Vending

Jones Soda lifts Q3 2022 revenue, extends loss

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November 4, 2022

Jones Soda Co. lifted its Q3 2022 revenue while extending its loss caused by investment in the cannabis category, according to an earnings release.

Revenue increased 5% from $4.6 million in Q3 2021 to $4.8 million in the quarter ending Sept. 30, 2022, primarily attributable to the growth in the company's core bottled business through retail and alternative channels, along with generating approximately $114,000 in revenue from the company's cannabis products that launched in 2022.

Net loss expanded from $59,000 to $1.7 million in the comparative quarters, primarily attributable to the $800,000 of operating expenses and development costs related to the strategic entry into the cannabis sector.

EPS loss extended from zero to 2 cents.

Shares traded at 42 cents Thursday against a 52-week range of 18 cents to $1.10.

"Highlighted by our solid top-line performance, our third quarter results mark our ninth consecutive quarter of year-over-year revenue growth," Mark Murray, president and CEO, said in the press release. "While we faced inflationary-related headwinds throughout the quarter, we added new points of distribution through our core bottled business and remained in-line with internal expectations regarding our modest year-over-year margin compression."