Company: JSDA
Filing Date: 2025-07-03
Form Type: S-1
Source: 0001641172-25-017818
Chunk: 64

Company: JONES SODA CO.
Filing Date: 2025-07-03
Form: S-1
Chunk 64
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 December 31, 2024 increased to approximately $9.9 million from a net loss of $4.9 million for the year ended December 31, 2023 or an increase of $5 million. The majority of the increase in net loss in 2024 compared to 2023 was primarily driven by inventory impairment charges of $1.2 million discussed above, increased sales and marketing expenditures of $1.7 million and increased legal and travel costs of $1.5 million. The Company is focused on tighter management of inventory, legal and sales and marketing expenditures in 2025.

Three months ended March 31, 2025 and 2024

|                    |     | (Dollars      
 in thousands) |        |   |     | (Dollars      
 in thousands) |        |   |     | %      
 Change |      |    |
|:-------------------|:----|:--------------|-------:|:--|:----|:--------------|-------:|:--|:----|:-------|:-----|:---|
| Revenue            |     | $             |  4,608 |   |     | $             |  4,999 |   |     |        | (7.8 | %) |
| Cost of Goods Sold |     |               | (2,891 | ) |     |               | (3,107 | ) |     |        | (7.0 | %) |
| Gross Profit       |     |               |  1,717 |   |     |               |  1,892 |   |     |        | (9.2 | %) |
| % of Revenue       |     |               |   37.3 | % |     |               |   37.8 | % |     |        |      |    |

Revenue

For the quarter ended March 31, 2025, revenue decreased by approximately $0.4 million, or 7.8%, to approximately $4.6 million compared to approximately $5.0 million for the quarter ended March 31, 2024. The decrease in sales revenue was primarily the result of a large pipeline fill by a new distributor in Canada in the first quarter of 2024 that was not repeated in the current period. First quarter 2025 revenues included significantly higher sales of hemp-derived Delta-9 products compared to the prior period.

| 40 |

For the quarter ended March 31,