Shares of beverage maker Zevia PBC (NYSE:ZVIA) are tanking in the pre-market session today after it announced preliminary second-quarter numbers. Net sales for the quarter are expected at ~$42 million versus prior guidance between $48 million and $51 million.
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The company is seeing supply chain transition bottlenecks and despite recent price hikes and robust demand, fulfillment remains a challenge. Zevia is taking measures including a change in supply chain leadership and a pause in some components of its supply chain to regain service levels but expects the issues to get resolved by the end of this year.
Looking ahead, for the full-year 2023, net sales are anticipated between $163 million and $168 million. This is a decrease from the earlier outlook between $180 million and $190 million. As a result, shares of the company are nosediving today.
Zevia is slated to announce second-quarter results on August 8 and is largely expected to incur a net loss per share of $0.12 for the period. In the year-ago quarter, it had posted a net loss per share of $0.28, missing expectations by $0.13.
Overall, the Street has a $4.65 consensus price target on Zevia alongside a Moderate Buy consensus rating.
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