Vending

Jones Soda improves sales, trims loss for Q4 2020

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March 11, 2021

The Jones Soda Co.'s revenue in Q4 of 2020 increased 14% to $2.5 million compared to $2.2 million in the year-ago quarter, driven by the increase in the sales of core bottled soda products as the company deployed a turnaround strategy in the face of the pandemic, according to a press release.

Net loss for the fourth quarter of 2020 improved to $918,000, or 1 cent per share, compared to a net loss of $930,000, or 2 cents per share, in the 2019 fourth quarter.

Adjusted EBITDA in the fourth quarter of 2020 improved to a loss of $806,000 compared to a loss of $828,000 in the same quarter a year ago.

Revenue in 2020 increased 3% to $11.9 million compared to $11.5 million in 2019. This increase was attributable to a return to growth in bottled soda sales, which the company believes resulted from the momentum gained by shifting the sales and marketing focus to the company's core competencies and its revitalized digital market campaigns.

Net loss for 2020 was $3 million, or 5 cents per share compared to a net loss of $2.8 million, or 5 cents per share in 2019.

Shares traded at 53 cents on Wednesday against a 52-week range of 13 cents to 78 cents.

"We made solid progress in 2020 with our newly implemented turnaround strategy, even in the face of unique challenges brought on by the pandemic," Mark Murray, president and CEO, said in the release. "Thanks to the continued dedication of our employees, we saw year-over-year revenue growth of 14% and bottom-line improvements in the fourth quarter, and we are continuing to build our brand's presence across all of our markets through the unique digital marketing initiatives we've introduced.

"Although there is still much work to be done, the progress we have made allows us to be optimistic about the future as we continue to seek to drive revenue growth and improve profitability."

For an update on how the coronavirus pandemic has affected convenience services, click here.