Jones Soda Revenue Grows 49% YoY Boosted By THC-Infused Beverages Sales, Net Loss Higher As It Supports Growth Plans
Jones Soda Co. (CSE:JSDA) (OTCQB:JSDA) released its financial results Tuesday for the second quarter ended June 30, 2024, revealing revenue of $7.2 million, up by 49% year-over-year. The company reported growth across all its lines of business.
The Seattle-headquartered THC-infused soda maker also disclosed a higher net loss of $1.6 million or $0.02 loss per share, compared to a net loss of $1.0 million or $0.01 per share in the second quarter of 2023. Jones Soda attributes the increase in net loss to the rise in total operating expenses to support the company’s growth plans.
“As we continue our transition to a high-growth beverage company, I believe our momentum is building,” stated David Knight, president and CEO of Jones Soda. “I’m pleased to report another consecutive quarter of exceptional revenue growth of 49% compared to the same quarter last year and healthy gross margin expansion of 340 basis points. We have been investing heavily in research and development, retail engagement, and marketing efforts to continue supporting our product expansion initiatives. As a high-growth beverage company, we believe it remains vital for our Company to stay on top of emerging consumer trends and react accordingly. While this increased costs for the quarter, we are investing in initiatives that we believe will result in future revenue growth and remain committed to delivering profitable …