<p>我们可以理解为什么投资者会被亏损公司吸引。例如，尽管亚马逊在上市后多年亏损，但如果你从 1999 年开始购买并持有其股票，你将赚得盆满钵满。但残酷的现实是，许多亏损公司会耗尽所有现金并破产。</p>
<p>鉴于这种风险，我们认为有必要看看 <strong>Zevia PBC</strong> (NYSE:ZVIA) 的股东是否应该担心其现金消耗。在本报告中，我们将考虑公司的年度负自由现金流，以下称之为 “现金消耗”。我们将首先比较其现金消耗与现金储备，以计算其现金续航能力。</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行研发。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前投资。</p>
<h2>Zevia PBC 何时可能耗尽资金？</h2>
<p>你可以通过将公司拥有的现金量除以其消耗现金的速度来计算公司的现金续航能力。截至 2025 年 9 月，Zevia PBC 拥有 2600 万美元的现金且没有债务。回顾过去一年，该公司消耗了 650 万美元。因此，从 2025 年 9 月起，它有 4.0 年的现金续航能力。这种长度的续航能力为公司提供了发展业务所需的时间和空间。下图显示了其现金余额在过去几年的变化情况。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/113907613-debt-equity-history-analysis-1-dark-2/1766743585219?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/113907613-debt-equity-history-analysis-1-dark-2/1766743585219"/></p>
<p>NYSE:ZVIA 债务与股本历史 2025 年 12 月 26 日</p>
<p>查看我们对 Zevia PBC 的最新分析</p>
<h2>Zevia PBC 的增长情况如何？</h2>
<p>乍一看，Zevia PBC 实际上将其现金消耗提高了 8.7%，这让人有些担忧。尽管在此期间收入增长了 6.2%，但增幅并不大。考虑到上述数据，我们对业务增长的轨迹相对乐观。然而，关键因素显然是公司未来是否能够继续增长。因此，你可能想看看公司在未来几年预计会增长多少。</p>
<h2>Zevia PBC 为增长筹集更多资金的难度有多大？</h2>
<p>虽然 Zevia PBC 似乎处于一个不错的位置，但我们认为仍然值得考虑如果需要的话，它能多容易地筹集更多资金。公司可以通过债务或股权来筹集资本。许多公司最终会发行新股以资助未来的增长。我们可以将公司的现金消耗与其市值进行比较，以了解公司需要发行多少新股来资助一年的运营。</p>
<p>Zevia PBC 的市值为 1.72 亿美元，去年消耗了 650 万美元，占公司市值的 3.8%。这个比例较低，因此我们认为公司能够筹集更多资金以支持增长，稍微稀释一下，甚至可以简单地借一些钱。</p>
<h2>Zevia PBC 的现金消耗是否令人担忧？</h2>
<p>你可能已经意识到，我们对 Zevia PBC 的现金消耗方式相对满意。特别是，我们认为其现金续航能力突显出公司对支出的良好控制。尽管其不断增加的现金消耗确实让我们有所顾虑，但我们在本文中讨论的其他指标总体上形成了一个积极的图景。综合考虑本文中的所有指标，我们对其现金消耗的速度并不担忧；公司似乎很好地掌控了中期的支出需求。投资者在投资股票之前需要对商业风险有清晰的理解，我们发现 <strong>Zevia PBC 有 2 个警示信号</strong>，潜在股东在投资前应考虑这些因素。</p>
<p>当然，<strong>Zevia PBC 可能不是最佳的投资股票</strong>。因此，你可能希望查看这份 <strong>免费的</strong> 高股本回报公司集合，或这份高内部持股的股票列表。</p>
<p>用于国防和灾难的移动基础设施</p>
<p>下一波机器人技术不是人形的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>代表 CiTech 赞助</p>

ZVIA

<p>Zevia PBC（纽约证券交易所代码：ZVIA）截至 2025 年 9 月拥有 4 年的现金储备，现金为 2600 万美元且没有债务。该公司的现金消耗同比增长了 8.7%，但收入也增长了 6.2%。Zevia PBC 的市值为 1.72 亿美元，现金消耗为 650 万美元，因此可以在最小稀释的情况下筹集更多资金。总体而言，该公司的现金消耗并不是一个主要问题，但潜在投资者应注意商业风险</p>

<p>We can readily understand why investors are attracted to unprofitable companies. For example, although Amazon.com made losses for many years after listing, if you had bought and held the shares since 1999, you would have made a fortune. But the harsh reality is that very many loss making companies burn through all their cash and go bankrupt.</p>
<div class="lb-trans"><p>我们可以理解为什么投资者会被亏损公司吸引。例如，尽管亚马逊在上市后多年亏损，但如果你从 1999 年开始购买并持有其股票，你将赚得盆满钵满。但残酷的现实是，许多亏损公司会耗尽所有现金并破产。</p>
</div><p>Given this risk, we thought we'd take a look at whether <strong>Zevia PBC</strong> (NYSE:ZVIA) shareholders should be worried about its cash burn. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.</p>
<div class="lb-trans"><p>鉴于这种风险，我们认为有必要看看 <strong>Zevia PBC</strong> (NYSE:ZVIA) 的股东是否应该担心其现金消耗。在本报告中，我们将考虑公司的年度负自由现金流，以下称之为 “现金消耗”。我们将首先比较其现金消耗与现金储备，以计算其现金续航能力。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行研发。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前投资。</p>
</div><h2>When Might Zevia PBC Run Out Of Money?</h2>
<div class="lb-trans"><h2>Zevia PBC 何时可能耗尽资金？</h2>
</div><p>You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. As at September 2025, Zevia PBC had cash of US$26m and no debt. Looking at the last year, the company burnt through US$6.5m. Therefore, from September 2025 it had 4.0 years of cash runway. A runway of this length affords the company the time and space it needs to develop the business. The image below shows how its cash balance has been changing over the last few years.</p>
<div class="lb-trans"><p>你可以通过将公司拥有的现金量除以其消耗现金的速度来计算公司的现金续航能力。截至 2025 年 9 月，Zevia PBC 拥有 2600 万美元的现金且没有债务。回顾过去一年，该公司消耗了 650 万美元。因此，从 2025 年 9 月起，它有 4.0 年的现金续航能力。这种长度的续航能力为公司提供了发展业务所需的时间和空间。下图显示了其现金余额在过去几年的变化情况。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/113907613-debt-equity-history-analysis-1-dark-2/1766743585219" alt="" original-src="https://images.simplywall.st/asset/chart/113907613-debt-equity-history-analysis-1-dark-2/1766743585219"/></p>
<p>NYSE:ZVIA Debt to Equity History December 26th 2025</p>
<div class="lb-trans"><p>NYSE:ZVIA 债务与股本历史 2025 年 12 月 26 日</p>
</div><p>View our latest analysis for Zevia PBC</p>
<div class="lb-trans"><p>查看我们对 Zevia PBC 的最新分析</p>
</div><h2>How Well Is Zevia PBC Growing?</h2>
<div class="lb-trans"><h2>Zevia PBC 的增长情况如何？</h2>
</div><p>At first glance it's a bit worrying to see that Zevia PBC actually boosted its cash burn by 8.7%, year on year. At least the revenue was up 6.2% during the period, even if it wasn't up by much. In light of the data above, we're fairly sanguine about the business growth trajectory. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.</p>
<div class="lb-trans"><p>乍一看，Zevia PBC 实际上将其现金消耗提高了 8.7%，这让人有些担忧。尽管在此期间收入增长了 6.2%，但增幅并不大。考虑到上述数据，我们对业务增长的轨迹相对乐观。然而，关键因素显然是公司未来是否能够继续增长。因此，你可能想看看公司在未来几年预计会增长多少。</p>
</div><h2>How Hard Would It Be For Zevia PBC To Raise More Cash For Growth?</h2>
<div class="lb-trans"><h2>Zevia PBC 为增长筹集更多资金的难度有多大？</h2>
</div><p>While Zevia PBC seems to be in a decent position, we reckon it is still worth thinking about how easily it could raise more cash, if that proved desirable. Companies can raise capital through either debt or equity. Many companies end up issuing new shares to fund future growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.</p>
<div class="lb-trans"><p>虽然 Zevia PBC 似乎处于一个不错的位置，但我们认为仍然值得考虑如果需要的话，它能多容易地筹集更多资金。公司可以通过债务或股权来筹集资本。许多公司最终会发行新股以资助未来的增长。我们可以将公司的现金消耗与其市值进行比较，以了解公司需要发行多少新股来资助一年的运营。</p>
</div><p>Zevia PBC has a market capitalisation of US$172m and burnt through US$6.5m last year, which is 3.8% of the company's market value. That's a low proportion, so we figure the company would be able to raise more cash to fund growth, with a little dilution, or even to simply borrow some money.</p>
<div class="lb-trans"><p>Zevia PBC 的市值为 1.72 亿美元，去年消耗了 650 万美元，占公司市值的 3.8%。这个比例较低，因此我们认为公司能够筹集更多资金以支持增长，稍微稀释一下，甚至可以简单地借一些钱。</p>
</div><h2>Is Zevia PBC's Cash Burn A Worry?</h2>
<div class="lb-trans"><h2>Zevia PBC 的现金消耗是否令人担忧？</h2>
</div><p>It may already be apparent to you that we're relatively comfortable with the way Zevia PBC is burning through its cash. In particular, we think its cash runway stands out as evidence that the company is well on top of its spending. Although its increasing cash burn does give us reason for pause, the other metrics we discussed in this article form a positive picture overall. Looking at all the measures in this article, together, we're not worried about its rate of cash burn; the company seems well on top of its medium-term spending needs. Readers need to have a sound understanding of business risks before investing in a stock, and we've spotted <strong>2 warning signs for Zevia PBC</strong> that potential shareholders should take into account before putting money into a stock.</p>
<div class="lb-trans"><p>你可能已经意识到，我们对 Zevia PBC 的现金消耗方式相对满意。特别是，我们认为其现金续航能力突显出公司对支出的良好控制。尽管其不断增加的现金消耗确实让我们有所顾虑，但我们在本文中讨论的其他指标总体上形成了一个积极的图景。综合考虑本文中的所有指标，我们对其现金消耗的速度并不担忧；公司似乎很好地掌控了中期的支出需求。投资者在投资股票之前需要对商业风险有清晰的理解，我们发现 <strong>Zevia PBC 有 2 个警示信号</strong>，潜在股东在投资前应考虑这些因素。</p>
</div><p>Of course <strong>Zevia PBC may not be the best stock to buy</strong>. So you may wish to see this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with high insider ownership.</p>
<div class="lb-trans"><p>当然，<strong>Zevia PBC 可能不是最佳的投资股票</strong>。因此，你可能希望查看这份 <strong>免费的</strong> 高股本回报公司集合，或这份高内部持股的股票列表。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>用于国防和灾难的移动基础设施</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是人形的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>代表 CiTech 赞助</p>
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我们认为 Zevia PBC（NYSE:ZVIA）有能力促进业务增长