# Zevia (ZVIA): Q3 Sales Near $48 Million as GP Investments Converts at $1.448

> Zevia closed at $1.28 on October 23, 2026, after preannouncing third-quarter sales of about $48 million, roughly 18% growth, and selling up to $20 million of convertible preferred to GP Investments at $1.448. A small fund cheered both. We check NielsenIQ data showing price cuts, the dilution math, the second-tranche conditions and the November 4 report.

By MCAFax · Published October 26, 2026
Section: Markets & Main Street › From Wall Street · Series: Market Calls, Investigated (https://mcafax.com/notebook/series/market-calls-investigated)
Canonical: https://mcafax.com/notebook/zvia-zevia-q3-sales-jump-gp-investments-preferred
Source: MCAFax, The Broker's Notebook (https://mcafax.com/notebook). MCAFax is not a lender or a law firm.

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Zevia PBC (NYSE: ZVIA), the zero-sugar soda maker, closed at $1.28 on October 23, 2026, after saying third-quarter net sales came in around $48 million, up about 18% from a year earlier and above its own guidance. The same day it sold convertible preferred stock to GP Investments with a conversion price of $1.448. A small fund that pitches under-covered stocks cheered both, so we looked at whether the growth is coming from price cuts and what the new preferred costs common holders.

*This is journalism and commentary, not investment advice. We hold no position unless stated.*

## Key facts

- **Preliminary Q3:** net sales of about $48 million, against guidance of $44 million to $46 million and $40.8 million a year earlier.
- **Losses narrowing:** Q3 adjusted EBITDA is expected at negative $0.9 million to negative $1.0 million, better than the prior guide of negative $3.0 million to negative $3.5 million.
- **New money:** up to $20 million of Series A convertible preferred stock sold to an affiliate of GP Investments; $15 million closed on October 22.
- **Terms:** a $1.448 conversion price, set at 120% of the 10-day average price, a 6% dividend paid in kind, and one board seat.
- **Second tranche:** the last $5 million depends on 2026 net sales of at least $172.5 million and adjusted EBITDA no worse than negative $3.0 million, unless GP waives.
- **Balance sheet:** $28.5 million of cash and no debt at June 30, 2026, before the new money.
- **Next report:** full Q3 results on November 4, 2026.

## Is ZVIA a good bet right now?

The sales beat is real and comes from the company itself. The open question is quality: industry scanner data shows Zevia's volume surging while its average price fell, and the new investor bought a security that sits ahead of common shareholders.

At about 72.2 million common shares, implied by the filing's conversion cap, Zevia's market value is roughly $92 million by our math, or a little over half of 2026 sales guidance.

## Why are investors bullish on Zevia?

- **Acceleration.** About $48 million in Q3 would be roughly 18% growth, after just 1.1% growth in Q2.
- **A beat on losses.** The adjusted EBITDA loss is now expected to be less than a third of the prior guide's midpoint.
- **A credible partner.** GP Investments says it was founded by the entrepreneurs behind AB InBev and 3G, and it converts at a 20% premium to the recent average price.
- **Marketing.** Zevia signed Cardi B in March 2026 and ran its biggest campaign to date this summer, per Marketing Dive.
- **Retail data.** NielsenIQ figures relayed on X show Zevia volume growing much faster than rival Olipop.

## Who's making this call and why?

Stoic Point Capital Management, a small fund that publishes stock pitches, [posted](https://x.com/stoic_point/status/2113417771212218539) on October 22: "$ZVIA revs 18% Y/Y or 32% 2yr-stacked." It added: "Landed both Cardi B and a Convertible P!" The two-year figure checks out: about $48 million is roughly 32% above the $36.4 million Zevia reported for Q3 2024.

**Track record.** In our tracking, Stoic Point is 5-4 (a .556 win rate) on nine calls scored at 180 days against the S&P 500, with an average edge of +9.14 points, too few calls to be ranked. Its best was a December 2025 Butterfly Network long, up 65.2 points versus the index. See the [scoreboard](https://mcafax.com/notebook/market-calls-scoreboard).

**Other supporters:** Beverage Insights, an account that posts beverage scanner data, flagged the trend first. It [wrote](https://x.com/BevInsights/status/2113269213611671921) on October 22: "Zevia volume up 32% with a 7.9% avg price drop for 4 wks." That covered the four weeks through October 3, per NielsenIQ.

## Who disagrees?

We found no credible X account arguing against Zevia this month; searches for the ticker were dominated by promotional spam. The skeptical case comes from the numbers.

- **Growth bought with price?** Beverage Insights [reported](https://x.com/BevInsights/status/2107467665820312046) volume up 23% on a 4.2% price drop for the four weeks through September 19. In Q2, by contrast, Zevia said sales rose on price while volume fell 3.7%.
- **Dilution.** If all $20 million converts at $1.448, that is about 13.8 million new shares, roughly 19% of today's common, before in-kind dividends.
- **A financing, not a sale.** Zevia says Piper Sandler spent 12 months reviewing strategic and financing alternatives, and the result was a minority investment.
- **Preferred rights.** Holders can demand cash redemption after a change of control, and after the fourth anniversary under certain conditions.
- **Losses.** Zevia had an accumulated deficit of $136.3 million at June 30.

## What are the key facts to verify?

- The [October 22 press release](https://www.sec.gov/Archives/edgar/data/1854139/000143774926033400/ex_1029964.htm) with preliminary Q3 numbers and deal summary.
- The [Form 8-K](https://www.sec.gov/Archives/edgar/data/1854139/000143774926033400/zvia20261022_8k.htm) for the preferred terms, tranche conditions and conversion cap.
- The [Q2 2026 results](https://www.sec.gov/Archives/edgar/data/1854139/000143774926025920/ex_974482.htm) for cash, volume and guidance.
- The [Q3 2025 results](https://investors.zevia.com/news/news-details/2025/Zevia-Announces-Third-Quarter-2025-Results/default.aspx) for the comparison base.
- [Marketing Dive](https://www.marketingdive.com/news/zevia-taps-cardi-b-to-serve-up-real-talk-in-biggest-campaign-to-date/825763/) on the Cardi B campaign.

## What would prove it right or wrong?

**Right:** the November 4 report confirms about $48 million in sales with steady gross margins, volume growth holds without deeper discounts, and Zevia clears the $172.5 million bar for the second tranche.

**Wrong:** gross margin drops because of the price cuts, growth fades once promotions end, and the preferred mostly funds losses rather than growth.

*This is journalism and commentary, not investment advice. We hold no position unless stated.*

## Questions readers ask

**What did Zevia (ZVIA) report for the third quarter of 2026?**

On October 22, 2026, Zevia PBC (NYSE: ZVIA) said it expects third-quarter net sales of about $48 million, above its guidance of $44 million to $46 million and up about 18% from $40.8 million a year earlier. It expects an adjusted EBITDA loss of $0.9 million to $1.0 million, better than the prior guide. Full results are due November 4, 2026.

**Who is investing in Zevia?**

An affiliate of GP Investments, a global investment firm founded in 1993, agreed to buy up to $20 million of Zevia's new Series A convertible preferred stock. It paid $15 million on October 22, 2026 and gets the right to name one director.

**What is the conversion price of Zevia's new preferred stock?**

The Series A preferred converts into Zevia Class A common stock at $1.448 a share. Zevia says that is 120% of the volume-weighted average price over the 10 trading days before signing.

**How much dilution does the GP Investments deal create for Zevia shareholders?**

If all $20 million converts at $1.448, holders would receive about 13.8 million shares by our math, roughly 19% of Zevia's existing common stock. The preferred also earns a 6% dividend that can be paid in kind, which would add more shares over time.

**What does Zevia need to do to get the last $5 million?**

The second tranche depends on Zevia reporting 2026 net sales of at least $172.5 million and adjusted EBITDA no worse than negative $3.0 million. GP Investments can waive those conditions and fund anyway.

**Is Zevia growing because of price cuts?**

Partly, according to NielsenIQ data relayed by Beverage Insights, which showed Zevia volume up 32% with a 7.9% average price drop for the four weeks through October 3. The November 4 report should show whether lower prices hurt gross margin.

**How much cash does Zevia have?**

Zevia had $28.5 million of cash, no debt and an unused $20 million credit line at June 30, 2026. The $15 million preferred sale on October 22 added to that.

**What is Zevia's 2026 guidance?**

In August, Zevia guided 2026 net sales of $170 million to $175 million and an adjusted EBITDA loss of $2.0 million to $4.0 million. The October update raised only the third-quarter Outlook.

**Did Zevia look at selling itself?**

Zevia says it worked with Piper Sandler for about 12 months to review a broad range of strategic and financing alternatives. The board chose the GP Investments growth equity deal as the best path.

**When does Zevia report third-quarter 2026 earnings?**

Zevia plans to report third-quarter 2026 results after the market closes on Wednesday, November 4, 2026, with a conference call that afternoon.