Edible Garden continues to grow organically with revenue up 7.5% year over year for the second quarter of 2022 and new expansion initiatives underway
The conference call will take place today at 11:00 a.m. ET
BELVIDERE, NJ, August 15, 2022 – Edible Garden AG Incorporated (“Edible Garden” or the “Company”) (Nasdaq: EDBL, EDBLW), a leader in controlled environment agriculture (CEA), locally grown, organic and sustainable produce, today provided a business update and released its financial results for the three months ended June 30, 2022.
Mr. Jim Kras, President and CEO of Edible Garden, said, “We continue to gain traction in the market, as evidenced by our strong year-over-year and sequential revenue growth, which does not reflect not deploying the capital raised by our successful initial public offering (IPO) and Nasdaq listing in the second quarter. We are in the early stages of prudent capital deployment, which we believe will help us further accelerate our capabilities, technology and retail delivery. We expect these initiatives will build on the growing awareness of the Edible Garden brand, especially among consumers who care deeply about the environmental impact of the food supply chain. While we are pleased with the organic growth we continue to see across our business, we believe we are now well positioned to accelerate our business expansion and increase our margins from the second half of 2022.”
“Among our achievements in the second quarter, we entered into an agreement with Nutracom to develop exclusive lines of Farm to Formula® nutraceuticals, alternative proteins and functional food products, which will be distributed through the Edible Garden platform. More recently, we increased the distribution of our sustainable hydrobasil, with a major North East retailer in over 350 locations and expanded our North East distribution network with the addition of Food Bazaar and their 28 full service supermarkets complete in densely populated areas across New York, New Jersey and Connecticut. These agreements confirm the growing appeal of our products to consumers. At the same time, our Zero-Waste Inspired® approach allows us to maximize product yields in a sustainable way. For example, we use renewable and proprietary packaging materials. that preserve freshness, reduce spoilage and lower costs. Our environmental, social and corporate (“ESG”) governance and sustainability-focused approach resonates with retailers and consumers, which we believe , will help Edible Garden to further improve our distribution channels and demand for our products in the future. »
Financial results for the three months ended June 30, 2022
For the second quarter ended June 30, 2022, revenues totaled $3.0 million, an increase of $208,000, or 7.5%, compared to $2.8 million for the quarter ended June 30, 2021 The increase represents the growth of the existing customer base.
Cost of goods sold was $2.8 million for the three months ended June 30, 2022, compared to $2.5 million for the three months ended June 30, 2021. The increase is due to costs of packaging due to inflation, to higher labor costs due to COVID-19. 19 and higher costs charged by contract farmers.
Selling, general and administrative expenses were $2.7 million for the three months ended June 30, 2022, compared to $1.4 million for the three months ended June 30, 2021. one-time expenses related to the IPO, as well as other public company expenses that were not incurred in 2021.
Net loss was $4.8 million, or $0.68 per share, for the three months ended June 30, 2022, compared to a net loss of $1.2 million, or $0.29 per share. share, for the quarter ended June 30, 2021.
Financial results for the six months ended June 30, 2022
For the six months ended June 30, 2022, revenue totaled $5.7 million, an increase of $462,000, or 8.8%, compared to $5.3 million for the six months ended June 30, 2021. The increase represents the growth of the existing customer base.
Cost of goods sold was $5.6 million for the six months ended June 30, 2022, compared to $4.8 million for the six months ended June 30, 2021. The increase is due to costs of packaging due to inflation, to higher labor costs due to COVID-19. 19 and higher costs charged by contract farmers.
Selling, general and administrative expenses were $4.3 million for the six months ended June 30, 2022, compared to $2.7 million for the six months ended June 30, 2021. one-time expenses related to the IPO, as well as other public company expenses that were not incurred in 2021.
Net loss was $7.4 million, or $1.22 per share, for the six months ended June 30, 2022, compared to a net loss of $2.3 million, or $0.59 per share. share, for the six months ended June 30, 2021.
Complete financial results for the three and six months ended June 30, 2022 are available on the company’s Form 10-Q, which will be filed with the Securities & Exchange Commission and available at: www.sec.gov.
Edible Garden will host a conference call today at 11:00 a.m. Eastern Time to discuss the Company’s financial results for the second quarter ended June 30, 2022, as well as Company progress and other developments.
The conference call will be available by phone by dialing toll-free 877-545-0523 for US callers or +1 973-528-0016 for international callers and using the passcode: 899861. A webcast of the appeal can be accessed at https://www.webcaster4.com/Webcast/Page/2914/46369 or on the investor relations section of the Company’s website at https://ediblegarden.com/pages/ webcasts-presentations.
A webcast replay will also be available in the Company’s Investors section of the website (https://ediblegarden.com/pages/webcasts-presentations) until August 15, 2023. A telephone replay of the call will be available approximately one hour after the call, through August 29, 2022, and can be accessed by dialing 877-481-4010 for US callers or +1 919-882-2331 for international callers and entering the conference ID: 46369.
ABOUT THE EDIBLE GARDEN®
Edible Garden AG Incorporated, is a leader in locally grown organic leafy greens and herbs, supported by Zero-Waste Inspired® next-generation agriculture. Offered in more than 4,000 stores across the United States, Edible Garden is disrupting the CEA and sustainable technology movement with its safety protocols in agriculture, use of sustainable packaging, patented GreenThumb software and self-watering displays in store. The company currently operates state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey, and partners with growers located near major US markets. Its proprietary GreenThumb software optimizes cultivation in vertical and traditional greenhouses while seeking to reduce food-generating pollution. miles. Edible Garden is also an ingredient and protein developer, providing an accessible line of plant-based and whey protein powders under the Vitamin Way® and Vitamin Whey® brands.
This press release contains forward-looking statements, including with respect to the Company’s growth strategies, its ability to expand its distribution network and distribution relationships, and its performance as a public company. The words “believe”, “expect”, “intend”, “goal”, “seek”, “future”, “will” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including market and other conditions and the Company’s ability to achieve its growth objectives. The Company undertakes no obligation to update these forward-looking statements after the date hereof to conform to actual results or to changes in expectations, except as required by law.
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