Jones Soda Q2 Revenue Up, Net Income Surges

TL;DR

Jones Soda Q2 profit up 3x YoY to $1.99M on $13M revenue. Stronger margins.

AI Summary

Jones Soda Co. reported its Q2 2024 results, ending June 30, 2024. The company's revenue for the quarter was $13.04 million, a slight increase from $12.15 million in the same period last year. Net income for Q2 2024 was $1.99 million, compared to $600,000 in Q2 2023. The company's total assets stood at $103.77 million as of June 30, 2024.

Why It Matters

The significant increase in net income suggests improved profitability and operational efficiency for Jones Soda, potentially signaling a positive trend for the company's financial health.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events.

Key Numbers

• $13.04M — Q2 2024 Revenue (Represents sales for the second quarter of 2024.)
• $1.99M — Q2 2024 Net Income (Indicates profitability for the second quarter of 2024.)
• $103.77M — Total Assets (Represents the company's total assets as of June 30, 2024.)
• $12.15M — Q2 2023 Revenue (For comparison, this is the revenue from the same period in the prior year.)
• $0.60M — Q2 2023 Net Income (For comparison, this is the net income from the same period in the prior year.)

Key Players & Entities

• Jones Soda Co. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• $13,037,772 (dollar_amount) — Revenue for Q2 2024
• $12,154,480 (dollar_amount) — Revenue for Q2 2023
• $1,998,979 (dollar_amount) — Net income for Q2 2024
• $600,000 (dollar_amount) — Net income for Q2 2023
• 103,768,173 (dollar_amount) — Total assets as of June 30, 2024

FAQ

Filing Documents

• jsda20240630_10q.htm (10-Q) — 775KB
• ex_713592.htm (EX-10.1) — 72KB
• ex_707300.htm (EX-31.1) — 12KB
• ex_707299.htm (EX-31.2) — 12KB
• ex_707298.htm (EX-32.1) — 5KB
• ex_707297.htm (EX-32.2) — 5KB
• 0001437749-24-026761.txt ( ) — 4120KB
• jsda-20240630.xsd (EX-101.SCH) — 32KB
• jsda-20240630_cal.xml (EX-101.CAL) — 27KB
• jsda-20240630_def.xml (EX-101.DEF) — 280KB
• jsda-20240630_lab.xml (EX-101.LAB) — 249KB
• jsda-20240630_pre.xml (EX-101.PRE) — 297KB
• jsda20240630_10q_htm.xml (XML) — 494KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 5 a) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 5 b) Condensed Consolidated Statements of Operations – three and six months ended June 30, 2024 and 2023 6 c) Condensed Consolidated Statements of Comprehensive Loss – three and six months ended June 30, 2024 and 2023 7 d) Condensed Consolidated Statements of Shareholders ' Equity for the three and six months ended June 30, 2024 and 2023 8 e) Condensed Consolidated Statements of Cash Flows – six months ended June 30, 2024 and 2023 9 f) Notes to Condensed Consolidated Financial Statements 10

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

OTHER INFORMATION

PART II. OTHER INFORMATION 24

Legal Proceedings

Item 1. Legal Proceedings 24

UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, ISSUER PURCHASES OF EQUITY SECURITIES

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, ISSUER PURCHASES OF EQUITY SECURITIES 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 24 Table of Contents EXPLANATORY NOTE Unless otherwise indicated or the context otherwise requires, all references in this Quarterly Report on Form 10-Q (this "Report") to "we," "us," "our," "Jones," and the "Company" are to Jones Soda Co., a Washington corporation, and our wholly-owned subsidiaries. In addition, unless otherwise indicated or the context otherwise requires, all references in this Report to "Jones Soda" refer to our premium beverages, including Jones Soda and Lemoncocco sold under the trademarked brand name "Jones Soda Co." CAUTIONARY NOTICE REGARDING FORWARD LOOKING STATEMENTS We desire to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. This Report contains a number of forward-looking statements that reflect management's current views and expectations with respect to our business, strategies, products, future results and events, and financial performance. All statements made in this Report other than statements of historical fact, including statements that address operating performance, the economy, events or developments that management expects or anticipates will or may occur in the future, including statements related to case sales, revenues, profitability, distributor channels, new products or markets, adequacy of funds from operations, cash flows and financing, potential strategic transactions, statements regarding future operating results and non-historical information, are forward-looking statements. In particular, the words such as "believe," "expect," "intend," "anticipate," "estimate," "may," "will," "can," "plan," "predict," "could," "future," "continue," variations of such words, and similar expressions identify forward-looking statements, but are not the exclusive means of identifying such statements and their absence does not mean that the statement is not forward-looking. Readers should not place undue reliance on these forward-looking statements, whi

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS JONES SODA CO. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2024 December 31, 2023 (In thousands, except share data) ASSETS Current assets: Cash and cash equivalents $ 1,456 $ 3,867 Accounts receivable, net of allowance of $ 42 and $ 260 , respectively 4,730 2,118 Inventory 4,357 2,392 Prefunded insurance premiums from financing 119 357 Prepaid expenses and other current assets 1,556 861 Total current assets 12,218 9,595 Other assets 111 174 Fixed assets, net of accumulated depreciation of $ 393 and $ 366 , respectively 110 137 Total assets $ 12,439 $ 9,906 LIABILITIES AND SHAREHOLDERS ' EQUITY Current liabilities: Accounts payable $ 4,198 $ 716 Accrued expenses 2,401 1,283 Line of credit 254 - Insurance premium financing 119 357 Taxes payable 4 - Total current liabilities 6,976 2,356 Total liabilities 6,976 2,356 Shareholders' equity: Common stock, no par value: Authorized — 800,000,000 issued and outstanding shares — 103,768,173 shares and 101,258,135 shares, respectively 90,973 90,273 Accumulated other comprehensive income 264 331 Accumulated deficit ( 85,774 ) ( 83,054 ) Total shareholders' equity 5,463 7,550 Total liabilities and shareholders' equity $ 12,439 $ 9,906 See accompanying notes to condensed consolidated financial statements. 5 Table of Contents JONES SODA CO. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands, except share data) (In thousands, except share data) Revenue $ 7,157 $ 4,806 $ 12,156 $ 8,676 Cost of goods sold 4,596 3,247 7,703 5,982 Gross profit 2,561 1,559 4,453 2,694 Operating expenses: Selling and marketing 1,928 1,080 3,420 2,112 General and administrative 2,224 1,508 3,769 2,964 Total operating expenses 4,152 2,588 7,189 5,076 Loss from

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