Jones Soda (JSDA) Q2 2026 Earnings Report

Overall the call conveys a positive and improving operating trajectory: the company reported very strong top-line growth, meaningful H1 gross profit and operational improvements, introduced full-year guidance for positive adjusted EBITDA, and secured financing and freight-cost reductions to support margin recovery. Headwinds include Q2 gross margin compression driven by freight/fuel, a Q2 net loss, regulatory-driven collapse in HD9 sales, and execution/timing risks (shipment timing and 3PL transition). On balance, the highlights—substantial revenue expansion, improving adjusted EBITDA trends, improved working capital, and scalable collaboration/D2C momentum—outweigh the lowlights.

The company raised its full‑year fiscal 2026 revenue growth target from 60% to approximately 80% and introduced full‑year adjusted EBITDA guidance, expecting to deliver positive adjusted EBITDA for 2026; management said roughly $2.0 million of shipments shifted from Q2 into July (already shipped) — which at the Q2 gross margin of 27.5% would have added about $550k to adjusted EBITDA — and expects Q3 to be “one of the strongest quarters” in company history. Key underlying metrics supporting the guidance: Q2 revenue of $10.2M (↑108% YoY from $4.9M), six‑month revenue of $22.6M (↑148% YoY), six‑month gross profit $6.7M (↑123% YoY) and six‑month adjusted EBITDA of +$0.2M (vs. -$1.7M prior year); Q2 adjusted EBITDA loss was $312k (vs. -$739k prior). Management expects gross margin to rebound into the 30% range in H2 as freight savings from an RFP (trade‑lane reductions of ~10–36% in June/July; Midwest 35%, Northeast 36%) flow through (with the caveat crude at ~$80/WTI), and noted liquidity of $2.4M cash at June 30 plus ~ $1.9M gross from subsequent private placements and a $10M credit facility; they also flagged that an uplist would likely require $10–15M of capital and that the Rap Snacks collaboration is expected to begin contributing revenue in fiscal 2027 (targeting a Q1–Q2 2027 launch).