Jones Soda reduces Q2 2023 loss against revenue decline

Jones Soda Co. was able to improve its Q2 2023 loss over the prior year period despite a revenue decline, according to an earnings report. Highlights include:

• Revenue fell from $4.8 million in Q2 2022 to $6 million in the quarter ending June 30, 2023, primarily attributable to the prior year period having approximately $1 million in revenues from core bottle soda sales from a one-time inventory stocking event with one retailer in 2022 that was not repeated in 2023. One bright spot was the cannabis segment, which generated approximately $400,000 in revenue in the second quarter of 2023 compared to $200,000 in revenue in the first quarter of 2023 and no revenue in the second quarter of 2022.
• Net loss for the second quarter of 2023 improved from $1.4 million to $1 million, primarily attributable to the expansion in gross profit margin and a decrease in total operating expenses.
• Net loss per share improved from 2 cents to 1 cent.

Shares traded at 19 cents Wednesday against a 52-week range of 17 cents to 48 cents.

"While the company's strong performance in the first half of 2022 continued to present a difficult year-over-year revenue comparison, our Q2 sales revenue numbers were in-line with expectations, and I believe our team made significant progress setting us up for success in the back-half of the year," David Knight, president and CEO, said in a press release. "While I've only been at the helm of Jones Soda for approximately six weeks, the operational rigor and determination throughout the organization has me excited about the company's potential future growth trajectory."