Edible Garden Reports Second Consecutive Quarter of Year-Over-Year Revenue Growth; Revenue Increases 12.5% Year-Over-Year for the Third Quarter of 2022
Edible Garden AG announced the acquisition of a five-acre greenhouse facility in Grand Rapids, Michigan, expected to generate up to $20 million in annualized revenue. The facility, set to begin operations by year-end, will enhance capacity and include a research and development center focusing on plant-based products. In Q3 2022, revenues rose 12.5% year-over-year to $2.8 million, despite a net loss of $2.1 million. Operating expenses increased due to higher payroll and public company costs. A conference call regarding these developments is scheduled for today.
- Acquired a five-acre greenhouse facility projected to support up to $20 million in annualized revenue.
- Q3 2022 revenues increased by 12.5% year-over-year, reaching $2.8 million.
- Expansion of product SKUs with the introduction of new salad kits.
- Q3 net loss increased to $2.1 million from $1.1 million year-over-year.
- Selling, general, and administrative expenses rose to $1.9 million, up from $1.2 million in Q3 2021.
- Nine-month net loss increased to $9.5 million, worsening from $3.4 million in the same period last year.
Edible Garden’s Heartland Facility - Q3 Acquisition Expected to Begin Operations by Year-End Expanding Capacity to Support up to
Conference Call to Be Held Today at 11:00 am ET
BELVIDERE, N.J., Nov. 10, 2022 (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, today provided a business update and reported financial results for the three- and nine-month periods ended September 30, 2022.
Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We continue to generate solid year-over-year revenue growth, and believe we can accelerate that growth through the execution of our business strategy and prudent deployment of capital raised to date. Importantly, the Company continues to effectively add new retail distribution partners, while expanding penetration within the existing partners. We have also been diligently working with buying teams at our retail partners to optimize the mix of SKUs at each retailer.
The Company is also working aggressively to drive Edible Garden towards our goal of profitability. Towards this end, the Company plans to further optimize the supply chain, leverage the purchasing power that should come with continued growth, and further enhance the product lines with new, higher margin, complementary products. All of these steps should help offset some of the inflationary effects that have impacted costs of goods across the industry. Importantly, our Zero-Waste Inspired® mission continues to resonate with both retailers and their customers who are increasingly concerned about the sustainability of the food supply and its effect on the environment. Edible Garden has taken steps to cut down on food miles by acquiring a greenhouse facility closer to our midwestern customers and will continue to look for new, innovative technologies to further this mission.”
“Among the achievements in the third quarter, the Company acquired a five-acre greenhouse facility in Grand Rapids, Michigan, which will operate as Edible Garden Heartland. This new, Zero-Waste Inspired® CEA facility, which will utilize our patented GreenThumb software in order to bring products to market in a highly efficient manner, is expected to begin operations by year end. This new facility expands the Company’s capacity and is expected to support up to
“The Company recently introduced three new, greenhouse grown, salad kits to our list of available SKUs, all containing Edible Garden’s locally grown, sustainable, cut lettuce, along with dressing, croutons, cheese, and more, with the ingredients sourced from local suppliers. Two of the salad kits have already launched in Meijer retail locations across the Midwest and additional kits are currently under development. By growing product closer to the distribution centers, these kits align well with our Zero-Waste Inspired® approach by extending shelf life, reducing shrinkage, and reducing food miles, making this a win-win for our retail partners, their customers and the environment.”
Financial results for the three months ended September 30, 2022
For the third quarter ended September 30, 2022, revenues totaled
Cost of goods sold were
Selling, general and administrative expenses were
Net loss was
Financial results for the nine months ended September 30, 2022
For the nine months ended September 30, 2022, revenues totaled
Cost of goods sold were
Selling, general and administrative expenses were
Net loss was
The complete financial results for the quarter and nine months ended September 30, 2022, are available in the Company’s Form 10-Q, 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 11:00 A.M. Eastern Time to discuss the Company’s financial results for the third quarter ended September 30, 2022, as well as the Company’s corporate progress and other developments.
The conference call will be available via telephone by dialing toll free 877-545-0320 for U.S. callers or +1 973-528-0002 for international callers and using entry code: 548159. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2914/47066 or on the investor relations section of the Company’s website at https://ediblegarden.com/pages/webcasts-presentations
A webcast replay will also be available on the Company’s Investors section of the website at https://ediblegarden.com/pages/webcasts-presentations through November 10, 2023. A telephone replay of the call will be available approximately one hour following the call, through November 24, 2022, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 47066.
ABOUT EDIBLE GARDEN®
Edible Garden AG Incorporated, is a leader in locally grown organic leafy greens and herbs backed by Zero-Waste Inspired® next generation farming. Offered at over 4,000 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 software optimizes growing in vertical and traditional greenhouses while seeking to reduce pollution-generating food miles. 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.
Forward Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including with respect to the Company’s growth strategies, ability to expand its distribution network and distribution relationships, and performance as a public company. The words “believe,” “expect,” “intend,” “look forward,” “mission,” “objective,” “plan,” “seek,” “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, as described in the Company’s Quarterly Report on Form 10-Q and its final prospectus for its IPO, dated May 5, 2022, filed with the U.S. Securities and Exchange Commission, including the Company’s ability to integrate Edible Garden Heartland into its operations, expand relationships with new retail partners, and achieve its growth objectives, and market and other conditions. 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 are the financial results for Edible Garden (EDBL) in Q3 2022?
What is the significance of the new greenhouse facility for Edible Garden (EDBL)?
How much did Edible Garden's (EDBL) net loss increase in Q3 2022 compared to 2021?