Zevia PBC Earnings Per Share Disclosure
15. LOSS PER SHARE
Basic loss per share of Class A common stock is computed by dividing net loss attributable to the Company for the period by the weighted-average number of shares of Class A common stock outstanding during the same period. Diluted loss per share of Class A common stock is computed by dividing net loss attributable to the Company by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities and assumed conversion of Class B common stock into shares of Class A common stock on a one-for-one basis using the if-converted method.
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted loss per share of Class A common stock:
| Year Ended December 31, | ||||||||||
| 2025 | 2024 | |||||||||
| (in thousands, except for share and per share amounts) | ||||||||||
| Net loss per share: | ||||||||||
| Numerator: | ||||||||||
| Net loss and comprehensive loss | $ | (11,166 | ) | $ | (23,783 | ) | ||||
| Less: net loss attributable to non-controlling interests | 1,246 | 3,778 | ||||||||
| Add: adjustment to reallocate net loss to controlling interest | (163 | ) | (1) | 58 | (1) | |||||
| Net loss to Zevia PBC - basic and diluted | $ | (10,083 | ) | $ | (19,947 | ) | ||||
| Denominator: | ||||||||||
| Weighted-average shares of Class A common stock outstanding – basic | 66,002,515 | 58,405,992 | ||||||||
| Add: weighted average shares of vested and unreleased RSUs | 13,640 | (2) | 277,453 | (2) | ||||||
| Weighted-average basic and diluted shares | 66,016,155 | 58,683,445 | ||||||||
| Loss per share of Class A common stock – basic | $ | (0.15 | ) | $ | (0.34 | ) | ||||
| Loss per share of Class A common stock – diluted | $ | (0.15 | ) | $ | (0.34 | ) | ||||
(1) The numerator for the basic and diluted loss per share is adjusted for additional losses being attributed to controlling interest as a result of the impacts of vested but unreleased RSUs being included in the denominator of the basic and diluted loss per share.
(2) The denominator for basic and diluted loss per share includes vested and unreleased RSUs as there are no conditions that would prevent these RSUs from being issued in the future as shares of Class A common stock except for the mere passage of time.
Zevia LLC Class B units, stock options and RSUs were evaluated under the treasury stock method for potential dilutive effects and were determined to be anti-dilutive. The following weighted average outstanding shares were excluded from the computation of diluted loss per share available to Class A common stockholders as they were anti-dilutive:
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Zevia LLC Class B units exchangeable to shares of Class A common stock | 8,465,729 | 14,099,368 | ||||||
| Stock options | 2,677,311 | 3,110,466 | ||||||
| Restricted stock units | 3,853,782 | 3,574,043 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Mar 6, 2024 | |
| 2022 | Mar 10, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.