Jones Soda (JSDA) investor relations material

Executive summary

• Achieved transformational growth in 2025, with revenue up 42% year-over-year to $25.3 million, driven by expanded distribution, product innovation, and operational improvements.

• Q4 2025 revenue surged 450% year-over-year to $11.7 million, with positive adjusted EBITDA of $0.5 million, fueled by Fallout licensed products and club channel expansion.

• Strategic divestiture of the cannabis business generated a $3.9 million gain, allowing focus on scalable beverage operations and strengthening the balance sheet.

• Operational discipline, cost reductions, and reinvestment in high-impact areas supported growth and efficiency, including streamlined supply chain and expanded distribution.

Financial highlights

• Full year 2025 revenue grew 42% to $25.3 million from $17.8 million in 2024.

• Adjusted gross margin improved to 32% from 27% year-over-year, despite a $1.2 million one-time inventory write-down related to HD9.

• Net loss reduced to $1.8 million from $9.9 million, an 82% improvement, aided by a $3.9 million gain on the cannabis business sale and $5 million reduction in operating loss.

• Adjusted EBITDA loss narrowed to $2 million from $7.2 million, a 72% improvement.

• Q4 revenue surged 450% year-over-year to $11.7 million; Q4 adjusted EBITDA turned positive at $0.5 million versus a $2.7 million loss prior year.

• Cash on hand at year-end was $3.6 million, up from $1.3 million.

Outlook and guidance

• Q1 2026 revenue expected to exceed $12 million, a 260% increase over prior year Q1.

• Full year 2026 revenue growth projected to exceed 60% over 2025, with FY2026 revenue projected to surpass $40 million.

• Continued focus on innovation, digital expansion, and operational efficiency to drive growth and achieve sustained profitability.