Jones Soda (JSDA) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year with record revenue growth, operational improvements, and strategic divestitures, including the sale of the cannabis business to focus on scalable beverage operations.

• Q4 2025 revenue surged 450% year-over-year to $11.7 million, with positive adjusted EBITDA of $0.5 million.

• Full-year 2025 revenue rose 42% to $25.3 million, with adjusted EBITDA improving by $5.2 million year-over-year.

• Net loss from continuing operations reduced 82% to $1.8 million for 2025, driven by higher gross profit and a gain on the sale of the Cannabis business.

• Operational improvements included streamlined supply chain, disciplined cost management, expanded distribution, and reinvestment in high-impact areas.

Financial highlights

• Full year 2025 revenue reached $25.3 million, up 42% year-over-year from $17.8 million.

• Fourth quarter revenue was $11.7 million, a 450% increase over the prior year quarter.

• Adjusted gross margin for 2025 was 32%, up from 27% in 2024; Q4 adjusted gross margin was 32%, up from 10% in Q4 2024.

• Net loss for 2025 was $1.8 million, an 82% improvement from a $9.9 million loss in 2024.

• Adjusted EBITDA loss for 2025 was $2 million, a 72% reduction from the prior year; Q4 adjusted EBITDA was positive $0.5 million.

Outlook and guidance

• Q1 2026 revenue expected to exceed $12 million, a 260% increase over Q1 2025.

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

• Management aims to accelerate revenue growth, expand margins, and achieve sustained profitability through innovation, digital expansion, and operational efficiency.