Edible Garden AG , Inc. ( (EDBL) ) has released its Q3 earnings. Here is a breakdown of the information Edible Garden AG , Inc. presented to its investors.
Edible Garden AG Incorporated is a leader in controlled environment agriculture, offering locally grown, organic, and sustainable produce and products. The company is known for its next-generation farming techniques and operates state-of-the-art greenhouses and processing facilities in the United States.
In its latest earnings report, Edible Garden announced a substantial 324% year-over-year increase in gross profit for the nine-month period ending September 2024. Despite a strategic decision to phase out lower-margin products impacting overall revenue, the company reported strong growth in its core business operations, including a 55% increase in cut herb sales.
Key financial metrics highlighted include a $687,000 increase in gross profit for the third quarter of 2024 compared to the previous year, and a significant improvement in gross profit margin by 27%. The company also strengthened its balance sheet by raising approximately $5.65 million in gross proceeds, using part of these funds to pay down $3.2 million in debt due in 2025. Strategic initiatives, such as a growing partnership with Walmart and the expansion of the Pulp Flavors line, are expected to drive future growth.
Looking ahead, Edible Garden’s management expresses confidence in achieving sustainable cash flow and profitability, projecting significant growth in margins and revenue for the fourth quarter of 2024. With a streamlined business model and robust infrastructure, the company is poised for continued success and aims to deliver long-term value to its shareholders.
