Jones Soda Co. filed for an IPO. The craft soda and hemp-infused beverage maker just posted FY25 revenue of $25.3M, a 42% jump year-over-year.

Gross margins expanded over 1,000 basis points to 28.9% in Q3. The turnaround under new management is showing up in the numbers, with Q1 2026 revenue projected above $12M. They’re pivoting hard into HD9 hemp beverages after divesting marijuana-derived THC lines. But the recent Fallout brand collab is a major growth driver—and a key risk if licensed IP demand cycles down. The CFO just bought over 300K shares in a private placement. Insider confidence is clear, but sustaining triple-digit growth beyond the current retail expansion with Costco and Circle K is the real test.

Gross margins expanded over 1,000 basis points to 28.9% in Q3. The turnaround under new management is showing up in the numbers, with Q1 2026 revenue projected above $12M.