The following is a summary of the Jones Soda Co. (JSDA) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Jones Soda reported Q4 net revenue of $3.5 million, showing a slight decrease from $3.7 million in the same quarter of 2022.

• The gross profit percentage was 19.5% for the quarter, or 25.5% considering the one-time write-off with the Lemoncocco product line.

• An improvement was reported in Q4 operating expenses, which was $2.2 million, down from $2.6 million YoY.

• Net loss improved to $1.5 million, or negative $0.02 per share, from a prior net loss of $1.6 million, or negative $0.02 per share.

• Full year results showed revenues were $16.7 million in 2023, down from $19.1 million in the prior year, but with an increased gross profit of 29.1% up from 26.9%.

Business Progress:

• Revenues from the licensed cannabis business, 'Mary Jones', showed significant growth with $438,000 in Q4, marking a 99% increase YoY.

• The company highlighted plans to expand sales efforts beyond traditional grocery channels to include bars, restaurants, hotels, and quick-service establishments.

• Q4 saw partnerships with various foodservice and distribution companies to enhance the company's reach in the U.S. and Canada.

• There were successful product launches in Q4, like Nuka-Cola Victory (Amazon Prime Video related) and Spiked Jones, an alcoholic beverage.

• After a challenging Q4 in their grocery and foodservice channel, the company remains on track to report gross margins in the mid-30s.

• Jones Soda is planning a restructuring in its Canadian market aiming to double both revenue and margins.

• The company has identified new growth verticals and is focused on leveraging these to drive further innovation and expansion.

• The company made operational changes designed to drive growth and improve margins with the appointment of a new COO and Director of New Product Development and Commercialization.

• The company is making the transition from a soda company into a general beverage company, with a focus on introducing new formats, verticals, and sub-brands.

More details: JONES SODA CO IR

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