Wed, Aug 14, 7:35 PM (153 days ago)
Jones Soda Co. reported a significant increase in revenue for Q2 2024, reaching approximately $7.2 million, a 48.9% rise from $4.8 million in Q2 2023. This growth was driven by higher sales volumes, particularly in the Mary Jones brand. Gross profit also improved, totaling $2.6 million with a gross margin of 35.8%, up from 32.4% the previous year. However, the company incurred a net loss of $1.6 million, compared to a loss of $1.0 million in Q2 2023, largely due to increased selling and marketing expenses associated with new product launches. For the six months ended June 30, 2024, revenue rose 40.1% to $12.2 million, while the net loss was $2.7 million, slightly higher than the $2.4 million loss in the same period last year. The company’s cash and cash equivalents decreased to $1.5 million from $3.9 million at year-end 2023, reflecting ongoing operational losses and increased trade spend. Looking ahead, Jones Soda is restructuring its distribution channels and focusing on higher-margin products. The company secured a $2 million revolving credit facility and raised $3.7 million through private placements to support its operations, alleviating previous concerns about its ability to continue as a going concern.