JSDA earnings analysis
What we found in JSDA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.01
- Gross margin
- 29.8%
- Operating margin
- -8.2%
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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