- Zevia PBC ZVIA reported third-quarter FY21 sales growth of 22% year-on-year, to $38.96 million, beating the analyst consensus of $34.40 million.
- Net sales improved 13% Q/Q and up 88% on a 2-year growth basis.
- The gross profit increased 14% Y/Y to $17 million, with the margin contracting 300 basis points to 44% due to higher trade promotions.
- The operating expenses increased over five-fold to $66.5 million. The company incurred an operating loss for the quarter of $(49.5) million.
- Adjusted EBITDA loss was $(3.5) million versus Income of $3.02 million in Q3 FY20.
- Net loss of $(49.8) million included $45.7 million of non-cash equity-based compensation expense. EPS loss attributable was $(0.75).
- The company held $78.7 million in cash and equivalents as of September 30, 2021. Net cash used in operating activities for the nine months totaled $13.1 million.
- "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," said Paddy Spence, Chair and CEO.
- Price Action: ZVIA shares are trading lower by 9.65% at $10.2 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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