Zevia PBC Files 2023 Annual Report on Form 10-K

TL;DR

<b>Zevia PBC has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing its financial performance and operational status.</b>

AI Summary

Zevia PBC (ZVIA) filed a Annual Report (10-K) with the SEC on March 6, 2024. Zevia PBC filed its 2023 Form 10-K on March 6, 2024. The filing covers the fiscal year ending December 31, 2023. Key financial data and operational details for 2023 are presented. The company is incorporated in Delaware and headquartered in Encino, CA. Zevia PBC operates in the Bottled & Canned Soft Drinks sector.

Why It Matters

For investors and stakeholders tracking Zevia PBC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Zevia's financial health, operational risks, and strategic direction for investors and stakeholders. Understanding the details within this report is crucial for assessing Zevia's market position, growth prospects, and potential challenges in the competitive beverage industry.

Risk Assessment

Risk Level: medium — Zevia PBC shows moderate risk based on this filing. The company faces risks related to customer and supplier concentration, as indicated by specific customer and vendor mentions in the filing, which could impact revenue and cost of goods.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Zevia's long-term viability and growth potential.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K)
• 2024-03-06 — Filing Date (Date the 10-K was submitted)
• 0001854139 — Central Index Key (Zevia PBC's identifier)
• 2021-07-21 — IPO Date (Date of Initial Public Offering)

Key Players & Entities

• Zevia PBC (company) — Filer of the 10-K report
• 2023-12-31 (date) — Fiscal year end
• 2024-03-06 (date) — Filing date
• Encino, CA (location) — Business and mailing address
• 0001854139 (company) — Central Index Key
• 2086 (industry) — SIC code for Bottled & Canned Soft Drinks
• Customer B (company) — Mentioned in relation to accounts receivable and revenue
• Vendor E (company) — Mentioned in relation to cost of goods and supplier concentration

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: Significant revenue or accounts receivable from a limited number of customers, such as Customer B, could adversely affect financial results.
• Supplier Concentration Risk [medium — financial]: Reliance on a few key suppliers, like Vendor E, for raw materials or production could lead to disruptions and increased costs.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-06: 10-K Filing Date — Official submission date of the annual report.
• 2021-07-21: IPO Date — Significant date for the company's public trading history.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides investors with a detailed overview of Zevia's financial health and operations for the fiscal year.)

Key Financial Figures

• $0.001 — tered Class A common stock, par value $0.001 per share ZVIA New York Stock Excha
• $10.3 billion — ou option. Zero Sugar/Diet sodas were a $10.3 billion dollar segment, growing +14% across Gro

Filing Documents

• zvia-20231231.htm (10-K) — 2208KB
• zvia-ex10_24.htm (EX-10.24) — 56KB
• zvia-ex10_25.htm (EX-10.25) — 60KB
• zvia-ex10_26.htm (EX-10.26) — 52KB
• zvia-ex21_1.htm (EX-21.1) — 3KB
• zvia-ex23_1.htm (EX-23.1) — 3KB
• zvia-ex31_1.htm (EX-31.1) — 23KB
• zvia-ex31_2.htm (EX-31.2) — 23KB
• zvia-ex32.htm (EX-32) — 13KB
• zvia-ex97.htm (EX-97) — 31KB
• img69223645_0.jpg (GRAPHIC) — 133KB
• img237811465_0.jpg (GRAPHIC) — 17KB
• img238734986_0.jpg (GRAPHIC) — 17KB
• 0000950170-24-027159.txt (&nbsp;) — 10201KB
• zvia-20231231.xsd (EX-101.SCH) — 1488KB
• zvia-20231231_htm.xml (XML) — 1717KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 31 Item 3.

Legal Proceedings

Legal Proceedings 31 Item 4. Mine Safety Disclosures 31 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. Reserved 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 63 Item 9A.

Controls and Procedures

Controls and Procedures 64 Item 9B. Other Information 65 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 65 PART III Item 10. Directors, Executive Officers and Corporate Governance 66 Item 11.

Executive Compensation

Executive Compensation 66 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 66 Item 13. Certain Relationships and Related Transactions, and Director Independence 66 Item 14. Principal Accountant Fees and Services 66 PART IV Item 15. Exhibits, Financial Statement Schedules 67 Item 16. Form 10-K Summary 69

Signatures

Signatures 70 3 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("Annual Report") contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") about us and our industry that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report, including, without limitation, statements regarding our future results of operations or financial condition, business strategy, expectations about shifting market demand and consumer preferences, ability to effectively compete, commitment to creating ESG impact, human capital objectives, validity of our trademarks and other intellectual property, impact of government regulations, liquidity and capital requirements, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "consider," "contemplate," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "may," "on track," "outlook," "plan," "potential," "predict," "project," "pursue," "seek," "should," "target," "will" or "would" or the negative of these words or other similar words, terms or expressions. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Annual Report primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the

Business

Item 1. Business Overview Zevia PBC ("Zevia PBC") was incorporated as a Delaware public benefit corporation on March 23, 2021, and prior to the consummation of the reorganization and initial public offering ("IPO"), did not conduct any activities other than those incidental to our formation and the IPO. In connection with the completion of the IPO on July 26, 2021, Zevia PBC became a holding company, and its sole material asset is a controlling equity interest in Zevia LLC, a Delaware limited liability company ("Zevia LLC"). As the sole managing member of Zevia LLC, Zevia PBC operates and controls all of the business and affairs of Zevia LLC and, through Zevia LLC, conducts its business. Subsequent to July 26, 2021, Zevia PBC consolidates the results of Zevia LLC with a non-controlling interest reflected for the portion of Zevia LLC not owned by Zevia PBC. For more information about our holding company reorganization, see the section titled "Organizational Structure—The Reorganization" in the prospectus dated July 21, 2021, and filed with the U.S. Securities and Exchange Commission ("SEC") on July 23, 2021. References in this Annual Report to "Zevia PBC" refer to Zevia PBC and not to any of its subsidiaries unless the context indicates otherwise. References in this Annual Report to "Zevia," the "Company," "we," "us," and "our" refer (1) prior to the consummation of the Reorganization Transactions (as defined in Note 1 - Description of Business in the Notes to our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report), to Zevia LLC, and (2) after the consummation of the Reorganization Transactions, to Zevia PBC and its consolidated subsidiaries unless the context indicates otherwise. Available Information We make available, free of charge, on the "Investors Relations" section of our website, https://www.zevia.com ("Zevia Investor Relations website") our annual reports on Form 10-K, quarterly reports on Form 10-Q, current report

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View this 10-K filing on SEC EDGAR