Jones Soda Co. (OTC:JSDA), a craft soda company known for its unconventional flavors, announced its financial results late Thursday for the first quarter that ended March 31, 2023.

Despite a challenging comparison with last year's Q1 revenue, Jones Soda managed to make notable progress in both its core bottled soda business and the cannabis segment.

Mark Murray, President and CEO of Jones Soda, stated that their momentum in the core bottled business remained strong, with notable progress in the cannabis segment.

"Our ability to strategically manage pricing, promotions, and marketing spend resulted in improved gross margins, reduced operating expenses, and a bottom line moving closer to breakeven," Murray said.

Highlights

• Revenue was $3.9 million, compared to $4.5 million in the year-ago period, with gross profit as a percentage of revenue increasing by 200 basis points to 29.3%.
• The net loss improved to $1.4 million, or $(0.01) per share, compared to $1.7 million, or $(0.02) per share, in Q1 2022. Adjusted EBITDA was approximately $(1.1) in both quarters.
• On March 31, 2023, cash and cash equivalents totaled $6.4 million compared to $8.0 million on December 31, 2022.
• The company is gaining traction in California, with strong sales of its 10-milligram and 100-milligram beverages, and is planning to expand its flavor portfolio with the addition of Grape and Cola.

Price Action

On Thursday Jone's shares were trading higher by 7.29% at $0.22 per share.

Photo: Igor Ovsyannykov on Pixabay.