Q3 2024 Jones Soda Co Earnings Call Transcript
Key Points
- Jones Soda Co (JSDA) experienced significant growth in its Mary Jones business, with a 263% increase in revenue year over year, driven by sales in the California dispensary market.
- The company raised $3.7 million through a private placement to support growth initiatives and strengthen its balance sheet.
- Jones Soda Co (JSDA) has strategically built its inventory to support the launch of new product lines, including HD9 beverages.
- The company is focusing on transforming from a craft soda company to a fully-fledged beverage company, with a robust innovation pipeline.
- Pop Jones, a new all-natural prebiotic beverage, has been well received by retailers and is expected to drive growth in the modern soda category.
- Jones Soda Co (JSDA) reported a decrease in net revenue to $4.2 million from $4.5 million in the same quarter of 2023, due to disruptions in Canadian distributor transitions and loss of a discount retailer in the US.
- Gross margin decreased significantly to 21.2% from 32.9% in the prior year, impacted by trade spend adjustments and unfavorable product leaks.
- Operating expenses increased to $3.5 million from $2.4 million in the previous year, primarily due to increased spending on product innovation and marketing.
- The company reported a net loss of $2.6 million, or a negative 2 cents per share, compared to a net loss of $1 million, or 1 cent per share, in the same quarter of 2023.
- Jones Soda Co (JSDA) is currently undergoing management transitions, with both the interim CEO and CFO positions being filled temporarily, which may impact stability and strategic direction.
Good afternoon, everyone. Thank you for participating in today's conference call to discuss J Soda's financial results for the third quarter ended September 30th 2024.
Before we begin, let me remind everyone of the company's safe harbor. Disclaimer certain portions of our comments today will concern future expectations, plans and prospects of the company that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1,995.
Forward-looking statements include all statements containing verbs such as aims anticipates estimates, expects believes, intends plans predicts will may continue projects or targets and negatives of those words and similar words or expressions.
Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements.
Factors that could affect our actual results include among others, those that are discussed under the heading risk factors in our most recently filed
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