Jones Soda Reports Solid First Quarter Revenue Growth, What’s at the Center of These Strong Results?

Jones Soda Co. JSDA JSDA published its financial results for the first quarter ended March 31, 2022.

First Quarter 2022 Financial Highlights vs. Prior Year Quarter

  • Revenue increased 58% to $4.5 million compared to $2.9 million.

  • Gross profit as a percentage of turnover increased 40 basis points at 27.3% against 26.9%.

  • Net loss was $1.7 millionor $(0.02) per share, compared to a net loss of $0.7 million, or $(0.01) per share.

  • Adjusted EBITDA was ($1.1) million compared to ($0.6) million. Adjusted EBITDA included approximately $0.8 million of cannabis-related expenses in the first quarter of 2022.

“Our momentum continued into early 2022 as we delivered our seventh consecutive quarter of year-over-year revenue growth,” said Marc Murray, President and CEO of Jones Soda. “Performance within our revitalized the core bottled soda business remains central to these strong results. Although we have had to deal with rising material costs and transportation expenses, with a well-developed plan in place to mitigate some of the inflationary pressures we can control and our continued focus on cost management, we have achieved an additional gain on our gross profit margin. Overall, I am proud of our team’s resilience in the face of macroeconomic uncertainties as we continue to execute on our plan while delivering outstanding results.

As of March 31, 2022, cash and cash equivalents totaled $11.9 million compared to $4.7 million as of December 31, 2021. During the quarter, the company raised $11.0 million in concurrent funding in connection with its acquisition of Gold Pine Star, which resulted in a significant increase in cash and cash equivalents compared to the end of the year. Other than the aggregate principal amount of $3 million of its currently outstanding convertible debt securities issued in February 2022, the company has no material debt and continues to actively evaluate a new line of credit.

Photo: Courtesy of Jones Soda Co.

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