Jones Soda (JSDA) AI Stock Analysis

• Market Cap: $34.83M
• Dividend Yield: N/A
• Average Volume (3M): 89.02K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.64
• Revenue Growth: -15.47%
• EPS Growth: 44.50%
• Country: US
• Employees: 27
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Non-Alcoholic
• EPS (TTM): -0.01
• Shares Outstanding: 117,671,600
• 10 Day Avg. Volume: 95,182
• 30 Day Avg. Volume: 89,016
• PEG Ratio: -0.02
• Price to Book (P/B): 8.08
• Price to Sales (P/S): 0.91
• P/FCF Ratio: -2.94
• Enterprise Value/Market Cap: 0.95
• Enterprise Value/Revenue: 1.98
• Enterprise Value/Gross Profit: 9.85
• Enterprise Value/Ebitda: -8.58
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: $0.26 ▲(0.77% Upside)

The score is held back primarily by weak financial performance—ongoing losses, low margins, and negative/free cash flow—despite low leverage. Offsetting factors include a constructive technical setup (price above key moving averages with positive MACD) and improved operational trends/guidance from the latest earnings call, with liquidity-enhancing corporate actions providing modest additional support.

Positive Factors

Very low leverage / zero debt

A near-zero debt profile materially reduces bankruptcy and interest-rate risk, providing durable financial flexibility. This strengthens the company’s ability to endure continued cash burn, access incremental financing on better terms, and prioritize reinvestment or strategic initiatives over debt servicing.

Improving revenue and gross margins

Sustained top-line growth alongside a meaningful margin rebound indicates improving unit economics from lower trade spend and logistics gains. If maintained, higher gross margins and revenue diversification (HD9, DTC, fountain) support a genuine path to scalable profitability and more resilient cash generation.

Enhanced near-term liquidity via asset sale

Converting illiquid receivables into $1.4M cash materially extends the operating runway and reduces short-term funding pressure. This structural liquidity action, paired with access to capital markets and credit, lowers immediate solvency risk and buys time for operational improvements to take hold.

Negative Factors

Persistent negative operating and free cash flow

Consistent negative operating and free cash flow, with FCF deterioration (~-512% TTM), is a structural weakness that forces reliance on external financing or equity dilution. Without sustained cash generation, investment, growth and solvency are constrained over the medium term.

Ongoing net losses and low gross margins

Despite revenue gains, persistently low and declining gross margins limit the firm’s ability to absorb SG&A and scale profitably. Combined with recurring net losses, this structural margin pressure undermines durable earnings power and makes long-term self-funding of growth unlikely without margin recovery.

Regulatory and distribution execution risks

Regulatory uncertainty around hemp/HD9 products threatens a growing product line and could force reformulation or delisting, reducing addressable market. Coupled with distribution execution issues (e.g., failed Southeast Costco test), these structural hurdles can materially slow national scaling and revenue predictability.

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 sodas made with real cane sugar, unique flavors, and vibrant label designs often featuring consumer-submitted photographs. The company also offers a variety of other beverages, including energy drinks and cream sodas, catering to a diverse consumer base looking for innovative and flavorful options.

How the Company Makes Money

Jones Soda generates revenue primarily through the sale of its beverages, which are distributed through various channels, including grocery stores, convenience stores, and online retailers. The company's revenue model is driven by product sales, which encompass a range of flavored sodas and related beverages. Key revenue streams include direct sales to retailers, wholesale distribution, and online sales through its e-commerce platform. Additionally, Jones Soda has engaged in partnerships and collaborations with various brands and events, which help enhance its market presence and drive sales. The company's unique marketing strategies, including user-generated content and community engagement, also contribute to brand loyalty and repeat purchases, further bolstering its earnings.

Jones Soda Financial Statement Overview

Summary

Strong TTM revenue growth is outweighed by persistent net losses, low gross margins, and consistently negative operating/free cash flow (worsening cash burn). The balance sheet is a relative positive due to very low/zero debt, but ongoing losses and cash burn raise funding/dilution risk.

Income Statement

Revenue has grown meaningfully in TTM (Trailing-Twelve-Months) (up ~175% vs. the prior period shown), but profitability remains weak. Gross margin is low (~20% in TTM) and has trended down from the high-20% range in 2021–2023, indicating limited pricing power and/or higher input costs. Losses are persistent across the period, and while net margin improved versus 2024 (less negative), the business is still operating at a sizable loss in TTM.

Balance Sheet

Leverage is very low, with zero debt in TTM (Trailing-Twelve-Months) and modest debt levels historically, which reduces financial risk. Equity increased versus 2024, but returns remain deeply negative due to continued net losses, highlighting that the capital base is not generating profits. Overall, the balance sheet is a relative strength primarily because the company is not debt-burdened, but ongoing losses are a structural concern.

Cash Flow

Cash generation is the key weak point: operating cash flow and free cash flow are negative across all periods provided, including TTM (Trailing-Twelve-Months). Free cash flow deterioration in TTM (growth ~-512%) signals worsening cash burn, increasing reliance on external funding or balance sheet resources over time. While cash flow moves broadly in line with net losses, the lack of positive operating cash flow reduces financial flexibility.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	16.79M	19.16M	16.67M	19.09M	14.79M	11.89M
Gross Profit	3.37M	4.08M	4.86M	5.14M	4.40M	2.68M
EBITDA	-3.87M	-9.80M	-4.76M	-5.58M	-1.39M	-2.68M
Net Income	-4.22M	-9.89M	-4.85M	-6.40M	-1.81M	-3.00M
Balance Sheet
Total Assets	12.08M	8.52M	9.91M	15.10M	10.25M	9.05M
Cash, Cash Equivalents and Short-Term Investments	199.00K	1.53M	3.87M	7.97M	4.67M	4.61M
Total Debt	0.00	490.00K	357.00K	612.00K	2.78M	2.20M
Total Liabilities	8.73M	6.37M	2.36M	3.33M	5.63M	4.67M
Stockholders Equity	3.35M	2.16M	7.55M	11.77M	4.62M	4.38M
Cash Flow
Free Cash Flow	-5.75M	-5.92M	-3.89M	-5.99M	-2.56M	-1.75M
Operating Cash Flow	-5.75M	-5.89M	-3.82M	-5.96M	-2.53M	-1.53M
Investing Cash Flow	1.01M	-27.00K	-73.00K	100.00K	-31.00K	-214.00K
Financing Cash Flow	1.67M	3.67M	-246.00K	9.21M	2.61M	329.00K

Jones Soda Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.26
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JSDA, the sentiment is Positive. The current price of 0.26 is below the 20-day moving average (MA) of 0.28, below the 50-day MA of 0.26, and above the 200-day MA of 0.21, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 50.38 is Neutral, neither overbought nor oversold. The STOCH value of 34.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JSDA.

Jones Soda Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
COCO	77 Outperform	$3.17B	49.79	24.02%	―	23.12%	16.20%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
JSDA	54 Neutral	$34.83M	-7.82	-109.67%	―	-15.47%	44.50%
BRFH	52 Neutral	$50.14M	-15.97	-167.45%	―	17.48%	0.77%
ZVIA	46 Neutral	$135.76M	-7.87	-23.12%	―	6.17%	41.09%
BNKK	41 Neutral	$21.19M	-0.23	-93.69%	―	104.04%	53.39%
OTLY	38 Underperform	$370.59M	-1.56	-180.66%	―	3.37%	46.17%

Jones Soda Corporate Events

Jones Soda Sells Note, Enhances Liquidity with New Deal

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 Shores Capital Corp. in exchange for a $1.4 million cash payment. As part of the transaction, Jones Soda also granted Two Shores Capital warrants to purchase 550,000 shares of its common stock at $0.40 per share, exercisable for three years, and stated that it plans to use the cash proceeds for general working capital, bolstering its liquidity and financial flexibility.

The most recent analyst rating on (JSDA) stock is a Hold with a $0.32 price target. To see the full list of analyst forecasts on Jones Soda stock, see the JSDA Stock Forecast page.

Jones Soda Expands Leadership Team with New Appointments

On December 8, 2025, Jones Soda Co. appointed Darcey Macken as Chief Operating Officer and Jerry Goldner as Senior Vice President, Partnerships, enhancing their leadership team with experienced executives. The company also increased its revolving credit facility from $5 million to $10 million to support anticipated sales growth, reflecting its strategic focus on expanding its market presence and operational capabilities.

The most recent analyst rating on (JSDA) stock is a Hold with a $0.35 price target. To see the full list of analyst forecasts on Jones Soda stock, see the JSDA Stock Forecast page.

Jones Soda Amends Loan Agreement to Boost Flexibility

On December 1, 2025, Jones Soda Co.’s wholly-owned subsidiary amended its loan agreement with Two Shores Capital Corp., increasing the revolving loan cap to $10 million. This financial maneuver, including an amended and restated revolving credit note, reflects a strategic move to enhance the subsidiary’s financial flexibility and operational capacity.