What Zevia PBC told the SEC could break it.

Zevia's revenue is highly concentrated: its largest customer was 14% of 2025 net sales, its second and third were 12% each, and its ten largest customers together were 75% — loss of any large customer would materially hurt sales.

“In 2025, our largest customer represented 14% of our net sales and our second and third largest customers each represented 12% of our net sales, and our largest ten customers represented 75% of our net sales.”

Zevia depends on aluminum for its cans; 2025 steel/aluminum import taxes (25% rising to 50%) disrupted its supply chain and raised operating costs, with continued COGS pressure expected.

“The implementation in 2025 of a 25% import tax, which subsequently increased to 50%, on all steel and aluminum entering the U.S. adversely impacted our supply chain and raised operating costs for us in 2025 and is expected to continue to affect our results of operations.”

New 2025 U.S. tariffs (25%→50% on steel/aluminum; 10% broad import tariff) raise Zevia's input costs, and the USMCA exemption protecting its Canadian production may not hold.

“For example, on March 12, 2025, the U.S. government imposed a 25% tariff on all steel and aluminum imports, which was raised to 50% in June 2025.”

Stevia, Zevia's most important ingredient, can be procured from only three qualified entities, and Zevia currently contracts with just two of them — a narrow supply base for a critical input.

“the capability to procure from three qualified entities, which we believe gives us supply continuity, diversification and price leverage for our most important ingredient. We currently maintain contractual arrangements with two of the three qualified suppliers.”

Zevia's corporate offices and R&D are concentrated in Los Angeles, exposing the whole business to disruption from a major earthquake, fire, mudslide or other LA-area natural disaster.

“Our corporate offices and research and development functions are located in Los Angeles, California.”