Jones Soda (OTCMKTS:JSDA) executives outlined a growth strategy centered on product innovation, licensed partnerships, expanded distribution and direct-to-consumer sales, while forecasting more than $45 million in revenue and adjusted positive EBITDA for the current year.
CEO Scott Harvey and CFO Brian Meadows, who both joined the company in 2025, described the Seattle-based craft soda maker as a “30-year-old startup” that is seeking to build on its established brand recognition while adding greater financial discipline.
Harvey said Jones differentiates itself through its use of cane sugar rather than high-fructose corn syrup, distinctive flavors and its ability to move quickly on new products and partnerships. The company recently launched Jones ZEROs, a reduced- or no-sugar offering designed to appeal to consumers seeking lower-sugar alternatives.
“I also think that over the years, that we’ve lost some of our consumer base just because we are a full sugar product,” Harvey said. “So introduction of the ZEROs gives our consumers the opportunity to come back to a brand and a flavor profile that they love, but with the less sugar that they’re looking for today.”
Revenue Growth and Financial Controls
Meadows said Jones generated $16.7 million in net revenue in 2023 and $17.8 million in 2024. Revenue reached $25.3 million in 2025, representing 40% growth, while the company reduced its EBITDA loss to slightly more than $2 million from about $7 million in the prior year, according to Meadows.
For the current year, management is guiding for revenue of more than $45 million, or roughly 80% growth, and adjusted positive EBITDA. Jones said it plans to report third-quarter results on Nov. 10.
Meadows said Jones had approximately 126 million common shares outstanding, with approximately 140 million shares on a fully diluted basis, as well as a $10 million revolving line of credit. The revolver is intended to help finance larger customer opportunities, including Costco programs. As of the end of the second quarter, the company had drawn $3.7 million on the facility, he said.
Harvey said the leadership team has instituted a more formal review process for contracts and sales pricing. “Nobody in the company signs contracts, nobody offers any sales pricing unless it goes through a rigorous process to make sure that the economics and the deal terms make sense for us,” he said.
Fallout, Crayola and Other Partnerships
A major component of Jones’ growth plan is licensed products and promotional partnerships. Harvey highlighted the company’s relationship with Bethesda’s Fallout franchise, which includes video games and a television series. Jones has developed Nuka-Cola Quantum and other Fallout-themed beverages, including Sunset Sarsaparilla.
According to Harvey, an initial Costco rollout of a Fallout product was planned for 24 truckloads in one region but sold out within one week. Costco subsequently requested 295 additional truckloads, he said. The products include premium packaging and collectible bottle caps tied to the game’s fictional currency.
Jones also sells collectible Fallout rocket bottles. Harvey said the company sold 20,000 of the first version within a week at $65 per bottle, including shipping. A recently launched orange version had exceeded 11,000 units sold at the time of the presentation.
Harvey said the partnership’s first launch generated 27.5 million social-media impressions. Jones has two years remaining under its Bethesda agreement and plans further product rotations. The company is also seeking additional entertainment and licensing relationships to diversify its partnership pipeline.
Other partnerships include Crayola and Folds of Honor, an organization supporting veterans. Jones plans to renew its Crayola collaboration next year and pursue wider retail distribution after initially offering the products through direct-to-consumer channels and selected retailers.
Distribution and Direct-to-Consumer Expansion
Jones said it is expanding its retail reach, including an upcoming November launch at H-E-B in Texas. Harvey said the brand will enter more than 240 H-E-B stores with eight facings per store. The company’s retail and club customers include Costco, Albertsons, Hy-Vee, Meijer and H-E-B, while Canadian distribution includes 1,750 Circle K and Couche-Tard stores in the Montreal area.
The company also works with distributors including UNFI and KeHE, sells through Amazon and Gopuff, and operates its own online store. Harvey said Jones had more than 35 direct-store-delivery distributors in 2025.
Direct-to-consumer sales have grown from roughly $100,000 during the executives’ first year with the company to about $1 million last year and approximately $5 million this year, Harvey said. Through August, Shopify net sales totaled $2.69 million, with 55,000 orders, up 355% from the previous year. Site impressions reached 3.82 million, a 434% increase, he said.
Jones is rebuilding its website to support subscriptions, improve checkout conversion and collect more consumer data, according to Harvey.
Future Platforms and Margin Outlook
Management identified three long-term growth platforms: core beverages, consumer lifestyle products and functional health. The functional-health effort could include products addressing gut health, metabolic health, GLP-1-related consumer needs and healthy aging, Harvey said.
Jones has established a subsidiary called Jones Labs, under which it intends to introduce a functional-health product that is currently in clinical testing. Harvey said the product is expected to launch early next year under a separate brand rather than the Jones Soda name.
The company has also obtained a national alcohol license, which Harvey said provides an easier pathway should Jones decide to pursue alcohol products.
In response to a question about margins, Meadows said gross-margin performance should improve in the third and fourth quarters. He cited fuel prices and the end of the company’s HD9 business, which had carried margins roughly 10 percentage points higher than the rest of the business, as factors affecting comparisons.
Meadows said management is focused on pursuing an uplisting to the NYSE American exchange in the first quarter of 2027 to improve liquidity and valuation. He added that the company would consider alternatives that create shareholder value, including a potential offer from a larger beverage company.
About Jones Soda (OTCMKTS:JSDA)
Jones Soda Co is a beverage company that develops, markets and distributes branded non-alcoholic drinks. Its product portfolio is centered on Jones Soda, a line of carbonated soft drinks known for distinctive flavors, colorful packaging and consumer-submitted bottle artwork.
The company also offers products under related Jones Soda lines, including cane-sugar sodas, zero-calorie beverages and other specialty drinks. Its products are sold through retail, foodservice, convenience, specialty and online channels, primarily in North America.
Jones Soda was originally established as Urban Juice & Soda Company and later adopted the Jones Soda name.
