Edible Garden Q3 revenue up 19.4% to $3.3M but gross profit collapses to $12K; net loss widens

Edible Garden AG Inc

Revenue $3.3M (+19.4% YoY); herbs/produce/floral up 22.8%, vitamins/supplements down 0.8%.
Gross profit $12K (0.4% of sales) vs. $182K (6.6%) YoY, due to Edible Garden Heartland ramp-up costs and retail shrink.
Net loss $2.4M ($0.69/share) vs. $2.1M ($7.13/share) in prior-year quarter; operating expenses rose to $2.4M.
Expanded retail distribution: Walmart (Northeast & East South Central), Woodman's Markets (WI/IL), Tops Markets (NY/PA/VT), Pulp sauce line now in Morton Williams (NY) and Dierbergs (St. Louis).
Launched EG Direct partner-grown produce sourcing; received patent allowance for Self-Watering Display; new Vitamin Whey flavors at Meijer.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.8

Edible Garden AG Inc reported third quarter of 2023 results: revenue $3.3 million.

Period: third quarter of 2023
Revenue: $3.3 million
Result: reported results

Exact text from the filing

cash flow on a quarterly basis before the year's end." Financial results for the three months ended September 30, 2023 For the quarter ended September 30, 2023, revenue totaled $3.3 million, an increase of 19.4% compared to $2.8 million for the three months ended September 30, 2022. The 22.8% increase in the herbs, produce and floral business was primarily due to a

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Source: SEC EDGAR

accession 0001477932-23-008252

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