Jones Soda revenues grow by 29%
Jones Soda Co., a craft soda company, announced its financial results for the fourth quarter and full year ended December 31, 2022.
Fourth Quarter 2022 Financial Summary vs. Year-Ago Quarter
- Revenue increased 28% to $3.7 million compared to $2.9 million.
- Gross profit as a percentage of revenue was 24.8% compared to 26.5%.
- Net loss was $1.6 million, or $(0.02) per share, compared to a net loss of $1.3 million, or $(0.02) per share.
- Adjusted EBITDA1 was $(1.3) million compared to $(1.2) million. Adjusted EBITDA included approximately $871,000 in expenses related to the development and marketing of the Company’s cannabis infused beverages and related products sold under the “Mary Jones” brand name.
Full Year 2022 Financial Summary vs. Prior Year
- Revenue increased 29% to $19.1 million compared to $14.8 million.
- Gross profit as a percentage of revenue was 26.9% compared to 29.7%.
- Net loss was $6.4 million or $(0.07) per share, compared to a net loss of $1.8 million, or $(0.03) per share.
- Adjusted EBITDA1 was $(4.6) million compared to $(1.3) million. Adjusted EBITDA included approximately $3.6 million in expenses related to the development and marketing of the Company’s cannabis infused beverages and related products sold under the “Mary Jones” brand name.
“We delivered our 10th consecutive quarter of year-over-year revenue growth as we completed the second year of our three-year turnaround strategy,” said Mark Murray, President and CEO of Jones Soda.
“2022 was another notable year in which we made our successful entry into the cannabis market with our Mary Jones brand and continued market share gains in our core soda business with the addition of outstanding new partners across all of our distribution channels.
“Despite facing challenges posed by inflationary pressures, we stayed laser-focused on expanding our points of distribution, optimising cost management, and strategically allocating our trade and marketing dollars.
“We believe this disciplined approach has enabled us to capitalise on growth opportunities despite volatility in the broader consumer market.
“At Jones Soda, we recognise the significance of innovation and new product developments that drive continued interest in our products from our loyal Jones Soda community. We brought back our Turkey and Gravy flavour over the holidays as part of our special release program and its return was met with even greater success than the year prior, delivering nearly seven times the volume it achieved in 2021.
“Coupled with our social media-based Turkey and Gravy Challenge, the special flavour earned the company over $5.0 million in combined ad value through organic publications and broadcasts. Furthering that momentum into the new year, we introduced our latest special release item with Key Lime 3.14 or ‘Pie’ flavour, and we also look forward to sharing the additional array of other exciting new offerings and special releases throughout 2023.
“We also look forward to potentially expanding the availability of our popular Mary Jones cannabis infused beverages and related products across several states. Recently, we announced the upcoming expansion into the state of Washington, where we will launch a full portfolio of products across beverages and edibles at both low and high dose options in the coming quarters.
“We believe our continued focus on seizing the opportunities within the cannabis market has been met with outstanding success. We are confident in this strategic initiative and remain committed to exploring additional product offerings to increase our presence in this rapidly growing industry.
“As we enter our last year of the initial three-year turnaround strategy, I’m proud to say that we are tracking ahead of where we thought we’d be by 2023.
We continue to identify ways to enhance our product portfolio and expand into new territories, and we remain committed to satisfying the demands of our customer base and delivering the experiences they deserve.
“In addition, we intend to continue to develop our foodservice and fountain business, bringing the same spirit that the Jones Soda brand was founded upon into a channel that we believe has potential for growth. As we embark on the new year, we have complete confidence in our team’s ability to continue executing on our strategic objectives and delivering best-in-class product innovation to our customers.”