Craft soda company Jones Soda Co. (OTCQB: JSDA) reported for its third quarter, ended Sep. 30, a 29% revenue increase. And for the first time since 2006, Jones is reporting consecutive quarters of positive income from operations. Jones said revenue growth was primarily attributable to an increase in sales of its core bottled soda products.
Jones Q3 2021 financial highlights vs. a year ago
- Revenue increased 29% to $4.6 million, compared with $3.5 million.
- Gross profit as a percentage of revenue increased 600 basis points to 32%, compared with 26%.
- Net loss improved substantially to $59,000, or $0.00 a share, compared with a net loss of $450,000, or $0.01 per share.
- Adjusted EBITDA improved to $72,000, compared with $324,000.
“National awareness of Jones continued to grow during the quarter as our marketing initiatives garnered significant interest from both consumers and the media. said president and chief executive Mark Murray. "As a follow up, we just rolled out a new series that features Zoltar, the widely recognized fortuneteller character. Second, the highly anticipated return of Turkey & Gravy as a special release flavor has generated a lot of buzz among fans and media across the U.S. and Canada. Unique labels and flavors remain a signature point of differentiation, and we continue to look for new and innovative ways to engage with consumers."
Separately, Murray said the company took a significant step toward launching its planned cannabis business line by signing a definitive arrangement agreement with Pinestar. Jones expects to launch its inaugural cannabis portfolio in the first quarter of 2022. The portfolio will include cannabis-infused beverages edibles, vapes and pre-rolls.
