Jones Soda Co. (OTCQB:JSDA) (CSE:JSDA) released its financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Financial Highlights vs. Year-Ago Quarter
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Revenue increased 58% to $4.5 million compared to $2.9 million.
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Gross profit as a percentage of revenue increased 40 basis points to 27.3% compared to 26.9%.
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Net loss was $1.7 million, or $(0.02) per share, compared to a net loss of $0.7 million, or $(0.01) per share.
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Adjusted EBITDA was $(1.1) million compared to $(0.6) million. Adjusted EBITDA included approximately $0.8 million in cannabis-related expenses during the first quarter of 2022.
“Our momentum continued into the start of 2022 as we achieved our seventh consecutive quarter of year-over-year revenue growth,” stated Mark Murray, president and CEO of Jones Soda. “The performance within our revitalized core bottled soda business remains at the center of these strong results. While we encountered rising material costs and transportation expenses, with a well-developed plan in place to mitigate some of the inflationary pressures that we can control and our relentless focus on managing costs, we realized an incremental gain to our gross profit margin. Overall, I’m proud of our team’s resilience in the face of macro-economic uncertainties as we continue to execute our plan while delivering noteworthy results.”
At March 31, 2022, cash and cash equivalents totaled $11.9 million compared to $4.7 million at December 31, 2021. During the quarter, the company raised $11.0 million in concurrent financials in connection with its acquisition of Pinestar Gold, which resulted in the significant increase in cash and cash equivalents compared to year-end. Apart from the $3 million in aggregate principal amount of its currently outstanding convertible debt instruments issued in February 2022, the company does not have any substantial debt and continues to actively evaluate a new line of credit.
Photo: Courtesy of Jones Soda Co
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