Director Spence Padraic L. of Zevia PBC (NASDAQ:ZVIA) sold 40,000 shares of the company's Class A Common Stock on March 3, 2026, according to a Form 4 filing with the Securities and Exchange Commission.
The shares were transacted at a weighted average price ranging from $1.43 to $1.45, producing a total consideration of $57,516 for the sale. Following the disposition, Spence's direct holdings in Zevia amount to 1,555,417 shares, a figure that encompasses 71,827 restricted stock units.
This insider transaction comes as Zevia disclosed its fourth-quarter 2025 financial results, which presented a mixed picture. The company reported earnings per share of -$0.02, a figure that matched expectations. Revenue for the quarter came in at $37.9 million, short of the anticipated $40.36 million and representing a 6.1% gap versus the forecast.
Zevia's total sales declined by 4.0% during the quarter, a contrast to Telsey's projection of a 1.5% increase. On the profitability front, adjusted EBITDA reached $0.9 million, outperforming Telsey's estimate of negative $0.7 million.
In response to the results, Telsey lowered its price target for Zevia to $5.00 from $6.00 but retained an Outperform rating on the stock. Trading reacted modestly: Zevia's shares experienced a slight uptick in after-hours trading following the announcement.
Context and implications
The Form 4 filing documents a routine insider sale in dollar terms that is modest relative to many executive transactions. The company’s quarterly report shows a narrow adherence to EPS expectations while missing on top-line metrics, and it highlights the divergence between sales momentum and profitability measures as captured by adjusted EBITDA.
What is known
- Spence sold 40,000 Class A shares on March 3, 2026 at a weighted average price of $1.43 to $1.45, totaling $57,516.
- Post-transaction direct ownership stands at 1,555,417 shares, which includes 71,827 restricted stock units.
- Zevia reported Q4 2025 EPS of -$0.02 (in line with expectations), revenue of $37.9 million (below $40.36 million estimate), a 4.0% decline in total sales, and adjusted EBITDA of $0.9 million (above estimates).
Market reaction and analyst moves
Telsey's adjustment of its price target to $5.00 from $6.00, while keeping an Outperform rating, reflects a recalibration based on the quarter’s mixed results. The modest after-hours lift in Zevia’s share price indicates limited but noticeable investor response to both the earnings release and the insider sale.