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Jones Soda Co. (OTCQB:JSDA) (CSE:JSDA) released ts financial results for the second quarter ended June 30, 2022, revealing revenue increased 35% to $6.0 million compared to $4.5 million in Q2 2021.
Q2 2022 Financial Highlights vs. Year-Ago Quarter
Gross profit as a percentage of revenue was 28.0% compared to 31.3%.
Net loss was $1.4 million, or $(0.02) per share, compared to a net income of $300,000 or $0.00 per share.
Adjusted EBITDA was $(1.1) million compared to $0.4 million. Adjusted EBITDA included approximately $1.2 million in expenses related to the development and roll-out of the company’s new cannabis products during the second quarter of 2022.
At June 30, 2022, cash and cash equivalents totaled $9.3 million compared to $4.7 million at December 31, 2021. As of June 30, 2022, all convertible debentures have been converted and the company does not have any substantial debt.
“We continued to capitalize on the strong momentum we started the year with, resulting in our eighth consecutive quarter of year-over-year revenue growth,” stated Mark Murray, president and CEO of Jones Soda. “Our core bottled soda business was the main driver behind our solid sales results, where we saw continued strength in our retail and alternative channels throughout the quarter. While we experienced modest year-over-year margin compression mostly due to a combination of product mix and inflationary pressures, we remained in-line with our internal expectations for this quarter. I am very proud of our team’s ability to adapt under a dynamic macro-environment and continue to execute on our three-year strategic turnaround plan.
“I am also pleased to report that we are receiving overwhelmingly positive feedback from our initial Mary Jones cannabis launch. Having secured strong manufacturing and distribution partnerships during the second quarter of 2022, we believe we are in an excellent position to fulfill the anticipated high demand we have already begun generating. Our attention-grabbing launch sets the stage for more exciting products scheduled to be released in the coming months. We believe our full cannabis product portfolio featuring our 100mg beverage and innovative format edibles will help improve our sales margins, while satisfying consumer and retail demand for products with higher potency, portability and versatility. We intend to continue to establish our position within the cannabis space by expanding into new markets and further developing the Mary Jones brand into a household name.
Photo by Giorgio Trovato on Unsplash
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