Vending

Jones Soda improves Q1 2023 earnings loss against sales decline

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May 5, 2023

Jones Soda Co. improved its Q1 2023 earnings loss against a sales decline, according to an earnings report. Highlights include:

• Revenue fell from $4.5 million in Q1 2022 to $3.9 million in Q1 2023, primarily attributable to an outsized sales performance in the first quarter of 2022, driven mostly by a one-time inventory stocking event with one of its largest customers.
• Net loss improved from $1.7 million to $1.4 million.
• Net loss per diluted share improved from 2 cents to 1 cent.

Shares traded Thursday at 22 cents against a 52-week range of 18 cents to 48 cents.

"As we started 2023, we knew that the first quarter was going to be a difficult year-over-year comparison across the top-line due to last year's Q1 revenue increasing 58% year-over-year aided by a one-time inventory stocking event with one of our largest customers in our core bottled soda business," Mark Murray, president and CEO, said in the press release. "Despite this challenging comparison, we believe momentum in our core bottled business remained strong and we continued to make notable progress in our cannabis segment."