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Edible Garden AG Incorporated (EDBL) is a pioneering force in the field of controlled environment agriculture (CEA). Utilizing both traditional and advanced agricultural techniques, the company focuses on growing fresh, organic food sustainably and safely, while enhancing traceability. Headquartered in Belvidere, New Jersey, and Grand Rapids, Michigan, Edible Garden operates state-of-the-art greenhouses and processing facilities.
The company stands out with its Zero-Waste Inspired® next-generation farming approach, which emphasizes sustainability and safety. Edible Garden's products are available in over 5,000 stores across the United States, making it a significant player in the CEA and sustainability technology sector. The company employs patented technologies like the GreenThumb 2.0 software (US Nos.: US 11,158,006 B1, US 11,410,249 B2, and US 11,830,088 B2) for optimizing growth in vertical and traditional greenhouses, as well as a self-watering display (U.S. Patent No. D1,010,365) designed to increase plant shelf life and enhance in-store display.
Edible Garden is not just about growing food; it is also a developer of plant and whey protein powders under the Vitamin Way® and Vitamin Whey® brands. Additionally, the company offers a line of sustainable food flavoring products, including Pulp gourmet sauces and chili-based products.
The company's commitment to reducing pollution-generating food miles is evident in its strategic network of contract growers located near major U.S. markets. This ensures that their organic herbs and lettuces, grown in controlled environments like hydroponic and vertical greenhouses, are always fresh and local.
Edible Garden's innovative approach and robust safety protocols have not only earned it a dedicated customer base but also positioned it as a disruptor in the CEA and sustainability technology landscape. For more information, visit Edible Garden AG.
Edible Garden AG announced it will showcase its new Pulp line of sustainable, gourmet, USDA organic, fermented sauces and chili-based products at the 2024 Organic Produce Summit.
The event is scheduled for July 11th, 2024 at the Monterey Conference Center, California. The summit targets the organic fresh produce industry, facilitating networking, education, and information exchange among buyers and suppliers.
Edible Garden's CEO, Jim Kras, emphasized the alignment of the Pulp line with the company's commitment to environmental stewardship and innovation. The exhibit aims to connect with retail partners, buyers, suppliers, and industry leaders.
Edible Garden AG has announced an expansion of its distribution through Hemingways, a leading distributor of organic products in the Northeast. The expansion includes an innovative integrated rack program designed to enhance the presentation and accessibility of Edible Garden's herbs. This initiative will begin with Adams Hometown Markets and Highland Park Markets, with plans to extend to more retail partners in New England. The goal is to improve brand visibility, consumer access, and overall shopping experience, potentially increasing sales and customer satisfaction.
Edible Garden, a leader in controlled environment agriculture, announced the implementation of proprietary 'shrink savings' innovations for its basil products. These packaging and shipping improvements aim to reduce spoilage and prolong shelf life, aligning with the company's Zero-Waste Inspired® mission. CEO Jim Kras emphasized the competitive advantage of these innovations, which will be introduced at the annual sales meeting on June 20, 2024. The company believes these measures will enhance its reputation as a reliable partner and drive cost savings for retailers.
Edible Garden AG announced the availability of its Pulp sustainable and fermented products at a major big box retailer's locations across the Midwest. This marks a significant expansion following a successful initial soft launch. CEO Jim Kras stated the broad rollout validates strong customer and retail appeal due to the products' unique flavors. This expansion strengthens Edible Garden's market position as 'The Flavor Maker' in the food industry.
Edible Garden has announced that its full product line, including the new Pulp sustainable gourmet sauces and chili-based products, is now available at all Brooklyn Fare locations in New York City. This marks a significant retail expansion for Edible Garden, a company recognized for its focus on controlled environment agriculture, organic produce, and sustainable practices.
Brooklyn Fare, a prominent retailer known for its high-quality products and culinary expertise at its Chef's Table restaurant, will now offer Edible Garden products across all its stores, enhancing the availability of sustainable and locally grown produce to New York City residents.
CEO Jim Kras expressed enthusiasm about this development, highlighting Brooklyn Fare's reputation for sophisticated flavor profiles that its customers demand. This expansion is expected to boost Edible Garden's market presence and consumer reach in a key urban market.
Edible Garden AG has announced that it achieved high scores in the PrimusGFS food safety audit, reinforcing its position as a leader in sustainable produce. The audit, recognized by the Global Food Safety Initiative (GFSI), certifies the company's production, packing, and distribution processes. This accomplishment aligns with Edible Garden's Zero-Waste Inspired® mission to provide safe and sustainably grown produce. CEO Jim Kras lauded the team’s dedication to maintaining food safety standards, while Director of Food Safety, Jan-Tia Kern, emphasized the importance of these scores, linking them to ongoing research with Auburn University on fresh produce contamination in controlled environment agriculture.
Edible Garden, a leader in controlled environment agriculture (CEA), has completed phase two of its packhouse buildout at its Belvidere, NJ facility. This phase introduces new processing and warehousing capabilities designed to optimize efficiency and serve over 5,000 retail outlets. The facility will integrate the advanced GreenThumb technology, a cloud-based platform to manage greenhouse operations and streamline demand planning. This integration is expected to enhance operational efficiency and potentially increase the company's gross profit margins. The final phase will include refrigeration, warehousing, and corporate offices.
Edible Garden announced a public offering priced at $6.0 million. The offering includes 2,655,000 shares of common stock (or pre-funded warrants) and Class A and B warrants to purchase up to 2,655,000 shares each. The combined public offering price is $2.26 per share ($2.25 per pre-funded warrant), with the Class A warrants expiring in five years and Class B warrants in eighteen months. The offering is expected to close on May 23, 2024, contingent on standard closing conditions. Gross proceeds are projected to be approximately $6.0 million before fees and expenses. Maxim Group is the sole placement agent for this offering. The offering is made under an effective registration statement filed with the SEC.
Edible Garden reported a 27.6% year-over-year revenue growth for Q1 2024, totaling $3.1 million. This growth is attributed to high customer demand and product line expansion.
Notably, the company’s gross profit surged by 195.8%, driven by a strategic pivot away from third-party growers, resulting in a 171 basis point increase in gross margin. Approximately 95% of Edible Garden’s fresh product line is now produced at company-owned facilities.
Despite these positive trends, the company experienced a net loss of $4.0 million for Q1 2024, compared to a $2.9 million loss in Q1 2023, due to higher SG&A expenses. Edible Garden aims to boost margins and reduce SG&A costs in future quarters.
The company also secured a significant three-year contract with a leading U.S. food retailer, expected to generate $18-$20 million in revenue. Additional distribution partnerships and product line expansions are also underway.
A conference call will be held today at 8:00 AM ET to discuss these results and corporate progress.
Edible Garden AG Incorporated, a leader in controlled environment agriculture, will host a conference call to discuss financial results for the quarter ended March 31, 2024, and provide a business update. The call will be on May 15, 2024, at 8:00 AM Eastern Time. The Company encourages U.S. callers to dial +1 888-506-0062 and international callers to dial +1 973-528-0011, with access code 926030. A webcast will be available at https://www.webcaster4.com/Webcast/Page/2914/50592 along with a replay on the company's website.
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