Edible Garden Reports Preliminary 30% Year-over-Year Sales Growth in Vitamins and Supplements for the Second Quarter of 2024
2024年7月31日 - 10:00PM
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 reported that its Vitamins
and Supplements products achieved over 30% year-over-year sales
growth for the second quarter. The Company expects this
growth in Vitamins and Supplements products to have a favorable
impact on profitability and cash flow from operations for the
second quarter.
Mr. Jim Kras, Chief Executive Officer of Edible Garden,
commented, "We are extremely pleased with the strong performance of
our Vitamins and Supplements products, which we believe demonstrate
that these higher-margin products are gaining traction in the
market. We believe these results are driven by our integrated
marketing strategy designed to increase consumer adoption through a
variety of promotional and brand awareness activities. The success
of these initiatives is best illustrated by the 30% increase in
vitamins and supplements sales over just the past 12 weeks
alone.”
"The recent expansion of our product lineup with the addition of
two new flavors, ‘Ice Cream Cake’ and ‘Orange Creamsicle,’
introduced late last year, has reinforced our industry reputation
as the ‘Flavor Maker.’ Our partnership with Nutracom has been
instrumental in our success and we remain committed to pioneering
innovative and cutting-edge flavors with them. We are enthusiastic
about expanding this partnership by exploring even more creative
flavor possibilities that not only set industry trends but also
cater to the discerning tastes of our customers,” concluded
Kras.
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 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 Edible Garden
go to https://ediblegardenag.com/.
Preliminary, Unaudited Financial
DisclosuresThe data presented above is preliminary and
unaudited, based upon our estimates, and subject to further
internal review by management and compilation of actual results.
The data presented above does not reflect the impact from herbs,
floral or produce revenue during the quarter and may not be
reflective of year-over-year trends in consolidated revenue during
the second quarter. Our closing procedures for the quarter ended
June 30, 2024 are not yet complete. Our management’s estimates are
based upon preliminary information currently available from our
business and do not include any promotional deductions. While we
expect that our results will be consistent with these preliminary
and unaudited estimates, our actual results may differ materially
from these preliminary estimates.
This preliminary financial information is not a
comprehensive statement of our financial results for this period.
For example, vitamins and supplements constitute only one component
of our overall revenue, which also includes sales from potted
herbs, cut herbs, produce and floral products. Our actual results
may differ materially from these estimates due to the completion of
our financial closing procedures, final adjustments, and other
developments that may arise between now and the time the closing
procedures for the quarter are completed.
This preliminary financial information should
not be viewed as a substitute for our full interim or annual
financial statements prepared in accordance with U.S. generally
accepted accounting principles. Accordingly, you should not place
undue reliance on this preliminary financial information. The
preliminary financial information has been prepared by, and is the
responsibility of, our management. Marcum LLP, our independent
registered public accounting firm, has not audited, reviewed,
compiled or performed any procedures with respect to the
accompanying preliminary financial data. Accordingly, Marcum LLP
does not express an opinion or any other form of assurance with
respect thereto.
Forward-Looking StatementsThis
press release contains forward-looking statements, including with
respect to the growth of the vitamins and supplements product lines
of the Company and performance as a public company. The words
“seek,” “believe,” “design,” “may,” “potential,” “will,” 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 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. Specifically, our sales growth in
vitamins and supplements during the quarter ended June 30, 2024
(“second quarter”) may not (i) reflect our overall revenue growth
during the second quarter, (ii) represent the amount that the
Company will be able to recognize as revenue during the second
quarter, and (iii) be consistent with full-year sales
results. The Company’s vitamins and supplement sales are
preliminary and unaudited and are based on the Company’s internal
financial records as of the date of this press release. The
Company’s independent publicly registered accounting firm, Marcum
LLP has not audited, reviewed, compiled or performed any procedures
with respect to this financial information. Accordingly,
Marcum LLP does not express an opinion or any other form of
assurance with respect to these preliminary results. You should not
rely upon forward-looking statements as predictions of future
events. 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, LLC212-671-1020EDBL@crescendo-ir.com
Edible Garden (NASDAQ:EDBLW)
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Edible Garden (NASDAQ:EDBLW)
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