Edible Garden Achieves Over 44% Year-Over-Year Increase in Preliminary Overall Produce Sales Results During Key July 4th Time Period
Edible Garden AG Incorporated (Nasdaq: EDBL) reported a 44% year-over-year increase in preliminary produce sales for the key July 4th holiday period. This follows a 27.6% revenue growth in Q1 2024. The company achieved a 99% fulfillment rate during this period, demonstrating reliability to distribution partners.
CEO Jim Kras attributes success to vertical integration and increased capacity from Edible Garden Heartland. The company now produces 95% of its product in-house, reducing dependence on third-party growers. This shift has led to margin growth and improved operational efficiency. Shipper programs in the Northeast, Mid-Atlantic, and Midwest regions have been important in meeting customer demands effectively.
Edible Garden AG Incorporated (Nasdaq: EDBL) ha riportato un incremento del 44% anno su anno nelle vendite preliminari di prodotti per il periodo delle festività del 4 luglio. Questo segue una crescita del fatturato del 27,6% nel Q1 2024. L'azienda ha raggiunto un tasso di soddisfacimento del 99% durante questo periodo, dimostrando affidabilità ai partner distributivi.
Il CEO Jim Kras attribuisce il successo all'integrazione verticale e all'aumento della capacità da parte di Edible Garden Heartland. L'azienda ora produce il 95% dei suoi prodotti internamente, riducendo la dipendenza dai coltivatori di terzi. Questo cambiamento ha portato a una crescita dei margini e a un miglioramento dell'efficienza operativa. I programmi di spedizione nelle regioni del Northeast, Mid-Atlantic e Midwest sono stati fondamentali per soddisfare efficacemente le richieste dei clienti.
Edible Garden AG Incorporated (Nasdaq: EDBL) reportó un aumento del 44% interanual en las ventas preliminares de productos durante el período clave del 4 de julio. Esto sigue a un crecimiento de ingresos del 27.6% en el primer trimestre de 2024. La compañía logró una tasa de cumplimiento del 99% durante este período, demostrando fiabilidad a los socios de distribución.
El CEO Jim Kras atribuye el éxito a la integración vertical y al aumento de capacidad de Edible Garden Heartland. La empresa ahora produce el 95% de sus productos internamente, reduciendo la dependencia de cultivadores externos. Este cambio ha conducido a un crecimiento de márgenes y una mejora en la eficiencia operativa. Los programas de envío en las regiones del Noreste, Medio Atlántico y Medio Oeste han sido importantes para satisfacer efectivamente la demanda de los clientes.
Edible Garden AG Incorporated (Nasdaq: EDBL)는 7월 4일 주요 휴일 기간 동안 전년 대비 44% 증가한 예비 농산물 판매를 보고했습니다. 이는 2024년 1분기 27.6% 매출 성장에 이어지는 성과입니다. 회사는 이 기간 동안 99%의 이행률을 달성하여 유통 파트너에게 신뢰성을 입증했습니다.
CEO Jim Kras는 성공의 비결을 수직 통합과 Edible Garden Heartland의 생산 능력 증가에 돌립니다. 회사는 이제 95%의 제품을 내부에서 생산하고 있어 제3자 재배자에 대한 의존도를 줄였습니다. 이러한 변화는 이익 증가와 운영 효율성 향상으로 이어졌습니다. 북동부, 중대서양 및 중서부 지역의 배송 프로그램은 고객의 요구를 효과적으로 충족하는 데 중요한 역할을 했습니다.
Edible Garden AG Incorporated (Nasdaq: EDBL) a déclaré une augmentation de 44 % d'une année sur l'autre des ventes préliminaires de produits pour la période clé des fêtes du 4 juillet. Cela fait suite à une croissance des revenus de 27,6 % au premier trimestre 2024. L'entreprise a atteint un taux de satisfaction de 99 % pendant cette période, démontrant sa fiabilité envers ses partenaires de distribution.
Le PDG Jim Kras attribue ce succès à l'intégration verticale et à l'augmentation de la capacité d'Edible Garden Heartland. L'entreprise produit désormais 95 % de ses produits en interne, réduisant ainsi sa dépendance vis-à-vis des cultivateurs tiers. Ce changement a conduit à une croissance des marges et à une amélioration de l'efficacité opérationnelle. Les programmes d'expédition dans les régions du Nord-Est, du Moyen-Atlantique et du Midwest ont été cruciaux pour répondre efficacement aux demandes des clients.
Edible Garden AG Incorporated (Nasdaq: EDBL) meldete einen 44%igen Anstieg der Vorjahresverkäufe von Erzeugnissen für den wichtigen Zeitraum um den 4. Juli. Dies folgt auf ein 27,6%iges Umsatzwachstum im ersten Quartal 2024. Das Unternehmen erreichte in diesem Zeitraum eine 99%ige Erfüllungsrate, was die Zuverlässigkeit gegenüber den Vertriebspartnern beweist.
CEO Jim Kras führt den Erfolg auf die vertikale Integration und die gesteigerte Kapazität von Edible Garden Heartland zurück. Das Unternehmen produziert nun 95% seiner Produkte intern, wodurch die Abhängigkeit von Drittanbietern verringert wird. Dieser Wandel hat zu Margenwachstum und verbesserter Betriebseffizienz geführt. Versandprogramme in den Regionen Nordost, Mittelatlantik und Mittleren Westen waren wichtig, um die Kundenanforderungen effektiv zu erfüllen.
- 44% year-over-year increase in preliminary produce sales for July 4th period
- 27.6% year-over-year revenue growth in Q1 2024
- 99% fulfillment rate during July 4th period
- 95% of product now produced in company-owned facilities
- Reduced dependence on third-party growers
- Incremental margin growth and enhanced operational efficiency
- Successful shipper programs in Northeast, Mid-Atlantic, and Midwest regions
- None.
Insights
As a financial analyst, I find the preliminary sales results for Edible Garden's July 4th period quite impressive. The 44% year-over-year increase in produce sales is a strong indicator of the company's growth trajectory, especially following the 27.6% revenue growth in Q1 2024. This consistent growth pattern suggests that Edible Garden is successfully capitalizing on market opportunities and expanding its customer base.
The 99% fulfillment rate during a peak demand period is particularly noteworthy. This high level of reliability can significantly enhance customer satisfaction and loyalty, potentially leading to increased market share and improved long-term financial performance. Moreover, the reduced dependence on third-party growers, with 95% of products now produced in-house, indicates improved operational efficiency and potential for margin expansion.
However, it's important to note that these are preliminary results for a specific period. Investors should wait for the full quarterly financial report to get a comprehensive view of the company's performance, including profitability metrics and cash flow statements. Additionally, while the growth is impressive, we need to consider the base from which this growth is calculated and how it translates to absolute revenue figures.
Overall, these results paint a positive picture for Edible Garden's near-term prospects, but a thorough analysis of the full financial statements and market conditions will be important for a complete assessment of the company's financial health and growth sustainability.
From an AgTech perspective, Edible Garden's performance demonstrates the growing success of Controlled Environment Agriculture (CEA) in the produce market. The company's ability to achieve a 44% year-over-year sales increase during a peak demand period highlights the scalability and reliability of CEA systems.
The 99% fulfillment rate is particularly impressive in the agricultural sector, where weather and other environmental factors often lead to supply inconsistencies. This level of reliability is a key advantage of CEA over traditional farming methods, potentially giving Edible Garden a significant competitive edge in the market.
The company's shift towards vertical integration, now producing 95% of products in-house, is a smart move in the AgTech space. This approach not only reduces dependence on external factors but also allows for greater control over product quality and production efficiency. The launch of Edible Garden Heartland appears to have been a important step in this strategy, significantly boosting capacity.
However, it's important to consider the challenges that come with rapid expansion in CEA. Energy costs, technology maintenance and skilled labor requirements can all impact profitability. As Edible Garden continues to grow, investors should keep an eye on how well the company manages these factors to maintain its impressive growth trajectory.
In conclusion, Edible Garden's results demonstrate the potential of CEA in revolutionizing produce supply chains, offering consistency and quality that traditional agriculture often struggles to match. If the company can maintain this performance while managing the complexities of scaled CEA operations, it could be well-positioned for long-term success in the evolving agricultural landscape.
High Fulfillment Rate During the Period,
BELVIDERE, NJ, July 24, 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 the Company experienced a more than
Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, "We are extremely proud of Edible Garden's performance during the crucial July 4th period, highlighted by an impressive year-over-year preliminary sales increase of over
“Our impressive results are a testament to our focus on vertical integration, as well as the substantial capacity boost the launch of Edible Garden Heartland provided. This expansion has allowed the Company to significantly reduce our dependence on third-party growers, with Edible Garden now producing approximately
ABOUT EDIBLE GARDEN®
Edible Garden AG Incorporated is a leader in controlled environment agriculture (CEA), locally grown, organic, and sustainable produce and products backed by Zero-Waste Inspired® next generation farming. Offered at over 5,000 stores in the US, Edible Garden is disrupting the CEA and sustainability technology movement with its safety-in-farming protocols, use of sustainable packaging, patented GreenThumb software and self-watering in-store displays. The Company currently operates its own state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey and Grand Rapids, Michigan, and has a network of contract growers, all strategically located near major markets in the U.S. Its proprietary GreenThumb 2.0 patented (US Nos.: US 11,158,006 B1, US 11,410,249 B2 and US 11,830, 088 B2) software optimizes growing in vertical and traditional greenhouses while seeking to reduce pollution-generating food miles. Its proprietary patented (U.S. Patent No. D1,010,365) Self-watering display is designed to increase plant shelf life and provide an enhanced in-store plant display experience. Edible Garden is also a developer of ingredients and proteins, providing an accessible line of plant and whey protein powders under the Vitamin Way® and Vitamin Whey® brands. In addition, the Company offers a line of sustainable food flavoring products such as Pulp gourmet sauces and chili-based products.
For more information on Pulp products go to https://www.pulpflavors.com/. For more information on Edible Garden go to https://ediblegardenag.com/.
- Reflects sales for the period June 23- 29, 2024, compared to the period June 25-July 1, 2023.
Key Performance Indicator
This press release contains reference to the Company’s fulfillment rate which is a key performance metric management uses to analyze and measure the Company’s financial performance and results of operation. Management uses fulfillment rate as a measure of current and future business and financial performance, and it may not be comparable with measures provided by other companies. The Company defines fulfillment rate as the percentage of orders filled in full, relative to the total number of orders received during the period.
Preliminary, Unaudited Financial Disclosures
The data presented above is preliminary and unaudited, based upon our estimates, and subject to further internal review by management and compilation of actual results. The data presented above may not be reflective of year-over-year trends in consolidated revenue during the second quarter. Our closing procedures for the quarter ended June 30, 2024 are not yet complete. Our management’s estimates are based upon preliminary information currently available from our business and do not include any promotional deductions. While we expect that our results will be consistent with these preliminary and unaudited estimates, our actual results may differ materially from these preliminary estimates.
This preliminary financial information is not a comprehensive statement of our financial results for this period. Our actual results may differ materially from these estimates due to the completion of our financial closing procedures, final adjustments, and other developments that may arise between now and the time the closing procedures for the quarter are completed.
This preliminary financial information should not be viewed as a substitute for our full interim or annual financial statements prepared in accordance with U.S. generally accepted accounting principles. Accordingly, you should not place undue reliance on this preliminary financial information. The preliminary financial information has been prepared by, and is the responsibility of, our management. Marcum LLP, our independent registered public accounting firm, has not audited, reviewed, compiled or performed any procedures with respect to the accompanying preliminary financial data. Accordingly, Marcum LLP does not express an opinion or any other form of assurance with respect thereto.
Forward-Looking Statements
This press release contains forward-looking statements, including with respect to the Company’s growth strategy and performance as a public company. The words “seek,” “believe,” “design,” “may,” “potential,” “will,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including market and other conditions and the Company’s ability to achieve its growth objectives, and other factors set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2023 and subsequent quarterly reports on Form 10-Q. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Specifically, our sales growth during the July 4th period may not (i) reflect our overall revenue growth during the quarter ended June 30, 2024 (“second quarter”), (ii) represent the amount that the Company will be able to recognize as revenue during the second quarter, and (iii) be consistent with full-year sales results. The Company’s overall sales results are preliminary and unaudited and are based on the Company’s internal financial records as of the date of this press release. The Company’s independent publicly registered accounting firm, Marcum LLP has not audited, reviewed, compiled or performed any procedures with respect to this financial information. Accordingly, Marcum LLP does not express an opinion or any other form of assurance with respect to these preliminary results. You should not rely upon forward-looking statements as predictions of future events. The Company undertakes no obligation to update any such forward-looking statements after the date hereof to conform to actual results or changes in expectations, except as required by law.
Investor Contacts:
Crescendo Communications, LLC
212-671-1020
EDBL@crescendo-ir.com
FAQ
What was Edible Garden's (EDBL) sales growth for the July 4th period in 2024?
What was Edible Garden's (EDBL) fulfillment rate during the July 4th period?
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What was Edible Garden's (EDBL) revenue growth in Q1 2024?
