Business
Edible Garden Reports 10% Increase in Sales for the First Quarter of 2022
BELVIDERE, NJ, June 21, 2022 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated (“Edible Garden” or the “Company”) (Nasdaq: EDBL, EDBLW), a leader in
About this update from Edible Garden Ag Incorporated
[{"type":"text","content":"BELVIDERE, NJ, June 21, 2022 (GLOBE NEWSWIRE) -- 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 and plant-based products, today provided a business update and reported financial results for the quarter ended March 31, 2022. Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We are pleased to report solid results for the first quarter of 2022. Despite our capital constraints during the first quarter of 2022, revenues increased 10% compared to the same period last year. On the heels of our IPO in May 2022, we believe we are well-positioned to accelerate organic growth by capitalizing on our growing brand recognition, the strong consumer demand for our products and our expanding retail channels.” “Retailers have become acutely aware of supply chain risks and are realizing the importance of locally grown produce. Our controlled greenhouse facilities allow us to grow consistently year-round by eliminating some of the variability of outdoor farming with our CEA techniques. In addition, GreenThumb, our patented proprietary greenhouse management and demand planning system, helps us track plants through the supply chain, driving greater efficiencies while reducing waste. At the same time, consumers are increasingly looking for fresh, safe, organic and sustainably grown food. Our closed looped systems and hydroponic methods use less land, less energy and less water than legacy farms, thus conserving the planet’s limited natural resources, while mitigating contamination from harmful pathogens, such as salmonella and e-coli without the use of pesticides.” “Looking ahead, we believe our recent IPO will enable us to launch new sales and marketing initiatives to further drive brand awareness and growth. Similar to other companies in our sector, our first quarter results were affected by labor, material, and energy costs. Nevertheless, we invested heavily in our operations and have built what we believe is a highly scalable infrastructure. We expect to benefit from significant operating leverage, which should result in margin improvement as revenue continues to increase. As a result, we are encouraged by the near- and long-term outlook for the business.” Financial Results For the first qu...