BELVIDERE, NJ, April 08, 2025 (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 the rollout of its fresh Poultry Mix into ShopRite chainwide. This expansion capitalizes on the Company's existing retail footprint and long-standing relationship with Wakefern Food Corp., the largest retailer-owned cooperative in the United ...

BELVIDERE, NJ, April 08, 2025 (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 the rollout of its fresh Poultry Mix into ShopRite chainwide. This expansion capitalizes on the Company’s existing retail footprint and long-standing relationship with Wakefern Food Corp., the largest retailer-owned cooperative in the United ...

Financial Performance - The company has a history of operating losses since inception and expects to incur additional near-term losses, raising substantial doubt about its ability to continue as a going concern[32]. - Total revenue for the year ended December 31, 2024, was $13,857,000, a decrease of 1.4% compared to $14,049,000 in 2023[245]. - Gross profit increased to $2,312,000 in 2024, compared to $822,000 in 2023, reflecting a significant improvement in profitability[245]. - The net loss attributable to common stockholders for 2024 was $14,924,000, compared to a net loss of $10,188,000 in 2023, indicating a worsening financial position[245]. - Net income for 2024 was a loss of $11,051,000 compared to a loss of $10,188,000 in 2023, indicating a 8.5% increase in losses year-over-year[253]. - Cash provided by operating activities was $(8,516,000) in 2024, slightly improved from $(8,531,000) in 2023[253]. - The company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain operations, raising concerns about its ability to continue as a going concern[233]. - Selling, general and administrative expenses rose to $11,587,000 in 2024, compared to $10,009,000 in 2023, reflecting increased operational costs[245]. - The company incurred an interest expense of $1,219,000 in 2024, up from $390,000 in 2023, indicating higher borrowing costs[245]. - The company has net operating loss carryforwards of approximately $41.86 million for federal income tax purposes and $38.65 million for New Jersey income tax purposes as of December 31, 2024[354]. Assets and Liabilities - Total current assets rose to $7,377,000 as of December 31, 2024, up from $2,647,000 in 2023, showing improved liquidity[241]. - Total liabilities increased to $7,821,000 in 2024, compared to $6,944,000 in 2023, indicating a rise in financial obligations[242]. - The company had cash reserves of $3,530,000 as of December 31, 2024, a significant increase from $510,000 in 2023[241]. - Total inventory as of December 31, 2024, was $1,544,000, up from $678,000 in 2023, indicating a significant increase in stock levels[295]. - Accounts payable and accrued expenses rose to $4,018,000 in 2024 from $2,483,000 in 2023, showing increased liabilities[299]. - The total stockholders' equity improved to $4,094,000 in 2024, compared to a deficit of $288,000 in 2023, reflecting a positive shift in equity position[242]. Customer Concentration and Revenue Sources - Approximately 82.0% of the company's revenue for the year ended December 31, 2024, was earned from four customers, indicating a high customer concentration risk[48]. - Four customers accounted for approximately 82.0% of total revenue in 2024, with one customer alone contributing 44.0%[273]. Investments and Acquisitions - The company acquired a five-acre greenhouse facility in Grand Rapids, Michigan for $2,886,000, which is expected to enhance gross margins by reducing costs associated with contract growers[35]. - The company anticipates investing an additional $1.1 million in capital expenditures to complete the packhouse, with $410 thousand already spent[59]. - The company acquired fixed assets with debt totaling $1,390,000 in 2024[266]. - The Company acquired Edible Garden Corp. on October 1, 2024, for a nominal price of $1.00, assuming a lease with a term ending on December 31, 2029[346]. Sustainability Initiatives - Total estimated emissions avoided in 2024 are projected to be 145,803 metric tons of CO2, demonstrating the company's commitment to sustainability[81]. - The company has avoided 11,803 metric tons of non-recyclable virgin plastic by using recyclable pots for crops[82]. - Edible Garden operates with a focus on sustainability, utilizing closed-loop systems to recycle water and integrated pest management to reduce pesticide use[80]. Product Development and Market Strategy - The company currently offers over 106 stock keeping units (SKUs) and aims to cross-sell products across supermarket partners to meet demand[39]. - The company has expanded its product line to include nutraceuticals and plant-based proteins, with products sold under the Vitamin Way brand[42]. - The company plans to expand its product portfolio with shelf-stable products to increase revenue opportunities and market penetration[75]. - The company aims to reduce transportation costs and enhance local brand awareness through greenhouse expansion and acquisitions[34]. Financing and Debt Management - The company plans to seek additional funding through debt or equity financing to improve liquidity[263]. - The company entered into a promissory note for $3,000,000 with Sament Capital Investments, Inc., accruing interest at 3.5% per annum, maturing on March 30, 2025[302]. - The company received gross proceeds of $5,552,484 from the September Offering, with net proceeds of $4,795,158 after fees[322]. - The Company completed a public offering on May 23, 2024, raising gross proceeds of $5,998,120 from the sale of 2,437,000 common units and 8,720 pre-funded units[328]. - The Company entered into an Equity Distribution Agreement on January 31, 2025, allowing it to issue and sell shares for an aggregate offering price of up to $2.52 million[361]. Operational Efficiency - The company is developing a proprietary propagation system at its Edible Garden Heartland facility to improve growing efficiency[35]. - Edible Garden Heartland facility reached 60% growing capacity in 2024, reducing reliance on third-party growers and contributing to higher gross margins[62]. - The company utilizes GreenThumb software to analyze sales data and develop forecasts for contract growers, ensuring alignment with customer demand[54]. Compliance and Regulatory Matters - The company is evaluating the impact of new accounting standards to be adopted in future periods, which may affect financial disclosures starting in 2025[267]. - The company received an extension from Nasdaq until March 31, 2025, to regain compliance with the minimum bid price requirement[364].

Edible Garden AG (EDBL) Q4 2024 Earnings Call March 31, 2025 05:30 PM ET Company Participants Ted Ayvas - Head of Investor RelationJames Kras - CEO, President & ChairKostas Dafoulas - Interim Chief Financial Officer Conference Call Participants None - Analyst Operator Greetings, and welcome to the Edible Garden AG Incorporated twenty twenty four Fourth Quarter Business Update Conference Call. At this time, all participants are in a listen only mode and a question and answer session will follow the formal pr ...

Edible Garden AG Incorporated (EDBL) Q4 2024 Earnings Conference Call March 31, 2025 08:00 AM ET Company Participants Conference Operator - Call ModeratorTed Avas - Investor RelationsJim Kras - Chief Executive OfficerKostas Tafoulis - Interim Chief Financial OfficerAnthony Vendetti - Maxim GroupNick Pincus - Forest CapitalBrian Kennedy - Capital Market Conference Operator Greetings and welcome to the Edible Garden AG Incorporated 2024 fourth quarter business update conference call. At this time, all partici ...

Company Overview - Edible Garden AG Incorporated is an emerging growth company [3] - The company's common stock and warrants are traded on The Nasdaq Stock Market LLC under the symbols EDBL and EDBLW respectively [2] - The company's principal executive offices are located at 283 County Road 519, Belvidere, New Jersey, 07823 [2] - The company's telephone number is (908) 750-3953 [2] Financial Reporting - Edible Garden AG Incorporated reported preliminary financial results for the Christmas holiday period on January 8, 2025 [3] - The company's press release is included as Exhibit 99.1 in the Form 8-K filing [3] - The Form 8-K filing includes a cover page interactive data file embedded within the Inline XBRL document [6] - The report was signed by James E. Kras, President and Chief Executive Officer of Edible Garden AG Incorporated [9] Regulatory Compliance - The company has elected not to use the extended transition period for complying with new or revised financial accounting standards [3] - The information in the Form 8-K filing is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 [4]

Core Herb Business Grows 16% as Gross Margins Nearly Triple in 2024, Driven by Strong Operational Execution and Vertical Integration Continues to Pursue Strategic Narayan Acquisition Conference Call to Be Held Today at 8:00 am ET. BELVIDERE, N.J., March 31, 2025 (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 provided a business ...

BELVIDERE, NJ, March 24, 2025 (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, announced today that it will host a conference call on Monday March 31, 2025, at 8:00 AM Eastern Time to discuss financial results for the fourth quarter and year ended December 31, 2024, and provide a business update. The conference call will be available vi ...

Core Insights - Edible Garden AG Incorporated has been recognized as a top 50 company in the 2024 FoodTech 500 list, highlighting its leadership in controlled environment agriculture and sustainable practices [1][2][3] Company Overview - Edible Garden specializes in controlled environment agriculture (CEA), focusing on locally grown, organic, and sustainable produce [1][6] - The company operates state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey, and Grand Rapids, Michigan, and has a network of contract growers near major U.S. markets [6] - Edible Garden's patented GreenThumb software and self-watering displays enhance operational efficiency, extend product shelf life, and reduce waste [3][6] Industry Recognition - The FoodTech 500 is a prestigious list that evaluates over 2,000 companies globally, recognizing those at the intersection of food, technology, and sustainability [2][4] - Edible Garden's inclusion in the top 50 reflects its business size, digital presence, and sustainability practices [2][3] Commitment to Sustainability - The company is dedicated to its Zero-Waste Inspired® mission, aiming to address challenges in food production while promoting sustainable practices [3] - Edible Garden's innovations contribute to a more sustainable food ecosystem, benefiting retailers, consumers, and the environment [3][6]

Core Insights - Edible Garden AG Incorporated has partnered with Freshtown Marketplace to offer its USDA Organic herb product line, enhancing accessibility for health-conscious consumers seeking fresh, sustainable produce [1][2] - The partnership aligns with Edible Garden's mission to provide flavorful herbs and supports the growing demand for organic and locally sourced products [2] Company Overview - Edible Garden is a leader in controlled environment agriculture (CEA), focusing on locally grown, organic, and sustainable produce, with a commitment to Zero-Waste Inspired farming practices [3] - The company operates state-of-the-art greenhouses and processing facilities in New Jersey and Michigan, and has a network of contract growers near major U.S. markets [3] - Edible Garden's proprietary technologies include the GreenThumb software for optimizing growth and a self-watering display to enhance plant shelf life and in-store experience [3] Product Offerings - The company offers a variety of USDA Organic herbs, including basil, cilantro, and parsley, cultivated with a focus on quality and sustainability [2] - In addition to herbs, Edible Garden develops plant and whey protein powders under the Vitamin Way and Vitamin Whey brands, as well as sustainable food flavoring products like Pulp gourmet sauces [3]