Beverage company Zevia (NYSE:ZVIA) will be reporting earnings tomorrow before market open. Here’s what investors should know.

Zevia PBC beat analysts’ revenue expectations by 3.8% last quarter, reporting revenues of $40.43 million, down 4.3% year on year. It was a softer quarter for the company, with a miss of analysts’ operating margin estimates.

Is Zevia PBC a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Zevia PBC’s revenue to decline 9.4% year on year to $39.04 million, a further deceleration from the 2.6% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.07 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Zevia PBC has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Zevia PBC’s peers in the beverages, alcohol and tobacco segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Vita Coco’s revenues decreased 3.7% year on year, missing analysts’ expectations by 4.3%, and Coca-Cola reported flat revenue, topping estimates by 2.9%. Vita Coco’s stock price was unchanged after the results, and Coca-Cola’s price followed a similar reaction.

Read our full analysis of Vita Coco’s results here and Coca-Cola’s results here.

Investors in the beverages, alcohol and tobacco segment have had steady hands going into earnings, with share prices flat over the last month. Zevia PBC is up 9.4% during the same time and is heading into earnings with an average analyst price target of $2.36 (compared to the current share price of $1.16).

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