Edible Garden Reports 181.3% Year-over-Year Gross Profit Increase for 2024
Edible Garden (NASDAQ: EDBL) reported significant financial improvements for 2024, highlighted by a 181.3% increase in gross profit and expansion in gross margin from 5.9% to 16.7%. The company's strategic realignment focused on its core herb business, which grew 16.3% year-over-year, generating an additional $1.7 million in revenue.
While total revenue remained relatively flat at $13.9 million (down 1.4% from 2023), this was due to the company's intentional exit from lower-margin product lines including lettuce and floral. Cost of goods sold decreased by $1.7 million (12.7%) to $11.6 million, driven by increased internal production capabilities.
The company reported a net loss of $11.1 million for 2024, compared to $10.2 million in 2023, primarily due to increased SG&A expenses and interest costs. Notable developments include the proposed acquisition of Narayan Group and the launch of new product lines including Squeezables, Pulp, and Kick Sports Nutrition.
Edible Garden (NASDAQ: EDBL) ha riportato significativi miglioramenti finanziari per il 2024, evidenziati da un aumento del 181,3% del profitto lordo e un'espansione del margine lordo dal 5,9% al 16,7%. La riallocazione strategica dell'azienda si è concentrata sul suo core business delle erbe, che è cresciuto del 16,3% rispetto all'anno precedente, generando ulteriori $1,7 milioni di entrate.
Sebbene il fatturato totale sia rimasto relativamente stabile a $13,9 milioni (in calo dell'1,4% rispetto al 2023), ciò è stato dovuto all'uscita intenzionale dell'azienda da linee di prodotti a margine inferiore, tra cui lattuga e fiori. Il costo delle merci vendute è diminuito di $1,7 milioni (12,7%) a $11,6 milioni, grazie all'aumento delle capacità produttive interne.
L'azienda ha riportato una perdita netta di $11,1 milioni per il 2024, rispetto ai $10,2 milioni del 2023, principalmente a causa dell'aumento delle spese SG&A e dei costi degli interessi. Sviluppi notevoli includono la proposta di acquisizione del Narayan Group e il lancio di nuove linee di prodotti tra cui Squeezables, Pulp e Kick Sports Nutrition.
Edible Garden (NASDAQ: EDBL) reportó mejoras financieras significativas para 2024, destacándose un aumento del 181.3% en la ganancia bruta y una expansión en el margen bruto del 5.9% al 16.7%. La reorientación estratégica de la empresa se centró en su negocio principal de hierbas, que creció un 16.3% interanual, generando $1.7 millones adicionales en ingresos.
A pesar de que los ingresos totales se mantuvieron relativamente estables en $13.9 millones (una disminución del 1.4% respecto a 2023), esto se debió a la salida intencionada de la empresa de líneas de productos de menor margen, incluyendo lechuga y flores. El costo de bienes vendidos disminuyó en $1.7 millones (12.7%) a $11.6 millones, impulsado por el aumento de las capacidades de producción interna.
La empresa reportó una pérdida neta de $11.1 millones para 2024, en comparación con $10.2 millones en 2023, principalmente debido al aumento de los gastos SG&A y los costos de intereses. Desarrollos notables incluyen la propuesta de adquisición del Grupo Narayan y el lanzamiento de nuevas líneas de productos, incluyendo Squeezables, Pulp y Kick Sports Nutrition.
Edible Garden (NASDAQ: EDBL)는 2024년을 위한 상당한 재정 개선을 보고했으며, 총 이익이 181.3% 증가하고 총 마진이 5.9%에서 16.7%로 확대된 것이 특징입니다. 회사의 전략적 재편성은 16.3% 성장한 핵심 허브 비즈니스에 중점을 두었으며, 추가로 170만 달러의 수익을 창출했습니다.
총 수익은 1.4% 감소한 1390만 달러로 상대적으로 평탄하게 유지되었지만, 이는 상추 및 꽃과 같은 낮은 마진 제품 라인에서 의도적으로 철수한 회사의 결정 때문입니다. 판매된 상품의 비용은 1270만 달러로 170만 달러(12.7%) 감소했으며, 이는 내부 생산 능력의 증가에 의해 촉진되었습니다.
회사는 2024년에 1110만 달러의 순손실을 보고했으며, 이는 2023년의 1020만 달러에 비해 증가한 수치로, 주로 SG&A 비용 및 이자 비용 증가로 인한 것입니다. 주목할 만한 개발 사항으로는 Narayan Group의 인수 제안과 Squeezables, Pulp 및 Kick Sports Nutrition을 포함한 새로운 제품 라인의 출시가 있습니다.
Edible Garden (NASDAQ: EDBL) a rapporté des améliorations financières significatives pour 2024, mises en évidence par une augmentation de 181,3% du bénéfice brut et une expansion de la marge brute de 5,9% à 16,7%. La réorientation stratégique de l'entreprise s'est concentrée sur son activité principale d'herbes, qui a connu une croissance de 16,3% d'une année sur l'autre, générant 1,7 million de dollars de revenus supplémentaires.
Bien que le chiffre d'affaires total soit resté relativement stable à 13,9 millions de dollars (en baisse de 1,4% par rapport à 2023), cela est dû à la sortie intentionnelle de l'entreprise des lignes de produits à faible marge, y compris la laitue et les fleurs. Le coût des biens vendus a diminué de 1,7 million de dollars (12,7%) pour atteindre 11,6 millions de dollars, grâce à l'augmentation des capacités de production internes.
L'entreprise a enregistré une perte nette de 11,1 millions de dollars pour 2024, par rapport à 10,2 millions de dollars en 2023, principalement en raison de l'augmentation des dépenses SG&A et des coûts d'intérêts. Parmi les développements notables, on trouve la proposition d'acquisition du Narayan Group et le lancement de nouvelles gammes de produits, notamment Squeezables, Pulp et Kick Sports Nutrition.
Edible Garden (NASDAQ: EDBL) berichtete über signifikante finanzielle Verbesserungen für 2024, unterstrichen durch einen Anstieg des Bruttogewinns um 181,3% und eine Erweiterung der Bruttomarge von 5,9% auf 16,7%. Die strategische Neuausrichtung des Unternehmens konzentrierte sich auf das Kerngeschäft mit Kräutern, das im Jahresvergleich um 16,3% wuchs und zusätzliche 1,7 Millionen Dollar Umsatz generierte.
Obwohl der Gesamtumsatz mit 13,9 Millionen Dollar relativ stabil blieb (ein Rückgang um 1,4% im Vergleich zu 2023), war dies auf den beabsichtigten Rückzug des Unternehmens aus Produktlinien mit niedrigerer Marge, einschließlich Salat und Blumen, zurückzuführen. Die Kosten der verkauften Waren sanken um 1,7 Millionen Dollar (12,7%) auf 11,6 Millionen Dollar, was durch die erhöhte interne Produktionskapazität vorangetrieben wurde.
Das Unternehmen meldete für 2024 einen Nettoverlust von 11,1 Millionen Dollar im Vergleich zu 10,2 Millionen Dollar im Jahr 2023, was hauptsächlich auf gestiegene SG&A-Ausgaben und Zinskosten zurückzuführen ist. Zu den bemerkenswerten Entwicklungen gehören der vorgeschlagene Erwerb der Narayan Group und die Einführung neuer Produktlinien wie Squeezables, Pulp und Kick Sports Nutrition.
- 181.3% increase in gross profit year-over-year
- Gross margin nearly tripled from 5.9% to 16.7%
- Core herb business grew 16.3%, adding $1.7M in revenue
- 12.7% reduction in cost of goods sold ($1.7M decrease)
- Strengthened balance sheet through successful capital raise
- Net loss increased to $11.1M from $10.2M in 2023
- Overall revenue declined 1.4% to $13.9M
- SG&A expenses increased by $1.6M (15.8%)
- Other expenses increased by $1.5M due to higher interest costs
- Higher legal and audit fees of $0.9M related to capital market activities
Insights
Edible Garden's 2024 results reveal a successful strategic pivot toward profitability. The 181.3% increase in gross profit and expansion of gross margins from
The company's vertical integration strategy is clearly yielding results, with in-house production at Edible Garden Heartland reducing reliance on third-party growers and lowering cost of goods by
However, the increased net loss of
The pending Narayan Group acquisition could be transformative, expanding Edible Garden's product portfolio into organic coconut and superfood products while providing access to European markets. This vertical integration opportunity could further reduce costs and improve margins if successfully executed.
Edible Garden's product innovation strategy shows promising alignment with premium consumer trends. The company's launch of Squeezables (shelf-stable herb pastes) represents a smart extension into the value-added herb category, offering extended shelf life without sacrificing quality—addressing both food waste concerns and convenience demands.
The expansion beyond herbs into multiple adjacent categories demonstrates strategic diversification. Their Pulp fermented sauces and Pickle Party functional pickles tap into growing consumer interest in gut-health foods with bold flavors. Meanwhile, the Kick Sports Nutrition line with its clean-label positioning targets the high-growth active lifestyle segment through a digital-first launch strategy.
Particularly noteworthy is how these innovations leverage the company's core competency in herbs and plant-based ingredients while extending into higher-margin processed products. This creates potential for improved margin structure and reduced seasonality risks inherent in fresh produce.
The FoodTech 500 recognition and sustainability initiatives (including curbside recyclable pots) strengthen the company's market positioning with environmentally conscious consumers. The elimination of 11,803 metric tons of CO₂ through Walmart's Project Gigaton demonstrates meaningful scale in these efforts.
The pending Narayan acquisition would significantly expand Edible Garden's portfolio into the booming superfood category, potentially creating cross-selling opportunities and addressing broader wellness market segments—a strategic move that could accelerate growth beyond the core herb business.
Core Herb Business Grows
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 update and reported financial results for the three month and full year periods ended December 31, 2024.
“We are pleased to report a
“Although total revenue remained relatively flat, this reflects the Company’s intentional exit from lower-margin product lines as part of its strategic realignment. Setting aside the lower-margin product lines, our core herb product revenue alone grew
“In addition, we strengthened our balance sheet in 2024 through a combination of disciplined cost management, a successful capital raise, and the execution of our operational realignment. These efforts led to a significant improvement in our working capital position, providing us with greater liquidity and enhancing our overall financial flexibility. This stronger financial foundation should enable us to operate more efficiently, respond more quickly to market opportunities, and reinvest with confidence in high-growth areas of our business. We expect it will also allow us to leverage our capital more effectively - expanding our buying power, lowering our cost of goods, and positioning the Company for accelerated growth in 2025 and beyond.”
“These strong results also underscore the broader impact of our operational improvements, including automation, data-driven decision-making, and targeted investments in patented agricultural technology. As we expand our retail partnerships and refine our processes, we expect continued improvements in margins and long-term profitability. We remain committed to creating lasting value for our customers and shareholders.”
Edible Garden is advancing its strategic growth plans, highlighted by the proposed acquisition of Narayan Group, a European producer of organic coconut and superfood products. The acquisition, if completed, would be a transformative step, expanding Edible Garden’s global presence and diversifying its product offerings. In addition, Narayan’s vertically integrated supply chain would give Edible Garden greater control over sourcing, production, and distribution—boosting operational efficiency, reducing costs, and increasing transparency. If completed, the transaction is expected to open new opportunities for clean label, plant based ingredients in both North America and Europe, scaling the Edible Garden platform.
Edible Garden continues to expand its retail footprint across the United States, reinforcing its presence in key consumer markets. By broadening distribution of its USDA Organic herb line, the Company is making its sustainably grown, high-quality products more accessible to consumers. This growth supports Edible Garden’s strategy to meet rising demand for organic, locally sourced produce while underscoring its commitment to sustainability and innovation in controlled environment agriculture.
Innovation remains central to Edible Garden’s growth strategy. The Company recently introduced Squeezables, a shelf-stable line of stir-in paste herbs that extends shelf life without compromising flavor—offering a convenient better-for-you alternative for both consumers and retailers. In addition to launching Squeezables, a shelf-stable line of stir-in paste herbs that preserves fresh flavor while extending shelf life—offering a convenient, better-for-you solution for both consumers and retailers. Squeezables adds to Edible Garden’s growing presence in the fresh condiments category, which also includes Pulp, a line of fermented gourmet sauces and chili products now available at major national retailers, and Pickle Party, the world’s first functional pickle developed with Hermann Pickle Company. Together, these offerings reflect the Company’s focus on clean-label ingredients, bold flavors, and sustainable sourcing. Edible Garden also expanded into the active lifestyle space with Kick. Sports Nutrition, a clean-label line of protein powders, hydration mixes, and pre/post-workout formulas. Launching exclusively on Amazon through a strategic partnership with e-commerce specialist Pirawna, Kick. takes advantage of the platform’s global reach to increase brand visibility and foster consumer engagement. A traditional retail rollout is planned to coincide with the upcoming "beach season".
Edible Garden’s focus on innovation and sustainability earned the Company a Top 50 ranking in the 2024 FoodTech 500, recognizing global leaders at the intersection of food, technology, and environmental responsibility. This distinction underscores Edible Garden’s leadership and its commitment to building a more sustainable food system. Notably, the Company introduced curbside recyclable pots as part of its broader sustainable packaging initiative, contributing to the elimination of 11,803 metric tons of CO₂ emissions in 2024 through Walmart’s Project Gigaton.
“Our focus on innovation and sustainability is delivering meaningful results across product development, operations, and industry recognition. From launching shelf-stable offerings like Squeezables to expanding into high-growth categories with Kick. Sports Nutrition, we are meeting evolving consumer needs while advancing our environmental goals. Being named to the FoodTech 500 validates the progress we have made and reinforces our vision for long-term growth, stronger retail partnerships, and continued leadership in sustainable food innovation,” concluded Mr. Kras.
Financial results for the three months ended December 31, 2024
For the fourth quarter ended December 31, 2024, revenue totaled
Cost of goods sold was
Selling, general and administrative expenses were
Net loss was
Financial results for the year ended December 31, 2024
For the year ended December 31, 2024, revenue totaled
Cost of goods sold decreased by
Gross profit increased
Selling, general, and administrative expenses increased by
Other expenses increased
Net loss for the year ended December 31, 2024, was
The complete financial results for the year ended December 31, 2024, are available in the Company’s Annual Report on Form 10-K, which will be filed with the Securities and Exchange Commission and available at: www.sec.gov.
Conference Call
Edible Garden will host a conference call today at 8:00 A.M. Eastern Time to discuss the Company’s financial results for the fourth quarter and year ended December 31, 2024, as well as the Company’s corporate progress and other developments.
The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access code 270267. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2914/52208 or on the investor relations section of the company’s website, https://ediblegardenag.com/presentations/.
A webcast replay will be available on the investor relations section of the Company’s website at https://ediblegardenag.com/presentations/ through March 31, 2026. A telephone replay of the call will be available approximately one hour following the call, through April 14, 2025, and can be accessed by dialing +1 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 52208.
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’s Kick. Sports Nutrition line features premium performance products that cater to today’s health-conscious athletes. Furthermore, Edible Garden 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 Vitamin Whey® products go to https://vitaminwhey.com/. For more information on Edible Garden go to https://ediblegardenag.com/.
Forward-Looking Statements
This press release contains forward-looking statements, including with respect to the Company’s ability to improve its financial results, the Company’s growth strategies, the Company’s ability to expand into new product lines, and its performance as a public company. The words “anticipate,” “believe,” “design,” “expect,” “potential,” “proposed,” “seek,” “should,” “vision,” “will,” “would,” 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 improve its financial performance and 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. 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
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| EDIBLE GARDEN AG INCORPORATED | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands, except shares) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | 3,530 | $ | 510 | ||||
| Accounts receivable, net | 1,968 | 1,249 | ||||||
| Inventory, net | 1,544 | 678 | ||||||
| Prepaid expenses and other current assets | 335 | 210 | ||||||
| Total current assets | 7,377 | 2,647 | ||||||
| Property, equipment and leasehold improvements, net | 3,145 | 3,893 | ||||||
| Operating lease right-of-use assets | 1,202 | 35 | ||||||
| Finance lease right-of-use assets | 114 | - | ||||||
| Intangible assets, net | 43 | 47 | ||||||
| Other assets | 34 | 34 | ||||||
| TOTAL ASSETS | $ | 11,915 | $ | 6,656 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| LIABILITIES: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and other accrued expenses | $ | 4,018 | $ | 2,483 | ||||
| Current maturities of operating lease liabilities | 212 | 34 | ||||||
| Current maturities of finance lease liabilities | 41 | - | ||||||
| Short-term debt, net of discounts | 1,939 | 387 | ||||||
| Total current liabilities | 6,210 | 2,904 | ||||||
| Long-term liabilities: | ||||||||
| Long-term debt, net of discounts | 544 | 4,040 | ||||||
| Long-term operating lease liabilities | 992 | - | ||||||
| Long-term finance lease liabilities | 75 | - | ||||||
| Long-term liabilities of discontinued operations | - | |||||||
| Total long-term liabilities | 1,611 | 4,040 | ||||||
| Total liabilities | 7,821 | 6,944 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| STOCKHOLDERS' EQUITY (DEFICIT): | ||||||||
| Common stock ( | 4 | 1 | ||||||
| Series A Convertible Preferred stock ( | - | - | ||||||
| Additional paid-in capital | 44,942 | 29,971 | ||||||
| Obligation to issue shares | 459 | - | ||||||
| Accumulated deficit | (41,311 | ) | (30,260 | ) | ||||
| Total stockholders' equity (deficit) | 4,094 | (288 | ) | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 11,915 | $ | 6,656 | ||||
| (1) Adjusted to reflect the stock splits as described in Note 1. | ||||||||
| EDIBLE GARDEN AG INCORPORATED | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (in thousands, except share and per-share information) | |||||||||||||||||
| Three Months Ended December 31 | Year Ended December 31 | ||||||||||||||||
| Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | 2024 | 2023 | ||||||||||||||
| Revenue | $ | 3,872 | $ | 4,084 | $ | 13,857 | $ | 14,049 | |||||||||
| Cost of goods sold | 3,849 | 3,802 | 11,545 | 13,227 | |||||||||||||
| Gross profit | 23 | 282 | 2,312 | 822 | |||||||||||||
| Selling, general and administrative expenses | 2,764 | 2,551 | 11,587 | 10,009 | |||||||||||||
| Impairment loss | - | 686 | - | 686 | |||||||||||||
| Loss from operations | (2,741 | ) | (2,955 | ) | (9,275 | ) | (9,873 | ) | |||||||||
| Other income (expenses) | |||||||||||||||||
| Interest expense, net | (275 | ) | (56 | ) | (1,219 | ) | (390 | ) | |||||||||
| Gain (Loss) from extinguishment of debt | (64 | ) | - | (562 | ) | 70 | |||||||||||
| Other income / (loss) | 1 | 4 | 5 | 5 | |||||||||||||
| Total other income (expenses) | (338 | ) | (52 | ) | (1,776 | ) | (315 | ) | |||||||||
| NET LOSS | $ | (3,079 | ) | $ | (3,007 | ) | $ | (11,051 | ) | $ | (10,188 | ) | |||||
| Deemed dividend on warrants | (3,873 | ) | - | (3,873 | ) | - | |||||||||||
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (6,952 | ) | $ | (3,007 | ) | $ | (14,924 | ) | $ | (10,188 | ) | |||||
| Net Income / (Loss) per common share - basic and diluted | $ | (10.34 | ) | $ | (263.52 | ) | $ | (68.38 | ) | $ | (1,541.79 | ) | |||||
| Weighted-Average Number of Common Shares Outstanding - Basic and Diluted | 672,474 | 11,411 | 218,266 | 6,608 | |||||||||||||
| (1) Adjusted to reflect prior stock splits. | |||||||||||||||||
FAQ
What caused Edible Garden's (EDBL) gross profit to increase by 181.3% in 2024?
How much did Edible Garden's (EDBL) core herb business grow in 2024?
What was Edible Garden's (EDBL) gross margin improvement in 2024?
What new products did Edible Garden (EDBL) launch in 2024?
What strategic changes did Edible Garden (EDBL) implement in 2024?
