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Jones Soda Co. (OTCQB:JSDA) (CSE:JSDA) revenue in the third quarter of 2022 increased 5% to $4.8 million compared to $4.6 million in the prior year period. The increase is primarily attributable to the growth in the company’s core bottled business through retail and alternative channels, along with generating approximately $114,000 in revenue from the company’s cannabis products that launched in 2022.
Q3 2022 Financial Highlights vs. Year-Ago Quarter
Gross profit as a percentage of revenue was 26.9% compared to 32.0%.
Net loss was $1.7 million, or $(0.02) per share, compared to a net loss of $59,000, or $(0.00) per share.
Adjusted EBITDA was $(1.0) million compared to $72,000. Adjusted EBITDA included approximately $0.8 million in expenses related to the development and roll-out of the company’s new cannabis products during the third quarter of 2022.
At September 30, 2022, cash and cash equivalents totaled $8.2 million compared to $4.7 million at December 31, 2021.
Management Commentary
“Highlighted by our solid top-line performance, our third quarter results mark our ninth consecutive quarter of year-over-year revenue growth,” stated Mark Murray, president and CEO of Jones Soda. “While we faced inflationary related headwinds throughout the quarter, we added new points of distribution through our core bottled business and remained in-line with internal expectations regarding our modest year-over-year margin compression. Overall, I am proud of our team’s ability to execute on our three-year turnaround plan and deliver another solid quarter despite operating under a volatile macro-environment.
Price Action
Jones Soda shares closed Thursday market session 10.35% higher at $0.42.
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Photo by Mackenzie Marco on Unsplash
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