Zevia cuts Q2 revenue view to $42M from $48M-$51M

Consensus $50.6M. CEO Amy Taylor says: “Second quarter net sales were below estimates due to unexpected supply chain interruptions that negatively impacted service levels. Customer demand continued at or above expectations as reflected in our order book. Customer fulfillment rates, however, fell sharply in the second half of the quarter and did not keep pace with strong customer demand. We have implemented aggressive measures, including changes in supply chain leadership and pausing some components of our supply chain transition to restore service levels. We expect these issues to be resolved by the end of 2023. In the meantime, a strong execution of our Q2 price increase and favorable aluminum pricing contributed some positive indicators in the quarter.”