Potted Herbs and Basil Bowls Available for Home Gardening Enthusiasts Sustainably driven Edible Garden Heartland facility in Grand Rapids, Michigan to manage the entire production, packaging, and distribution process Strategic use of backhauls and leveraging Edible Garden Heartland can significantly reduce CO2 emissions BELVIDERE, NJ, April 29, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated ("Edible Garden" or the "Company") (NASDAQ:EDBL, EDBLW))), a leader in controlled environment agriculture (C ...

Iselin, NJ, April 23, 2024 (GLOBE NEWSWIRE) -- Ernst & Young LLP today announced that Jim Kras, CEO of Edible Garden AG Incorporated ("Edible Garden" or the "Company") (NASDAQ:EDBL, EDBLW))) was named an Entrepreneur Of The Year® 2024 New Jersey Award finalist. Now in its 38th year, Entrepreneur Of The Year is the preeminent competitive business award for audacious leaders who disrupt markets, revolutionize sectors and have a transformational impact on lives. Over the past four decades, the program has reco ...

BELVIDERE, NJ, April 22, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated ("Edible Garden" or the "Company") (NASDAQ:EDBL, EDBLW))), a leader in controlled environment agriculture (CEA), locally grown, organic, and sustainable produce and products, today announced that it received notice from Nasdaq on April 19, 2024 indicating that the Company had regained compliance with the minimum bid price requirement under Nasdaq Rule 5550(a)(2). Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, ...

Edible Garden (NASDAQ:EDBL) stock is rocketing higher on Wednesday after the company announced preliminary results for the first quarter of 2024.According to Edible Garden, its produce revenues for the quarter have jumped 40% year-over-year. The company also notes that its cut herb revenue increased 200% from the same period of the year prior.Edible Garden notes that these massive revenue increases are thanks to its investments in equipment and infrastructure. Additions to its retail distribution also resul ...

BELVIDERE, NJ, April 17, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated ("Edible Garden" or the "Company") (NASDAQ:EDBL, EDBLW))), a leader in controlled environment agriculture (CEA), locally grown, organic, and sustainable produce and products, today announced a preliminary first-quarter year-over-year increase in produce revenues of 40% and an increase in cut herb revenue of more than 200% compared to the same period last year. This growth resulted from the Company's investments in equipment and ...

BELVIDERE, NJ, April 03, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated ("Edible Garden" or the "Company") (NASDAQ:EDBL, EDBLW))), a leader in controlled environment agriculture (CEA), locally grown, organic and sustainable produce and products, today announced a new initiative aimed at vertical integration of its Edible Garden Heartland facility in Grand Rapids, Michigan, allowing the Company to shift production of its potted herbs from contract-growers to in-house production which is expected to e ...

BELVIDERE, NJ, April 02, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated ("Edible Garden" or the "Company") (NASDAQ:EDBL, EDBLW))), a leader in controlled environment agriculture (CEA), locally grown, organic and sustainable produce and products, today announced a planned reverse stock split of its shares of common stock at a ratio of 1-for-20. The reverse stock split will take effect as of 12:01 a.m. ET, on Friday, April 5, 2024, and shares of Edible Garden will trade on a post-split basis on Nasdaq ...

Financial Data and Key Metrics - Revenue for Q4 2023 increased by 32.8% to $4.1 million compared to $3.1 million in Q4 2022, driven by higher demand, product line expansion, and increased retail footprint [54] - Annual revenue for 2023 totaled $14 million, a 21.6% increase from $11.6 million in 2022, attributed to sales of herbs, produce, floral products, and vitamins [31] - Gross profit margin improved by 270 basis points to 5.85% in 2023, up from 3.15% in 2022, due to reduced reliance on contract growers [32] - Net loss for 2023 was $10.2 million, or $3.08 per share, compared to $12.5 million, or $48.68 per share in 2022, including a one-time non-cash impairment charge of $700,000 [57] Business Line Data and Key Metrics - Sales of vitamins and supplements increased by $324,000 in 2023, driven by consumer demand [31] - The introduction of pulp, a sustainable gourmet sauce product, marked the company's entry into the global sauces and condiments sector, projected to grow from $172 billion in 2021 to over $240 billion by 2028 [25] - The company expanded its offerings at Meijer stores with two new flavors from the Vitamin Whey collection, which is expected to bolster the brand's reputation and facilitate nationwide expansion [24] Market Data and Key Metrics - The company expanded its distribution network to over 5,000 retail locations, including major big-box retailers like Meijer, Walmart, and Target [50] - Pulp products are now available at Whole Foods Market, Morton Williams, Dierbergs Market, Woodman's Market, and Target, significantly expanding the company's market reach [50] - The partnership with KeHE Distributors, which has access to 31,000 national food stores, further enhances the company's market penetration [11] Company Strategy and Industry Competition - The company's strategy focuses on expanding its distribution network by adding new retail partners and broadening product offerings with existing partners [22] - Investments in technology, such as the GreenThumb greenhouse management system, have improved supply chain efficiency and reduced dependency on contract growers [27][49] - The company is exploring new product categories, including higher-margin, shelf-stable products, to reduce seasonality and improve profitability [42][68] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about future growth, citing a growing retail network, diverse product line, and strict expense control as key drivers of success [72] - The company aims to achieve cash flow positivity by optimizing supply chain operations and reducing manpower costs through automation [40] - Management expects gross profit margins to continue improving in 2024 and beyond, driven by higher-margin products and reduced reliance on contract growers [47][66] Other Important Information - The company was awarded two new patents: one for the GreenThumb greenhouse management system and another for proprietary self-watering display technology, which extends plant shelf life and reduces spoilage [27][52] - Grants were secured to cover organic crop certification training costs and improve workplace safety at the company's facilities in New Jersey and Michigan [28][53] - The company launched an e-commerce platform for pulp products, enhancing accessibility and broadening consumer reach [51] Q&A Session Summary Question: Update on the Heartland facility buildout and integration - The Heartland facility is fully operational, with five acres of greenhouse space and advanced technology like GreenThumb deployed. The facility is expected to improve cash flow and profitability by reducing reliance on contract growers [36][40] Question: Near-term and medium-term plans for the Vitamin Whey product line - The company plans to leverage its relationship with Meijer to expand the Vitamin Whey product line and introduce a new, cleaner-labeled product with wider appeal [61][74] Question: Factors contributing to the improvement in gross profit margin - The improvement in gross profit margin is attributed to reduced reliance on contract growers, better control over cost structures, and the introduction of higher-margin products [66] Question: Plans for entering new product categories - The company is exploring new product categories, particularly in the condiment sector, with plans to introduce innovative, sustainable products in 2024 [68][80] Question: Sales performance of the pulp product line - Pulp has seen strong initial reception, with rapid expansion into new retailers and markets, including Target and KeHE Distributors [50][51] Question: Efforts to achieve cash flow positivity - The company is focusing on supply chain optimization, automation, and the introduction of higher-margin, shelf-stable products to drive efficiencies and achieve cash flow positivity [40][77]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934 Commission File Number: 001-41371 EDIBLE GARDEN AG INCORPORATED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 85-0558704 (I.R.S. E ...

EX-99.1 2 edbl_ex991.htm PRESS RELEASE EXHIBIT 99.1 Edible Garden Reports 21.6% Year-over-Year Revenue Growth for 2023 32.8% Year-Over-Year Revenue Growth for Fourth Quarter of 2023 Gross Profit Increases 125.8% in 2023 with Gross Margin Increasing by 270 Basis Points Edible Garden Secures Two New Patents in 2024 Highlighting Company's Innovation Leadership Position in AgTech; Driving Ef iciency and Expected Profitability Conference Call to Be Held Today at 8:00 am ET. BELVIDERE, NJ, April 1, 2024 — Edible ...