Company: JSDA
Filing Date: 2025-07-03
Form Type: S-1
Source: 0001641172-25-017818
Chunk: 61

Company: JONES SODA CO.
Filing Date: 2025-07-03
Form: S-1
Chunk 61
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 annum. The principal, together with accrued interest and a loan fee of $22,000, is due in full by October 10, 2025. A $22,000 loan fee is also due upon repayment. The Company is using the proceeds from this loan for general working capital purposes.

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Results of Operations

Years Ended December 31, 2024 and 2023

|                    |     | 2024          
 (Dollars      
 in thousands) |         |   |     | 2023          
 (Dollars      
 in thousands) |         |   |     | % Change |        |    |
|:-------------------|:----|:--------------|--------:|:--|:----|:--------------|--------:|:--|:----|:---------|-------:|:---|
| Revenue            |     | $             |  19,155 |   |     | $             |  16,669 |   |     |          |  14.91 | %  |
| Cost of Goods Sold |     |               | (15,079 | ) |     |               | (11,814 | ) |     |          |  27.64 | %  |
| Gross Profit       |     |               |   4,076 |   |     |               |   4,855 |   |     |          | (16.05 | %) |
| % of Revenue       |     |               |   21.28 | % |     |               |   29.13 | % |     |          |        |    |

Net Revenue

For the year ended December 31, 2024, our net revenue was approximately $19.2 million, representing an increase of $2.5 million, or 14.9%, compared to approximately $16.7 million in revenue for the year ended December 31, 2023. This growth in net sales revenue was primarily driven by a higher beverage segment sales volume of 15% growth year over year and 9% growth in our Cannabis (THC) business in the U.S. and Canada. The percentage of our revenues generated in Canada for 2024 and 2023 was 18% and 18%, respectively.

For the year ended December 31, 2024, trade spending and promotional allowances, which reduced our gross revenue from product sales, totaled approximately $4.1 million. This represents an increase of approximately