Edible Garden Reports 181.3% Year-over-Year Gross Profit Increase for 2024
Rhea-AI Summary
Edible Garden (NASDAQ: EDBL) reported significant financial improvements for 2024, highlighted by a 181.3% increase in gross profit and expansion in gross margin from 5.9% to 16.7%. The company's strategic realignment focused on its core herb business, which grew 16.3% year-over-year, generating an additional $1.7 million in revenue.
While total revenue remained relatively flat at $13.9 million (down 1.4% from 2023), this was due to the company's intentional exit from lower-margin product lines including lettuce and floral. Cost of goods sold decreased by $1.7 million (12.7%) to $11.6 million, driven by increased internal production capabilities.
The company reported a net loss of $11.1 million for 2024, compared to $10.2 million in 2023, primarily due to increased SG&A expenses and interest costs. Notable developments include the proposed acquisition of Narayan Group and the launch of new product lines including Squeezables, Pulp, and Kick Sports Nutrition.
Positive
- 181.3% increase in gross profit year-over-year
- Gross margin nearly tripled from 5.9% to 16.7%
- Core herb business grew 16.3%, adding $1.7M in revenue
- 12.7% reduction in cost of goods sold ($1.7M decrease)
- Strengthened balance sheet through successful capital raise
Negative
- Net loss increased to $11.1M from $10.2M in 2023
- Overall revenue declined 1.4% to $13.9M
- SG&A expenses increased by $1.6M (15.8%)
- Other expenses increased by $1.5M due to higher interest costs
- Higher legal and audit fees of $0.9M related to capital market activities
News Market Reaction
On the day this news was published, EDBL declined 29.97%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Core Herb Business Grows
Continues to Pursue Strategic Narayan Acquisition
Conference Call to Be Held Today at 8:00 am ET.
BELVIDERE, N.J., March 31, 2025 (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, 2024.
“We are pleased to report a
“Although total revenue remained relatively flat, this reflects the Company’s intentional exit from lower-margin product lines as part of its strategic realignment. Setting aside the lower-margin product lines, our core herb product revenue alone grew
“In addition, we strengthened our balance sheet in 2024 through a combination of disciplined cost management, a successful capital raise, and the execution of our operational realignment. These efforts led to a significant improvement in our working capital position, providing us with greater liquidity and enhancing our overall financial flexibility. This stronger financial foundation should enable us to operate more efficiently, respond more quickly to market opportunities, and reinvest with confidence in high-growth areas of our business. We expect it will also allow us to leverage our capital more effectively - expanding our buying power, lowering our cost of goods, and positioning the Company for accelerated growth in 2025 and beyond.”
“These strong results also underscore the broader impact of our operational improvements, including automation, data-driven decision-making, and targeted investments in patented agricultural technology. As we expand our retail partnerships and refine our processes, we expect continued improvements in margins and long-term profitability. We remain committed to creating lasting value for our customers and shareholders.”
Edible Garden is advancing its strategic growth plans, highlighted by the proposed acquisition of Narayan Group, a European producer of organic coconut and superfood products. The acquisition, if completed, would be a transformative step, expanding Edible Garden’s global presence and diversifying its product offerings. In addition, Narayan’s vertically integrated supply chain would give Edible Garden greater control over sourcing, production, and distribution—boosting operational efficiency, reducing costs, and increasing transparency. If completed, the transaction is expected to open new opportunities for clean label, plant based ingredients in both North America and Europe, scaling the Edible Garden platform.
Edible Garden continues to expand its retail footprint across the United States, reinforcing its presence in key consumer markets. By broadening distribution of its USDA Organic herb line, the Company is making its sustainably grown, high-quality products more accessible to consumers. This growth supports Edible Garden’s strategy to meet rising demand for organic, locally sourced produce while underscoring its commitment to sustainability and innovation in controlled environment agriculture.
Innovation remains central to Edible Garden’s growth strategy. The Company recently introduced Squeezables, a shelf-stable line of stir-in paste herbs that extends shelf life without compromising flavor—offering a convenient better-for-you alternative for both consumers and retailers. In addition to launching Squeezables, a shelf-stable line of stir-in paste herbs that preserves fresh flavor while extending shelf life—offering a convenient, better-for-you solution for both consumers and retailers. Squeezables adds to Edible Garden’s growing presence in the fresh condiments category, which also includes Pulp, a line of fermented gourmet sauces and chili products now available at major national retailers, and Pickle Party, the world’s first functional pickle developed with Hermann Pickle Company. Together, these offerings reflect the Company’s focus on clean-label ingredients, bold flavors, and sustainable sourcing. Edible Garden also expanded into the active lifestyle space with Kick. Sports Nutrition, a clean-label line of protein powders, hydration mixes, and pre/post-workout formulas. Launching exclusively on Amazon through a strategic partnership with e-commerce specialist Pirawna, Kick. takes advantage of the platform’s global reach to increase brand visibility and foster consumer engagement. A traditional retail rollout is planned to coincide with the upcoming "beach season".
Edible Garden’s focus on innovation and sustainability earned the Company a Top 50 ranking in the 2024 FoodTech 500, recognizing global leaders at the intersection of food, technology, and environmental responsibility. This distinction underscores Edible Garden’s leadership and its commitment to building a more sustainable food system. Notably, the Company introduced curbside recyclable pots as part of its broader sustainable packaging initiative, contributing to the elimination of 11,803 metric tons of CO₂ emissions in 2024 through Walmart’s Project Gigaton.
“Our focus on innovation and sustainability is delivering meaningful results across product development, operations, and industry recognition. From launching shelf-stable offerings like Squeezables to expanding into high-growth categories with Kick. Sports Nutrition, we are meeting evolving consumer needs while advancing our environmental goals. Being named to the FoodTech 500 validates the progress we have made and reinforces our vision for long-term growth, stronger retail partnerships, and continued leadership in sustainable food innovation,” concluded Mr. Kras.
Financial results for the three months ended December 31, 2024
For the fourth quarter ended December 31, 2024, revenue totaled
Cost of goods sold was
Selling, general and administrative expenses were
Net loss was
Financial results for the year ended December 31, 2024
For the year ended December 31, 2024, revenue totaled
Cost of goods sold decreased by
Gross profit increased
Selling, general, and administrative expenses increased by
Other expenses increased
Net loss for the year ended December 31, 2024, was
The complete financial results for the year ended December 31, 2024, are available in the Company’s Annual Report on Form 10-K, which will be filed with the Securities and Exchange Commission and available at: www.sec.gov.
Conference Call
Edible Garden will host a conference call today at 8:00 A.M. Eastern Time to discuss the Company’s financial results for the fourth quarter and year ended December 31, 2024, as well as the Company’s corporate progress and other developments.
The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access code 270267. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2914/52208 or on the investor relations section of the company’s website, https://ediblegardenag.com/presentations/.
A webcast replay will be available on the investor relations section of the Company’s website at https://ediblegardenag.com/presentations/ through March 31, 2026. A telephone replay of the call will be available approximately one hour following the call, through April 14, 2025, and can be accessed by dialing +1 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 52208.
ABOUT EDIBLE GARDEN®
Edible Garden AG Incorporated is a leader in controlled environment agriculture (CEA), locally grown, organic, and sustainable produce and products backed by Zero-Waste Inspired® next generation farming. Offered at over 5,000 stores in the US, Edible Garden is disrupting the CEA and sustainability technology movement with its safety-in-farming protocols, use of sustainable packaging, patented GreenThumb software and self-watering in-store displays. The Company currently operates its own state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey and Grand Rapids, Michigan, and has a network of contract growers, all strategically located near major markets in the U.S. Its proprietary GreenThumb 2.0 patented (US Nos.: US 11,158,006 B1, US 11,410,249 B2 and US 11,830, 088 B2) software optimizes growing in vertical and traditional greenhouses while seeking to reduce pollution-generating food miles. Its proprietary patented (U.S. Patent No. D1,010,365) Self-watering display is designed to increase plant shelf life and provide an enhanced in-store plant display experience. Edible Garden is also a developer of ingredients and proteins, providing an accessible line of plant and whey protein powders under the Vitamin Way® and Vitamin Whey® brands. In addition, the Company’s Kick. Sports Nutrition line features premium performance products that cater to today’s health-conscious athletes. Furthermore, Edible Garden offers a line of sustainable food flavoring products such as Pulp gourmet sauces and chili-based products. For more information on Pulp products go to https://www.pulpflavors.com/. For more information on Vitamin Whey® products go to https://vitaminwhey.com/. For more information on Edible Garden go to https://ediblegardenag.com/.
Forward-Looking Statements
This press release contains forward-looking statements, including with respect to the Company’s ability to improve its financial results, the Company’s growth strategies, the Company’s ability to expand into new product lines, and its performance as a public company. The words “anticipate,” “believe,” “design,” “expect,” “potential,” “proposed,” “seek,” “should,” “vision,” “will,” “would,” 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 improve its financial performance and achieve its growth objectives, and other factors set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2023 and subsequent quarterly reports on Form 10-Q. Actual results might differ materially from those explicit or implicit in the forward-looking statements. The Company undertakes no obligation to update any such forward-looking statements after the date hereof to conform to actual results or changes in expectations, except as required by law.
Investor Contacts:
Crescendo Communications, LLC
212-671-1020
EDBL@crescendo-ir.com
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| EDIBLE GARDEN AG INCORPORATED | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands, except shares) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | 3,530 | $ | 510 | ||||
| Accounts receivable, net | 1,968 | 1,249 | ||||||
| Inventory, net | 1,544 | 678 | ||||||
| Prepaid expenses and other current assets | 335 | 210 | ||||||
| Total current assets | 7,377 | 2,647 | ||||||
| Property, equipment and leasehold improvements, net | 3,145 | 3,893 | ||||||
| Operating lease right-of-use assets | 1,202 | 35 | ||||||
| Finance lease right-of-use assets | 114 | - | ||||||
| Intangible assets, net | 43 | 47 | ||||||
| Other assets | 34 | 34 | ||||||
| TOTAL ASSETS | $ | 11,915 | $ | 6,656 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| LIABILITIES: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and other accrued expenses | $ | 4,018 | $ | 2,483 | ||||
| Current maturities of operating lease liabilities | 212 | 34 | ||||||
| Current maturities of finance lease liabilities | 41 | - | ||||||
| Short-term debt, net of discounts | 1,939 | 387 | ||||||
| Total current liabilities | 6,210 | 2,904 | ||||||
| Long-term liabilities: | ||||||||
| Long-term debt, net of discounts | 544 | 4,040 | ||||||
| Long-term operating lease liabilities | 992 | - | ||||||
| Long-term finance lease liabilities | 75 | - | ||||||
| Long-term liabilities of discontinued operations | - | |||||||
| Total long-term liabilities | 1,611 | 4,040 | ||||||
| Total liabilities | 7,821 | 6,944 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| STOCKHOLDERS' EQUITY (DEFICIT): | ||||||||
| Common stock ( | 4 | 1 | ||||||
| Series A Convertible Preferred stock ( | - | - | ||||||
| Additional paid-in capital | 44,942 | 29,971 | ||||||
| Obligation to issue shares | 459 | - | ||||||
| Accumulated deficit | (41,311 | ) | (30,260 | ) | ||||
| Total stockholders' equity (deficit) | 4,094 | (288 | ) | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 11,915 | $ | 6,656 | ||||
| (1) Adjusted to reflect the stock splits as described in Note 1. | ||||||||
| EDIBLE GARDEN AG INCORPORATED | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (in thousands, except share and per-share information) | |||||||||||||||||
| Three Months Ended December 31 | Year Ended December 31 | ||||||||||||||||
| Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | 2024 | 2023 | ||||||||||||||
| Revenue | $ | 3,872 | $ | 4,084 | $ | 13,857 | $ | 14,049 | |||||||||
| Cost of goods sold | 3,849 | 3,802 | 11,545 | 13,227 | |||||||||||||
| Gross profit | 23 | 282 | 2,312 | 822 | |||||||||||||
| Selling, general and administrative expenses | 2,764 | 2,551 | 11,587 | 10,009 | |||||||||||||
| Impairment loss | - | 686 | - | 686 | |||||||||||||
| Loss from operations | (2,741 | ) | (2,955 | ) | (9,275 | ) | (9,873 | ) | |||||||||
| Other income (expenses) | |||||||||||||||||
| Interest expense, net | (275 | ) | (56 | ) | (1,219 | ) | (390 | ) | |||||||||
| Gain (Loss) from extinguishment of debt | (64 | ) | - | (562 | ) | 70 | |||||||||||
| Other income / (loss) | 1 | 4 | 5 | 5 | |||||||||||||
| Total other income (expenses) | (338 | ) | (52 | ) | (1,776 | ) | (315 | ) | |||||||||
| NET LOSS | $ | (3,079 | ) | $ | (3,007 | ) | $ | (11,051 | ) | $ | (10,188 | ) | |||||
| Deemed dividend on warrants | (3,873 | ) | - | (3,873 | ) | - | |||||||||||
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (6,952 | ) | $ | (3,007 | ) | $ | (14,924 | ) | $ | (10,188 | ) | |||||
| Net Income / (Loss) per common share - basic and diluted | $ | (10.34 | ) | $ | (263.52 | ) | $ | (68.38 | ) | $ | (1,541.79 | ) | |||||
| Weighted-Average Number of Common Shares Outstanding - Basic and Diluted | 672,474 | 11,411 | 218,266 | 6,608 | |||||||||||||
| (1) Adjusted to reflect prior stock splits. | |||||||||||||||||
FAQ
What caused Edible Garden's (EDBL) gross profit to increase by 181.3% in 2024?
How much did Edible Garden's (EDBL) core herb business grow in 2024?
What was Edible Garden's (EDBL) gross margin improvement in 2024?
What new products did Edible Garden (EDBL) launch in 2024?
What strategic changes did Edible Garden (EDBL) implement in 2024?
