Jones Soda

JSDA

Beverages - Non-Alcoholic · Consumer Defensive

Price

$0.33

+0.02 (+7.54%)

Market Cap

$39.0M

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+78.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 65.5M (2021) → 116.8M (2025)

Jones Soda Co. makes and sells flavored soft drinks and other beverages. The company is known for its glass-bottle sodas with unusual flavors and customer-submitted photos on the labels, which has built a small but loyal fan base over the years. It sells to grocery stores, convenience stores, and online retailers, mainly in the United States and Canada.

Jones makes money by selling its drinks to distributors and retailers, who then sell them to consumers. The company is small, with a market cap near zero and an operating loss, meaning it currently spends more than it earns. Jones has tried to grow by entering the cannabis-infused beverage market through a licensed product line, but it faces intense competition from large soda brands like Coca-Cola and PepsiCo that have far greater resources and shelf space. The main risk is whether Jones can grow revenue fast enough to stop losing money before it runs out of financial runway.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+169.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+113.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

20.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~15 months

$4M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Jones Soda grew revenue 170% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

31.4%

Modest — 31.4% gross margin

Operating Margin

2.8%

Thin — 2.8% operating margin

ROCE

19.5%

Strong — 19.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+76.5%

Fast-growing sales (76.5% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-2.6%

Burning cash (-2.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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