Wed, May 15, 7:48 PM (72 days ago)
Jones Soda's Q1 2024 report highlights a 29.2% increase in revenue to $5.0 million, driven by higher sales in Canada, the Food Service channel, and the Mary Jones brand. Gross profit rose by 66.7% to $1.9 million, with margins improving from 29.3% to 37.8%, attributed to pricing adjustments and supply chain optimizations. Selling and marketing expenses increased by 44.6% to $1.5 million due to higher online marketing and action sports investments. General and administrative expenses remained stable at $1.5 million. The net loss narrowed to $1.2 million from $1.4 million in Q1 2023. Cash and equivalents were $2.8 million, with a $2 million revolving credit facility secured for working capital. The company is restructuring distribution channels for better margins and focusing on high-margin products and cost management.