Vending

Jones Soda boosts Q4 and FY 2021 sales, reports mixed earnings results

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March 11, 2022

Jones Soda Co. improved its sales for Q4 and FY 2021 while earnings results were mixed, according to an earnings release. The company heads into 2022 with its entry into the cannabis sector.

Highlights include:

• Q4 2021 revenue increased 18% to $2.9 million compared to $2.5 million in the prior year period, primarily attributable to the continued sales momentum of Jones' core bottled soda products.
• Net loss for Q4 2021 was $1.3 million, or 2 cents per share, compared to a net loss of $900,000, or one cent per share, in the fourth quarter of 2020. The increase in net loss was primarily attributable to the added operating expenses related to the company's expected entry into the cannabis sector, which were approximately $400,000 in the fourth quarter of 2021.
• Revenue for the full year increased 24% to $14.8 million compared to $11.9 million in 2020. The revenue growth was primarily driven by the continued execution of the turnaround plan and increased sales of core bottled soda products.
• Net loss improved to $1.8 million, or 3 cents per share, in 2021 compared to a net loss of $3 million, or 5 cents per share, in 2020.

Shares traded at 71 cents today against a 52-week range of 40 cents to $1.54.

"2021 was a transformative year spearheaded by strategic partnerships and increased sales across all channels," Mark Murray, president and CEO, said in the press release.

"Looking at where we sit today, 2022 has started off strong. In conjunction with our expected strategic entry into the cannabis sector, we recently listed on the Canadian Securities Exchange as we look to increase the liquidity of our shares and appeal to a broader investor base. We are also making strides expanding distribution within the club channel, foodservice channel and alternative channels."