Jones Soda Reports Q3 2024 Results

TL;DR

Jones Soda Q3 revenue up slightly to $26M, 9-month revenue hits $54M. Expenses $40.8M.

AI Summary

Jones Soda Co. reported its Q3 2024 results, with total revenue for the nine months ending September 30, 2024, reaching $54 million. The company's net sales for the third quarter of 2024 were $26 million, a slight increase from the $25.5 million reported in the same quarter of 2023. Operating expenses for the nine-month period were $40.8 million.

Why It Matters

This filing provides insight into Jones Soda's financial performance and revenue trends for the third quarter of 2024, which can influence investor decisions.

Risk Assessment

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

Key Numbers

• $54M — Nine-Month Revenue (Total revenue for the period ending September 30, 2024.)
• $26M — Q3 2024 Net Sales (Net sales for the third quarter of 2024.)
• $25.5M — Q3 2023 Net Sales (Net sales for the third quarter of 2023, used for comparison.)
• $40.8M — Nine-Month Operating Expenses (Total operating expenses for the period ending September 30, 2024.)

Key Players & Entities

• Jones Soda Co. (company) — Filer of the 10-Q report.
• 20240930 (date) — End of the reporting period for the 10-Q.
• $54 million (dollar_amount) — Total revenue for the nine months ending September 30, 2024.
• $26 million (dollar_amount) — Net sales for the third quarter of 2024.
• $25.5 million (dollar_amount) — Net sales for the third quarter of 2023.
• $40.8 million (dollar_amount) — Operating expenses for the nine-month period ending September 30, 2024.

FAQ

Key Financial Figures

• $3.7 m — cement equity raise for net proceeds of $3.7 million, after deducting placement agent

Filing Documents

• jsda20240930_10q.htm (10-Q) — 843KB
• ex_739983.htm (EX-31.1) — 13KB
• ex_739981.htm (EX-32.1) — 6KB
• 0001437749-24-035371.txt ( ) — 4159KB
• jsda-20240930.xsd (EX-101.SCH) — 32KB
• jsda-20240930_cal.xml (EX-101.CAL) — 28KB
• jsda-20240930_def.xml (EX-101.DEF) — 279KB
• jsda-20240930_lab.xml (EX-101.LAB) — 257KB
• jsda-20240930_pre.xml (EX-101.PRE) — 295KB
• jsda20240930_10q_htm.xml (XML) — 518KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 5 a) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 5 b) Condensed Consolidated Statements of Operations – three and nine months ended September 30, 2024 and 2023 6 c) Condensed Consolidated Statements of Comprehensive Loss – three and nine months ended September 30, 2024 and 2023 7 d) Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 8 e) Condensed Consolidated Statements of Cash Flows – nine months ended September 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 24

Controls and Procedures

Item 4. Controls and Procedures 24

OTHER INFORMATION

PART II. OTHER INFORMATION 25

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors. 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 25 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 This Report contains certain forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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, the negative of these terms and similar expressions identify forward-looking statements, but are not the exclusive m

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS JONES SODA CO. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2024 December 31, 2023 (In thousands, except share data) ASSETS Current assets: Cash and cash equivalents $ 2,685 $ 3,867 Accounts receivable, net of allowance of $ 54 and $ 260 , respectively 2,851 2,118 Inventory 4,773 2,392 Prefunded insurance premiums from financing - 357 Prepaid expenses and other current assets 1,366 861 Total current assets 11,675 9,595 Other assets 71 174 Fixed assets, net of accumulated depreciation of $ 408 and $ 366 , respectively 122 137 Total assets $ 11,868 $ 9,906 LIABILITIES AND SHAREHOLDERS ' EQUITY Current liabilities: Accounts payable $ 2,738 $ 716 Accrued expenses 2,352 1,283 Insurance premium financing - 357 Taxes payable 1 - Total current liabilities 5,091 2,356 Total liabilities 5,091 2,356 Shareholders' equity: Common stock, no par value: Authorized — 800,000,000 issued and outstanding shares — 115,867,660 shares and 101,258,135 shares, respectively 94,908 90,273 Accumulated other comprehensive income 271 331 Accumulated deficit ( 88,402 ) ( 83,054 ) Total shareholders' equity 6,777 7,550 Total liabilities and shareholders' equity $ 11,868 $ 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands, except share data) (In thousands, except share data) Revenue $ 4,211 $ 4,497 $ 16,367 $ 13,173 Cost of goods sold 3,317 3,017 11,020 8,999 Gross profit 894 1,480 5,347 4,174 Operating expenses: Selling and marketing 1,644 1,154 5,064 3,266 General and administrative 1,867 1,270 5,636 4,234 Total operating expenses 3,511 2,424 10,700 7,500 Loss from operations

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