Jones Soda Co. announced its financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, revenue was $2.8 million, a decrease from $3.5 million in the prior year period, primarily due to a distributor transition in Canada and the loss of a discount retail customer in the U.S.
The company reported a net loss of $4.6 million, or $(0.04) per share, for Q4 2024, significantly wider than the $1.5 million net loss, or $(0.02) per share, in Q4 2023. Adjusted EBITDA for the quarter was $(4.4) million, compared to $(1.4) million in the prior year.
Gross profit for Q4 2024 was $(1.3) million, down from $0.7 million, primarily driven by a one-time $1.2 million inventory write-off. This write-off resulted from management's decision to discontinue certain underperforming new products, including Jones Plus and Low mg HD9 products.
For the full year 2024, revenue increased by 15% to $19.1 million, up from $16.7 million in 2023. This growth was primarily attributable to a 148% year-over-year increase in sales of Mary Jones branded products, which generated $3.1 million in revenue, and a 5% growth in the core soda business.
Despite the revenue growth, the full-year net loss widened to $9.9 million, or $(0.09) per share, compared to a net loss of $4.9 million, or $(0.05) per share, in 2023. Adjusted EBITDA for the full year was $(8.7) million, compared to $(4.1) million in 2023, impacted by increased operating expenses and the inventory impairment.
As of December 31, 2024, cash and cash equivalents totaled $1.5 million. Subsequent to the end of the year, the company secured a new $5 million revolving credit facility in February 2025, which is expected to support future sales growth and liquidity.
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