Edible Garden Q1 net loss $2.9M; revenue drops to $2.5M but gross profit improves; projects >20% revenue growth in 2023

Edible Garden AG Inc

Revenue of $2.5M (down 7% YoY from $2.7M) due to order timing and strategic shift to higher-margin partnerships.
Net loss $2.9M ($2.21 loss per share) vs prior year loss of $2.6M ($15.40 loss); EPS improved on higher share count.
Gross profit improved as COGS fell to $2.5M from $2.8M; new Heartland facility expected to boost margins via vertical integration.
Record revenue in April; company projects FY2023 revenue growth >20% and expects to reach quarterly positive cash flow before year-end.
Added Morton Williams supermarkets; expanded Gristedes/D'Agostino; Pulp sauces to launch at Whole Foods Mid-Atlantic and SE in summer 2023.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Edible Garden AG Inc reported the three months ended March 31, 2023 results: revenue $2.5 million, net income $2.9 million, or ($2.21) per share, EPS ($2.21) per share.

Period: the three months ended March 31, 2023
Revenue: $2.5 million
Net income: $2.9 million, or ($2.21) per share
EPS: ($2.21) per share
Result: reported results

Exact text from the filing

or strengthen, distribution relationships with the Company.” Financial results for the three months ended March 31, 2023 For the quarter ended March 31, 2023, revenue totaled $2.5 million, compared to $2.7 million for the three months ended March 31, 2022. Cost of goods sold was $2.5 million for the three months ended March 31, 2023, compared to $2.8 million for

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Source: SEC EDGAR

accession 0001477932-23-003405

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