Zevia PBC

Our business is subject to various risks, including those described in the section titled “Risk Factors” in Part I, Item 1A of our Annual Report and Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (the “Q1 2026 Form 10-Q”). Except as set forth below and in our Q1 2026 Form 10-Q, there have been no material changes from the risk factors disclosed in Item 1A of our Annual Report.

Actions of activist stockholders could cause us to incur substantial costs, divert management's attention and resources, and have an adverse effect on our business.

We have been and may continue to be subject to campaigns by stockholders urging us to take certain corporate actions. For example, in August 2026, a stockholder owning approximately 4% of our outstanding Class A common stock published a letter to our board of directors calling for a formal review of strategic alternatives, including a sale of the Company. Responding to proxy contests and other actions by activist stockholders can be costly and time-consuming, and can disrupt our operations and divert the attention of management and employees, which can adversely affect our business. In addition, perceived uncertainties as to our future direction, strategy or leadership created as a consequence of activist stockholder initiatives may result in the loss of potential business opportunities, harm our ability to attract new investors, customers, employees, suppliers and other strategic partners, and cause significant fluctuations in our stock price based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals and prospects of our business.