In This Story
Jones Soda Co. (JSDA+2.42%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, reporting a net revenue increase to $19.2 million, up from $16.7 million in 2023. This growth was primarily driven by a 15% increase in beverage segment sales and a 9% growth in the cannabis (THC) business.
Jones Soda reported a gross profit of $4.1 million, a decrease from $4.9 million the previous year. The decline was attributed to inventory impairment charges of $1.2 million due to slow-moving new products.
Selling and marketing expenses rose to $6.1 million from $4.4 million, driven by increased online marketing and expanded initiatives in action sports.
General and administrative expenses increased to $7.9 million from $5.4 million, primarily due to legal and regulatory expenses related to the Mary Jones brand and litigation matters.
The company recorded a net loss of $9.9 million, up from a $4.9 million loss in 2023, largely due to inventory impairments and increased operating expenses.
Jones Soda's liquidity was impacted, with cash and cash equivalents decreasing to $1.5 million from $3.9 million. The company secured a $5 million loan agreement to support its operations.
The filing outlines the company's focus on sales growth through expanding its Jones Soda glass bottle business, modern soda sales, and Mary Jones product lines.
Jones Soda's operations are divided into two segments: Beverages and Cannabis-Derived (THC) Beverages. The company plans to expand its cannabis operations further.
The company identified material weaknesses in its internal controls over financial reporting due to personnel transitions and insufficient accounting resources.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jones Soda Co. annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.