Jones Soda cuts Q3 2023 earnings loss against sales decline

Jones Soda Co. improved its loss despite a Q3 2023 sales decline, according to an earnings report. Highlights include:

• Revenue fell from $4.8 million in Q3 2022 to $4.5 million to $4.8 million in the quarter ending Sept. 30, 2023, primarily attributable to a decline in the company's foodservice channel, along with a decline in sales velocity within its grocery channel.
• Net loss improved from $1.7 million to $900,000 in the comparative quarters.
• Net loss per share improved from 2 cents to 1 cent.
• The company's cannabis brand, Mary Jones, generated approximately $220,000 in revenue in the third quarter of 2023 compared to approximately $400,000 in the second quarter of 2023 and approximately $114,000 in the third quarter of 2022.

Shares traded at 15 cents today against a 52-week range of 14 cents to 38 cents.

"While the third quarter was more challenging than originally anticipated, we continued to make noteworthy progress towards profitability and I believe we are setting the stage for encouraging growth initiatives in 2024," David Knight, president and CEO, said in the press release. "Our core bottled soda business experienced some temporary headwinds in our foodservice channel, while sales velocity in our grocery channel has been slower than expected."