Achieves Record Net Sales of $39 Million
Zevia PBC (“Zevia” or the “Company”) (NYSE: ZVIA), the company
disrupting the liquid refreshment beverage industry with great
tasting, zero sugar beverages made with simple, plant-based
ingredients, today reported results for the third quarter ended
September 30, 2021.
Third Quarter 2021 Highlights
- Net sales grew to $39.0 million, a 22% increase versus Q3
2020
- Year-to-date net sales grew to $104.0 million, a 27% increase
versus the same period in 2020
- Unit volume was 3.5 million equivalized cases, up 26% from Q3
2020
- Gross profit increased to $17.0 million, or 44% of net
sales
- Net loss was $49.8 million and $0.75 loss per share, including
$45.7 million of non-cash equity-based compensation expense
- Adjusted EBITDA loss was $3.5 million(1)
“We delivered strong double-digit growth in the third quarter
reporting record net sales of $39.0 million, up 22% versus a year
ago, up 13% versus the second quarter of 2021 and up 88% on a
2-year growth basis. Moreover, to date, trends have accelerated
early in the fourth quarter as we continued gaining momentum across
a range of channels, reflecting ongoing increases in household
penetration and spending driven by our leading repurchase and
loyalty metrics,” said Paddy Spence, Chair and Chief Executive
Officer of Zevia. “Our team is executing well against core
strategic priorities around channel expansion, innovation and
supply chain efficiency. The recent launch of our Creamy Root Beer
flavor provides a great example as rapid acceptance by consumers is
driving higher velocities and distribution gains, and this product
is highly incremental, as 31% of our Creamy Root Beer purchasers
are new to the Zevia brand. We continue scaling our business
aggressively to meet the growing demand for Zevia products and
mitigation efforts are helping address cost pressures broadly
affecting our industry. We believe our growth algorithm is firmly
on track and we are making significant progress on ESG initiatives
aimed at improving global public health by reducing sugar intake as
well as replacing single-use plastics with sustainable
alternatives.”
Third Quarter Results
Net sales increased 22% to $39.0 million in the third quarter of
2021 compared to $32.0 million in the third quarter of 2020. The
growth in net sales was primarily attributable to 26% volume growth
partially offset by a 4% decrease in average price per case due to
higher trade promotions to drive consumer trial and repeat purchase
in the third quarter of 2021.
Gross profit improved to $17.0 million for the third quarter, a
14% increase compared to $14.9 million in the prior year period. As
a percentage of net sales, gross margin was 44% in the third
quarter of 2021 compared to 47% in the third quarter of 2020. The
decline in gross margin resulted from higher trade promotions.
Selling and marketing expense was $12.8 million compared to $7.0
million for the third quarter of 2020, primarily due to higher
freight volumes and rates and increased marketing spend in 2021 to
continue to invest in and grow the Zevia brand.
General and administrative expense was $7.7 million compared to
$4.9 million for the third quarter of 2020, primarily due to public
company costs and increased employee headcount to support
growth.
Equity-based compensation, a non-cash expense, was $45.7 million
for the three months ended September 30, 2021 compared to $28,000
for the three months ended September 30, 2020. The increase of
$45.7 million was primarily driven by expense recognition
associated with restricted stock unit (“RSU”) awards and phantom
stock awards that generally vest as a result of the expiration of
the Initial Public Offering lock-up period in January 2022.
Net loss for the third quarter of fiscal 2021 was $49.8 million,
or $0.75 of diluted loss per share to Zevia’s common class A Common
Stockholders.
Adjusted EBITDA loss was $3.5 million in the third quarter of
fiscal 2021, compared to Adjusted EBITDA income of $3.0 million in
the third quarter of fiscal 2020. 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.
ESG Metrics and developments
In addition to financial metrics, the Company also reports ESG
metrics regarding sugar reduction, plastic packaging reduction, and
affordability. In the third quarter, Zevia estimates it eliminated
approximately three thousand metric tons of sugar from consumers’
diets by selling its zero sugar, naturally sweetened products and
replacing legacy sugary sodas.
The Company also estimates that it eliminated approximately 50
million plastic bottles from littering roadways, waterways, and
communities by selling beverages only in aluminum packaging.
Regarding affordability, the Company’s products are priced at an
average retail price per ounce of $0.07, representing the 36th
percentile within all non-alcoholic, ready-to-drink beverages,
excluding dairy and non-dairy protein. Among non-alcoholic
beverages offered by companies that are certified B Corps, like
Zevia, the Company’s products are at the 36th percentile on price,
meaning that 64% of these products are more expensive than Zevia on
a price per ounce basis.
Balance Sheet and Cash Flows
As of September 30, 2021, the Company had $78.7 million in cash
and no outstanding debt. During the first nine months of fiscal
2021, cash used in operating activities was $13.1 million compared
to cash used in operating activities of $2.1 million during the
first nine months of 2020. The Company spent $2.3 million on
capital expenditures during the first nine months of fiscal 2021 to
support its growth initiatives compared to capital expenditures of
$0.8 million during the first nine months of fiscal 2020.
Webcast
The Company will host a conference call today at 9:00 a.m.
Eastern Time to discuss this earnings release. Investors and other
interested parties may listen to the webcast of the conference call
by logging on via the Investor Relations section of Zevia’s website
at https://investors.zevia.com/ or directly here. A replay of the
webcast will be available for approximately thirty (30) days
following the call.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and may contain words such as “believe,”
“anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or
words or phrases with similar meaning. Forward-looking statements
should not be read as a guarantee of future performance or results
and will not necessarily be accurate indications of the times at,
or by, which such performance or results will be achieved.
Forward-looking statements contained in this press release relate
to, among other things, statements regarding the anticipated
growth, distribution and velocity. Forward-looking statements are
based on current expectations, forecasts and assumptions that
involve risks and uncertainties, including, but not limited to, the
ability to develop and maintain our brand, change in consumer
preferences, and other economic, competitive and governmental
factors outside of our control, that may cause our business,
strategy or actual results to differ materially from the
forward-looking statements. We do not intend and undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
may be required by applicable law. Investors are referred to our
filings with the SEC for additional information regarding the risks
and uncertainties that may cause actual results to differ
materially from those expressed in any forward-looking
statement.
(1) Adjusted net loss and Adjusted EBITDA are non-GAAP financial
measures. See the supplementary schedules in this press release for
a discussion of how we define and calculate these measures and a
reconciliation thereof to the most directly comparable GAAP
measures.
About Zevia
Zevia PBC, a public benefit corporation designated as a
“Certified B Corporation,” is focused on addressing the global
health challenges resulting from excess sugar consumption by
offering a broad portfolio of zero sugar, zero calorie, naturally
sweetened beverages. All Zevia beverages are made with a handful of
simple, plant-based ingredients, contain no artificial sweeteners,
and are Non-GMO Project verified, gluten-free, Kosher, vegan and
zero sodium. As of 2020, Zevia is distributed in more than 25,000
retail locations in the U.S. and Canada through a diverse network
of major retailers in the food, drug, mass, natural and ecommerce
channels.
(ZEVIA-F)
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version on businesswire.com: https://www.businesswire.com/news/home/20211112005315/en/
Stephanie Schonauer Investor Contact 714-313-7827
Steph@zevia.com
Reed Anderson ICR 646-277-1260 reed.anderson@icrinc.com
Zevia PBC (NYSE:ZVIA)
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