Vending

Jones Soda lifts Q1 2021 sales, trims earnings loss

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May 7, 2021

Jones Soda Co. revenue rose 2% from $2.8 billion in Q1 2020 to $2.9 million in the quarter ending March 31, 2021, according to an earnings report.

The net loss improved from a $891 million in Q1 2020 to $710 million in Q2 2021.

Net loss per share, basic and diluted, remained the same in Q1 2021 at a 1-cent loss.

Despite a strong comparable period in the first quarter of 2020 that included higher sales in the foodservice channel, the revenue growth was a result of a strong increase in sales of Jones Soda's core bottled soda products.

Shares traded at 63 cents Thursday against a 52-week range of 13 cents to 78 cents.

"We saw another quarter of revenue growth as our core bottled soda business sales grew across the U.S. and Canada," Mark Murray, president and CEO, said in the press release. "Our sales growth persisted despite a strong comparable period and we improved gross margin by a substantial 610 basis points, both of which are a testament to the progress our team has made in executing on the three-year turnaround plan that we set in place at the end of last year."