Edible Garden reports Q3 EPS (65c) vs. ($13.83) last year

Reports Q3 revenue $2.6M vs. $3.3M last year. Jim Kras, Chief Executive Officer of Edible Garden (EDBL), commented, ” We are pleased to report another strong quarter. Earlier this year, we made a strategic shift away from lower margin floral and lettuce products. This decision continues to pay dividends, highlighted by a $687,000 increase in gross profit for the third quarter of 2024 compared to the same period last year, representing gross profit margin expansion of 27% as compared to the third quarter of 2023. This remarkable improvement reflects the consistent margin growth that has fueled our progress in recent quarters, while marginally impacting our revenue growth in the second and third quarters. Furthermore, our gross profit for the first nine months of 2024 surged by $1.7 million-an impressive 324% increase over the prior year. Our core business is stronger than ever, as demonstrated by a 55% increase in sales of cut herbs for the first nine months of 2024 compared to 2023. Revenue for the first nine months ended September 30, 2024, showed a slight year-over-year increase. Third-quarter revenue for 2024 was down from the same period last year, driven by our strategic decision to phase out lower-margin products and categories. For example, in connection with phasing out our legacy floral business at our Edible Garden Heartland facility in Grand Rapids, Michigan, we have installed a new production line to expand our capacity to drive the growth of our higher margin products. We believe these initiatives will help us accelerate achieving our goal of sustainable cash flow and profitability.”