Supply chain transition challenges disrupt
service levels while customer demand remains strong
Company to announce second quarter 2023 results
on Tuesday, August 8, 2023
Zevia PBC (“Zevia” or the “Company”) (NYSE: ZVIA), today
announced preliminary unaudited net sales results for the second
quarter ended June 30, 2023.
Second quarter net sales are expected to be approximately $42
million versus prior outlook of a range of $48 million to $51
million, driven entirely by disruption of supply chain service
levels amid an operations transition. Demand remained strong
following a Q2 price increase and the refreshed brand design has
supported accelerated in-store presence, but short-term supply
chain logistics challenges hindered fulfillment and impacted net
sales results in the quarter.
“Second quarter net sales were below estimates due to unexpected
supply chain interruptions that negatively impacted service
levels,” said Amy Taylor, President and Chief Executive Officer.
“Customer demand continued at or above expectations as reflected in
our order book. Customer fulfillment rates, however, fell sharply
in the second half of the quarter and did not keep pace with strong
customer demand. We have implemented aggressive measures, including
changes in supply chain leadership and pausing some components of
our supply chain transition to restore service levels. We expect
these issues to be resolved by the end of 2023. In the meantime, a
strong execution of our Q2 price increase and favorable aluminum
pricing contributed some positive indicators in the quarter.”
These preliminary results presented herein for the second
quarter of 2023 are an estimate, based on information available to
management as of the date of this release, and are subject to
further changes upon completion of the Company’s quarter-end
closing procedures. This press release does not present all
necessary information for an understanding of the Company's
financial condition as of the date of this release, or its results
of operations for the second quarter of 2023.
2023 Guidance
The Company is updating its guidance for the full year of 2023
to reflect recent results, management's revised near-term outlook,
and the current environment. Net sales for 2023 are now expected to
be in the range of $163 million to $168 million compared to prior
guidance of $180 million to $190 million.
Conference Call and Webcast Information
Zevia will release its final results for the second quarter
ended June 30, 2023 before the market opens on Tuesday, August 8,
2023 followed by a conference call at 8:30 a.m. Eastern Time to
discuss the results.
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/.
A replay of the webcast will be available for approximately
thirty (30) days following the call at Zevia’s website at
https://investors.zevia.com/ A copy of the earnings press release
and supplemental financial disclosures will also be available on
Zevia’s website at https://investors.zevia.com/.
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 “on track,” “guidance,”
“outlook,” “believe,” “anticipate,” “expect,” “consider,”
“contemplate,” “continue,” “would,” “could,’” “may,” “potential,”
“estimate,” “intend,” “project,” “plan,” “seek,” “pursue,” “will,”
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 2023
Guidance and anticipated growth, supply chain service levels,
strategic direction, branding, operating environment, distribution,
velocity, pricing and costs. 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, our ability to successfully
execute on our rebranding strategy and cost reduction initiatives,
our ability to restore supply chain service levels on the
anticipated timeline, product demand, change in consumer
preferences, pricing factors, the impact of inflation on our sales
growth and cost structure such as increased commodity, packaging,
transportation and freight, warehouse, labor and other input costs
and other economic, competitive and governmental factors outside of
our control, such as pandemics or epidemics, including the impact
of the effects of the COVID-19 pandemic, and adverse global
macroeconomic conditions, including rising interest rates,
instability in financial institutions and a recessionary
environment, and geopolitical events or conflicts, 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 U.S. Securities and Exchange Commission for
additional information regarding the risks and uncertainties that
may cause actual results to differ materially from those expressed
in any forward-looking statement.
About Zevia
Zevia PBC, a Delaware 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. Zevia is distributed in more than 32,000
retail locations in the U.S. and Canada through a diverse network
of major retailers in the food, drug, warehouse club, mass, natural
and ecommerce channels.
(ZEVIA-F)
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version on businesswire.com: https://www.businesswire.com/news/home/20230724257424/en/
Media Annie Thompson Edelman Smithfield 713-299-4115
Annie.Thompson@edelmansmithfield.com
Investors Reed Anderson ICR 646-277-1260
Reed.Anderson@icrinc.com
Zevia PBC (NYSE:ZVIA)
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