SEATTLE — Jones Soda Co. sustained a loss of $576,000 in the second quarter ended June 30, which compared with a loss of $363,000 in the same period a year ago. Net revenues also were lower, falling 11% to $3,489,000 from $3,927,000.
“In the second quarter, we experienced a difficult revenue comparison to the prior-year period as we did not repeat several limited-time offerings in our fountain business,” Jennifer L. Cue, president, chief executive officer and acting chief financial officer, said during an Aug. 8 conference call with analysts. “Despite this headwind, we still remain very confident in our fountain segment as we have a strong pipeline of new opportunities with demand for craft soda continuing to grow.”
Prior to the end of the second quarter, Jones Soda announced what Ms. Cue called a “transformational financing agreement” with Heavenly Rx. Heavenly Rx provided significant cash infusion into Jones Soda. Ms. Cue said Jones Soda has begun working on several initiatives with the team from Heavenly Rx, including the development of a C.B.D.-infused beverage line.
“The capital we raised and the financing will provide us the necessary funds to grow and enhance our existing portfolio, while pursuing new extensions to Jones products, including the development and launch of C.B.D.-infused beverages,” she said. “In addition to the capital, the Heavenly Rx team brings a vast amount of experience in product innovation, sales and marketing in the retail industry, and we will leverage these relationships to significantly increase our brand’s footprint.”
In the six months ended June 30, Jones Soda’s loss widened to $1,372,000 from $832,000 a year ago. Net revenues totaled $6,313,000, down 7% from $6,764,000.