10-K · May 22, 2026
In the 2025 10-K filing, Jones Soda Co. reported a total revenue of $25.3 million, a significant increase of 42.7% from $17.8 million in 2024. While facing ongoing challenges, the company's net loss narrowed to $1.8…
Earnings analysis · 10-Q
JSDA earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Jones Soda’s second quarter showed meaningful sequential improvement: revenue increased 25% to $5.0 million, gross margin expanded to 29.8%, and operating margin improved to negative 8.2%. However, revenue was flat year…
Read full summary
Jones Soda’s second quarter showed meaningful sequential improvement: revenue increased 25% to $5.0 million, gross margin expanded to 29.8%, and operating margin improved to negative 8.2%. However, revenue was flat year over year, diluted EPS remained negative at $0.01, and free cash flow was negative $814,000. The filing provides no quantitative guidance, segment or balance-sheet detail, and reports no material changes to the prior risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.01
What stood out
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Sequential revenue growth
Revenue was $5.0 million, up $1.0 million, or 25%, from $4.0 million in Q1 2012, and unchanged from $5.0 million in Q2 2011.
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Gross margin expanded
Gross margin improved to 29.8% from 27.1% sequentially and 28.8% year over year, increases of 270 basis points and 100 basis points, respectively.
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Operating loss narrowed
Operating margin improved to negative 8.2% from negative 42.5% in Q1 2012 and negative 36.0% in Q2 2011, an improvement of 34.3 and 27.8 percentage points.
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EPS loss improved
Diluted EPS improved to negative $0.01 from negative $0.05 in the prior quarter and negative $0.06 in the prior-year quarter.
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Cash burn improved sequentially
Free cash flow was negative $814,000, compared with negative $1.0 million in Q1 2012 and negative $793,000 in Q2 2011.
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Controls remained effective
Management concluded that disclosure controls were effective as of June 30, 2026, and reported no changes in internal controls that materially affected, or were reasonably likely to materially affect, reporting during the six months ended June 30, 2026.
What to watch
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Operating losses persist
The company remained unprofitable, with an operating margin of negative 8.2% and diluted EPS of negative $0.01 for the quarter.
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Continued negative free cash flow
Free cash flow remained negative at $814,000, indicating continued cash consumption despite the sequential improvement from negative $1.0 million.
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No year-over-year revenue growth
Revenue was flat year over year at $5.0 million, limiting evidence of underlying top-line growth despite the 25% sequential increase from $4.0 million.
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Existing risk profile unchanged
The filing states there were no material changes to the risk factors in the December 31, 2025 Form 10-K; therefore, the existing risk profile remains applicable rather than being reduced by new disclosures.
Management's outlook
The filing provides no quantitative revenue or EPS guidance. Management stated that disclosure controls were effective as of June 30, 2026, and that there were no material changes to the risk factors from the December 31, 2025 Form 10-K.
Earlier filings 3
10-Q · May 14, 2026
For the quarter ended March 31, 2026, JSDA reported revenue of approximately $12.4 million, representing a significant increase of 193.9% compared to the same quarter last year. Despite an increase in operating…
10-K · April 30, 2026
For the fiscal year ending December 31, 2025, JSDA reported annual revenue of $46.5 million, reflecting a year-over-year increase but faced challenges in profitability with an EPS reported at -0.02 for Q4 2025. The…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.