Edible Garden reports Q1 EPS ($13.65) vs ($44.19) last year

Reports Q1 revenue $3.132M vs $2.455M last year. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We are excited to announce a significant 27.6% year-over-year increase in revenue for the first quarter of 2024, which is typically the slowest quarter in our industry. This considerable growth showcases the dedication of the entire Edible Garden team and our ability to perform at a high level, resulting in high fill rates and an outstanding reputation as a trusted supplier within the industry. It also highlights the beneficial effects that vertical integration has had on our operations. We have achieved consistent top-line revenue growth over recent quarters, and more importantly, have increased our margins since we started reducing our reliance on third-party growers in the latter half of 2023. The benefits of this strategic shift became apparent at the end of last year and continued into the first quarter of 2024, where our gross profit increased by 195.8%. Additionally, we started to realize the benefits of this strategic shift in our gross profit margin which increased by 171 basis points compared to the same period in 2023. Our transition away from third-party growers has accelerated, with Edible Garden now producing approximately 95% of the Edible Garden fresh product line in Company-owned facilities. This has been a transformative journey, and we believe we have now reached a key inflection point in our evolution as a Company. With all the necessary elements in place, we believe we are poised to boost our margins in the coming quarters.”