1. Beyond Meat for soda

2. Spindrift for sugar-free beverages

• Zevia Zero-Calorie Sodas: A wide variety of naturally sweetened, zero-calorie carbonated soft drinks available in numerous classic and unique flavors.
• Zevia Zero-Calorie Energy Drinks: Naturally sweetened, zero-calorie energy beverages providing a clean energy boost without artificial ingredients.
• Zevia Zero-Calorie Organic Teas: A line of brewed organic teas, naturally sweetened and zero-calorie, offered in various flavors.
• Zevia Zero-Calorie Mixers: Naturally sweetened, zero-calorie beverage mixers designed to complement cocktails or other drinks.
• Zevia Zero-Calorie Kidz Drinks: A collection of naturally sweetened, zero-calorie drinks specifically formulated and marketed for children.

Zevia PBC (symbol: ZVIA) sells primarily to other companies (B2B) through a diverse network of retailers and distributors.

According to Zevia PBC's Form 10-K for the fiscal year ended December 31, 2023, no single customer accounted for more than 10% of its gross sales for the years ended December 31, 2023, 2022, or 2021. This indicates a broad and diversified customer base rather than reliance on a few individually "major" customers.

Nonetheless, Zevia's products are widely distributed through various categories of customer companies, which serve as its primary sales channels. The following list provides examples of prominent public companies within these categories that carry Zevia products, representing its customer base:

• Mass Merchandise Retailers: Companies that operate large retail stores selling a wide variety of consumer goods.
  • Walmart Inc. (WMT)
  • Target Corporation (TGT)
• Grocery Store Chains: Supermarket companies that primarily sell food and household products.
  • The Kroger Co. (KR)
  • Albertsons Companies, Inc. (ACI)
• Natural & Specialty Retailers: Stores focused on natural, organic, or specialty food products.
  • Sprouts Farmers Market, Inc. (SFM)
  • Whole Foods Market (a subsidiary of Amazon.com, Inc. (AMZN))
• E-commerce Platforms: Online marketplaces where consumers can purchase products.
  • Amazon.com, Inc. (AMZN)

These companies represent the types of entities that purchase Zevia products for resale to end consumers, forming Zevia's extensive distribution network.

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Amy E. Taylor, President and Chief Executive Officer

Ms. Taylor has served as Zevia's CEO since August 2022 and as President since June 2021, joining the board in March 2021. Before Zevia, she spent 20 years at Red Bull North America, most recently as President and Chief Marketing Officer from 2018 to 2020. Her roles at Red Bull also included Executive Vice President/General Manager for the East Business Unit (2012-2018) and Vice President, Marketing (2007-2012). She also has six years of experience in sports and entertainment, including with the NBA's Atlanta Hawks and producing events for the Atlanta Committee for the Olympic Games.

Girish Satya, Chief Financial Officer and Principal Accounting Officer

Mr. Satya was appointed Zevia's Chief Financial Officer on February 21, 2024, and Principal Accounting Officer on May 11, 2024. He brings over 20 years of experience as a financial executive in high-growth consumer businesses. From 2021 to 2022, he was the Global Chief Financial Officer for Backcountry, a global e-commerce platform for outdoor gear and apparel. Notably, from 2016 to 2021, Mr. Satya was a Principal at TSG Consumer Partners, a private equity firm, where he led the Portfolio Operations Group focusing on growth equity investments in branded consumer product and service sectors. He also served as CFO for The Bay Club Company, a fitness and hospitality company, from 2013 to 2016, and held senior financial and operations roles at several other private equity-backed businesses from 2008 to 2013. Mr. Satya also serves on the board of Canyon Bicycles GmBH.

Kirsten Suarez, Senior Vice President, Marketing and Chief Marketing Officer

Ms. Suarez has served as Zevia's Senior Vice President, Marketing and Chief Marketing Officer since August 31, 2023. She has over 20 years of experience in marketing and brand-building within consumer-packaged goods (CPG) and quick-service restaurant (QSR) companies. Before joining Zevia, she was the Chief Marketing Officer at N!CK'S, a growth-stage food company specializing in no-sugar-added products. Prior to N!CK'S, Ms. Suarez was an executive-level Marketing Director for Taco Bell from 2019 to 2021 and spent over a decade in various marketing roles at Procter & Gamble.

Fredo Guarino, Senior Vice President, Sales and Chief Commercial Officer

Mr. Guarino has served as Senior Vice President, Sales and Chief Commercial Officer since July 2024. He joined Zevia in 2022, initially leading commercial strategies for growth. He brings over 20 years of experience in the beverage industry, including leadership roles in sales & distribution, strategic planning, business expansion, and trade marketing. Before Zevia, Mr. Guarino was Vice President & General Manager of the Non-Alcoholic portfolio at Anheuser-Busch and held various roles at Red Bull North America from 2002 to 2019, including Vice President of Marketing & Business Operations and Vice President of Sales Strategy & Development.

Bill Williamson, Senior Vice President, Operations and Chief Supply Chain Officer

Mr. Williamson was appointed Senior Vice President, Operations and Chief Supply Chain Officer on July 31, 2023. He has over 25 years of operations and supply chain experience in the beverage and consumer-packaged goods industries. Prior to Zevia, from January 2022 to July 2023, he was the Senior Vice President, Operations at Monster Energy Company. Before Monster Energy, he spent approximately 10 years at Pabst Brewing Company, where he served as Chief Supply Chain Officer from 2019 to 2021. He also held leadership positions in sales and operations within retail and distribution at companies like Sam's Club and CHEP.

Zevia PBC (ZVIA) operates within several addressable markets primarily in the U.S. and Canada, with the majority of its revenue derived from the United States.

• Zero Sugar/Diet Soda Segment (U.S.): The zero sugar/diet soda segment of total Carbonated Soft Drinks in the U.S. was valued at $10.3 billion in 2023. This segment experienced a 14% growth across various retail channels in the same year. Soda sales constituted approximately 91% of Zevia's net sales in 2023.
• Better-for-You Soda Category (U.S.): The "Better-for-You" soda category in the U.S. has reached $1 billion in sales.
• Ready-to-Drink (RTD) Organic Tea Market (U.S.): The U.S. RTD organic tea market was valued at approximately $2.19 billion in 2020 and is projected to grow to $3.09 billion by 2028, with a compound annual growth rate (CAGR) of 4.4% from 2021 to 2028.
• Liquid Refreshment Beverages Market (Broader "Better-for-You" Segment): Zevia positions itself within the broader "better-for-you" segment of the liquid refreshment beverages market, which is estimated to be a $270 billion market.

Zevia PBC (ZVIA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expanded Distribution: The company is focused on increasing its presence in various retail channels, including major retailers like Albertsons, Costco, CVS, Kroger, Sprouts, Whole Foods, Walgreens, and Walmart. Recent efforts have led to notable gains in shelf presence at Walmart, including expansion into over 400 Canadian Walmart stores, and increased space in club and grocery channels.
2. Product Innovation and New Launches: Zevia plans to introduce new flavors and variety packs to attract consumers. Successful recent launches, such as Strawberry Lemon Burst and the Amazon-exclusive Peaches & Cream, along with a fruity variety pack at Walmart, demonstrate the company's focus on flavor trends. This strategy is a key lever for growth.
3. Increased Brand Awareness and Marketing Investment: Zevia is investing in marketing to win new households and drive consumer engagement. A brand refresh has improved on-shelf visibility and accelerated demand. Management attributes recent momentum to marketing campaigns that have resonated with consumers, leading to double-digit gains in brand consideration and purchase intent.
4. Leveraging "Better-For-You" Beverage Trends: Zevia benefits from favorable macroeconomic trends, including increasing consumer preference for natural, zero-sugar, and zero-color products. The company's core mission aligns with addressing global health challenges by offering zero-sugar, zero-calorie, naturally sweetened beverages.
5. Strong Pricing and Net Revenue Management: Zevia has demonstrated strong and sustained pricing with limited elasticity, which has contributed to gross margin improvements. The company's effective net revenue management strategies have positively impacted revenue growth.

Share Issuance

• Zevia PBC completed its Initial Public Offering (IPO) in July 2021, offering 10,700,000 shares of its Class A common stock at $14.00 per share.
• The IPO generated approximately $150 million in net proceeds for the company, before expenses.
• The number of Class A common shares outstanding for Zevia PBC increased from 61,646,478 as of December 31, 2024, to 67,371,710 as of September 30, 2025.

Inbound Investments

• Prior to its IPO in December, Zevia secured a $200 million minority investment from Caisse de dépôt et placement du Québec (CDPQ), a pension fund manager in Canada.

Capital Expenditures

• Zevia PBC's capital expenditures were -$0.81 million in fiscal year 2020, -$3.14 million in fiscal year 2021, -$2.59 million in fiscal year 2022, -$1.62 million in fiscal year 2023, and -$0.28 million in fiscal year 2024.
• For the trailing twelve months ended June 30, 2025, capital expenditures were -$0.24 million.
• The company plans to prioritize investing in its business, focusing on marketing, customer acquisition, distribution gains, and product innovation.