025 updates. The ability to capture immediate feedback on new SKUs or brand messaging is a key benefit of this relationship type, informing future retail strategy.

Public Benefit Corporation (PBC) status builds trust with health-conscious consumers

Zevia PBC's legal structure as a Delaware public benefit corporation, also designated as a "Certified B Corporation," is integral to its customer relationship with health-conscious buyers. This status signals a commitment beyond pure profit, aligning with consumer values regarding health and environmental impact. The company explicitly states its focus is on addressing global health challenges from excess sugar consumption. This commitment translates into measurable impact metrics reported by the company; for instance, in Q1 2025, Zevia PBC eliminated 2.8K metric tons of sugar and kept 42 million plastic bottles from littering the environment. This mission-driven approach is a differentiator that builds trust, even as the company navigates operational risks associated with its structure.

Zevia PBC (ZVIA) - Canvas Business Model: Channels

You're looking at how Zevia PBC gets its zero-sugar beverages into the hands of consumers as of late 2025. The distribution footprint is broad, covering over 37,000 retail locations across the U.S. and Canada as of the end of 2024, a number that has been a focus for growth in 2025.

The core of the channel strategy relies on major brick-and-mortar partners, but specific channel performance is driving the recent top-line momentum.

• Distribution shelf space reached a historical peak for the brand at retail in 2025.
• The convenience channel is being used for single-serve product tests.
• E-commerce platforms, including Amazon and Zevia.com, are part of the overall channel mix.

The expansion at Walmart has been a significant volume driver. Here's a look at the scale and recent impact of key channels:

Channel Segment	Key Metric/Data Point	Period/Context
Total Retail Locations	More than 37,000	End of 2024 / Early 2025
Walmart Distribution (U.S.)	Increased to 4,300 stores	From 800 stores in late 2024
Walmart Canada Distribution	Just over 400 stores	As of Q3 2025
Volume Growth (Q2 2025)	14.3% year-on-year	Largely driven by Walmart and one drug channel customer
Volume Growth (Q3 2025)	12.6% year-on-year	Driven by expanded Walmart distribution and Club channel rotations
Warehouse Club Channel	Incremental rotations	Contributed to Q3 2025 net sales growth

The expanded distribution at Walmart is directly translating into volume growth, which is critical for Zevia PBC to achieve scale efficiencies. For instance, in the second quarter of 2025, net sales grew 10.1% to $44.5 million, with volume up 14.3%, largely credited to Walmart distribution gains. Similarly, third quarter 2025 net sales grew 12.3% to $40.8 million, supported by volume growth of 12.6%, again citing Walmart and the Club channel.

The warehouse club channel, which handles bulk sales, saw incremental rotations contributing to the third quarter 2025 results, though it had previously experienced lost distribution in late 2024. The overall network includes major retailers across grocery, drug, mass, natural, and convenience segments.

Zevia PBC (ZVIA) - Canvas Business Model: Customer Segments

You're looking at the specific groups of people Zevia PBC is trying to serve with its portfolio of zero sugar, naturally sweetened beverages. This is about who is actually buying the product right now, based on the latest numbers we have through Q3 2025.

The core customer base is definitely the health-conscious consumer actively reducing sugar intake. This group is drawn to Zevia PBC because it offers zero sugar, zero calorie, naturally sweetened options. The company's trailing twelve-month revenue as of September 30, 2025, reached $162.85 million, showing a base of consumers willing to purchase these alternatives.

Another key segment includes diabetics and individuals following ketogenic or low-carb diets. The zero sugar attribute is the main draw here, aligning with strict dietary requirements where sugar is avoided. Zevia PBC's overall category penetration rate is noted at only 5%, suggesting a substantial runway for growth within the broader market of consumers seeking sugar alternatives.

Zevia PBC also targets families seeking better-for-you alternatives for children, supported by its dedicated Kidz drinks line. Management specifically detailed gains among millennial families during the Q3 2025 earnings call, indicating this demographic is a focus area for adoption.

These consumers are part of the much larger liquid refreshment beverage market. While you mentioned a figure of $270 billion, the most recent verified retail sales data for the U.S. liquid refreshment beverage market was $255.3 billion in 2024. Zevia PBC's Q3 2025 net sales were $40.8 million, representing a 12.3% year-on-year increase, showing traction within this massive market.

Finally, the company serves shoppers prioritizing clean-label, Non-GMO, and plant-based products. Zevia PBC explicitly states its products are made from a few simple plant-based ingredients and are Non-GMO Project Verified. The company's full-year 2025 net sales guidance remains in the range of $158 million to $163 million, reflecting the expected continued demand from these specific consumer preferences.

Here's a quick look at the key customer profile characteristics:

• Health Focus: Zero sugar, zero calorie positioning.
• Dietary Alignment: Appeals to low-carb and keto lifestyles.
• Family Appeal: Specific product line for children (Kidz drinks).
• Values Alignment: Certified B Corp status and plant-based ingredients.

We can map the key segments against the company's product platform and market context:

Customer Segment Focus	Key Product/Attribute Alignment	Relevant Financial/Statistical Data Point
Health-Conscious Reducers	Zero Sugar, Clean-Label	Q3 2025 Net Sales: $40.8 million
Diabetics/Low-Carb	Zero Sugar, Naturally Sweetened	Category Penetration vs. Zevia Penetration: 20% vs 5%
Families (Children)	Kidz Drinks Line	Gains detailed among millennial families
General Beverage Shopper	Broad Soda/Sparkling Water Appeal	U.S. LRB Market Retail Sales (2024): $255.3 billion
Ethical/Ingredient Shopper	Non-GMO Project Verified, Plant-Based	2025 Full-Year Net Sales Guidance Midpoint: Approx. $160.5 million

The distribution channels supporting these segments span the U.S. and Canada across food, drug, mass, natural, and e-commerce. Finance: draft 13-week cash view by Friday.

Zevia PBC (ZVIA) - Canvas Business Model: Cost Structure

You're looking at the core costs Zevia PBC is managing as it scales distribution, and frankly, the third quarter of 2025 shows a clear trade-off between growth investment and margin pressure. Here's the quick math on the major cost buckets for Q3 2025.

Cost of Goods Sold (COGS), including aluminum tariffs and packaging

The Cost of Goods Sold for Zevia PBC in the third quarter of 2025 was approximately $22.20 million, calculated from the reported Net Sales of $40.8 million and a Gross Profit Margin of 45.6%. This cost base was directly impacted by external pressures and internal changes. The company explicitly called out the full realization of aluminum tariffs as a headwind affecting the Gross Margin. Furthermore, a specific, non-recurring charge hit this area:

• Inventory obsolescence charges from the packaging refresh totaled $800,000 (or $0.8 million) in Q3 2025.

Selling and Marketing Expenses (S&M)

Total Selling and Marketing Expenses for Zevia PBC in Q3 2025 were $12.7 million, which represented 31.0% of the period's net sales. This total is broken down into two main components, showing a strategic shift in spending:

• Selling expenses were $7.7 million, or 18.9% of net sales.
• Marketing expenses were $4.9 million, or 12.1% of net sales.

The increase in marketing spend was driven by investments made to drive brand awareness. Still, the overall S&M percentage improved year-over-year because the selling expense component saw savings.

General and Administrative (G&A) expenses

General and Administrative expenses for the third quarter of 2025 were reported at $7.7 million. This represented 18.8% of net sales, an improvement from 20.3% in Q3 2024. The slight increase in the absolute dollar amount, up from $7.4 million in the prior year, was primarily driven by higher accrued variable compensation expense. It's important to note that G&A is a fixed-cost-like element that should decrease as a percentage of sales with continued top-line growth.

Outsourced manufacturing, warehousing, and freight costs

While the exact dollar amount for outsourced manufacturing isn't isolated from COGS, the warehousing and freight transfer costs, which fall under the Selling Expenses line, showed positive movement. These costs benefited from the Productivity Initiative. The decrease in total selling expenses to $7.7 million in Q3 2025, down from $8.5 million in Q3 2024, was largely a result of these lower warehousing and freight transfer costs. This suggests the asset-light model is yielding some operational efficiencies in logistics, even with tariff impacts elsewhere.

Here is a summary of the key operating expenses for Zevia PBC in Q3 2025:

Cost Component	Q3 2025 Amount (Millions USD)	As Percentage of Net Sales
Implied COGS	$22.20 (Calculated)	54.4%
Selling and Marketing Expenses (Total)	$12.7	31.0%
General and Administrative (G&A) Expenses	$7.7	18.8%
Selling Expenses (Sub-component)	$7.7	18.9%
Marketing Expenses (Sub-component)	$4.9	12.1%

The total operating expenses for the quarter were $21.5 million, accounting for 52.6% of net sales. That figure is a marginal increase from the $20.8 million recorded in the same quarter of 2024.

Zevia PBC (ZVIA) - Canvas Business Model: Revenue Streams

You're looking at how Zevia PBC actually brings in the money as of late 2025. Honestly, the story here is about shifting from distribution recovery to growth acceleration, with the top line reflecting that push.

The primary revenue driver remains net sales from retail distribution across the U.S. and Canada. Management has clearly signaled confidence in the trajectory, raising the full year 2025 net sales guidance to a range of $162 million to $164 million. This compares to earlier guidance, showing momentum built through the year, for instance, Q3 2025 net sales hit $40.8 million, a 12.3% increase year-over-year.

Zevia PBC's revenue base is built upon sales across a diverse platform of product categories. You see the core strength in their traditional offerings, but the portfolio is broader now:

• Soda (the original focus)
• Energy Drinks
• Organic Tea
• Mixers
• Kidz drinks
• Sparkling Water

Revenue capture isn't just about shelf space; it's multi-channel. While retail is the bulk, revenue from e-commerce and direct-to-consumer sales is a noted component, with specific product launches like the Amazon-exclusive Peaches & Cream flavor driving engagement there. The company derives a majority of its revenue from the United States, but distribution in Canada is also a factor.

A significant part of the recent sales uplift is volume-driven revenue stemming from expanded distribution. The company specifically called out strong sell-through and growth driven by expanded placement at Walmart nationwide and success in the Club channel. For example, Q2 2025 net sales growth of 10.1% to $44.5 million was largely driven by improved volumes of 14.3%, which management attributed to this expanded distribution.

To keep the top line moving, Zevia PBC has been actively managing its pricing strategy. You see evidence of price realization gains, which helped boost Q2 2025 net sales, but these gains are consistently being used to offset the costs associated with promotional activity at retailers. This is a constant balancing act; for instance, the Q2 volume gains were partially offset by increased promotional activity.

Here's a quick look at the key revenue drivers and their recent performance indicators:

Revenue Driver Component	Metric/Data Point	Period/Context
FY 2025 Net Sales Guidance	$162 million to $164 million	Full Year 2025 Projection
Volume Growth Driver	14.3% volume improvement	Q2 2025 Net Sales Growth Driver
Channel Expansion Success	Expanded distribution at Walmart and Club channel	Q3 2025 Volume Driver
Price/Promotion Dynamic	Higher price realization partially offset by increased promotional activity	Q2 2025 Net Sales Components
Trailing Twelve Month Revenue	$163 million	As of September 30, 2025

The company is clearly leaning on distribution expansion and product innovation to drive the volume component of revenue, while actively managing the price realization versus promotional spend trade-off to protect the realized net sales figure. Finance: draft 13-week cash view by Friday.