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Zevia(ZVIA) - 2024 Q3 - Quarterly Results
ZVIAZevia(ZVIA)2024-11-06 12:10

Financial Performance - Net sales for Q3 2024 were 36.4million,adecreaseof15.636.4 million, a decrease of 15.6% from 43.1 million in Q3 2023[2] - Net loss for Q3 2024 was 2.8million,animprovementof2.8 million, an improvement of 8.4 million compared to a net loss of 11.3millioninQ32023[4]−AdjustedEBITDAlosswas11.3 million in Q3 2023[4] - Adjusted EBITDA loss was 1.5 million in Q3 2024, improving by 7.6millionfromalossof7.6 million from a loss of 9.1 million in Q3 2023[4] - Loss per share improved to 0.04forQ32024,comparedto0.04 for Q3 2024, compared to 0.16 in Q3 2023[4] - Net loss for the nine months ended September 30, 2024, was 17,002,000,comparedtoanetlossof17,002,000, compared to a net loss of 19,171,000 for the same period in 2023, showing an improvement of approximately 11.3%[16] - Adjusted EBITDA for the nine months ended September 30, 2024, was (11,348,000),comparedto(11,348,000), compared to (12,200,000) for the same period in 2023, indicating a reduction in losses of about 7%[19] Cost Management - Selling and marketing expenses decreased to 12.0million,or32.912.0 million, or 32.9% of net sales, down from 20.5 million, or 47.5% of net sales in Q3 2023[4] - The company anticipates achieving 15millioninannualcostsavingsthroughitsProductivityInitiative[1]SalesProjections−Thecompanyexpectsfull−year2024netsalestobeintherangeof15 million in annual cost savings through its Productivity Initiative[1] Sales Projections - The company expects full-year 2024 net sales to be in the range of 154 million to 156million[6]−ForQ42024,netsalesareprojectedtobebetween156 million[6] - For Q4 2024, net sales are projected to be between 38 million and 40million[6]DistributionandExpansion−Zeviaexpandeddistributiontoover4,300Walmartstores,upfrom800previouslyserved[1]AssetandLiabilityManagement−Totalassetsdecreasedfrom40 million[6] Distribution and Expansion - Zevia expanded distribution to over 4,300 Walmart stores, up from 800 previously served[1] Asset and Liability Management - Total assets decreased from 90,857,000 on December 31, 2023, to 72,859,000onSeptember30,2024,representingadeclineofapproximately19.872,859,000 on September 30, 2024, representing a decline of approximately 19.8%[15] - Current assets fell from 82,687,000 to 66,062,000,adecreaseofabout20.266,062,000, a decrease of about 20.2%[15] - Total liabilities decreased from 29,090,000 to 24,144,000,areductionofapproximately1724,144,000, a reduction of approximately 17%[15] - Stockholders' equity decreased from 89,878,000 to 72,508,000,adeclineofabout19.472,508,000, a decline of about 19.4%[15] Cash Flow and Receivables - Cash and cash equivalents increased from 31,955,000 at the beginning of the period to 32,688,000attheend,reflectinganetchangeof32,688,000 at the end, reflecting a net change of 733,000[16] - Accounts receivable decreased from 11,119,000to11,119,000 to 10,008,000, a decline of approximately 10%[15] - Inventories significantly dropped from 34,550,000to34,550,000 to 20,690,000, a decrease of about 40%[15] Non-Cash Expenses - The company reported a non-cash lease expense of 450,000fortheninemonthsendedSeptember30,2024,comparedto450,000 for the nine months ended September 30, 2024, compared to 423,000 for the same period in 2023[16]