Here are 1-2 brief analogies for National Beverage (FIZZ):

• FIZZ is the Monster Beverage for sparkling water.
• FIZZ is like a smaller, more focused Keurig Dr Pepper for niche soda brands and sparkling water.

• LaCroix Sparkling Water: A popular brand of flavored sparkling water with no artificial sweeteners, sodium, or calories.
• Rip It Energy Fuel: A line of energy drinks known for various flavors and packaging options.
• Everfresh Juices: A brand encompassing various juices, juice drinks, and smoothies.
• Shasta Sodas: A long-standing brand of carbonated soft drinks available in multiple flavors.
• Faygo Beverages: A diverse range of soft drinks, including many unique and traditional flavors.

Nick A. Caporella, Chairman of the Board and Chief Executive Officer
Mr. Caporella founded National Beverage Corp. in 1985. Prior to that, he served as the President and Chief Executive Officer of Burnup & Sims Inc., a telecom firm, from 1976 to 1994, and as its Chairman from 1979 to 1994. He formed National Beverage Corp. to prevent an acquisition of Burnup & Sims Inc. and subsequently acquired Shasta Beverages and Faygo to establish National Beverage's business. His services to National Beverage Corp. are provided through Corporate Management Advisors, Inc., a company he owns. Under his leadership, the company has grown significantly, notably with the success of its LaCroix sparkling water brand.

George R. Bracken, Executive Vice President, Finance, Principal Accounting Officer, Principal Financial Officer
Mr. Bracken serves as the Executive Vice President of Finance, Principal Accounting Officer, and Principal Financial Officer at National Beverage Corp.. He is responsible for guiding the company's financial strategy, resource allocation, and fiscal management. His duties encompass overseeing all financial operations, including accounting, treasury, budgeting, and financial planning and analysis. He has held the position of Executive Vice President of Finance since July 2012.

Joseph G. Caporella, President & Director
Mr. Caporella holds the positions of President and Director at National Beverage Corp.. He plays a crucial role in shaping the company's operational strategy and overall business direction. As President, he focuses on driving day-to-day operations, including innovation, efficiency, and market penetration for the company's diverse portfolio of beverage brands. He has served as President since September 2002.

Dean A. McCoy, Senior Vice President and Chief Accounting Officer
Mr. McCoy is the Senior Vice President and Chief Accounting Officer at National Beverage Corp.. He is based in Fort Lauderdale, Florida.

Gregory P. Cook, VP, Controller & Chief Accounting Officer
Mr. Cook serves as the Vice President, Controller, and Chief Accounting Officer for National Beverage Corp.. He also holds the position of Vice President and Comptroller of Beverage Corporation International, Inc..

The key risks to National Beverage (FIZZ) primarily revolve around intense market competition, challenges in maintaining volume growth, and the volatility of input costs.

1. Intense Competition and Shifting Consumer Preferences: The beverage industry is highly competitive, featuring numerous players, including larger companies with substantially greater financial, marketing, and distribution resources. National Beverage's products compete with a wide array of beverages. Consumer preferences can change rapidly, and maintaining brand image and loyalty, particularly for its flagship LaCroix brand, is crucial for sustaining revenues and profits. Discounting and other actions by competitors could adversely affect the company's market share and profitability.
2. Limited Volume Growth: Despite prioritizing profitability and margins, National Beverage has experienced challenges with volume growth, including recent declines in case volume. While the company has managed to offset some of these declines with higher selling prices and improved operating efficiencies, a sustained lack of volume growth could lead to gradual market share erosion over time, especially in an industry where larger competitors aggressively invest in marketing and distribution. The company's significant dependence on LaCroix means that changes in consumer trends or increased competition in premium sparkling water offerings could disproportionately impact its financial performance.
3. Cost Volatility of Raw Materials and Energy: Fluctuations in the costs and availability of raw materials, such as aluminum for cans, and energy can significantly impact National Beverage's cost structure and, consequently, its financial results. Although the company has engaged in strategies like aluminum swap contracts to mitigate some of this risk, it remains exposed to market volatility and increasing packaging and ingredient costs.

Intensified and diversified competition, particularly within the sparkling water and "better-for-you" beverage categories, threatening La Croix's market share, pricing power, and leadership position.

• Large beverage conglomerates (e.g., PepsiCo with Bubly, Coca-Cola with AHA) are aggressively marketing well-funded competing sparkling water brands, directly challenging La Croix.
• A proliferation of innovative niche and functional sparkling beverages (e.g., prebiotic sodas like Poppi and Olipop, sparkling waters with adaptogens or electrolytes, real fruit-infused sparkling waters like Spindrift) is capturing health-conscious consumers seeking benefits beyond just zero-sugar and natural ingredients.
• The growth of private-label sparkling water brands offers lower-cost alternatives, putting pressure on La Croix's value proposition.

National Beverage Corp. (FIZZ) primarily operates in the sparkling water, carbonated soft drinks, energy drinks, and juice markets in the United States and Canada. Below are the addressable market sizes for their main product categories:

Sparkling Water

• The North American sparkling water market is projected to reach USD 92.9 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 12.1%.
• The U.S. sparkling water market is a significant part of this, projected to reach USD 23.505 billion by 2031.
• Other estimates place the global sparkling water market size at approximately USD 63.5 billion as of Q1 2024, with North America holding over 30% market share. It is projected to surpass USD 75 billion by 2027.

Carbonated Soft Drinks (CSDs)

• The U.S. soft drink market is anticipated to achieve USD 388 billion in annual sales by 2025.
• The North America Carbonated Soft Drinks Market size is forecast to reach USD 108.58 billion by 2030, with a CAGR of 3.80% from 2024-2030.

Energy Drinks

• The United States energy drinks market size is estimated at USD 23.9 billion in 2024 and is projected to reach USD 22.57 billion by 2030.
• Other data indicates the U.S. energy drinks market was valued at USD 23.95 billion in 2023 and is projected to reach approximately USD 48.45 billion by 2033, growing at a CAGR of 7.3% during the forecast period 2024 to 2033.

Juice

• The United States fruit juice market size was valued at USD 55.5 billion in 2024 and is estimated to reach USD 77.5 billion by 2033.
• Another estimate for the U.S. 100% juice market generated revenue of USD 9.9046 billion in 2024 and is expected to reach USD 15.0771 billion by 2030.
• The Juice Production market in the US was valued at USD 14.3 billion in 2024 and is projected to be USD 14.5 billion in 2025.

1. Ongoing Product Innovation, particularly with LaCroix: National Beverage has demonstrated a strategic focus on introducing new flavors for its flagship LaCroix sparkling water brand. Recent launches like Sunshine, Cherry Lime, and Blackberry Cucumber have been noted for contributing to sales growth and reversing previous declines in case shipments. This continuous innovation is anticipated to maintain consumer interest and capture evolving tastes in the sparkling water market.
2. Expanded and Targeted Marketing Campaigns: The company is increasing its marketing efforts, including wider advertising campaigns, multi-city bus tours, and sponsorship arrangements with professional sports teams. These initiatives aim to enhance brand visibility, boost end-user interest, and ultimately drive increased sales across its product portfolio.
3. Strategic Geographic and Channel Expansion: Future revenue growth is expected from gradual geographic expansion, specifically into markets such as Canada and other international regions. Additionally, National Beverage plans to diversify its distribution by expanding into new channels like e-commerce and food service to reach a broader consumer base and optimize shelf space in retail outlets.
4. Price Increases and Favorable Product Mix: Recent financial results indicate that strategic price programs and improvements in the price/mix have positively impacted revenue and gross margins. This ability to implement stronger pricing, even amidst fluctuating case volumes, is a likely driver of revenue growth going forward.
5. Continued Focus on Health-Oriented Beverages: National Beverage's emphasis on premium, health-oriented beverages aligns with a broader consumer shift away from sugary drinks toward calorie-free and functional options. This strategic positioning within the growing sparkling water market and other health-conscious categories is expected to sustain revenue growth.

Share Repurchases

• National Beverage's Board of Directors authorized a program to repurchase 3.2 million shares of common stock, with approximately 1.9 million shares remaining available for future repurchases as of June 12, 2024.
• The company commenced open market purchases of its common stock under a previously announced share repurchase program as of October 30, 2025.
• No shares of common stock were repurchased during the fiscal year ended May 3, 2025.

Capital Expenditures

• For the fiscal year 2025, capital expenditures are anticipated to be in the range of $25 million to $30 million.
• Capital expenditures for the first quarter of fiscal 2025 were $3.7 million, following $5.5 million for the first quarter of fiscal 2024.
• The primary focus of capital expenditures includes certain production capacity and efficiency improvement projects that are currently in progress.