Jones Soda Co. Reports 450% Q4 Revenue Surge, Positive EBITDA, and Projects Over $40M Revenue for 2026

Jones Soda Co. Posts Transformational 2025 Results: Massive Revenue Growth, Improved Margins, and Positive EBITDA

Seattle, March 31, 2026 – Jones Soda Co. (CSE: JSDA, OTCQB: JSDA) has released its financial results for the fourth quarter and full year ended December 31, 2025, marking a pivotal turnaround for the company and signaling a potentially significant impact for shareholders and investors.

Key Highlights

Q4 2025 Revenue Surged by 450%: Revenue soared to \$11.7 million from \$2.6 million in Q4 2024, primarily driven by club and direct-to-consumer sales of licensed products.
Full-Year 2025 Revenue Up 42%: Annual revenue increased to \$25.3 million, up from \$17.8 million in 2024.
Adjusted Gross Profit Margin Improved: Margin climbed to 32% for both Q4 and full year 2025, up from 10% and 27% respectively last year.
Net Loss Sharply Reduced: Full-year net loss narrowed to \$1.8 million (\$0.01/share), a dramatic improvement from \$9.9 million (\$0.09/share) in 2024. Q4 net loss was \$1.8 million (\$0.015/share), compared to \$4.1 million (\$0.038/share) in Q4 2024.
Turnaround in Adjusted EBITDA: Adjusted EBITDA for Q4 2025 was a positive \$0.5 million, versus a loss of \$2.7 million in Q4 2024. Full-year Adjusted EBITDA improved by \$5.2 million year-over-year, now at (\$2.0) million compared to (\$7.2) million last year.
Cash Position Strengthened: Company ended 2025 with \$3.6 million in cash, up from \$1.3 million at the end of 2024.
2026 Guidance: Management expects Q1 2026 revenue to exceed \$12 million (up 260%+ YoY) and full-year 2026 revenue to surpass \$40 million (up 60%+ YoY).

Business Highlights & Strategic Developments

Launched new “Supply Pack” and “Rocket Bottle” products in partnership with a leading gaming franchise.
Expanded distribution through a major warehouse club operator, rolling out shipments across Canada, including Sarsaparilla 12-packs now available nationwide.
Extended the Club program, fueling momentum into 2026.
Strengthened Operations and Marketing leadership at the C-level.

Management Commentary

Scott Harvey, CEO:
“2025 marked a transformational year for Jones Soda, driven by strong top-line growth, expanded distribution, and meaningful operational improvements across our portfolio… Our early success with new products reinforces our ability to anticipate trends and deliver offerings that resonate with consumers.

Looking ahead to 2026, we are encouraged by strong first-quarter trends and the momentum established in 2025. Our focus remains on strengthening our core channels and delivering product innovation aligned with what our consumers are demanding. Combined with expanded distribution, strategic partnerships, and initiatives such as our warehouse club program, we are positioned to accelerate revenue growth, expand margins, and deliver sustained profitability and long-term shareholder value.”

Detailed Financial Review

Income Statement

Q4 Revenue: \$11.7 million (Q4 2024: \$2.6 million)
Full-Year Revenue: \$25.3 million (2024: \$17.8 million)
Q4 Gross Profit: \$2.4 million (Q4 2024: -\$0.95 million)
Full-Year Gross Profit: \$6.8 million (2024: \$3.7 million)
Q4 Operating Expenses: \$4.1 million (Q4 2024: \$3.2 million) – Increase due to license/broker fees linked to higher revenue.
Full-Year Operating Expenses: \$11.5 million (2024: \$13.4 million) – Reduced due to declines in selling, marketing, and G&A costs.
Net Loss: Q4: \$2.1 million; Full Year: \$1.8 million (2024: \$9.9 million)
Basic and Diluted Loss per Share: Q4: \$0.02; Full Year: \$0.02 (2024: \$0.09)
Weighted Avg. Shares Outstanding: 116.8 million (2024: 107.5 million)

Balance Sheet

Total Assets: \$15.2 million (2024: \$8.5 million)
Total Liabilities: \$13.8 million (2024: \$6.4 million)
Shareholders’ Equity: \$1.5 million (2024: \$2.2 million)
Cash: \$3.6 million (2024: \$1.3 million)
Accounts Receivable: \$3.6 million (2024: \$1.9 million)
Inventories: \$2.7 million (2024: \$3.4 million)
Debt: Revolving credit facility and loans at \$3.0 million (2024: \$0.3 million)

Non-GAAP Metrics

Adjusted EBITDA: Q4 2025: \$0.48 million; Full-Year 2025: (\$2.0) million (2024: (\$7.2) million)
Adjusted Gross Profit Margin: Q4 2025: 32%; Full-Year 2025: 32% (2024: 27%)
Inventory Write-Downs: Material impairment charges related to the HD9 business due to legislative changes in November 2025.

Important Shareholder Considerations & Potential Price Sensitivities

Major Revenue Growth: The magnitude of sales growth, especially in Q4 and the full year, is well above typical beverage industry benchmarks. This signals successful execution and market expansion, which could positively affect share value.
Positive Adjusted EBITDA: Achieving positive Adjusted EBITDA in Q4 is a critical milestone for Jones Soda and may be viewed favorably by investors seeking profitability.
Guidance for 2026: Aggressive revenue targets for Q1 and FY2026 (exceeding \$40 million, +60% YoY) suggest continued momentum. If achieved, these numbers could drive substantial upside in share price.
Cash & Liquidity Improvement: Cash on hand has nearly tripled, strengthening the company’s financial position and ability to invest in growth.
Operational Risks: Material impairment charges from HD9 business, driven by recent federal legislation prohibiting unregulated sale of intoxicating hemp-based products, could pose ongoing risks depending on regulatory updates.
Strategic Partnerships: New product launches with gaming franchise partners and club channel expansion may open new revenue streams and boost brand visibility.
Cost Management: Significant reductions in selling, marketing, and G&A expenses reflect disciplined management and improved operational efficiency.
Balance Sheet Concerns: Despite improvements, shareholders should note the relatively low equity compared to liabilities, which may affect risk profile.
Forward-Looking Statements: The guidance and expectations provided are subject to substantial uncertainty and risks, including regulatory, competitive, supply chain, and market dynamics.
Discontinued Operations: Sale of the cannabis business contributed a \$3.9 million gain, helping reduce net loss, but future earnings will no longer benefit from this segment.

Upcoming Investor Event

Jones Soda will host a conference call on March 31, 2026 at 4:30 p.m. ET, featuring CEO Scott Harvey and CFO Brian Meadows. Investors and analysts are encouraged to participate via webcast or dial-in for Q&A.

Conclusion

Jones Soda Co. has delivered a breakthrough year in 2025, with exponential revenue growth, improved profitability metrics, enhanced distribution, and promising guidance for 2026. The company’s ability to maintain momentum, execute on partnerships, and navigate regulatory risks will be key to ongoing share price performance. Investors should closely monitor the execution of 2026 guidance and any developments related to the HD9 business and legislative environment.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold shares in Jones Soda Co. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Investors should review the company’s SEC filings and consult their financial advisor before making any investment decisions.