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Zevia will be celebrating its 20th anniversary next year, and that milestone is approaching as the brand finally sees its core position – better-for-you soda – thriving in the marketplace. 

But with younger competitors Poppi and Olipop rapidly outpacing it, has Zevia missed its shot in the category it helped create?

One Zevia shareholder, Kanen Wealth Management, is saying exactly that. 

The firm, which holds a 4% stake in the company, is calling on the board of directors to immediately seek out a sale, arguing management has failed to capitalize on the opportunity and allowed competitors to push it to a distant third in the category.

Kanen’s Concern: “The category grew 83% in a single year [2024] to $1.8 billion, and its buyer base doubled to 44 million households. Zevia's net sales declined 6.8% in that same year.”

• Zevia filed for an IPO in 2021, but since it went public the stock value has dropped more than 90%.

• Kanen thinks the business could get roughly two-to-three times the current stock price in a sale taking it private again, with the right operator well positioned to capitalize on the existing assets.

It’s true that Zevia has fallen behind, but net sales have been rising. Q2 earnings this month revealed 1.1% quarterly net sales growth to $45 million. Although net losses were $2.9 million.

• NielsenIQ data for the 52-weeks ending July 11 reported U.S. retail and Amazon dollar sales of Zevia up 10.1% for the brand. Olipop fared a bit better at 16.6% in the same period with three-times the dollar sales: $621.8 million versus Zevia’s $210.4 million.

The recent leadership change at Zevia, with incoming president and CEO Alexandre Ruberti replacing Amy Taylor in the role, has only added to Kanen’s concerns: they claim the process was hidden from shareholders until after directors were re-elected in June.

Read the full breakdown and analysis on BevNET.

Buoyed by several successful partnerships, Jones Soda Co. reported positive sales growth in its second quarter, while its modern soda and adult beverage categories faced challenges. Read the story.

The Fireball owner has signed a binding agreement to acquire Au Vodka, a top-selling UK RTD vodka brand. The deal continues Sazerac's two-year buying spree and marks its largest push yet into the UK market. Read the story.

We caught up with Ka’Chava president and COO Louise Todd to find out how the brand is working around the current protein craze, how it’s managing retail expansion, future innovation strategy and the race to stay ahead of the chasing pack. Read the story.

BevNET CPG Media announced today that Bryce McDonald has returned as vice president of sales. He will lead the sales organization and work with partners to develop programs across the company's media, events, insights and professional resources. Read the story.

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Here’s a taste of the people and products moving around the industry to start off your week.

🌱 Pharos has recruited former PepsiCo executive Matt Smith as its new president and CEO ahead of a crucial period for hemp-THC drinks. Read the full story here

🥥 As coconut water quietly surges ahead, Real Coco is expanding its national presence by launching with Aldi. Read more here

🐻 Wandering Bear is bringing its single cans and multi-serve cold brew cartons to Target stores, part of a broader retail push for the digital-native brand. More details here

Looking for more? Insiders can access all the latest distribution news on BevNET