STOCK TITAN

Edible Garden AG Incorporated - EDBL STOCK NEWS

Welcome to our dedicated page for Edible Garden Incorporated news (Ticker: EDBL), a resource for investors and traders seeking the latest updates and insights on Edible Garden Incorporated stock.

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.

Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-46.88%
Tags
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
15.69%
Tags
none
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.28%
Tags
Rhea-AI Summary

Edible Garden AG Incorporated, a leader in controlled environment agriculture, announced a product development agreement with Hermann Pickle Company to develop fermented plant-based products and non-GMO consumer packaged foods. The partnership aims to leverage both companies' strengths in production, marketing, and distribution to meet the increasing consumer demand for healthier and sustainable food options. This collaboration reflects Edible Garden's commitment to expanding its product offerings and Hermann Pickles' legacy as a trusted provider of kosher pickles and sauerkraut.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.08%
Tags
none
-
Rhea-AI Summary

Edible Garden AG Incorporated has initiated shipping of 'Garden Starters' to Meijer stores, marking the start of the spring planting season. The innovative product offers potted herbs and basil bowls that cater to home gardening enthusiasts. The company aims to meet the rising demand for sustainably grown herbs and produce by managing the entire production, packaging, and distribution process from their Edible Garden Heartland facility in Grand Rapids, Michigan. By strategically utilizing backhauls, they are focused on reducing CO2 emissions, benefiting both the company and the environment. The introduction of 'Garden Starters' is seen as a lucrative sales opportunity for the company and its retail partners, with plans for nationwide expansion.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.92%
Tags
none
-
Rhea-AI Summary
Edible Garden AG Incorporated has successfully regained compliance with the minimum bid price requirement under Nasdaq Rule 5550(a)(2), ensuring the maintenance of its Nasdaq listing. CEO Jim Kras emphasizes the significance of this achievement for enhancing shareholder value and long-term success.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
66.49%
Tags
none
Rhea-AI Summary
Edible Garden AG Incorporated reported a 40% year-over-year increase in produce revenues and a more than 200% increase in cut herb revenue for the first quarter. The growth was attributed to investments in equipment, infrastructure, and expanded retail distribution. CEO Jim Kras highlighted sustained strong demand for cut herbs and the company's focus on becoming a vertically integrated herb supplier.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
46.37%
Tags
none
-
Rhea-AI Summary
Edible Garden AG Incorporated partners with UNFI Distributors to offer Pulp sustainable products across North America. The new line of gourmet sauces and chili-based products aims to enhance meals with a 'Bland to Bold' flavor profile, expanding the reach of Edible Garden's sustainable produce.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.16%
Tags
none
-
Rhea-AI Summary
Edible Garden AG Incorporated (EDBL) has started shipping spring ornamentals from its facility in Grand Rapids, Michigan, which is expected to positively impact the company's margins. The CEO highlighted the use of proprietary technologies and cutting-edge growing methods to expand the ornamental and floral business, anticipating a boost in overall margins due to the higher-margin nature of these products.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.19%
Tags
none
Rhea-AI Summary
Edible Garden AG Incorporated announces the vertical integration of its Edible Garden Heartland facility in Grand Rapids, Michigan, shifting production of potted herbs in-house to enhance margins. The company is now shipping USDA Organic potted herbs to major Midwest retailers, expecting reduced production costs and improved efficiency.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
15.53%
Tags
none

FAQ

What is the current stock price of Edible Garden Incorporated (EDBL)?

The current stock price of Edible Garden Incorporated (EDBL) is $0.2377 as of December 20, 2024.

What is the market cap of Edible Garden Incorporated (EDBL)?

The market cap of Edible Garden Incorporated (EDBL) is approximately 2.8M.

What does Edible Garden AG Incorporated do?

Edible Garden AG Inc. focuses on growing fresh, organic food using controlled environment agriculture techniques, combining traditional and advanced technologies.

Where are Edible Garden's facilities located?

Edible Garden operates its greenhouses and processing facilities in Belvidere, New Jersey, and Grand Rapids, Michigan.

What is the Zero-Waste Inspired® farming approach?

The Zero-Waste Inspired® approach emphasizes sustainability and safety in all farming practices, aiming to minimize waste and environmental impact.

What is the GreenThumb 2.0 software?

GreenThumb 2.0 is Edible Garden's patented software designed to optimize growth in vertical and traditional greenhouses, reducing pollution-generating food miles.

What products does Edible Garden offer?

Edible Garden offers organic herbs and lettuces, plant and whey protein powders under the Vitamin Way® and Vitamin Whey® brands, and sustainable food flavoring products like Pulp gourmet sauces.

How many stores carry Edible Garden products?

Edible Garden products are available in over 5,000 stores across the United States.

What is the self-watering display?

The self-watering display is a patented technology designed to increase the shelf life of plants and provide an enhanced in-store display experience.

What is Edible Garden's approach to sustainability?

Edible Garden focuses on sustainable practices, including the use of hydroponic and vertical greenhouses, sustainable packaging, and a strategic network of local contract growers.

Does Edible Garden offer any protein products?

Yes, Edible Garden offers plant and whey protein powders under the Vitamin Way® and Vitamin Whey® brands.

How can I get more information about Edible Garden?

For more information, you can visit Edible Garden's official website at https://ediblegardenag.com/.

Edible Garden AG Incorporated

Nasdaq:EDBL

EDBL Rankings

EDBL Stock Data

2.76M
16.94M
10.21%
2.42%
1.61%
Farm Products
Consumer Defensive
Link
United States of America
BELVIDERE