Q2 2024 Jones Soda Co Earnings Call Transcript
Key Points
- Jones Soda Co (JSDA) reported a 49% increase in net revenue for Q2 2024, reaching $7.2 million compared to $4.8 million in Q2 2023.
- Gross profit margin improved by 340 basis points to 35.8%, driven by sales of high-margin products and pricing adjustments.
- The company's cannabis business, Mary Jones, generated approximately $1.2 million in Q2 2024, marking a 100% increase compared to the previous quarter.
- Jones Soda Co (JSDA) successfully launched new product lines, including Nuka Cola, which contributed significantly to direct-to-consumer sales and overall revenue.
- The company raised approximately $3.2 million in an oversubscribed private placement to support growth and innovation initiatives, strengthening its balance sheet.
- Net loss for Q2 2024 was $1.6 million, or negative $0.02 per share, compared to a net loss of $1 million, or negative $0.01 per share, in Q2 2023.
- Adjusted EBITDA was negative $1.1 million in Q2 2024, compared to negative $0.7 million in the same quarter of the previous year.
- The increase in SG&A expenses due to strategic investments in product innovation negatively impacted the bottom line.
- The company's cash balance declined to $1.5 million at the end of June 2024, indicating potential liquidity concerns.
- Despite strong revenue growth, the company is still in the early stages of its strategic roadmap and has yet to fully realize its potential.
Good afternoon, everyone. Thank you for participating in today's conference call to discuss Jones Soda's financial results for the second quarter ended June 30, 2024.
Before we begin, let me remind everyone the company's Safe Harbor disclaimer. Certain portions of our comments today will concern future expectations, plans and prospects of the company that constitute forward-looking statements for purposes of the Safe Harbor provisions under Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all statements containing verbs such as aims, anticipates, estimates, expects, believes, intends, plans, predicts, will may continue projects or targets and negatives of those words and similar words or expressions. Forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated by forward-looking statements.
Factors that could affect our actual results include, among others, those that are discussed under the heading Risk Factors in our most recent filing reports with the
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