Zevia PBC (ZVIA) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 08, 2021
Document Information [Line Items]
Document Type	10-Q
Entity Registrant Name	Zevia PBC
Amendment Flag	false
Entity Central Index Key	0001854139
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity File Number	001-40630
Entity Tax Identification Number	86-2862492
Entity Address, Address Line One	15821 Ventura Blvd.
Entity Address, Address Line Two	Suite 145
Entity Address, City or Town	Encino
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91436
City Area Code	855
Local Phone Number	469-3842
Title of 12(b) Security	Class A common stock, par value $0.001 pershare
Trading Symbol	ZVIA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		34,456,463
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		30,113,152

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash	$ 78,720	$ 14,936
Accounts receivable, net	14,507	6,944
Inventories	24,927	20,800
Prepaid expenses and other current assets	5,101	1,492
Total current assets	123,255	44,172
Property and equipment, net	2,740	991
Right-of-use assets under operating leases, net	356	773
Intangible assets, net	3,788	3,939
Other non-current assets	3	81
Total assets	130,142	49,956
Current liabilities:
Accounts payable	11,925	7,770
Accrued expenses	4,454	3,429
Operating lease liabilities	396	623
Other current liabilities	2,991	2,251
Total current liabilities	19,766	14,073
Operating lease liabilities, net of current portion	4	238
Total liabilities	19,770	14,311
Commitments and contingencies (Note 9)
Redeemable convertible preferred units:
No par values. None authorized and outstanding as of September 30, 2021. Authorized units of 34,410,379, 26,322,803 units issued and outstanding as of December 31, 2020; and aggregate liquidation preference $329,753 as of December 31, 2020.	0	232,457
Permanent Equity (Deficit)
Members' deficit	0	(196,812)
Preferred Stock, $0.001 par value. 10,000,000 shares authorized, no shares issued and outstanding as of September30,2021.No shares authorized, issued and outstanding as of December31,2020	0	0
Additional paid-in capital	142,813	0
Accumulated deficit	(25,823)	0
Total Zevia's Equity / members' (deficit)	117,054	(196,812)
Noncontrolling Interests	(6,682)	0
Total Equity	110,372	(196,812)
Total liabilities, redeemable convertible preferred units and equity	130,142	49,956
Common Class A [Member]
Permanent Equity (Deficit)
Common stock	34	0
Total Equity	34
Common Class B [Member]
Permanent Equity (Deficit)
Common stock	30	0
Total Equity	$ 30
Redeemable Convertible Preferred Units [Member]
Redeemable convertible preferred units:
No par values. None authorized and outstanding as of September 30, 2021. Authorized units of 34,410,379, 26,322,803 units issued and outstanding as of December 31, 2020; and aggregate liquidation preference $329,753 as of December 31, 2020.		$ 232,457

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class A [Member]
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	550,000,000	0
Common stock shares issued	34,453,247	0
Common stock shares outstanding	34,453,247	0
Common Class B [Member]
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	250,000,000	0
Common stock shares issued	30,113,152	0
Common stock shares outstanding	30,113,152	0
Redeemable Convertible Preferred Units [Member]
Temporary equity, Par value	$ 0	$ 0
Temporary equity, Shares authorized	0	34,410,379
Temporary equity, Shares issued		26,322,803
Temporary equity, Shares outstanding	0	26,322,803
Temporary equity, Liquidation preference		$ 329,753

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net sales		$ 38,956	$ 32,035	$ 104,002	$ 82,202
Cost of goods sold		21,952	17,109	56,570	44,409
Gross profit		17,004	14,926	47,432	37,793
Operating expenses:
Selling and marketing expenses		12,834	6,973	31,525	19,611
General and administrative expenses		7,698	4,935	19,352	13,853
Equity based compensation		45,731	28	45,804	86
Depreciation and amortization		239	256	713	729
Total operating expenses		66,502	12,192	97,394	34,279
Income (loss) from operations		(49,498)	2,734	(49,962)	3,514
Other expense, net		(213)	(276)	(251)	(543)
Income (loss) before Income Taxes		(49,711)	2,458	(50,213)	2,971
Provision for income taxes		(50)	0	(50)
Net Income (loss) and Comprehensive Income (loss)		(49,761)	2,458	(50,263)	2,971
Net income (loss) attributable to Zevia LLC prior to the Reorganization Transactions		(1,411)	2,458	(1,913)	2,971
Loss attributable to noncontrolling interest		22,527	0	22,527	0
Net loss attributable to Zevia PBC		$ (25,823)	$ 0	$ (25,823)	$ 0
Net loss per share attributable to common stockholders, basic	[1]	$ (0.75)		$ (0.75)
Net loss per share attributable to common shareholders, diluted	[1]	$ (0.75)		$ (0.75)
Weighted average common units outstanding, basic		34,440,982		34,440,982
Weighted average common units outstanding, diluted		34,440,982		34,440,982
[1]	Represents earnings per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period from July 22,2021 through September 30, 2021, the period following the reorganization transactions and initial public offering (see Note 14)

Condensed Statements of Changes

Condensed Statements of Changes in Redeemable Convertible Preferred Units and Members' Deficit - USD ($) $ in Thousands		Total	IPO [Member]	IPO [Member]Zevia LLC [Member]	Previously Reported [Member]	Revision of Prior Period, Adjustment [Member]	Redeemable Convertible Preferred Units [Member]	Redeemable Convertible Preferred Units [Member]Previously Reported [Member]	Redeemable Convertible Preferred Units [Member]Revision of Prior Period, Adjustment [Member]	Common Class A [Member]	Common Class A [Member]IPO [Member]	Common Class A [Member]IPO [Member]Zevia LLC [Member]	Common Class A [Member]Revision of Prior Period, Adjustment [Member]	Common Class B [Member]	Common Class B [Member]Zevia LLC [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member]Zevia LLC [Member]	Additional Paid-In Capital [Member]IPO [Member]	Additional Paid-In Capital [Member]IPO [Member]Zevia LLC [Member]	Additional Paid-In Capital [Member]Revision of Prior Period, Adjustment [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member]Revision of Prior Period, Adjustment [Member]	Member Defecit [Member]	Member Defecit [Member]Zevia LLC [Member]	Member Defecit [Member]IPO [Member]	Member Defecit [Member]IPO [Member]Zevia LLC [Member]	Member Defecit [Member]Previously Reported [Member]	Member Defecit [Member]Revision of Prior Period, Adjustment [Member]	Noncontrolling Interest [Member]	Noncontrolling Interest [Member]Revision of Prior Period, Adjustment [Member]
Beginning Balance at Dec. 31, 2019							$ 58,037
Beginning Balance (in shares) at Dec. 31, 2019							22,558,386
Beginning Balance at Dec. 31, 2019																							$ (39,969)
Exercise of common units																							5
Equity based compensation expense																							29
Net income (loss)																							(2,594)
Ending Balance at Mar. 31, 2020																							(42,529)
Ending Balance at Mar. 31, 2020							$ 58,037
Ending Balance (in shares) at Mar. 31, 2020							22,558,386
Beginning Balance at Dec. 31, 2019							$ 58,037
Beginning Balance (in shares) at Dec. 31, 2019							22,558,386
Beginning Balance at Dec. 31, 2019																							(39,969)
Net income (loss)		$ 2,971
Ending Balance at Sep. 30, 2020																							(36,896)
Ending Balance at Sep. 30, 2020							$ 57,952
Ending Balance (in shares) at Sep. 30, 2020							22,558,386
Beginning Balance at Mar. 31, 2020							$ 58,037
Beginning Balance (in shares) at Mar. 31, 2020							22,558,386
Beginning Balance at Mar. 31, 2020																							(42,529)
Equity based compensation expense																							29
Net income (loss)																							3,107
Ending Balance at Jun. 30, 2020																							(39,393)
Ending Balance at Jun. 30, 2020							$ 58,037
Ending Balance (in shares) at Jun. 30, 2020							22,558,386
Exercise of common units																							11
Series E Preferred units issuance cost							$ (85)
Equity based compensation expense																							28
Net income (loss)		2,458																					2,458
Ending Balance at Sep. 30, 2020																							(36,896)
Ending Balance at Sep. 30, 2020							$ 57,952
Ending Balance (in shares) at Sep. 30, 2020							22,558,386
Beginning Balance at Dec. 31, 2020		232,457					$ 232,457
Beginning Balance (in shares) at Dec. 31, 2020							26,322,803
Beginning Balance at Dec. 31, 2020		(196,812)																					(196,812)
Exercise of common units		10																					10
Equity based compensation expense		37																					37
Net income (loss)		247																					247
Ending Balance at Mar. 31, 2021		(196,518)																					(196,518)
Ending Balance at Mar. 31, 2021							$ 232,457
Ending Balance (in shares) at Mar. 31, 2021							26,322,803
Beginning Balance at Dec. 31, 2020		232,457					$ 232,457
Beginning Balance (in shares) at Dec. 31, 2020							26,322,803
Beginning Balance at Dec. 31, 2020		$ (196,812)																					(196,812)
Exercise of stock options Shares	[1]	123,254
Net income (loss)		$ (50,263)
Ending Balance at Sep. 30, 2021		110,372								$ 34				$ 30		$ 142,813					$ (25,823)							$ 219,633	$ (6,682)
Ending Balance (in shares) at Sep. 30, 2021										34,453,247				30,113,152
Ending Balance at Sep. 30, 2021		0
Ending Balance (in shares) at Sep. 30, 2021							0
Beginning Balance at Mar. 31, 2021							$ 232,457
Beginning Balance (in shares) at Mar. 31, 2021							26,322,803
Beginning Balance at Mar. 31, 2021		(196,518)																					(196,518)
Equity based compensation expense		36																					36
Distributions to unitholders for tax payments		(2,669)																					2,669
Net income (loss)		(749)																					(749)
Ending Balance at Jun. 30, 2021		(199,900)				$ 232,457							$ 24							$ 12,800			(199,900)
Ending Balance (in shares) at Jun. 30, 2021													23,716,450
Ending Balance at Jun. 30, 2021								$ 232,457	$ (232,457)
Ending Balance (in shares) at Jun. 30, 2021								26,322,803	(26,322,803)
Issuance of common stock, net of commission Shares											6,900,000	3,767,440			30,114,488
Issuance of common stock, net of commission			$ 90,080	$ 0							$ 7	$ 3			$ 30		$ (30)	$ 90,073	$ 2,034							$ (2,037)
Share Based Compensation Arrangement Stock Options Cancelled		(4)	$ 2													(4)		$ 425							$ (423)
Stock Repurchased and Retired During Period, Shares											32,560
Offering Costs		(8,101)														(8,101)
Repurchase and cancellation of Zevia LLC units in connection with the Reorganization and IPO transaction		(17)																						$ (17)
Repurchase and cancellation of Zevia LLC units in connection with the Reorganization and IPO transaction, Shares															(1,336)
Allocation of equity to noncontrolling interest		0																					$ (15,845)						15,845
Exercise of stock options		(115)														(115)
Exercise of stock options Shares										36,797
Equity based compensation expense		45,731														45,731
Net income (loss)		(49,761)			$ (1,411)	$ (48,350)																$ (25,823)					$ (1,411)			$ (22,527)
Ending Balance at Sep. 30, 2021		110,372								$ 34				$ 30		$ 142,813					$ (25,823)							$ 219,633	$ (6,682)
Ending Balance (in shares) at Sep. 30, 2021										34,453,247				30,113,152
Ending Balance at Sep. 30, 2021		$ 0
Ending Balance (in shares) at Sep. 30, 2021							0
[1]	Includes 75,148 options exercised prior to the IPO and Reorganization Transactions and included in member's deficit

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net income (loss)		$ (50,263)	$ 2,971
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Non-cash lease expense		417	389
Depreciation and amortization		713	703
Loss on sale of equipment		9	0
Amortization of debt issuance cost		94	39
Equity based compensation		45,804	86
Changes in operating assets and liabilities:
Accounts receivable, net		(7,563)	(3,428)
Inventories		(4,127)	(9,688)
Prepaid expenses and other current assets		(3,609)	(237)
Other non-current assets		(28)	(22)
Accounts payable		4,155	3,901
Accrued expenses		1,025	1,575
Operating lease liabilities		(461)	(284)
Other current liabilities		740	1,874
Net cash used in operating activities		(13,094)	(2,121)
Investing activities:
Purchases of property and equipment		(2,308)	(781)
Net cash used in investing activities		(2,308)	(781)
Financing activities:
Proceeds from revolving line of credit	[1]	74,721	82,989
Repayment of revolving line of credit	[1]	(74,721)	(80,207)
Proceeds from Paycheck Protection Program Loan			1,429
Distribution to unitholders for tax payments		(2,669)	0
Equity financing cost		0	(85)
Proceeds from exercise of common units		10	16
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discounts and commissions		139,689	0
Payment for Purchase of Stock Unit		(49,609)	0
Proceeds from the cancellation of options in IPO		2	0
Payment for cancellation of options		(4)	0
Payment of Offering Costs		(8,101)	0
Repurchase of Zevia LLC units		(17)	0
Exercise of stock options		(115)	0
Net cash provided by financing activities		79,186	4,142
Net change from operating, investing, and financing activities		63,784	1,240
Cash at beginning of period		14,936	3,243
Cash at end of period		78,720	4,483
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest		$ 148	$ 201
[1]	Zevia PBC’s revolving line of credit provides for daily drawdowns and repayments of amounts outstanding. As of September 30, 2021 , no amounts were outstanding due to the termination of the line of credit in July 2021. Consistent with the provisions of ASC Topic 230, Statement of Cash Flows, Zevia PBC has presented daily draw-downs and repayments under its revolving line of credit with its lender on a gross basis in the statements of cash flows for the periods ended September 30, 2021, and 2020 .

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Revolving Credit Facility [Member]
Line of credit	$ 0	$ 0	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Description of Business and Basis of Presentation	1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Organization and operations Zevia PBC (the "Company") was incorporated as a Delaware public benefit corporation on March 23, 2021, and prior to the consummation of the reorganization described herein and our initial public offering (“IPO”), did not conduct any activities other than those incidental to our formation and the IPO. In connection with the completion of the IPO on July 26, 2021, the Company became a holding company, and its sole material asset is a controlling equity interest in Zevia LLC, a Delaware limited liability company (“Zevia LLC”). As the sole managing member of Zevia LLC, the Company operates and controls all of the business and affairs of Zevia LLC and, through Zevia LLC, conducts its business. Subsequent to July 26, 2021, the Company consolidates the results of Zevia LLC with a non-controlling interest reflected for the portion of Zevia LLC not owned by the Company. For more information about our holding company reorganization, see the section titled “Organizational Structure—The Reorganization” in the prospectus dated July 21, 2021 and filed with the SEC on July 23, 2021. References in this Form 10-Q to “Zevia PBC” refer to Zevia PBC and not to any of its subsidiaries unless the context indicates otherwise. References in this Form 10-Q to “Zevia,” the “Company,” “we,” “us,” and “our” refer (1) prior to the consummation of the Reorganization Transactions, to Zevia LLC, and (2) after the consummation of the Reorganization Transactions, to Zevia PBC and its consolidated subsidiaries unless the context indicates otherwise. T he Company develops, markets, sells, and distributes a wide variety of zero calorie, non-GMO verified, carbonated and non-carbonated soft drinks under the Zevia ® brand name. Zevia’s products are sold principally in the United States and Canada through various retailer channels, including grocery stores, natural products stores, warehouse stores, and specialty outlets. Zevia's products are manufactured and generally maintained at third-party beverage production and warehousing facilities located in both the United States and Canada. Initial Public Offering and Reorganization Transactions On July 21, 2021, the registration statement on Form S-1 of Zevia PBC was declared effective by the SEC related to the IPO of its Class A common stock. On July 22, 2021, the Company’s Class A common stock began trading on the New York Stock Exchange under the ticker symbol “ZVIA”. The Company completed the IPO of 10,700,000 shares of its Class A common stock at an offering price of $ 14.00 per share on July 26, 2021. The Company received aggregate net proceeds of approximately $ 139.7 million after deducting underwriting discounts and commissions of $ 10.1 million. The underwriters did not exercise their option to purchase 1,605,000 additional shares of Class A common stock and that option expired on August 20, 2021. In connection with the IPO, the Company completed the following transactions (“Reorganization Transactions”):  Zevia LLC recapitalized its common and preferred membership interests into a single class of common units and each common unit outstanding after giving effect thereto was reclassified as two Class B units on a one-to-two basis;  The Company amended and restated its certificate of incorporation in its entirety to, among other things: (i) authorize 800,000,000 shares of common stock, 550,000,000 shares of which are designated as “Class A Common Stock” and 250,000,000 shares of which are designated as “Class B Common Stock;” and (ii) authorize 10,000,000 shares of undesignated preferred stock that may be issued from time to time by the Company's Board of Directors in one or more series and amended and restated its bylaws in their entirety to, among other things: (a) establish procedures relating to the presentation of stockholder proposals at stockholder meetings; (b) establish procedures relating to the nomination of directors; and (c) conform to the provisions of the amended and restated certificate;  The limited liability company agreement of Zevia LLC was amended and restated (the “Amended and Restated Zevia LLC Agreement”) to, among other things, provide for Class A units and Class B units and appoint the Company as the sole managing member of Zevia LLC;  The Company assumed all outstanding equity awards of Zevia LLC on a one-to-two basis;  The Amended and Restated Zevia LLC Agreement classified the interests acquired by the Company as Class A units, reclassified the interests held by the continuing members of Zevia LLC as Class B units and permits the continuing members of Zevia LLC to exchange Class B units for shares of Class A common stock on a one-for-one basis or, at the election of the Company, for cash. For each membership unit of Zevia LLC that is reclassified as a Class B unit, the Company issued one corresponding share of its Class B common stock to the continuing members;  The Company contributed approximately $ 90.1 million of the net proceeds of the IPO to Zevia LLC to acquire 6,900,000 newly issued Class A units of Zevia LLC at a per-unit price equal to the per-share price paid by the underwriters for shares of Class A common stock in the IPO. The Company retained $ 82.0 million of the total IPO proceeds after the payment of $ 8.1 million of offering costs. The retained proceeds will ultimately be used by the Company for working capital and other general corporate purposes;  The Company used approximately $ 25.5 million of the net proceeds of the IPO to purchase 1,956,142 Class B units and corresponding shares of Class B common stock from certain of Zevia LLC’s unitholders, including certain members of senior management, at a per-unit price equal to the per-share price paid by the underwriters for shares of Class A common stock in the IPO. Such units were immediately converted into an equivalent number of Class A units;  The Company used approximately $ 0.4 million of the net proceeds of the IPO to cancel and cash-out of 32,560 outstanding options held by certain option holders, including certain members of senior management, at a per-option price equal to the per-share price paid by the underwriters for shares of Class A common stock in the IPO. The Company received an equivalent number of Class A units from Zevia LLC in exchange for the cancellation of such options;  Zevia PBC formed a new, first-tier merger subsidiary with respect to each blocker company of certain pre-IPO institutional investors (“Direct Zevia Stockholders”), and contemporaneously with the IPO, each respective merger subsidiary merged with and into the respective blocker company, with the blocker company surviving. Immediately thereafter, each blocker company merged with and into Zevia PBC, with Zevia PBC surviving. As a result of the blocker mergers, the 100 % owners of the blocker companies acquired an aggregate of 23,716,450 shares of newly issued Class A common stock and received approximately $ 23.7 million in cash consideration in exchange for 1,811,298 previously-held Class B units, which were immediately converted into an equivalent number of Class A units in the hands of Zevia PBC, and the blocker companies ceased to own any Zevia LLC units; and  The Company entered into an Amended and Restated Registration Rights Agreement with the Class B stockholders to provide for certain rights and restrictions after the IPO. Immediately following the closing of the IPO on July 26, 2021, Zevia LLC became the predecessor of the Company for financial reporting purposes. The Company is a holding company, and its sole material asset is its controlling equity interest in Zevia LLC. As the sole managing member of Zevia LLC, the Company operates and controls all of the business and affairs of Zevia LLC. This reorganization is accounted for as a reorganization of entities under common control. As a result, the consolidated financial statements of the Company will recognize the assets and liabilities received in the reorganization at their historical carrying amounts, as reflected in the historical financial statements of Zevia LLC. The Company has consolidated Zevia LLC in its financial statements and record a noncontrolling interest related to the Class B units held by the Class B stockholders on its consolidated balance sheet and statement of operations. The Company holds an economic interest of 53.3 % in Zevia LLC and the remaining 46.7 % represents the non-controlling interest.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("US GAAP") for interim financial information and with the instructions to Item 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by US GAAP for complete financial statements and are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2021, or for any other interim period or any other future fiscal year. The balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date but does not include all disclosures including certain notes required by US GAAP, required on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with US GAAP have been or omitted pursuant to such rules and regulations. Therefore, these interim financial statements should be read in conjunction with the financial statements for the fiscal year ended December 31, 2020 and related notes included in the Company's Registration Statement on Form S-1, as amended. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. The Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. Principles of Consolidation The consolidated financial statements include the accounts of Zevia PBC and its subsidiary, Zevia LLC, that it controls due to ownership of a majority voting interest. All intercompany transactions and balances have been eliminated in consolidation. Zevia PBC owns a minority economic interest in, and operates and controls all of the businesses and affairs of Zevia LLC. Accordingly, Zevia PBC has prepared these consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation. The Reorganization Transactions were accounted for consistent with a combination of entities under common control. As a result, the financial reports filed with the SEC by the Company subsequent to the Reorganization Transactions are prepared “as if” Zevia LLC is the accounting predecessor of the Company. The historical operations of Zevia LLC are deemed to be those of the Company. Thus, the financial statements included in this report reflect (i) the historical operating results and financial position of Zevia LLC prior to the Reorganization Transactions; (ii) the consolidated results of operations and financial position of Zevia PBC and Zevia LLC following the Reorganization Transactions; and (iii) Zevia PBC's equity structure for all periods presented. No step-up basis of intangible assets or goodwill was recorded. Zevia LLC has been determined to be our predecessor for accounting purposes and, accordingly, the consolidated financial statements for periods prior the Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. The Company’s financial position, performance and cash flows effectively represent those of Zevia PBC as of and for all periods presented. Reclassifications For the activity in the periods prior to the IPO and Reorganization Transactions, common unit, additional paid-in capital, and accumulated deficit information has been combined and presented as member’s deficit in the accompanying condensed consolidated balance sheets and condensed consolidated statements of changes in equity (deficit). Use of estimates The preparation of the financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the reported amount of net sales and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by the Company relate to net sales and associated cost recognition; the useful lives assigned to and the recoverability of property and equipment; reserves recorded for inventory obsolescence; the incremental borrowing rate for lease liabilities; allowance for doubtful accounts; and the determination of the fair value of equity instruments, including redeemable convertible preferred and common units, restricted unit awards, and equity-based compensation awards. On an ongoing basis, the Company evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of its assets and liabilities. As of September 30, 2021 , the Company’s operations have not been adversely impacted by the COVID-19 pandemic to a significant extent. The global impact of COVID-19 continues to rapidly evolve, and Zevia will continue to monitor the situation and the effects on its business and operations, particularly if the COVID-19 pandemic continues and persists for an extended period of time. Income Taxes The Company is the managing member of Zevia LLC and, as a result, consolidates the financial results of Zevia LLC in the unaudited condensed consolidated financial statements of Zevia PBC. Zevia LLC is a pass-through entity for U.S. federal and most applicable state and local income tax purposes. As an entity classified as a partnership for tax purposes, Zevia LLC is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Zevia LLC is passed through to its members, including the Company. The Company is taxed as a corporation and pays corporate federal, state and local taxes with respect to income allocated from Zevia LLC based on Zevia PBC's 53.3 % economic interest in Zevia LLC. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities (“DTAs” and “DTLs”) for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine DTAs and DTLs on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in income in the period that includes the enactment date. We recognize DTAs to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations. If we determine that we would be able to realize our DTAs in the future in excess of their net recorded amount, we would make an adjustment to the DTA valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740, Income Taxes on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Recent accounting pronouncements The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act (" JOBS Act"). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No.2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU provides for a new impairment model that requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for private companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2022. The Company currently does not expect this guidance to have a significant impact on the Company’s financial statements as it does not have a history of material credit losses. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software. This ASU is effective for private companies for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. The Company currently does not expect this guidance to have a significant impact on the Company's financial statements as the Company does not currently have material cloud computing software. In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock, as well as amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related earnings per share guidance and requires the application of the if-converted method for calculating diluted earnings per share, with the treasury stock method no longer permissible. The ASU is applicable to the Company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted the ASU as of January 1, 2021 and has applied the accounting standard update in computing diluted earnings per share for its redeemable convertible preferred units. The Company currently does not expect this guidance to have a significant impact on the Company’s financial statements. In April 2021, the FASB issued ASU No. 2021-04, which included Topic 260, Earnings Per Share and Topic 718, Compensation - Stock Compensation . This guidance clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options due to a lack of explicit guidance in the FASB Codification. This ASU is effective for all entities for fiscal years beginning after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2021-04 on its financial statements. The Company currently does not expect this guidance to have a significant impact on the Company’s financial statements as the Company does not have freestanding equity-classified written call options. Any other recently issued accounting pronouncements are neither relevant, nor expected to have a material impact on the Company’s financial statements.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues	3. REVENUES Disaggregation of Revenue The following table disaggregates the Company’s sales by channel: For the Three Months For the Nine Months (in thousands) 2021 2020 2021 2020 Retail sales $ 33,728 $ 28,169 $ 90,561 $ 71,573 Online/ecommerce 5,228 3,866 13,441 10,629 Net sales $ 38,956 $ 32,035 $ 104,002 $ 82,202 Contract liabilities The Company did no t have any material unsatisfied performance obligations as of September 30, 2021 and December 31, 2020 , respectively.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	4. INVENTORIES Inventories consist of the following as of: (in thousands) September 30, 2021 December 31, 2020 Raw materials $ 8,931 $ 8,155 Finished goods 15,996 12,645 Inventories $ 24,927 $ 20,800

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	5. PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following as of: (in thousands) Useful Life September 30, 2021 December 31, 2020 Land N/A $ 336 $ — Leasehold improvements 1 - 2 463 468 Computer equipment and software 3 1,800 1,454 Furniture and equipment 3 - 6 517 473 Vehicle Purchases 8 38 — Quality control equipment 6 385 340 Building 30 1,347 — 4,886 2,735 Less accumulated depreciation ( 2,146 ) ( 1,744 ) Property and equipment, net $ 2,740 $ 991 During the nine months ended September 30, 2021 the Company purchased a warehouse facility in Evansville, Indiana for a total purchase price of $ 1.7 million. For the three months ended September 30, 2021 and 2020, depreciation expense, including the amortization of leasehold improvements, amounted to approximately $ 0.2 million and $ 0.2 million, respectively. For the nine months ended September 30, 2021 and 2020, depreciation expense, including the amortization of leasehold improvements, amounted to approximately $ 0.5 million and $ 0.6 million, respectively. These amounts are included under depreciation and amortization in the accompanying condensed statements of operations and comprehensive income (loss).

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Sep. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets, Net	6. INTANGIBLE ASSETS, NET The following table provides information pertaining to the Company’s intangible asset as of: (in thousands) Useful lives September 30, 2021 December 31, 2020 Customer relationships 15 years $ 3,007 $ 3,007 Accumulated amortization ( 2,219 ) ( 2,068 ) 788 939 Trademarks Indefinite 3,000 3,000 $ 3,788 $ 3,939 For the three months ended September 30, 2021 and 2020, total amortization expense amounted to approximately $ 50,000 for each of the periods then ended. For the nine months ended September 30, 2021 and 2020, total amortization expense amounted to $ 0.2 million for each of the periods then ended. No impairment losses have been recorded on any of the Company’s intangible assets for the nine months ended September 30, 2021 and 2020. Amortization expense for intangible assets with definite lives is expected to be as follows: (in thousands) Remainder of 2021 $ 51 2022 200 2023 200 2024 200 2025 134 Thereafter 3 Expected amortization expense for intangible assets with definite lives $ 788

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	7. DEBT Credit Facility In 2019, Zevia entered into a loan agreement providing for a $ 9.0 million revolving line of credit (the “Credit Facility”) with Stonegate Asset Company II, LLC (“Stonegate”), with a maturity date in April 2022 . Borrowings under the revolving line were secured by accounts receivable and inventory. In June 2020, Zevia amended the Credit Facility and increased it to $ 12.0 million. As of December 31, 2020 , the revolving line interest rate was 7.5 % annual percentage rate and there was no outstanding balance. On June 1, 2021, Zevia extended the Credit Facility through April 2023 and there were no other modifications made to the terms and conditions. In July 2021 and subsequent to the IPO, Zevia terminated the Credit Facility. Early-termination fees were not material and were included in interest expense within other expenses, net in the accompanying condensed statements of operations and comprehensive income (loss).

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	8. LEASES The Company leases office space, vehicles and equipment. The Company’s recognized lease costs include: Three Months Ended For the Nine Months (in thousands) 2021 2020 2021 2020 Income Statement Operating lease cost (1) $ 151 $ 151 $ 454 $ 453 Lease income related to operating leases (2) 96 — 128 — (1) Operating lease cost is recorded within general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income (loss). (2) Lease income related to operating leases is recorded within sales in the accompanying condensed consolidated statements of operations and comprehensive income (loss). For the Nine Months 2021 2020 Weighted-average remaining lease term (months) 7.5 19.3 Weighted-average discount rate 7.6 7.6 The Company’s variable lease costs and short-term lease costs were inconsequential. Maturities of lease payments under non-cancellable leases were as follows: (in thousands) September 30, 2021 Remainder of 2021 $ 169 2022 240 2023 1 Total lease payments 410 Less Imputed Interest ( 10 ) Present value of lease liabilities $ 400

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	9. COMMITMENTS AND CONTINGENCIES Zevia is obligated under various non-cancellable lease agreements providing for office space, vehicles and equipment that expire at various dates through 2023. Refer to Note 8 Leases . Purchase commitments As of September 30, 2021 Zevia does not have any material agreements with suppliers for the purchase of raw material with minimum purchase quantities. Legal proceedings The Company is involved from time to time in various claims, proceedings, and litigation. Zevia establishes reserves for specific legal proceedings when it determines that the likelihood of an unfavorable outcome is probable, and the amount of loss can be reasonably estimated. Management has not identified any material legal matters where it believes an unfavorable material outcome is reasonably possible and/or for which an estimate of possible losses can be made. Management does not believe that the resolution of these matters would have a material impact on the condensed financial statements.

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Balance Sheet Components	10. BALANCE SHEET COMPONENTS Accrued Expenses Accrued expenses consisted of the following as of: (in thousands) September 30, 2021 December 31, 2020 Accrued customer paid bottle deposits $ 801 $ 563 Accrued incentive compensation 1,875 2,826 Accrued other 1,778 40 Total $ 4,454 $ 3,429 Other Current Liabilities Other current liabilities consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Accrued vacation liability $ 873 $ 728 Accrued purchases 1,087 1,201 Other current liabilities 1,031 322 Total $ 2,991 $ 2,251

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	11. EQUITY-BASED COMPENSATION In connection with the IPO, the Company assumed all outstanding equity awards of Zevia LLC on a one-to-two basis and assumed all equity incentive plans and related award agreements from Zevia LLC. In July 2021, prior to the IPO, the Company adopted the Zevia PBC 2021 Equity Incentive Plan (the “2021 Plan”) under which the Company may grant options, stock appreciation rights, restricted stock units (RSUs), restricted stock, other equity-based awards and incentive bonuses to employees, officers, non-employee directors and other service providers of Zevia PBC and its affiliates. Stock Options The Company uses a Black-Scholes valuation model to measure stock option expense as of each respective grant date. Generally, stock option grants vest ratably over four years, have a ten-year term, and have an exercise price equal to the fair market value as of the grant date. The fair value of stock options is amortized to expense over the vesting period. In determining the fair value of the Company’s stock options, management has made certain assumptions in calculating the various elements used in the option valuation model, including the expected term and volatility. In July 2021 immediately following the effectiveness of the Company’s registration statement on the Form S-1, the Company’s Board of Directors approved the issuance of 186,000 stock options under the 2021 Plan to certain employees and non-employee directors. The fair value of stock option awards granted during the three and nine months ended September 30, 2021 was determined on the grant date using the Black-Scholes valuation model based on the following weighted-average assumptions: Stock price $ 14 Exercise Price $ 14 Expected term (years) (1) 6.06 Expected volatility (2) 47.5 % Risk-Free interest rate (3) 0.9 % Dividend yield (4) 0.0 % (1) Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method. (2) Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term. (3) The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term. (4) We have assumed a dividend yield of zero as we have no plans to declare dividends in the foreseeable future. A summary of stock option activity for the three and nine months ended September 30, 2021: Shares Weighted average exercise price Weighted average remaining life Intrinsic value (in thousands) Outstanding Balance as of January 1, 2021 1,404,516 $ 0.49 Granted 186,000 $ 14.00 Exercised (1) 123,254 $ 0.13 Cancelled in the IPO 32,560 $ 0.05 Forfeited and cancelled 1,438 $ 0.01 Balance as of September 30, 2021 1,433,264 $ 2.28 6.9 $ 13,695 Exercisable at the end of the period 851,465 $ 0.38 6.3 $ 10,085 Vested and expected to vest 1,433,264 $ 2.28 7.1 $ 14,292 (1) Includes 75,148 options exercised prior to the IPO and Reorganization Transactions and included in member's deficit As of September 30, 2021, total unrecognized compensation expense related to unvested stock options was $ 1.5 million, which is expected to be recognized over a weighted-average period of 2.74 years. Restricted Phantom Units and Restricted Stock Units In July 2021, the Company’s Board of Directors approved an amendment to 2,422,644 restricted phantom units (the “Restricted Phantom Units”) previously granted by Zevia LLC (the “Phantom Unit Amendment”). The Phantom Unit Amendment changed the settlement feature of all outstanding Restricted Phantom Units so that following vesting, each award Restricted Phantom Units would be settled in shares of Class A common stock having a fair market value equal to (i) the number of Restricted Phantom Units subject to such award, multiplied by (ii) the difference between the fair market value of a share of Class A common stock and the grant date price per Restricted Phantom Unit . All other terms related to the Restricted Phantom Units remained unchanged. As a result of the change in the settlement provision, the Company will recognize a charge of approximately $ 33.9 million over the vesting period, subsequent to the performance condition being met, resulting from the fair value of the awards as remeasured at the amendment date. In March 2021, the Company's Board of Directors also approved an amendment to the RSUs granted in August 2020 (“the RSU Amendment”). The RSU Amendment changes the vesting of such RSUs to occur as follows: (i) in the event of a change of control, or (ii) in the event of an IPO, the RSUs units granted in August 2020 shall vest in equal monthly installments over a 36-month period following the termination of any lockup period and shall be subject to the participant’s continued employment through such vesting date. Additionally, settlement shall occur within 30 days following the vesting of the RSUs and the participant shall be entitled to receive one share of Class A common stock for each vested RSU. All other terms remained unchanged. As a result of the modification of the RSU Amendment, the Company will recognize an incremental charge of approximately $ 48.9 million over the vesting period, subsequent to the performance condition being met. RSU activity during the three and nine months ended September 30, 2021 was as follows: Shares Weighted average grant date fair value Aggregate Intrinsic Value (in thousands) Balance nonvested shares at January 1, 2021 6,002,644 $ 2.58 Granted 2,017,300 $ 13.70 Vested — $ — Forfeited ( 26,500 ) $ 13.65 Balance non vested at September 30, 2021 7,993,444 $ 5.35 92,005 Vested and expected to vest at September 30, 2021 7,993,444 $ 5.35 92,005 As of September 30, 2021, total unrecognized compensation expense related to unvested RSUs was $ 64.4 million, which is expected to be recognized over a weighted-average period of 1.97 years. Equity- Based Compensation Expense Equity-based compensation expense related to all employee and, where applicable, non-employee equity-based awards was $ 45.7 million for the three months ended September 30, 2021 and $ 45.8 for the nine months ended September 30, 2021 .

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	12. SEGMENT REPORTING Zevia has one operating and reporting segment which operates as a product portfolio with a single business platform. In reaching this conclusion, management considered the definition of the Chief Operating Decision Maker (“CODM”); how the business is defined by the CODM; the nature of the information provided to the CODM and how that information is used to make operating decisions; and how resources and performance are accessed. The Company’s CODM is the Chief Executive Officer. The results of the operations are provided to and analyzed by the CODM at the Zevia PBC level and accordingly, key resource decisions and assessment of performance are performed at Zevia PBC level. Zevia has a common management team across all product lines and Zevia does not manage these products as individual businesses and as a result, cash flows are not distinct.

Major Customers, Accounts Recei

Major Customers, Accounts Receivable And Vendor Concentration	9 Months Ended
	Sep. 30, 2021
Risks and Uncertainties [Abstract]
Major Customers, Accounts Receivable And Vendor Concentration	13. MAJOR CUSTOMERS, ACCOUNTS RECEIVABLE AND VENDOR CONCENTRATION The table below represents the Company’s major customers and accounted for more than 10 % of total net sales for the periods: For the Three Months For the Nine Months 2021 2020 2021 2020 Customer A 20 % 18 % 19 % 19 % Customer B 17 % 14 % 17 % 16 % Customer C 12 % 11 % 11 % 12 % Customer D 10 % 12 % 11 % 13 % The table below represents the Company’s customers which accounted for more than 10 % of total accounts receivable, net as of: September 30, 2021 December 31, 2020 Customer A 17 % 11 % Customer B 22 % 17 % Customer D 11 % 9 % Customer E 5 % 14 % Customer G 4 % 12 % Customer H 10 % — The table below represents raw material vendors that accounted for more than 10 % of all raw material purchases for the periods: For the Three Months For the Nine Months 2021 2020 2021 2020 Vendor A 37 % 28 % 34 % 31 % Vendor B 18 % 30 % 21 % 25 % Vendor C 12 % 13 % 13 % 11 %

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Loss Per Share	14. LOSS PER SHARE Basic earnings per share of Class A common stock is computed by dividing net income attributable to Zevia PBC for the period from July 22, 2021 through September 30, 2021, the period following the Reorganization Transactions and IPO, by the weighted-average number of shares of Class A common stock outstanding during the same period. Diluted earnings per share of Class A common stock is computed by dividing net income attributable to Zevia PBC by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. There were no shares of Class A or Class B common stock outstanding prior to July 22, 2021, therefore no earnings per share information has been presented for any period prior to that date. Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to Zevia PBC and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been presented. Shares of the Company’s Class B common stock are, however, considered potentially dilutive shares of Class A common stock because shares of Class B common stock, together with the related Zevia LLC Class B Common Units, are exchangeable into shares of Class A common stock on a one-for-one basis. Prior to the IPO, the Zevia LLC membership structure included various classes of Preferred Units and Common units. The Company analyzed the calculation of earnings per unit for periods prior to the IPO and determined that it resulted in values that would not be meaningful to the users of these unaudited consolidated financial statements. Therefore, earnings per share information has not been presented for the three and nine months ended September 30, 2020. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: July 22 Through September 30, 2021 (in thousands, except for share and per share amounts) Net loss per share: Numerator: Net loss $ ( 48,350 ) Less: net loss attributable to non-controlling interests 22,527 Net loss to Zevia PBC $ ( 25,823 ) Denominator: Weighted-average shares of Class A common stock outstanding - basic 34,440,982 Weighted-average shares of Class A common stock outstanding - diluted 34,440,982 Loss per share of Class A common stock - basic $ ( 0.75 ) Loss per share of Class A common stock - diluted $ ( 0.75 ) Stock options and restricted stock units were evaluated under the treasury stock method for potential dilutive effects and were determined to be anti-dilutive. Three Months Ended September 30, 2021 Zevia LLC Class B Common Units exchangeable to shares of Class A common Stock 30,113,152 Stock options 1,433,264 Restricted stock units 7,993,444

Income Taxes And Tax Receivable

Income Taxes And Tax Receivable Agreement	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes And Tax Receivable Agreement	15. INCOME TAXES AND TAX RECEIVABLE AGREEMENT Income Taxes The Company is the managing member of Zevia LLC and, as a result, consolidates the financial results of Zevia LLC in the unaudited condensed consolidated financial statements of Zevia PBC. Zevia LLC is a pass-through entity for U.S. federal and most applicable state and local income tax purposes, following the Reorganization Transactions effected in connection with our initial public offering. As an entity classified as a partnership for tax purposes, Zevia LLC is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Zevia LLC is passed through to its members, including us. The Company is taxed as a corporation and pays corporate federal, state and local taxes with respect to income allocated from Zevia LLC based on Zevia PBC's 53.3 % economic interest in Zevia LLC. The provision for income taxes differs from the amount of income tax computed by applying the applicable U.S. statutory federal income tax rate of 21 % to income before provision of income taxes due to Zevia LLC’s pass-through structure for U.S. income tax purposes, pass-through permanent differences, state franchise taxes, and the valuation allowance against the deferred tax assets. Except for state franchise taxes, Zevia PBC did not recognize an income tax expense/(benefit) on its share of pre-tax book income (loss), exclusive of the noncontrolling interest of 46.7 %, due to the full valuation allowance against its deferred tax assets. As of September 30, 2021, management believes based on applicable accounting standards and the weight of all available evidence, it is not more likely than not ("MLTN") that the Company will generate sufficient taxable income to realize our DTAs including the difference in our tax basis in excess of the financial reporting value for our investment in Zevia LLC. Consequently, we have established a full valuation allowance against our deferred tax assets as of September 30, 2021 and determined that it was MLTN that its deferred tax assets subject to the Tax Receivable Agreement ("TRA") would not be realized as of September 30, 2021. The Company has not recognized a liability related to the tax savings it may realize from utilization of such DTAs. As of September 30, 2021 , the total unrecorded TRA liability is approximately $ 46.2 million. If utilization of the DTAs subject to the TRA becomes more likely than not in the future, the Company will record a liability related to the TRA, to the extent probable at that time, which will be recognized as an expense within its condensed consolidated statements of operations. Tax Receivable Agreement The Company expects to obtain an increase in its share of tax basis in the net assets of Zevia LLC when Class B units are exchanged by the holders of Class B units for shares of Class A common stock of the Company and upon other qualifying transactions. Each change in outstanding shares of Class A common stock of the Company results in a corresponding increase or decrease in the Company's ownership of Class A units of Zevia LLC. The Company intends to treat any exchanges of Class B units as direct purchases of LLC interests for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that Zevia PBC would otherwise pay in the future to various taxing authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. In connection with the IPO, the Company entered into a Tax Receivable Agreement (“TRA”) with Zevia LLC and the holders of Class B units of Zevia LLC (the “Members”). In the event that such parties exchange any or all of their Class B units for Class A common stock, the TRA requires the Company to make payments to such holders for 85 % of the tax benefits realized, or in some cases deemed to be realized, by the Company by such exchange as a result of (i) increases in the Company’s tax basis of its ownership interest in the net assets of Zevia LLC resulting from any redemptions or exchanges of noncontrolling interest, (ii) tax basis increases attributable to payments made under the TRA, and (iii) deductions attributable to imputed interest pursuant to the TRA (the “TRA Payments”). The annual tax benefits are computed by calculating the income taxes due, including such tax benefits, and the income taxes due without such benefits. The Company expects to benefit from the remaining 15% of any tax benefits that it may actually realize. The TRA Payments are not conditioned upon any continued ownership interest in Zevia LLC or the Company. To the extent that the Company is unable to timely make payments under the TRA for any reason, such payments generally will be deferred and will accrue interest until paid. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the amount and timing of the taxable income the Company generates each year and the tax rate then applicable. The Company calculates the liability under the TRA using a complex TRA model, which includes an assumption related to the fair market value of assets. The payment obligations under the TRA are obligations of Zevia PBC and not of Zevia LLC. Payments are generally due under the TRA within a specified period of time following the filing of Zevia PBC’s tax return for the taxable year with respect to which the payment obligation arises, although interest on such payments will begin to accrue at a rate of the Secured Overnight Financing Rate (“SOFR”) plus 300 basis points from the due date (without extensions) of such tax return. The TRA provides that if (i) certain mergers, asset sales, other forms of business combinations, or other changes of control were to occur, (ii) there is a material uncured breach of any obligations under the TRA; or (iii) the Company elects an early termination of the TRA, then the TRA will terminate and the Company's obligations, or the Company's successor’s obligations, under the TRA will accelerate and become due and payable, based on certain assumptions, including an assumption that the Company would have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the TRA and that any Class B units that have not been exchanged are deemed exchanged for the fair market value of the Company's Class A common stock at the time of termination.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Event [Line Items]
Subsequent Events	16. SUBSEQUENT EVENTS On November 10, 2021, the Company’s Board of Directors approved (i) an amendment to the outstanding stock option awards held by Robert Gay and Harry “Hank” Margolis and (ii) an amendment to the RSUs granted to Messrs. Gay and Margolis in August 2020 (items (i) and (ii) collectively, the “Retirement Amendments”). The Retirement Amendments provide that upon the holder’s “retirement” on or after January 17, 2022, the unvested stock options and RSUs will become fully vested. As used in the Retirement Amendments, “retirement” generally includes a resignation after the holder has reached 50 years of age with at least 10 years of service to the Company, so long as the holder provides one year advance notice of such retirement unless waived by the Company.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Basis of Presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("US GAAP") for interim financial information and with the instructions to Item 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by US GAAP for complete financial statements and are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2021, or for any other interim period or any other future fiscal year. The balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date but does not include all disclosures including certain notes required by US GAAP, required on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with US GAAP have been or omitted pursuant to such rules and regulations. Therefore, these interim financial statements should be read in conjunction with the financial statements for the fiscal year ended December 31, 2020 and related notes included in the Company's Registration Statement on Form S-1, as amended. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. The Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Zevia PBC and its subsidiary, Zevia LLC, that it controls due to ownership of a majority voting interest. All intercompany transactions and balances have been eliminated in consolidation. Zevia PBC owns a minority economic interest in, and operates and controls all of the businesses and affairs of Zevia LLC. Accordingly, Zevia PBC has prepared these consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation. The Reorganization Transactions were accounted for consistent with a combination of entities under common control. As a result, the financial reports filed with the SEC by the Company subsequent to the Reorganization Transactions are prepared “as if” Zevia LLC is the accounting predecessor of the Company. The historical operations of Zevia LLC are deemed to be those of the Company. Thus, the financial statements included in this report reflect (i) the historical operating results and financial position of Zevia LLC prior to the Reorganization Transactions; (ii) the consolidated results of operations and financial position of Zevia PBC and Zevia LLC following the Reorganization Transactions; and (iii) Zevia PBC's equity structure for all periods presented. No step-up basis of intangible assets or goodwill was recorded. Zevia LLC has been determined to be our predecessor for accounting purposes and, accordingly, the consolidated financial statements for periods prior the Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. The Company’s financial position, performance and cash flows effectively represent those of Zevia PBC as of and for all periods presented.
Use of estimates	Use of estimates The preparation of the financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the reported amount of net sales and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by the Company relate to net sales and associated cost recognition; the useful lives assigned to and the recoverability of property and equipment; reserves recorded for inventory obsolescence; the incremental borrowing rate for lease liabilities; allowance for doubtful accounts; and the determination of the fair value of equity instruments, including redeemable convertible preferred and common units, restricted unit awards, and equity-based compensation awards. On an ongoing basis, the Company evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of its assets and liabilities. As of September 30, 2021 , the Company’s operations have not been adversely impacted by the COVID-19 pandemic to a significant extent. The global impact of COVID-19 continues to rapidly evolve, and Zevia will continue to monitor the situation and the effects on its business and operations, particularly if the COVID-19 pandemic continues and persists for an extended period of time.
Income Taxes	Income Taxes The Company is the managing member of Zevia LLC and, as a result, consolidates the financial results of Zevia LLC in the unaudited condensed consolidated financial statements of Zevia PBC. Zevia LLC is a pass-through entity for U.S. federal and most applicable state and local income tax purposes. As an entity classified as a partnership for tax purposes, Zevia LLC is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Zevia LLC is passed through to its members, including the Company. The Company is taxed as a corporation and pays corporate federal, state and local taxes with respect to income allocated from Zevia LLC based on Zevia PBC's 53.3 % economic interest in Zevia LLC. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities (“DTAs” and “DTLs”) for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine DTAs and DTLs on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in income in the period that includes the enactment date. We recognize DTAs to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations. If we determine that we would be able to realize our DTAs in the future in excess of their net recorded amount, we would make an adjustment to the DTA valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740, Income Taxes on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
Recent accounting pronouncements	Recent accounting pronouncements The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act (" JOBS Act"). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No.2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU provides for a new impairment model that requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for private companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2022. The Company currently does not expect this guidance to have a significant impact on the Company’s financial statements as it does not have a history of material credit losses. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software. This ASU is effective for private companies for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. The Company currently does not expect this guidance to have a significant impact on the Company's financial statements as the Company does not currently have material cloud computing software. In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock, as well as amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related earnings per share guidance and requires the application of the if-converted method for calculating diluted earnings per share, with the treasury stock method no longer permissible. The ASU is applicable to the Company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted the ASU as of January 1, 2021 and has applied the accounting standard update in computing diluted earnings per share for its redeemable convertible preferred units. The Company currently does not expect this guidance to have a significant impact on the Company’s financial statements. In April 2021, the FASB issued ASU No. 2021-04, which included Topic 260, Earnings Per Share and Topic 718, Compensation - Stock Compensation . This guidance clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options due to a lack of explicit guidance in the FASB Codification. This ASU is effective for all entities for fiscal years beginning after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2021-04 on its financial statements. The Company currently does not expect this guidance to have a significant impact on the Company’s financial statements as the Company does not have freestanding equity-classified written call options. Any other recently issued accounting pronouncements are neither relevant, nor expected to have a material impact on the Company’s financial statements.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue	The following table disaggregates the Company’s sales by channel: For the Three Months For the Nine Months (in thousands) 2021 2020 2021 2020 Retail sales $ 33,728 $ 28,169 $ 90,561 $ 71,573 Online/ecommerce 5,228 3,866 13,441 10,629 Net sales $ 38,956 $ 32,035 $ 104,002 $ 82,202

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consist of the following as of: (in thousands) September 30, 2021 December 31, 2020 Raw materials $ 8,931 $ 8,155 Finished goods 15,996 12,645 Inventories $ 24,927 $ 20,800

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consist of the following as of: (in thousands) Useful Life September 30, 2021 December 31, 2020 Land N/A $ 336 $ — Leasehold improvements 1 - 2 463 468 Computer equipment and software 3 1,800 1,454 Furniture and equipment 3 - 6 517 473 Vehicle Purchases 8 38 — Quality control equipment 6 385 340 Building 30 1,347 — 4,886 2,735 Less accumulated depreciation ( 2,146 ) ( 1,744 ) Property and equipment, net $ 2,740 $ 991

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Summary of Intangible Assets	The following table provides information pertaining to the Company’s intangible asset as of: (in thousands) Useful lives September 30, 2021 December 31, 2020 Customer relationships 15 years $ 3,007 $ 3,007 Accumulated amortization ( 2,219 ) ( 2,068 ) 788 939 Trademarks Indefinite 3,000 3,000 $ 3,788 $ 3,939
Summary of Expected Amortization Expense for Intangible Assets with Definite Lives	Amortization expense for intangible assets with definite lives is expected to be as follows: (in thousands) Remainder of 2021 $ 51 2022 200 2023 200 2024 200 2025 134 Thereafter 3 Expected amortization expense for intangible assets with definite lives $ 788

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Summary of Lease Cost and Income	The Company leases office space, vehicles and equipment. The Company’s recognized lease costs include: Three Months Ended For the Nine Months (in thousands) 2021 2020 2021 2020 Income Statement Operating lease cost (1) $ 151 $ 151 $ 454 $ 453 Lease income related to operating leases (2) 96 — 128 — (1) Operating lease cost is recorded within general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income (loss). (2) Lease income related to operating leases is recorded within sales in the accompanying condensed consolidated statements of operations and comprehensive income (loss). For the Nine Months 2021 2020 Weighted-average remaining lease term (months) 7.5 19.3 Weighted-average discount rate 7.6 7.6
Summary of Maturities of Lease Payments Under Non-Cancellable Leases Were As Follows	Maturities of lease payments under non-cancellable leases were as follows: (in thousands) September 30, 2021 Remainder of 2021 $ 169 2022 240 2023 1 Total lease payments 410 Less Imputed Interest ( 10 ) Present value of lease liabilities $ 400

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Summary Of Accrued Expenses	Accrued Expenses Accrued expenses consisted of the following as of: (in thousands) September 30, 2021 December 31, 2020 Accrued customer paid bottle deposits $ 801 $ 563 Accrued incentive compensation 1,875 2,826 Accrued other 1,778 40 Total $ 4,454 $ 3,429
Summary Of Other Current Liabilities	Other Current Liabilities Other current liabilities consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Accrued vacation liability $ 873 $ 728 Accrued purchases 1,087 1,201 Other current liabilities 1,031 322 Total $ 2,991 $ 2,251

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule for Fair Value of Stock Options Granted Estimated on the Date of Grant Using the Black-Scholes Option	The fair value of stock option awards granted during the three and nine months ended September 30, 2021 was determined on the grant date using the Black-Scholes valuation model based on the following weighted-average assumptions: Stock price $ 14 Exercise Price $ 14 Expected term (years) (1) 6.06 Expected volatility (2) 47.5 % Risk-Free interest rate (3) 0.9 % Dividend yield (4) 0.0 % (1) Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method. (2) Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term. (3) The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term. (4) We have assumed a dividend yield of zero as we have no plans to declare dividends in the foreseeable future.
Summary of Stock Option Activity	A summary of stock option activity for the three and nine months ended September 30, 2021: Shares Weighted average exercise price Weighted average remaining life Intrinsic value (in thousands) Outstanding Balance as of January 1, 2021 1,404,516 $ 0.49 Granted 186,000 $ 14.00 Exercised (1) 123,254 $ 0.13 Cancelled in the IPO 32,560 $ 0.05 Forfeited and cancelled 1,438 $ 0.01 Balance as of September 30, 2021 1,433,264 $ 2.28 6.9 $ 13,695 Exercisable at the end of the period 851,465 $ 0.38 6.3 $ 10,085 Vested and expected to vest 1,433,264 $ 2.28 7.1 $ 14,292 (1) Includes 75,148 options exercised prior to the IPO and Reorganization Transactions and included in member's deficit
Summary of Restricted Stock Unit Activity	RSU activity during the three and nine months ended September 30, 2021 was as follows: Shares Weighted average grant date fair value Aggregate Intrinsic Value (in thousands) Balance nonvested shares at January 1, 2021 6,002,644 $ 2.58 Granted 2,017,300 $ 13.70 Vested — $ — Forfeited ( 26,500 ) $ 13.65 Balance non vested at September 30, 2021 7,993,444 $ 5.35 92,005 Vested and expected to vest at September 30, 2021 7,993,444 $ 5.35 92,005

Major Customers, Accounts Rec_2

Major Customers, Accounts Receivable And Vendor Concentration (Tables)	9 Months Ended
	Sep. 30, 2021
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member]
Concentration Risk [Line Items]
Summary Sales to Significant Customers	The table below represents the Company’s major customers and accounted for more than 10 % of total net sales for the periods: For the Three Months For the Nine Months 2021 2020 2021 2020 Customer A 20 % 18 % 19 % 19 % Customer B 17 % 14 % 17 % 16 % Customer C 12 % 11 % 11 % 12 % Customer D 10 % 12 % 11 % 13 %
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Summary Sales to Significant Customers	The table below represents the Company’s customers which accounted for more than 10 % of total accounts receivable, net as of: September 30, 2021 December 31, 2020 Customer A 17 % 11 % Customer B 22 % 17 % Customer D 11 % 9 % Customer E 5 % 14 % Customer G 4 % 12 % Customer H 10 % —
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member]
Concentration Risk [Line Items]
Summary Sales to Significant Customers	The table below represents raw material vendors that accounted for more than 10 % of all raw material purchases for the periods: For the Three Months For the Nine Months 2021 2020 2021 2020 Vendor A 37 % 28 % 34 % 31 % Vendor B 18 % 30 % 21 % 25 % Vendor C 12 % 13 % 13 % 11 %

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Earnings per Share	The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: July 22 Through September 30, 2021 (in thousands, except for share and per share amounts) Net loss per share: Numerator: Net loss $ ( 48,350 ) Less: net loss attributable to non-controlling interests 22,527 Net loss to Zevia PBC $ ( 25,823 ) Denominator: Weighted-average shares of Class A common stock outstanding - basic 34,440,982 Weighted-average shares of Class A common stock outstanding - diluted 34,440,982 Loss per share of Class A common stock - basic $ ( 0.75 ) Loss per share of Class A common stock - diluted $ ( 0.75 )
Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share	Stock options and restricted stock units were evaluated under the treasury stock method for potential dilutive effects and were determined to be anti-dilutive. Three Months Ended September 30, 2021 Zevia LLC Class B Common Units exchangeable to shares of Class A common Stock 30,113,152 Stock options 1,433,264 Restricted stock units 7,993,444

Description of Business and B_2

Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jul. 26, 2021	Jul. 21, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from issuance of initial public offering				$ 139,689	$ 0
Preferred stock, shares authorized			10,000,000	10,000,000		0
Common Class A [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock shares authorized			550,000,000	550,000,000		0
Common Class A [Member] | Blocker Companies [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Business acquisition, consideration in cash		$ 23,700
Business acquisition, percentage of owners acquired		100.00%
Business acquisition, equity interest issued, number of shares		23,716,450
Common Class B Units [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Partners' Capital Account, Sale of Units		$ 25,500
Common Class B Units [Member] | Blocker Companies [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of units		1,811,298
IPO [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of Class A common stock in IPO, net of commission			$ 90,080
IPO [Member] | Common Class A [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during period shares new issues			6,900,000
Proceeds from issuance of initial public offering		$ 82,000
Payments for repurchase of initial public offering		$ 8,100
Issuance of Class A common stock in IPO, net of commission			$ 7
Zevia L L C [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of ownership and economic interest held by parent		53.30%	53.30%	53.30%
Percentage of ownership and economic interest held by non-controlling interest		46.70%	46.70%	46.70%
Zevia L L C [Member] | IPO [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of Class A common stock in IPO, net of commission			$ 0
Zevia L L C [Member] | IPO [Member] | Common Class A [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during period shares new issues			3,767,440
Issuance of Class A common stock in IPO, net of commission			$ 3
ZEVIA PBC [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from initial public offering utilized for cancellation Of options outstanding		$ 400
Common stock shares authorized		800,000,000
Preferred stock, shares authorized		10,000,000
ZEVIA PBC [Member] | Common Class A [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Partners' Capital Account, Sale of Units		$ 90,100
Number of additional Shares acquired by underwriter from selling stockholders		32,560
Common stock shares authorized		550,000,000
ZEVIA PBC [Member] | Common Class B Units [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock shares authorized		250,000,000
Issuance of units		1,956,142
Common Stock, Exchange Basis		one-for-one basis
ZEVIA PBC [Member] | IPO [Member] | Common Class A [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during period shares new issues	10,700,000
Sale of stock, price per share	$ 14
Proceeds from issuance of initial public offering		$ 139,700
Number of additional Shares acquired by underwriter from selling stockholders		1,605,000
Underwriting discounts and commissions		$ 10,100

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	Sep. 30, 2021	Jul. 21, 2021
Zevia L L C [Member]
Condensed Financial Statements, Captions [Line Items]
Percentage of ownership and economic interest held by parent	53.30%	53.30%

Revenues - Summary of Disaggreg

Revenues - Summary of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 38,956	$ 32,035	$ 104,002	$ 82,202
Retail sales [Member]
Disaggregation of Revenue [Line Items]
Net sales	33,728	28,169	90,561	71,573
Online/ecommerce [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 5,228	$ 3,866	$ 13,441	$ 10,629

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 0	$ 0

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 8,931	$ 8,155
Finished goods	15,996	12,645
Inventories	$ 24,927	$ 20,800

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 4,886	$ 2,735
Less accumulated depreciation	(2,146)	(1,744)
Property and equipment, net	2,740	991
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 463	468
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful Life	2
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful Life	1
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,800	1,454
Useful Life	3
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 517	473
Furniture and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful Life	6
Furniture and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful Life	3
Vehicle Purchases [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 38	0
Useful Life	8
Quality Control Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 385	$ 340
Useful Life	6
Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,347
Useful Life	30
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 336

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 0.2	$ 0.2	$ 0.5	$ 0.6
INDIANA | Warehouse Facility [Member]
Property, Plant and Equipment [Line Items]
Purchase price of asset			$ 1.7

Intangible Assets, Net - Summar

Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Intangible Assets [Line Items]
Accumulated amortization	$ (2,219)	$ (2,068)
Finite-Lived Intangible Assets, Net, Total	788	939
Intangible assets, net	$ 3,788	3,939
Trademarks [Member]
Schedule Of Intangible Assets [Line Items]
Useful lives	Indefinite
Indefinite-lived intangible assets, excluding goodwill	$ 3,000	3,000
Customer Relationships [Member]
Schedule Of Intangible Assets [Line Items]
Useful lives	15 years
Finite-Lived intangible assets, gross	$ 3,007	$ 3,007

Intangible Assets, Net - Summ_2

Intangible Assets, Net - Summary of Expected Amortization Expense for Intangible Assets with Definite Lives (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Remainder of 2021	$ 51
2022	200
2023	200
2024	200
2025	134
Thereafter	3
Expected amortization expense for intangible assets with definite lives	$ 788	$ 939

Intangible Assets, Net - Additi

Intangible Assets, Net - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization expense	$ 50,000	$ 50,000	$ 200,000	$ 200,000
Impairment losses on intangible assets			$ 0	$ 0

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Jun. 01, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021	Sep. 30, 2020
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity				$ 9,000,000
Line of credit Maturity date				Apr. 15, 2022
Line of credit interest rate			7.50%
Outstanding balance of line of credit			$ 0		$ 0	$ 0
Extended line of credit maturity date	Apr. 15, 2023
Amended Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Increase amount of line of credit		$ 12,000,000

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs As Follows (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement
Operating lease cost	[1]	$ 151	$ 151	$ 454	$ 453
Lease income related to operating leases	[2]	$ 96	$ 0	$ 128	$ 0
Other Information
Weighted-average remaining lease term (months)		7 months 15 days	19 months 9 days	7 months 15 days	19 months 9 days
Weighted-average discount rate		7.60%	7.60%	7.60%	7.60%
[1]	Operating lease cost is recorded within general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income (loss).
[2]	Lease income related to operating leases is recorded within sales in the accompanying condensed consolidated statements of operations and comprehensive income (loss).

Leases - Summary of Maturities

Leases - Summary of Maturities of Lease Payments Under Non Cancellable Leases Were As Follows (Detail) $ in Thousands	Sep. 30, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2021	$ 169
2022	240
2023	1
Total lease payments	410
Less Imputed Interest	(10)
Present value of lease liabilities	$ 400

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued customer paid bottle deposits	$ 801	$ 563
Accrued incentive compensation	1,875	2,826
Accrued other	1,778	40
Total	$ 4,454	$ 3,429

Balance Sheet Components - Su_2

Balance Sheet Components - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued vacation liability	$ 873	$ 728
Accrued Purchases	1,087	1,201
Other current liabilities	1,031	322
Total current liabilities	$ 2,991	$ 2,251

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
	Jul. 31, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options granted during the period				186,000
Equity based compensation expense			$ 45.7	$ 45.8
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated weighted average period over which expense is expected to be recognized				1 year 11 months 19 days
Share-based Payment Arrangement, Plan Modification, Incremental Cost		$ 48.9
Number of grants made during the period				2,017,300
Number of Monthly Installments Granted Equally Following The Termination Of Lockup Period		36 months
Settlement period on vesting of RSUs		30 days
Amount of cost to be recognized for non-vested award under share-based payment arrangement			64.4	$ 64.4
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized unit compensation expense on unvested unit options			$ 1.5	$ 1.5
Estimated weighted average period over which expense is expected to be recognized				2 years 8 months 26 days
Employee Stock Option [Member] | Equity Incentive Plan 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of grants made during the period	186,000
Restricted Phantom Class A Common Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options granted during the period	2,422,644
Share-based Payment Arrangement, Plan Modification, Incremental Cost	$ 33.9

Equity Based Compensation - Fai

Equity Based Compensation - Fair Value of Stock Options Granted Estimated on the Date of Grant Using the Black-Scholes Option (Details)	9 Months Ended
	Sep. 30, 2021$ / shares
Share-based Payment Arrangement [Abstract]
Stock price	$ 14
Exercise Price	$ 14
Expected term (years)	6 years 21 days	[1]
Expected volatility	47.50%	[2]
Risk-Free interest rate	0.90%	[3]
Dividend yield	0.00%	[4]
[1]	Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method.
[2]	Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term.
[3]	The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term.
[4]	We have assumed a dividend yield of zero as we have no plans to declare dividends in the foreseeable future.

Equity Based Compensation - Sum

Equity Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
		Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Outstanding Balance as of January 1, 2021		1,404,516
Granted		186,000
Exercised	[1]	123,254
Cancelled in the IPO		32,560
Forfeited and cancelled		1,438
Balance as of September 30,2021		1,433,264
Vested and expected to vest		1,433,264
Exercisable at the end of the period		851,465
Weighted average exercise price, Beginning balance		$ 0.49
Weighted average exercise price, Granted		14
Weighted average exercise price, Exercised	[1]	0.13
Weighted average exercise price, Cancelled in the IPO		0.05
Weighted average exercise price, Forfeited and cancelled		0.01
Weighted average exercise price, Ending balance		2.28
Weighted average exercise price, Exercisable		0.38
Weighted average exercise price, Vested and expected to vest		$ 2.28
Weighted average remaining life Outstanding		6 years 10 months 24 days
Weighted average remaining life Exercisable		6 years 3 months 18 days
Weighted average remaining life Vested and expected to vest		7 years 1 month 6 days
Aggregate intrinsic value, Outstanding		$ 13,695
Aggregate intrinsic value, Exercisable		10,085
Aggregate intrinsic value, Vested and expected to vest		$ 14,292
[1]	Includes 75,148 options exercised prior to the IPO and Reorganization Transactions and included in member's deficit

Equity Based Compensation - S_2

Equity Based Compensation - Summary of Stock Option Activity (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise of stock options Shares	123,254	[1]
Prior to IPO and Reorganization Transactions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise of stock options Shares	75,148
[1]	Includes 75,148 options exercised prior to the IPO and Reorganization Transactions and included in member's deficit

Equity Based Compensation - S_3

Equity Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance nonvested shares at January 1, 2021 | shares	6,002,644
Restricted stock units, Granted | shares	2,017,300
Restricted stock units, Forfeited | shares	26,500
Balance non vested at September 30, 2021 | shares	7,993,444
Vested and expected to vest at September 30, 2021 | shares	7,993,444
Weighted average grant date fair value, Beginning balance | $ / shares	$ 2.58
Weighted average grant date fair value, Granted | $ / shares	13.70
Weighted average grant date fair value, Forfeited | $ / shares	13.65
Weighted average grant date fair value, Ending balance | $ / shares	5.35
Weighted average grant date fair value, Vested and expected to vest at September 30, 2021 | $ / shares	$ 5.35
Aggregate intrinsic value, Non vested | $	$ 92,005
Aggregate intrinsic value, Vested and expected to vest | $	$ 92,005

Major Customers, Accounts Rec_3

Major Customers, Accounts Receivable And Vendor Concentration - Summary Sales to Significant Customers (Detail)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer A [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	20.00%	18.00%	19.00%	19.00%
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer B [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	17.00%	14.00%	17.00%	16.00%
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer C [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.00%	11.00%	11.00%	12.00%
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer D [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%	12.00%	11.00%	13.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer A [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			17.00%		11.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer B [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			22.00%		17.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer D [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			11.00%		9.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer E [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			5.00%		14.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer G [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			4.00%		12.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer H [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			10.00%
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | Vendor A [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	37.00%	28.00%	34.00%	31.00%
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | Vendor B [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	18.00%	30.00%	21.00%	25.00%
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | Vendor C [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.00%	13.00%	13.00%	11.00%

Major Customers, Accounts Rec_4

Major Customers, Accounts Receivable And Vendor Concentration - Additional Information (Detail) - Customers [Member]	9 Months Ended
	Sep. 30, 2021
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%

Loss Per Share - Summary of Com

Loss Per Share - Summary of Computation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended				9 Months Ended
		Sep. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic net loss per share:
Loss attributable to noncontrolling interest			$ 22,527			$ 0	$ 22,527	$ 0
Net income (loss) attributable to Zevia PBC			$ (49,761)	$ (749)	$ 247	$ 2,458	$ (50,263)	$ 2,971
Weighted average common units outstanding, basic			34,440,982				34,440,982
Weighted average common units outstanding, diluted			34,440,982				34,440,982
Basic net income (loss) per unit	[1]		$ (0.75)				$ (0.75)
Diluted net income (loss) per unit	[1]		$ (0.75)				$ (0.75)
Common Class A [Member]
Basic net loss per share:
Net income (loss)		$ (48,350)
Loss attributable to noncontrolling interest		22,527
Net income (loss) attributable to Zevia PBC		$ (25,823)
Weighted average common units outstanding, basic		34,440,982
Weighted average common units outstanding, diluted		34,440,982
Basic net income (loss) per unit		$ (0.75)
Diluted net income (loss) per unit		$ (0.75)
[1]	Represents earnings per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period from July 22,2021 through September 30, 2021, the period following the reorganization transactions and initial public offering (see Note 14)

Loss Per Share - Summary of Ant

Loss Per Share - Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail)	3 Months Ended
	Sep. 30, 2021shares
Common Class A [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Assumed conversion of Zevia LLC Units to shares of Class A common stock	30,113,152
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,433,264
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,993,444

Income Taxes And Tax Receivab_2

Income Taxes And Tax Receivable Agreement (Additional Information) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Jul. 21, 2021
Income Tax Contingency [Line Items]
Federal income tax rate	21.00%
Tax Receivable Agreement [Member]
Income Tax Contingency [Line Items]
Unrecorded tax receivable agreement liability	$ 46,200
Zevia LLC [Member]
Income Tax Contingency [Line Items]
Economic interest percentage	53.30%
Percentage of ownership and economic interest held by non-controlling interest	46.70%	46.70%
Zevia LLC [Member] | Common Class B [Member] | Tax Receivable Agreement [Member]
Income Tax Contingency [Line Items]
Income tax benefit percentage attributable to exchange for class A common stock	85.00%