Edible Garden reports Q2 EPS ($1.21) vs ($4.83) last year

Reports Q2 revenue $4.268M vs $4.221M last year. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We are pleased to announce another exceptionally strong quarter, as illustrated by a 157% increase in gross profit, fueled by impressive year-over-year growth of 61% in cut herbs and 30% in vitamins & supplements for the second quarter of 2024. Our shift away from the dependence on third-party growers is driving our gross profit margin improvement. With approximately 95% of our fresh product line now produced in our own facilities, gross margin increased to a record 36.7% in the second quarter of 2024, compared to 13.1% for the same period last year. Additionally, we have reviewed our business operations and made a strategic decision to shift away from less profitable business segments, directing our focus and efforts toward more profitable, higher-margin segments. We believe that this shift in strategic focus, combined with the vertical integration of our operations, positions us well to continue improving our results and achieving our goals of positive cash flow and profitability.”