JSDAOTCBeveragesUS GAAP · USD

Jones Soda Co.

Jones Soda Co. develops, markets, and distributes premium beverages built around its core Jones Soda brand and a growing portfolio of adjacent concepts. The company sells through retail, fountain, direct-to-consumer, and alternative adult beverage channels, with a focus on differentiated flavors, brand-led packaging, and new product formats such as Pop Jones, Fiesta Jones, Mary Jones, and Spiked Jones.

Revenue25.3m USD
+42.2 %y/y
Operating profit (EBIT)-4.8m USD
+51.0 %y/y
EBIT margin-18.8%
+35.9 ppy/y
Net income-1.8m USD
+82.0 %y/y
Free cash flow-1.7m USD
+72.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-100102030m USD2020: 12 m USD2020: EBIT -2.8 m USD20202021: 15 m USD2021: EBIT -1.9 m USD20212022: 19 m USD2022: EBIT -6.1 m USD20222023: 17 m USD2023: EBIT -4.9 m USD20232024: 18 m USD2024: EBIT -9.7 m USD20242025: 25 m USD2025: EBIT -4.8 m USD202525-4.8
RevenueOperating profit (EBIT)

Business

Share of revenue
Core soda and glass bottles45 %

Jones Soda-branded bottled beverages sold through retail and other channels.

Fountain beverages20 %

Branded fountain soda programs, equipment, cups, and foodservice offerings.

Modern soda brands10 %

Pop Jones and Fiesta Jones products positioned for the modern soda category.

Alternative adult beverages15 %

Mary Jones THC/CBD-infused beverages, edibles, and related products.

Spiked Jones5 %

Alcohol-infused hard craft sodas launched to extend the brand into adult beverages.

Direct-to-consumer and other5 %

Online and other smaller-format sales including test markets and ancillary products.

Customers

Jones Soda sells to a mix of retail, foodservice, and direct consumers who want differentiated beverages rather than mainstream cola offerings. Its customer base includes quick service restaurants, corporate accounts, retailers, celebrity chefs, convenience stores, club channels, and independent accounts such as delicatessens and sandwich shops. The Mary Jones line also targets adult consumers in jurisdictions where hemp-derived or cannabis-infused products are permitted.

Foodservice and fountain accounts

Restaurants, QSRs, corporate accounts, and celebrity chefs buy fountain products and equipment to offer a differentiated beverage experience.

Retail packaged beverage buyers

Grocery, convenience, gas, club, and independent retail accounts buy bottled and canned Jones products for shelf sales and impulse purchases.

Direct-to-consumer shoppers

Consumers buy online or through direct channels for niche flavors, limited offerings, and brand engagement.

Adult beverage and cannabis channel customers

Licensed retailers and adult consumers buy Mary Jones and Spiked Jones products where regulations allow.

Strategy

Management is focused on sales growth by broadening distribution, adding new product formats, and improving mix toward higher-margin offerings. The company is pushing four main growth vectors: core glass bottles, modern soda brands, fountain, and Mary Jones/Spiked Jones, while also emphasizing direct-to-consumer and channel expansion in club, foodservice, and convenience. Recent disclosures also show a push to reduce operating expense and improve liquidity while the business works through recurring losses.

Broaden distribution for core and new beverage linesShort term

More channels and accounts increase shelf presence, trial, and repeat purchase opportunities.

Build the modern soda portfolioMedium term

Pop Jones and Fiesta Jones help the company participate in newer soda occasions and consumer tastes.

Scale Mary Jones and Spiked JonesMedium term

These brands offer higher-growth adjacency and can diversify the company beyond core soda.

Improve operating efficiency and margin mixShort term

The company has recurring losses, so cost control and higher-margin products are critical to viability.

Geography

Q1/2026

Jones Soda primarily generates business in the United States and Canada, with management also noting select international markets. The company is expanding its fountain program in both the U.S. and Canada, while Mary Jones has launched in Canadian provinces such as Ontario, British Columbia, and Alberta. Geography matters because regulatory differences are especially important for hemp-derived and THC/CBD products, and because distribution coverage is central to shelf presence and fountain adoption.

United States77 %
Canada23 %

Share of the revenue the company reports by geography.

Risks

Jones Soda faces execution risk because it depends on distributors, retailers, and contract manufacturers to scale a relatively small brand portfolio. Demand can be volatile, especially in core soda where one-time pipeline fills can distort comparisons, while new products must win consumer acceptance in crowded beverage categories. The Mary Jones line adds regulatory and compliance risk, and the company also carries going-concern and liquidity pressure given recurring losses and negative operating cash flow.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Liquidity and going-concern pressure1Distribution partner dependence3Consumer demand and product acceptance4Cannabis/hemp regulatory change2Supply chain and contract manufacturing5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Liquidity and going-concern pressureImpact: CriticalLikelihood: Medium

    The company has recurring operating losses and negative cash flow, increasing financing dependence.

    Exposure: Corporate liquidity and debt capacity

  2. Cannabis/hemp regulatory changeImpact: HighLikelihood: High

    New rules could require reformulation, inventory write-downs, or channel restrictions for Mary Jones products.

    Exposure: Mary Jones THC/CBD and hemp-derived products

  3. Distribution partner dependenceImpact: HighLikelihood: Medium

    The company relies on independent distributors, retailers, brokers, and national accounts to stock and sell its products.

    Exposure: Retail and foodservice channels

  4. Consumer demand and product acceptanceImpact: HighLikelihood: Medium

    Growth depends on launching products that fit beverage trends and sustain repeat purchases.

    ExposureCore sodaModern sodaSpiked JonesMary Jones
  5. Supply chain and contract manufacturingImpact: MediumLikelihood: Medium

    Third-party manufacturing and raw material availability can disrupt production and raise costs.

    ExposureGlassFlavorsPackagingCo-manufacturing

Accounting

Judgemental items
Revenue recognition timing and order lumpiness

Large customer orders can make quarter-to-quarter comparisons noisy and affect trend interpretation.

Impact: Reported revenue and gross margin can swing materially by quarter

Inventory valuation and obsolescence

Cannabis/hemp products may require reformulation or discontinuation, creating write-down risk.

Impact: Cost of goods sold and inventory balances

Debt and interest expense under the loan agreement

The new secured facility changes financing costs and covenant/liquidity considerations.

Impact: Interest expense, leverage, and cash flow disclosures

Going-concern assessment

Recurring losses and negative operating cash flow require management judgment on funding sufficiency.

Impact: Liquidity disclosures and investor risk assessment

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Jones Soda Co. (OTC) – Beverages | Financial Analysis – Clarifo