National Beverage Corp (NASDAQ: FIZZ) is a beverage company that develops, produces, and sells a portfolio of flavored sparkling waters, carbonated soft drinks, juices, and energy drinks across the United States. Revenue comes from transactional product sales to national retailers, regional grocery chains, club stores, mass-merchandisers, dollar stores, drug stores, e-commerce platforms, and thousands of smaller convenience and food-service accounts. LaCroix Sparkling Water is described in the FY2025 10-K as the number one premium domestic sparkling water in the United States. The company also owns regional carbonated soft drink brands including Shasta, which commemorated its 135th anniversary, and Faygo, with more than 115 years of brand history celebrated primarily in the Midwest. Additional brands include Clear Fruit, Everfresh, RIP It Energy Fuel, and Everfresh Premier Varietals. As of May 3, 2025, the company held $193.8 million in cash and cash equivalents with no borrowings outstanding under its $150 million revolving credit facilities. The company paid special cash dividends of $304.1 million ($3.25 per share) on July 24, 2024.

Revenue model

Transactional product sales of branded beverages to retailers, convenience stores, food-service operators, and wholesale accounts. Selling, general and administrative expenses were $208.5 million in FY2025, representing 17.4% of net sales, down from 17.6% in FY2024.

Products and services

LaCroix Sparkling Water (premium domestic sparkling water); Shasta carbonated soft drinks (135-year-old brand, including newly introduced Zero Sugar flavors and Shasta Zero Sugar Chocolat Delite); Faygo carbonated soft drinks (115-plus year brand, flavors include Red Pop, Moon Mist, Cotton Candy, Rock'n'Rye, Super Pop, Bubble Pop); RIP It Energy Fuel (21 flavors including Zero Sugar options and a 2 oz. sugar-free shot in six flavors); Clear Fruit non-carbonated water beverages (13 flavors, 20-oz and 16.9-oz bottles); Everfresh juices; Everfresh Premier Varietals premium apple juice (varietal-specific, positioned in supermarket produce sections).

Customers and end markets

Diverse customer base including national and regional grocery stores, club stores, mass-merchandisers, wholesalers, e-commerce stores, drug stores, dollar stores, convenience stores, and food-service operators, as well as thousands of smaller up-and-down-the-street accounts. As of June 16, 2025, there were approximately 48,041 holders of common stock. No single customer concentration figures are disclosed in the filing excerpts.

Value-chain role

Vertically integrated beverage producer: the company crafts a substantial portion of its own flavors and concentrates, manufactures products at its own production facilities, and distributes through a hybrid system combining warehouse distribution (shipping to retailers' centralized distribution centers) and direct-store delivery via company-owned trucks, vans, and independent distributors. The company owns and leases trucks, vans, automobiles, warehouse space, and certain manufacturing equipment. A centralized procurement group consolidates purchasing of raw materials including aluminum, resin, corn, linerboard, water, and fruit juice across production facilities.

Geographic exposure

United States. LaCroix is described as the number one premium domestic sparkling water throughout the United States. Faygo has a specific regional identity in the Midwest. The filing excerpts do not disclose international operations.

Source: SEC 10-K, filed 2025-07-02

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