Jones Soda Co. (CSE:JSDA) (OTCQB:JSDA) reported its financial results for the first quarter ending March 31, 2024, revealing revenue improvement of 39% year-over-year reaching $5 million, from $3.9 million. The quarterly results include approximately $600,000 in revenue from the cannabis business – Mary Jones, compared to approximately $200,000 in the first quarter of 2023.
"2024 is off to a great start as I'm pleased to report our highest revenue performance for the first quarter since 2009," stated David Knight, president and CEO of Jones Soda. "I believe we are making excellent progress transitioning Jones from a soda company to a high-growth beverage company. Through this process, we have entered into several strategic partnerships to expand our product offerings and overall brand awareness across both our Jones Soda and Mary Jones brands."
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Q1 2024 Vs Q1 2024 Financial Highlights
- Gross profit as a percentage of revenue increased 850 basis points to 37.8% compared to 29.3%.
- Net loss improved to $1.2 million, or $(0.01) per share, compared to a net loss of $1.4 million, or $(0.01) per share.
- Adjusted EBITDA was a loss of $1.0 million compared to a loss of $1.1 million.
- On March 31, 2024, cash and cash equivalents totaled $2.8 million compared to $3.9 million on December 31, 2023, and $6.4 million on March 31, 2023. On March 29, 2024, Jones Soda received a commitment letter from a creditor to provide the company with a $2.0 million revolving credit facility for working capital needs.
Knight continued,"Regarding Mary Jones, we continue to make progress with geographic expansion into new markets and introducing new product offerings. Our newly launched Hemp Delta-9 products have been met with incredible reception from the broader consumer base, and we believe this product line will be a core growth driver going forward."
Price Action
Jones Soda closed Tuesday market session 1% higher at 27 cents per share.
Courtesy photo