Craft soda company Jones Soda has reported year-on-year revenue growth of 29%, to $19.1 million (€17.9 million), in its its financial year 2022, up from $14.8 million (€13.9 million) in 2021.
Gross profit as a percentage of revenue was 26.9% compared to 2021 (29.7%), the company noted.
Adjusted EBITDA amounted to $4.6 million (€4.3 million), up from $1.3 million (€1.2 million) in 2021, and included approximately $3.6 million (€3.3 million) in expenses related to the development and marketing of the company’s cannabis infused beverages and related products sold under the 'Mary Jones' brand name.
In the fourth quarter, gross profit as a percentage of revenue was 24.8% (26.5% in 2021).
"2022 was another notable year in which we made our successful entry into the cannabis market with our Mary Jones brand and continued market share gains in our core soda business with the addition of outstanding new partners across all of our distribution channels," said Mark Murray, president and CEO of Jones Soda.
"Despite facing challenges posed by inflationary pressures, we stayed laser-focused on expanding our points of distribution, optimising cost management, and strategically allocating our trade and marketing dollars. We believe this disciplined approach has enabled us to capitalise on growth opportunities despite volatility in the broader consumer market."
Mary Jones Brand
Looking ahead, Jones Soda plans to potentially expand the availability of its Mary Jones cannabis infused beverages and related products across several states in the US.
Recently, the company announced its upcoming expansion into the state of Washington, where it will launch a full portfolio of products across beverages and edibles at both low and high dose options in the coming quarters.
“As we enter our last year of the initial three-year turnaround strategy, I’m proud to say that we are tracking ahead of where we thought we’d be by 2023," said Murray.
"We continue to identify ways to enhance our product portfolio and expand into new territories, and we remain committed to satisfying the demands of our customer base and delivering the experiences they deserve."
© 2023 European Supermarket Magazine – your source for the latest A-Brands news. Article by Robert McHugh. Click subscribe to sign up to ESM: European Supermarket Magazine.