Business
Edible Garden Reports Record Year-Over-Year Revenue Growth of 41.4% for Second Quarter of 2023
Prudent Use of Capital Generates Results: Gross Profit Climbs 168% High Level of Consistent Execution Key Differentiator for the Company Reaffirms Target of
About this update from Edible Garden Ag Incorporated
[{"type":"text","content":"Prudent Use of Capital Generates Results: Gross Profit Climbs 168% High Level of Consistent Execution Key Differentiator for the Company Reaffirms Target of Positive Quarterly Cash Flow from Operations before Year-End Conference Call to Be Held Today at 8:00 AM ET. BELVIDERE, N.J., Aug. 10, 2023 (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 months ended June 30, 2023. Mr. Jim Kras, Chief Executive Officer of Edible Garden, stated, \"We are excited to report record year-over-year revenue growth of 41.4% for the second quarter of 2023. Edible Garden has always stood out for its consistently high level of execution, a feature that sets the Company apart from our competition. During times when other companies in our industry are struggling, often contracting or even going out of business, Edible Garden continues to expand its reach and gain market share. Edible Garden has regularly executed at levels that surpass those of our competitors. Our order-fill rates across all retailers and distribution partners regularly exceed industry averages, illustrating our commitment to outstanding service. By continually exceeding our retail partner's expectations, we believe this level of performance firmly establishes the Company as a strong, reliable provider of sustainably grown produce. This has enabled the Company to build its distribution to include the largest names in retail across the country. We believe that retailers that are already a part of our distribution network, as well as prospective retail customers, increasingly view Edible Garden as a reliable and trustworthy partner and are seeking out opportunities to strengthen, or initiate, distribution relationships with the Company.” “During the second quarter of 2023, the Company began implementing a deliberate strategy to focus our efforts and reallocate resources toward more lucrative customer and partner relationships. We saw results from this strategy shift, almost immediately, as our gross profit increased by 168% compared to the same quarter in 2022. Moreover, with the launch of Edible Garden Heartland in April 2023, we anticipate even...