Business
Edible Garden Reports 10% Revenue Growth for 2022
Achieves Third Consecutive Quarter of Year-Over-Year Revenue Growth Reports Strong Execution and Projects Turning Cash Flow Positive in 2023 Zero-Waste
About this update from Edible Garden Ag Incorporated
[{"type":"text","content":"Achieves Third Consecutive Quarter of Year-Over-Year Revenue Growth Reports Strong Execution and Projects Turning Cash Flow Positive in 2023 Zero-Waste Inspired® Mission Continues to Resonate with Environmentally Conscious Consumers and Retail Distribution Partners Resulting in Growing Product Demand Conference Call to Be Held Today at 11:00 am ET. BELVIDERE, N.J., March 22, 2023 (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 products, today provided a business update and reported financial results for the three month and full year periods ended December 31, 2022. Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We are pleased to report that for the third consecutive quarter, since last year’s IPO, we achieved year-over-year growth in top-line revenue. We believe we have prudently deployed our capital, which has resulted in continued momentum and growth of the Edible Garden brand.” “During a point in time when many businesses are struggling, we continue to expand our market penetration, perform consistently, and have kept our pricing relatively stable during a period of rapid inflation. Moreover, we expect to see an increase in margins once our Heartland Midwest facility is fully operational. Based on our current trajectory, we believe Edible Garden will turn cash flow positive later this year.” “The Company continues to build out our nationwide distribution network by adding retail partners across the Northeast, Midwest, Mid-Atlantic, and Southeastern regions of the country. Additionally, we are diversifying our product offerings to include what we expect will be higher-margin products and new product categories. Furthermore, Edible Garden's Zero-Waste Inspired® mission continues to resonate well with environmentally conscious consumers, as well as our retail distribution partners, resulting in a growing demand for our products.” “Our achievements in the fourth quarter included the introduction of three new salad kits featuring locally grown, sustainable, cut lettuce, along with all the ingredients required to make a complete salad. Additionally, we acquired the Pulp® line of all-natural, Non-GMO, preservative-free, sustainable gourmet sauces and...