Jones Soda Co. (JSDA)
OTHER OTC:JSDA
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Jones Soda
(OTC:JSDA)
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Rating:50Neutral
Price Target:
$0.26
▲(1.15% Upside)
Action:ReiteratedDate:04/03/26
The score is held back primarily by weak financial performance (ongoing losses and negative cash flow), with technicals also soft. These are partially offset by a strong and improving operational trajectory highlighted on the earnings call (upbeat growth guidance, margin and cost improvements, and better liquidity). Valuation remains constrained by the lack of profitability.
Positive Factors
Revenue Growth & Guidance
Record Q4 orders, IP partnerships and distribution gains underpin a multi-quarter growth trajectory. If management executes on expanded retail footprint and repeatable partnerships, elevated organic demand and guided >60% FY26 growth support durable scale benefits to margins and fixed-cost absorption.
Negative Factors
Persistent Negative Cash Generation
Despite narrowing cash burn, the company remains a recurring cash user with negative free cash flow, implying continued dependence on external funding, asset sales or credit. Sustained negative cash generation raises execution risk if revenue growth stalls or working capital needs spike.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Guidance
Record Q4 orders, IP partnerships and distribution gains underpin a multi-quarter growth trajectory. If management executes on expanded retail footprint and repeatable partnerships, elevated organic demand and guided >60% FY26 growth support durable scale benefits to margins and fixed-cost absorption.
Read all positive factors
Jones Soda (JSDA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.76M
Dividend YieldN/A
Average Volume (3M)89.02K
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth-15.47%
EPS Growth44.50%
CountryUS
Employees27
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Non-Alcoholic
Share Statistics
EPS (TTM)-0.02
Shares Outstanding118,778,490
10 Day Avg. Volume95,182
30 Day Avg. Volume89,016
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)22.55
Price to Sales (P/S)1.31
P/FCF Ratio-19.24
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue1.21
Enterprise Value/Gross Profit4.52
Enterprise Value/Ebitda-29.19
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Jones Soda Business Overview & Revenue Model
Company Description
Jones Soda Co. is a beverage company known for its distinctive, flavored sodas and creative packaging. Founded in 1986 and headquartered in Seattle, Washington, Jones Soda operates in the non-alcoholic beverage sector, primarily focusing on craft ...
How the Company Makes Money
Jones Soda makes money primarily by selling its branded beverages to customers through wholesale distribution and direct sales. The core revenue stream is product sales of Jones Soda beverages (and any other beverage brands or products the company...
Jones Soda Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and commercial turnaround: strong top-line growth (42% FY, 450% Q4), margin expansion, sharply reduced losses and healthier liquidity, driven by successful IP partnerships and operational discipline. Notable challenges remain — primarily a $1.2M HD9 inventory write-down and ongoing regulatory uncertainty for hemp-derived products, the need to reposition Spiked Jones, Q4 SG&A uptick tied to licensing/brokers, and manufacturing/scale constraints for specialty SKUs. On balance, the momentum (revenue, margins, cash, partnerships, and cost cuts) substantially outweighs the headwinds, though regulatory risks and execution on scale remain watch items.Positive Updates
Strong Revenue Growth (FY and Q4)
Full year 2025 revenue of $25.3M versus $17.8M prior year, a 42% increase. Fourth quarter 2025 revenue reached $11.7M (company record) versus $2.6M prior period, a 450% increase.
Negative Updates
HD9 Inventory Write-Down and Regulatory Uncertainty
A $1.2M one-time inventory write-down was recorded associated with the HD9 business due to federal legislative changes enacted in 2025. The HD9 line is not expected to be a material growth product in 2026 and regulatory timing/ enforcement remains uncertain through late 2026, creating material risk and complexity.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth (FY and Q4)
Full year 2025 revenue of $25.3M versus $17.8M prior year, a 42% increase. Fourth quarter 2025 revenue reached $11.7M (company record) versus $2.6M prior period, a 450% increase.
Read all positive updates
Company Guidance
Management guided first-quarter 2026 revenue to exceed $12.0 million (roughly +260% vs. prior-year Q1) and said full-year 2026 revenue growth should exceed 60% over 2025’s $25.3 million (implying >$40.5M); they highlighted Q4 2025 revenue of $11.7M (a 450% YoY increase) and adjusted gross margin of 32% (up from 27% FY and 10% in Q4 prior), noting a $1.2M one‑time HD9 inventory write‑down. Operational improvements include trade spend cut (≈20% to ≈10% FY; 33% to 10% in Q4), COGS improvement (Q4 COGS 71% → 54%), freight & warehousing down (17% → 16% FY), SG&A reduced 14% (20% excluding $0.7M higher broker/licensing costs) with $2.4M removed, and product/warehousing further cost‑reduction opportunities planned for 2026 (freight may rise with oil). Profitability and liquidity metrics cited: FY net loss $1.8M vs $9.9M prior (82% improvement), adjusted EBITDA loss $2.0M vs $7.2M prior (72% improvement) with Q4 adjusted EBITDA +$0.5M, cash $3.6M (vs $1.3M), a $10M line of credit (up from $5M) with $3M drawn, and sale of a $2M promissory note for $1.4M; management also said HD9 won’t be material in 2026 and Spiked Jones will be reformulated to 4–5% ABV for a targeted regional rollout.Jones Soda Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
56
Neutral
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 25.30M | 19.16M | 16.67M | 19.09M | 14.79M |
| Gross Profit | 6.76M | 4.08M | 4.86M | 5.14M | 4.40M |
| EBITDA | -1.05M | -9.80M | -4.76M | -5.58M | -1.39M |
| Net Income | -1.78M | -9.89M | -4.85M | -6.40M | -1.81M |
Balance Sheet | |||||
| Total Assets | 15.23M | 8.52M | 9.91M | 15.10M | 10.25M |
| Cash, Cash Equivalents and Short-Term Investments | 3.60M | 1.53M | 3.87M | 7.97M | 4.67M |
| Total Debt | 3.43M | 490.00K | 357.00K | 612.00K | 2.78M |
| Total Liabilities | 13.76M | 6.37M | 2.36M | 3.33M | 5.63M |
| Stockholders Equity | 1.47M | 2.16M | 7.55M | 11.77M | 4.62M |
Cash Flow | |||||
| Free Cash Flow | -1.72M | -5.92M | -3.89M | -5.99M | -2.56M |
| Operating Cash Flow | -1.26M | -5.89M | -3.82M | -5.96M | -2.53M |
| Investing Cash Flow | 441.00K | -27.00K | -73.00K | 100.00K | -31.00K |
| Financing Cash Flow | 2.50M | 3.67M | -246.00K | 9.21M | 2.61M |
Jones Soda Technical Analysis
Negative
0.26
Price Trends
0.28
Negative
0.27
Negative
0.22
Positive
Market Momentum
>-0.01
Positive
44.91
Neutral
17.86
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JSDA, the sentiment is Negative. The current price of 0.26 is below the 20-day moving average (MA) of 0.27, below the 50-day MA of 0.28, and above the 200-day MA of 0.22, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 44.91 is Neutral, neither overbought nor oversold. The STOCH value of 17.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JSDA.
Jones Soda Risk Analysis
Jones Soda disclosed 11 risk factors in its most recent earnings report. Jones Soda reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Jones Soda Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $2.91B | 42.30 | 23.19% | ― | 23.12% | 16.20% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
52 Neutral | $46.31M | -15.32 | -151.77% | ― | 17.48% | 0.77% | |
52 Neutral | $384.38M | -2.13 | -241.39% | ― | 3.37% | 46.17% | |
50 Neutral | $30.76M | -18.58 | -67.43% | ― | -15.47% | 44.50% | |
46 Neutral | $87.87M | -15.19 | -19.06% | ― | 6.17% | 41.09% | |
42 Neutral | $19.47M | -0.16 | -93.69% | ― | 104.04% | 53.39% |
* Consumer Defensive Sector Average
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Jones Soda
0.26
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37.04%
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Jones Soda Corporate Events
Business Operations and StrategyExecutive/Board Changes
Jones Soda Revises CFO Stock Options to Time-Based Vesting
Positive
Apr 2, 2026
Jones Soda Co. has revised the terms of previously granted stock options awarded to Chief Financial Officer Brian Meadows, originally issued on September 9, 2025, to purchase 750,000 shares under its 2022 Omnibus Equity Incentive Plan. Effective M...
Business Operations and StrategyPrivate Placements and Financing
Jones Soda Sells Note, Enhances Liquidity with New Deal
Positive
Jan 23, 2026
On January 16, 2026, Jones Soda Co. agreed to sell a secured promissory note originally issued by MJ Reg Disrupters, LLC, assigning a remaining balance of $2 million on the note—previously due in installments through June 2028—to Two S...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.