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Edible Garden AG rporated(EDBL) - 2024 Q3 - Quarterly Results
EDBLEdible Garden AG rporated(EDBL)2024-12-19 13:25

Financial Performance - Gross profit for the first nine months of 2024 surged by 1.7million,a3241.7 million, a 324% increase compared to the same period in 2023[1] - Gross profit margin expanded by 27% in Q3 2024 compared to Q3 2023[2] - Revenue for Q3 2024 was 2.6 million, down from 3.3millioninQ32023duetothestrategicshiftawayfromlower−marginproducts[4]−NetlossforQ32024was3.3 million in Q3 2023 due to the strategic shift away from lower-margin products[4] - Net loss for Q3 2024 was 2.1 million, an improvement from a net loss of 2.4millioninQ32023[7]−RevenueforQ32024was2.4 million in Q3 2023[7] - Revenue for Q3 2024 was 2.584 million, a decrease of 21.4% compared to 3.289millioninQ32023[17]−GrossprofitforQ32024was3.289 million in Q3 2023[17] - Gross profit for Q3 2024 was 699 thousand, a significant increase from 12thousandinQ32023[17]−NetlossforQ32024was12 thousand in Q3 2023[17] - Net loss for Q3 2024 was 2.063 million, an improvement from 2.431millioninQ32023[18]−RevenuefortheninemonthsendedSeptember30,2024,was2.431 million in Q3 2023[18] - Revenue for the nine months ended September 30, 2024, was 9.985 million, slightly higher than 9.965millioninthesameperiodin2023[17]−GrossprofitfortheninemonthsendedSeptember30,2024,was9.965 million in the same period in 2023[17] - Gross profit for the nine months ended September 30, 2024, was 2.289 million, up from 540thousandinthesameperiodin2023[17]−NetlossfortheninemonthsendedSeptember30,2024,was540 thousand in the same period in 2023[17] - Net loss for the nine months ended September 30, 2024, was 7.972 million, compared to 5.948millioninthesameperiodin2023[18]−Selling,general,andadministrativeexpensesforQ32024were5.948 million in the same period in 2023[18] - Selling, general, and administrative expenses for Q3 2024 were 2.189 million, down from 2.387millioninQ32023[17]−Interestexpense,netforQ32024was2.387 million in Q3 2023[17] - Interest expense, net for Q3 2024 was 409 thousand, significantly higher than 57thousandinQ32023[17]−Weighted−averagenumberofcommonsharesoutstandingforQ32024was3,160,392,upfrom175,762inQ32023[18]−NetlosspercommonshareforQ32024was57 thousand in Q3 2023[17] - Weighted-average number of common shares outstanding for Q3 2024 was 3,160,392, up from 175,762 in Q3 2023[18] - Net loss per common share for Q3 2024 was 0.65, compared to 13.83inQ32023[18]ProductSalesandMarketGrowth−Cutherbssalesincreasedby5513.83 in Q3 2023[18] Product Sales and Market Growth - Cut herbs sales increased by 55% year-over-year for the first nine months of 2024[2] - The Pulp Flavors line of gourmet sauces experienced sales growth in Q3 2024, supported by an expanded distribution network[2] - The global sauces and condiments market is projected to grow from 172.79 billion in 2021 to 240.7billionby2028[3]−Theglobalsportsnutritionmarketisprojectedtogrowfrom240.7 billion by 2028[3] - The global sports nutrition market is projected to grow from 54.8 billion in 2023 to 103.3billionby2032[3]FundingandGrants−Thecompanyraisedapproximately103.3 billion by 2032[3] Funding and Grants - The company raised approximately 5.65 million in gross proceeds through a September S1 offering, with $3.2 million allocated to pay down debt due in 2025[2] - The company received grants from the USDA Organic Certification Program to support organic certification and R&D for new organic product innovations[3]