Jones Soda Reports Second Quarter 2024 Results
Jones Soda Co. (JSDA) reported strong Q2 2024 results, with revenue increasing 49% to $7.2 million, marking the highest second quarter revenue since 2009. The company's Mary Jones cannabis-infused beverage business contributed $1.2 million to revenue. Gross profit margin improved by 340 basis points to 35.8%. Despite the growth, Jones Soda reported a net loss of $1.6 million, or $(0.02) per share, compared to a $1.0 million loss in Q2 2023. The company launched new products, including Jones Minis in Walmart stores and Mary Jones HD-9 Shooters. Management remains focused on growth initiatives and product expansion, with plans to launch Pop Jones and Fiesta Jones in the coming months.
Jones Soda Co. (JSDA) ha riportato risultati solidi per il secondo trimestre 2024, con un aumento del fatturato del 49% a 7,2 milioni di dollari, segnando il fatturato più alto del secondo trimestre dal 2009. L'attività di bevande infuse di cannabis Mary Jones ha contribuito con 1,2 milioni di dollari al fatturato. Il margine di profitto lordo è migliorato di 340 punti base, raggiungendo il 35,8%. Nonostante la crescita, Jones Soda ha registrato una perdita netta di 1,6 milioni di dollari, ovvero $(0,02) per azione, rispetto a una perdita di 1,0 milione di dollari nel secondo trimestre del 2023. L'azienda ha lanciato nuovi prodotti, tra cui Jones Minis nei negozi Walmart e Mary Jones HD-9 Shooters. La direzione rimane concentrata sulle iniziative di crescita e sull'espansione del prodotto, con piani per lanciare Pop Jones e Fiesta Jones nei prossimi mesi.
Jones Soda Co. (JSDA) reportó resultados sólidos para el segundo trimestre de 2024, con un aumento del 49% en los ingresos, alcanzando los 7.2 millones de dólares, marcando los mayores ingresos del segundo trimestre desde 2009. El negocio de bebidas infusionadas con cannabis, Mary Jones, contribuyó con 1.2 millones de dólares a los ingresos. El margen de ganancia bruta mejoró en 340 puntos base, alcanzando el 35.8%. A pesar del crecimiento, Jones Soda reportó una pérdida neta de 1.6 millones de dólares, o $(0.02) por acción, en comparación con una pérdida de 1.0 millón en el segundo trimestre de 2023. La empresa lanzó nuevos productos, incluyendo Jones Minis en las tiendas Walmart y Mary Jones HD-9 Shooters. La dirección se mantiene enfocada en iniciativas de crecimiento y expansión de productos, con planes para lanzar Pop Jones y Fiesta Jones en los próximos meses.
Jones Soda Co. (JSDA)는 2024년 2분기 강력한 실적을 보고하였으며, 수익이 49% 증가하여 720만 달러에 이르렀고, 이는 2009년 이후 가장 높은 2분기 수익입니다. 회사의 메리 존스 대마초 추출 음료 사업은 수익에 120만 달러를 기여했습니다. 매출 총이익률이 340 베이시스 포인트 개선되어 35.8%에 도달했습니다. 성장에도 불구하고, Jones Soda는 160만 달러의 순손실을 보고하였으며, 주당 $(0.02)의 손실을 기록했고, 이는 2023년 2분기 100만 달러 손실과 비교됩니다. 회사는 Walmart 매장에서 Jones Minis 및 Mary Jones HD-9 Shooters 등의 새로운 제품을 출시했습니다. 경영진은 성장 이니셔티브와 제품 확장에 집중하고 있으며, 향후 몇 개월 내에 Pop Jones와 Fiesta Jones를 출시할 계획입니다.
Jones Soda Co. (JSDA) a annoncé des résultats solides pour le deuxième trimestre 2024, avec un chiffre d'affaires en hausse de 49% à 7,2 millions de dollars, atteignant le plus haut chiffre d'affaires du deuxième trimestre depuis 2009. L'activité de boissons infusées au cannabis Mary Jones a contribué avec 1,2 million de dollars au chiffre d'affaires. La marge brute a connu une amélioration de 340 points de base, atteignant 35,8%. Malgré cette croissance, Jones Soda a signalé une perte nette de 1,6 million de dollars, soit $(0,02) par action, comparativement à une perte de 1,0 million de dollars au deuxième trimestre 2023. L'entreprise a lancé de nouveaux produits, notamment Jones Minis dans les magasins Walmart et Mary Jones HD-9 Shooters. La direction reste axée sur les initiatives de croissance et l'expansion des produits, avec des plans de lancement de Pop Jones et Fiesta Jones dans les mois à venir.
Jones Soda Co. (JSDA) berichtete von starken Ergebnissen im 2. Quartal 2024, wobei der Umsatz um 49% auf 7,2 Millionen Dollar stieg und damit den höchsten Umsatz im zweiten Quartal seit 2009 markierte. Das cannabis-infused Getränkegeschäft Mary Jones trug 1,2 Millionen Dollar zum Umsatz bei. Die Bruttogewinnmarge verbesserte sich um 340 Basispunkte auf 35,8%. Trotz des Wachstums verzeichnete Jones Soda einen Nettoverlust von 1,6 Millionen Dollar oder $(0,02) pro Aktie, im Vergleich zu einem Verlust von 1,0 Millionen Dollar im 2. Quartal 2023. Das Unternehmen brachte neue Produkte auf den Markt, darunter Jones Minis in Walmart-Filialen und Mary Jones HD-9 Shooters. Das Management konzentriert sich weiterhin auf Wachstumsinitiativen und Produkterweiterung mit dem Plan, in den kommenden Monaten Pop Jones und Fiesta Jones einzuführen.
- Revenue increased 49% year-over-year to $7.2 million
- Gross profit margin improved by 340 basis points to 35.8%
- Mary Jones cannabis business revenue grew to $1.2 million from $400,000 in Q2 2023
- Successful launch of Jones Minis in 700 Walmart stores across the U.S.
- Doubled sales revenues to food service vendors to $531,000
- Net loss increased to $1.6 million from $1.0 million in Q2 2023
- Adjusted EBITDA loss widened to $(1.1) million from $(0.7) million in Q2 2023
- Operating expenses increased to 58.2% of revenue from 53.8% in the year-ago period
- Cash and cash equivalents decreased to $1.5 million from $3.9 million at the end of 2023
– Continued Momentum in Revenue Growth Leads to Highest Second Quarter Revenue Performance Since 2009 –
SEATTLE, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Jones Soda Co. (CSE: JSDA, OTCQB: JSDA) (“Jones Soda” or the “Company”), a beverage innovation company focused on developing, marketing and distributing cutting edge consumer drink and wellness products and a leading brand in the cannabis infused beverage category space, announced its financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial Highlights vs. Year-Ago Quarter
- Revenue increased
49% to$7.2 million compared to$4.8 million . The second quarter of 2024 included approximately$1.2 million in revenue from the Company’s Mary Jones business compared to approximately$400,000 in the second quarter of 2023. - Gross profit as a percentage of revenue increased 340 basis points to
35.8% compared to32.4% . - Net loss was
$1.6 million , or$(0.02) per share, compared to a net loss of$1.0 million , or$(0.01) per share. - Adjusted EBITDA1 was
$(1.1) million compared to$(0.7) million .
2024 Activity Update
Jones Soda Beverage Products
- First national craft soda brand to launch 7.5-ounce cans with Jones Minis, initially featured in 700 Walmart stores across the U.S.
- Launched special release Spiked Jones variety packs celebrating the Fourth of July with co-branded red, white and blue packs.
- Launched Jones+, the Company’s craft soda with caffeine, in camo cans through a partnership with Fold of Honor.
Mary Jones Products
- Launched Mary Jones HD-9 Shooters, which combines two ounces of Jones’ favorite flavors with 10mg of HD-9 as the Company continues to expand into new product categories.
Management Commentary
“As we continue our transition to a high-growth beverage company, I believe our momentum is building,” said David Knight, President and CEO of Jones Soda. “I’m pleased to report another consecutive quarter of exceptional revenue growth of
“I am incredibly excited about the anticipated growth opportunities we have in store for the remainder of 2024 and beyond. Within our Jones Soda Beverage Products division, we’ve made progress diversifying our offerings through new formats, new branding, and new categories. All this combined has already driven strong results, and we believe we are only just getting started. In fact, over the next few months, we are expected to launch Pop Jones, a soda alternative focused on gut health, and Fiesta Jones, a lower-calorie, Latin-inspired soda alternative. We’ve also seen strong growth within our Mary Jones Products division as we continue launching into new categories and make progress towards our planned geographic expansion.
“Overall, I believe we are executing towards our long-term strategic goals for Jones Soda. We remain highly focused on unlocking the full potential of the Jones Soda brand and delivering profitable growth, which we believe will produce significant shareholder value accretion over the long term. We’ve made great strides as an organization to get us to this point, but there is much work ahead to capitalize on all the opportunities at hand. We look forward to continuing on our growth trajectory for the remainder of the year and beyond.”
Second Quarter 2024 Financial Results
Revenue in the second quarter of 2024 increased
The Company reported growth across all its lines of business. Jones Soda Beverage Products are up approximately
Gross profit as a percentage of revenue increased 340 basis points to
Total operating expenses in the second quarter of 2024 were
Net loss for the second quarter of 2024 was
Adjusted EBITDA1 was
At June 30, 2024, cash and cash equivalents totaled
______________________________
1 Adjusted EBITDA is defined as net income (loss) from operations before interest expense, interest income, taxes, depreciation, amortization and stock-based compensation and is a non-GAAP measure (reconciliation provided below).
Conference Call
Jones Soda will hold a conference call today at 4:30 p.m. Eastern time to discuss its results for the second quarter ended June 30, 2024. Management will be showcasing various updates through a visual presentation, so participation is encouraged through the Zoom registration link provided below. Investors and analysts are also encouraged to join in with any questions they would like management to address.
Date: Tuesday, August 13, 2024
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: 1-877-407-0784
International dial-in number: 1-201-689-8560
Zoom Registration Link: https://incommconferencing.zoom.us/webinar/register/WN_0n3kmAVEQmmftxuOLhuRhg
Conference ID: 13744441
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 1-949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.jonessoda.com.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through August 27, 2024.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13744441
Presentation of Non-GAAP Information
This press release contains disclosure of the Company's Adjusted EBITDA which is not a United States Generally Accepted Accounting Principle (“GAAP”) financial measure. The difference between Adjusted EBITDA (a non-GAAP measure) and Net Loss (the most comparable GAAP financial measure) is the exclusion of interest expense and income, income tax expense, depreciation and amortization expense and stock-based compensation. We have included a reconciliation of Adjusted EBITDA to Net Loss under “Jones Soda Co. Non-GAAP Reconciliation” at the end of this press release. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP. Adjusted EBITDA has certain limitations in that it does not take into account the impact of certain expenses to our consolidated statements of operations. In addition, because Adjusted EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies. We believe that Adjusted EBITDA provides useful information to investors about the Company's results attributable to operations, in particular by eliminating the impact of non-cash charges related to stock-based compensation, amortization and depreciation that is consistent with the manner in which management evaluates the Company's performance. These adjustments to the Company's GAAP results are made with the intent of providing a more complete understanding of the Company's underlying operational results and provide supplemental information regarding the Company’s current ability to generate cash flow. Adjusted EBITDA is not intended to be considered in isolation or as a replacement for, or superior to Net Loss as an indicator of the Company's operating performance, or cash flow, as a measure of its liquidity. Adjusted EBITDA should be reviewed in conjunction with Net Loss as calculated in accordance with GAAP.
About Jones Soda Co.
Jones Soda Co.® (CSE: JSDA, OTCQB: JSDA) is a leading developer of sodas and cannabis-infused beverages known for their premium taste, unique flavors and unconventional brand personality. Launched in 1996 as the original craft soda brand, the Company today markets a diverse portfolio of sodas, mixers and wellness beverages under the Jones® Soda brand as well as a line of award-winning cannabis beverages and edibles leveraging Jones' trademark flavors under the Mary Jones brand. The Company is headquartered in Seattle, Washington. For more information, visit www.jonessoda.com, www.myjones.com, or https://gomaryjones.com.
Forward-Looking Statements Disclosure
Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all passages containing words such as “will,” “aims,” “anticipates,” “becoming,” “believes,” “continue,” “estimates,” “expects,” “future,” “intends,” “plans,” “predicts,” “projects,” “targets,” or “upcoming.” Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be evaluated by events that will occur in the future. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Factors that could affect the Company's actual results, including its financial condition and results of operations, include, among others: its ability to successfully execute on its growth strategies and operating plans for the future; the Company’s ability to continue to develop and market THC/CBD-infused and/or cannabis-infused beverages and edibles, and comply with the laws and regulations governing cannabis, hemp or related products, and the timing and costs of the development of these new product lines; the Company’s ability to manage operating expenses and generate sufficient cash flow from operations; the Company’s ability to create and maintain brand name recognition and acceptance of its products; the Company’s ability to adapt and execute its marketing strategies; the Company’s ability to compete successfully against much larger, well-funded, established companies currently operating in the beverage industry generally and in the craft beverage segment specifically; the Company’s ability to respond to changes in the consumer beverage marketplace, including potential reduced consumer demand due to health concerns (including obesity) and legislative initiatives against sweetened beverages (including the imposition of taxes); its ability to develop and launch new products and to maintain brand image and product quality; the Company’s ability to maintain and expand distribution arrangements with distributors, independent accounts, retailers or national retail accounts; its ability to manage inventory levels and maintain relationships with manufacturers of its products; its ability to maintain a consistent and cost-effective supply of raw materials and flavors and to manage factors affecting its supply chain; its ability to attract, retain and motivate key personnel; its ability to protect its intellectual property; the impact of litigation and the Company’s ability to comply with applicable regulations; its ability to maintain an effective information technology infrastructure, fluctuations in freight and fuel costs; the impact of currency rate fluctuations; its ability to access the capital markets for any future equity financing; the Company’s ability to maintain disclosure controls and procedures and internal control over financial reporting; dilutive and other adverse effects from future potential securities issuances; and any actual or perceived limitations by being traded on the OTCQB Marketplace. More information about factors that potentially could affect the Company’s operations or financial results is included in its most recent annual report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on April 1, 2024 and in the other reports filed with the SEC since that that date. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this release. Except as required by law, the Company undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise.
Company Contact:
David Knight
President and CEO
1-206-624-3357
Investor Relations Contact:
Cody Cree
Gateway Group, Inc.
1-949-574-3860
JSDA@gateway-grp.com
JONES SODA CO. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands, except share and per share data) | |||||||
(Unaudited) | |||||||
June 30, 2024 | December 31, 2023 | ||||||
ASSETS | (In thousands, except share data) | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,456 | $ | 3,867 | |||
Accounts receivable, net of allowance of | 4,730 | 2,118 | |||||
Inventory | 4,357 | 2,392 | |||||
Prefunded insurance premiums from financing | 119 | 357 | |||||
Prepaid expenses and other current assets | 1,556 | 861 | |||||
Total current assets | 12,218 | 9,595 | |||||
Other assets | 111 | 174 | |||||
Fixed assets, net of accumulated depreciation of | 110 | 137 | |||||
Total assets | $ | 12,439 | $ | 9,906 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,198 | $ | 716 | |||
Accrued expenses | 2,401 | 1,283 | |||||
Line of credit | 254 | - | |||||
Insurance premium financing | 119 | 357 | |||||
Taxes payable | 4 | - | |||||
Total current liabilities | 6,976 | 2,356 | |||||
Total liabilities | 6,976 | 2,356 | |||||
Shareholders’ equity: | |||||||
Common stock, no par value: | |||||||
Authorized — 800,000,000 issued and outstanding shares — 103,768,173 shares and 101,258,135 shares, respectively | 90,973 | 90,273 | |||||
Accumulated other comprehensive income | 264 | 331 | |||||
Accumulated deficit | (85,774 | ) | (83,054 | ) | |||
Total shareholders’ equity | 5,463 | 7,550 | |||||
Total liabilities and shareholders’ equity | $ | 12,439 | $ | 9,906 | |||
JONES SODA CO. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Revenue | $ | 7,157 | $ | 4,806 | $ | 12,156 | $ | 8,676 | |||||||
Cost of goods sold | 4,596 | 3,247 | 7,703 | 5,982 | |||||||||||
Gross profit | 2,561 | 1,559 | 4,453 | 2,694 | |||||||||||
Gross profit % | |||||||||||||||
Operating expenses: | |||||||||||||||
Selling and marketing | 1,928 | 1,080 | 3,420 | 2,112 | |||||||||||
General and administrative | 2,224 | 1,508 | 3,769 | 2,964 | |||||||||||
4,152 | 2,588 | 7,189 | 5,076 | ||||||||||||
Loss from operations | (1,591 | ) | (1,029 | ) | (2,736 | ) | (2,382 | ) | |||||||
Interest income | 2 | 18 | 11 | 18 | |||||||||||
Interest expense | (7 | ) | - | (7 | ) | - | |||||||||
Other income (expense), net | 39 | 4 | 33 | (1 | ) | ||||||||||
Loss before income taxes | (1,557 | ) | (1,007 | ) | (2,699 | ) | (2,365 | ) | |||||||
Income tax expense, net | (11 | ) | (17 | ) | (21 | ) | (22 | ) | |||||||
Net loss | $ | (1,568 | ) | $ | (1,024 | ) | $ | (2,720 | ) | $ | (2,387 | ) | |||
Net loss per share - basic and diluted | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.02 | ) | |||
Weighted average common shares outstanding - basic and diluted | 102,256,899 | 100,880,113 | 101,867,317 | 100,667,058 | |||||||||||
JONES SODA CO. | |||||||||||||||
NON-GAAP RECONCILIATION | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
GAAP net income (loss) | $ | (1,568 | ) | $ | (1,024 | ) | $ | (2,720 | ) | $ | (2,387 | ) | |||
Stock based compensation | 461 | 274 | 619 | 540 | |||||||||||
Interest income | (2 | ) | (18 | ) | (11 | ) | (18 | ) | |||||||
Interest expense | 7 | - | 7 | - | |||||||||||
Income tax expense, net | 11 | 17 | 21 | 22 | |||||||||||
Depreciation and Amortization | 12 | 22 | 27 | 30 | |||||||||||
Non-GAAP Adjusted EBITDA | $ | (1,079 | ) | $ | (729 | ) | $ | (2,057 | ) | $ | (1,813 | ) | |||
![](https://ml.globenewswire.com/media/NjZkZjhjMjctZWM1My00OTVlLWI5ZDUtZWFmYzE2MjRmMTY4LTEwMTc2NDQ=/tiny/Jones-Soda-Co-.png)
FAQ
What was Jones Soda's (JSDA) revenue in Q2 2024?
How much did Mary Jones products contribute to JSDA's Q2 2024 revenue?
What was Jones Soda's (JSDA) net loss in Q2 2024?
What new products did Jones Soda (JSDA) launch in Q2 2024?