Business
Edible Garden Reports 21.6% Year-over-Year Revenue Growth for 2023
32.8% Year-Over-Year Revenue Growth for Fourth Quarter of 2023 Gross Profit Increases 125.8% in 2023 with Gross Margin Increasing by 270 Basis Points Edible
About this update from Edible Garden Ag Incorporated
[{"type":"text","content":"32.8% Year-Over-Year Revenue Growth for Fourth Quarter of 2023 Gross Profit Increases 125.8% in 2023 with Gross Margin Increasing by 270 Basis Points Edible Garden Secures Two New Patents in 2024 Highlighting Company’s Innovation Leadership Position in AgTech; Driving Efficiency and Expected Profitability Conference Call to Be Held Today at 8:00 am ET. BELVIDERE, N.J., April 01, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated (“Edible Garden” or the “Company”) (Nasdaq: EDBL), 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, 2023. Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We are extremely pleased to report a 21.6% increase in our annual revenue for 2023, as well as a notable 32.8% increase year-over-year for the fourth quarter of 2023. We believe this significant growth reflects the strength of our relationships with major retailers and the trust our customers place in our quality products. We continue to be a leader in our industry, in terms of both service and reliability, and more retailers are turning to Edible Garden for their organic and sustainable product needs. Additionally, by investing in our infrastructure and refining our patented data analytics capabilities, we continue to identify additional opportunities to boost profit margins. The prudent management of our business is reflected in the increase in our gross profit by 270 basis points in 2023 and in the 767 basis point improvement in our operating margin.” “We have further leveraged our platform to enrich and broaden the scope of our offerings. We recently partnered with Tops Friendly Markets, bringing our sustainable herbs to 149 stores across New York, Pennsylvania, and Vermont. Furthermore, we have also added Uncle Giuseppe's Marketplace, part of RBest Produce, which is now offering Edible Garden herbs in their 12 locations throughout New York and New Jersey. The addition of these two retailers significantly boosts our presence in the Northeastern U.S. In February, we entered into 3-year agreements with a leading major U.S. food retailer, enabling us to expand our product lineup in their stores. This expansion includes a variety of products ...