Core Insights - Edible Garden AG Incorporated reported a 51% year-over-year increase in preliminary sales results for the Thanksgiving period, indicating strong demand for its fresh, sustainable products [1][2] - The company maintains an industry-leading fulfillment rate exceeding 98%, which is a key factor in its operational success and customer satisfaction [2][5] - Edible Garden operates over 5,000 stores in the U.S. and is recognized for its innovative practices in controlled environment agriculture (CEA) and sustainability [3] Sales Performance - The sales increase reflects results for the weeks of November 8-24, 2024, compared to the same weeks in 2023 [4] - The company attributes its sales growth to a focus on its complete herb line and core strengths, enhancing its market position [2] Operational Excellence - The fulfillment rate is defined as the percentage of orders filled in full relative to total orders received, serving as a critical performance metric for the company [5] - Edible Garden's commitment to quality and dependability strengthens relationships with retail partners and enhances its distribution network [2] Company Overview - Edible Garden is a leader in CEA, offering locally grown, organic, and sustainable produce, and operates state-of-the-art greenhouses and processing facilities in New Jersey and Michigan [3] - The company utilizes patented technologies such as GreenThumb software and self-watering displays to optimize production and reduce environmental impact [3]

Company Overview - Edible Garden AG Incorporated is a leader in controlled environment agriculture (CEA), focusing on locally grown, organic, and sustainable produce and products [4] - The company operates state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey, and Grand Rapids, Michigan, and has a network of contract growers near major U.S. markets [4] - Edible Garden's products are available in over 5,000 stores across the U.S., disrupting the CEA and sustainability technology movement with innovative farming protocols and sustainable packaging [4] Product Offerings - The company will showcase its full range of USDA Organic herbs and produce at the 2024 New York Produce Show and Conference, including the introduction of its Pickle Party kosher, Non-GMO product line [1] - Edible Garden is known for its innovative approach to fresh condiments, with product lines such as Pickle Party, Pulp, and Squeezables, which are designed to meet the growing consumer demand for clean-label, functional foods [1][3] - The Pickle Party kosher pickles are crafted in collaboration with the Hermann Pickle Company, known for its exceptional fermented food products [3] Market Position and Growth Potential - The fresh condiments market is projected to grow from $172.8 billion in 2021 to $240.7 billion by 2028, indicating significant growth opportunities for Edible Garden [3] - The company aims to lead the evolution of the fresh condiments category by offering healthier, more flavorful options that align with consumer wellness goals [3] - With scalable production capabilities and strong partnerships, Edible Garden is well-equipped to expand its reach nationwide, bringing bold flavors to consumers across the U.S. [3]

Core Insights - Edible Garden AG Incorporated has appointed Dario Pressimone as Vice President of Digital and E-Commerce to enhance its digital marketplace presence and customer engagement [1][3][4] Group 1: Leadership Appointment - Dario Pressimone brings over 20 years of experience in digital marketing and e-commerce, having previously worked with major retailers like Macy's and Bed Bath & Beyond [2] - His role will focus on leading Edible Garden's e-commerce and digital marketing initiatives, aiming to expand the company's online presence [3] Group 2: Strategic Vision - The CEO of Edible Garden, Jim Kras, emphasized that Dario's expertise in digital marketing and e-commerce strategies is crucial for the company's growth in an online-driven marketplace [4] - Dario's leadership is expected to drive sales growth through data-driven insights and innovative digital campaigns, particularly in launching consumer-packaged goods on platforms like Walmart Marketplace and Amazon [4] Group 3: Company Overview - Edible Garden is a leader in controlled environment agriculture (CEA), offering locally grown, organic, and sustainable produce available in over 5,000 stores across the U.S. [5] - The company utilizes patented technologies such as GreenThumb software and self-watering displays to optimize production and enhance product shelf life [5]

Financial Data and Key Metrics Changes - The company reported a gross profit increase of $687,000 for Q3 2024 compared to the same period last year, with a gross profit margin of 27.1% [10] - Gross profit for the first nine months of 2024 surged by $1.7 million, a 324% increase over the prior year [10] - Revenue for Q3 2024 totaled $2.6 million, down from $3 million in Q3 2023, primarily due to a strategic shift away from lower-margin products [22] - The net loss for Q3 2024 was $2.1 million or $0.65 per share, an improvement from a net loss of $2.4 million or $13.83 per share in Q3 2023 [26] Business Line Data and Key Metrics Changes - Sales of cut herbs increased by 55% for the first nine months of 2024 compared to 2023 [11] - The company is phasing out its legacy floral business to focus on higher-margin products, which has led to the installation of new production lines [12] - The Pulp Flavors line of gourmet sauces experienced sales growth in Q3 2024, expanding its distribution network [16] Market Data and Key Metrics Changes - The global sauces and condiments market is projected to grow from $173 billion in 2021 to $240 billion by 2028, indicating a favorable market environment for the company's products [17] - The sports nutrition market is expected to grow from $55 billion in 2023 to $103 billion by 2032, presenting significant opportunities for the company's new Kick Sports Nutrition line [18] Company Strategy and Development Direction - The company aims to achieve sustainable cash flow and profitability by focusing on higher-margin products and improving operational efficiencies [12][49] - A partnership with Walmart is evolving, with new product launches expected to drive revenue growth in 2024 and beyond [15] - The company received grants from the USDA Organic Certification Program to support organic certification and R&D for new product innovation [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that Q4 2024 could be one of the strongest quarters in the company's history, driven by improved margins and revenue [49] - The company is well-positioned to handle increased demand without relying on contract growers, thanks to enhanced infrastructure and capacity [28][30] - Management acknowledged the impact of Hurricane Helene, which shifted $215,000 of revenue from Q3 to Q4, but remains optimistic about future orders [34] Other Important Information - The company raised approximately $5.65 million in gross proceeds from a September S1 offering, which was used to pay down debt and invest in working capital [13] - Selling, general, and administrative expenses decreased to $2.2 million in Q3 2024 from $2.4 million in Q3 2023, reflecting cost efficiencies [25] Q&A Session Summary Question: Can the company handle demand this season with fewer contract growers? - Management confirmed that they do not need contract growers to meet current demand and have focused on improving infrastructure and gross profit [28] Question: What was the total revenue impact from hurricanes? - Management indicated that approximately $215,000 in revenue was shifted from Q3 to Q4 due to Hurricane Helene affecting logistics [34] Question: What growth can be expected from the Sports Nutrition line in 2025? - Management anticipates significant growth in the Sports Nutrition line, with plans for product launches and partnerships with major retailers [35][38] Question: Is the leverage from exiting low-margin products fully reflected in Q3? - Management stated that gross profit margins are expected to continue expanding as operational efficiencies improve [42]

Financial Performance - Revenue for the three months ended September 30, 2024, was $2.584 million, a decrease of $705 thousand (21.4%) from $3.289 million in the same period of 2023, primarily due to a strategic shift away from lower margin products[143]. - Cost of goods sold decreased by $1.392 million (42.5%) to $1.885 million for the three months ended September 30, 2024, compared to $3.277 million in 2023, driven by seasonally low sales and reduced reliance on third-party growers[144]. - Selling, general and administrative expenses (SG&A) were $2.189 million for the three months ended September 30, 2024, down $198 thousand (8.3%) from $2.387 million in 2023, due to reduced labor costs and professional fees[145]. - The loss from operations improved by $885 thousand (37.3%) to $1.490 million for the three months ended September 30, 2024, compared to a loss of $2.375 million in 2023[146]. - Net loss for the three months ended September 30, 2024, was $2.063 million, a decrease of $368 thousand (15.1%) from a net loss of $2.431 million in 2023, attributed to a 27% expansion in gross profit margin[148]. - Revenue for the nine months ended September 30, 2024, was $9.985 million, an increase of $20 thousand (0.2%) from $9.965 million in 2023, driven by increased demand for core products[149]. - Cost of goods sold for the nine months ended September 30, 2024, was $7.696 million, a decrease of $1.729 million (18.3%) from $9.425 million in 2023, due to reduced reliance on third-party growers[152]. - SG&A expenses increased by $1.365 million (18.3%) to $8.823 million for the nine months ended September 30, 2024, primarily due to a one-time severance charge and higher professional fees[153]. - Net loss for the nine months ended September 30, 2024, was $7.972 million, compared to a net loss of $5.948 million in 2023, with the previous year's loss including a one-time Employee Retention Credit of $1.233 million[157]. Cash Flow and Financing - As of September 30, 2024, the company had $2.214 million in cash and cash equivalents, an increase from $510 thousand as of December 31, 2023, and raised approximately $4.797 million from a public offering[162]. - The company entered into a merchant cash advance agreement with Cedar Advance LLC, selling $2,485,000 in accounts receivable for $1,544,250 in net funds provided[166]. - Cash used for operating activities during the nine months ended September 30, 2024, was $6.761 million, a slight decrease from $6.778 million in the same period of 2023[169]. - Cash used in investing activities decreased to $177 thousand in the nine months ended September 30, 2024, compared to $800 thousand in 2023, due to lower purchases related to the Michigan facility[169]. - Cash provided by financing activities was $8.642 million for the nine months ended September 30, 2024, down from $10.046 million in 2023, reflecting a $1.4 million decrease[170]. - The company received approximately $1.1 million in net proceeds from the sale of common stock under the Equity Distribution Agreement after deducting a 3.5% commission[167]. - The financing activities included an incremental $2.27 million in debt proceeds from the Cedar agreements, offset by $3.1 million in debt repayments[170]. - Cash provided by equity activities increased by $1.2 million due to sales under the EDA, despite a reduction of $686 thousand in public offering proceeds year over year[170]. - The company is required to pay Cedar 35.0% of all funds collected weekly from customers until the total balance of $2,485,000 is repaid[166]. - Cedar is authorized to withdraw $65,000 weekly from the company's bank account until a reconciliation is provided[166]. - The Cedar Agreement is collateralized by the company's cash and receivable accounts, with specific remedies in case of default[166]. Business Operations and Strategy - The company reported a gross proceeds of approximately $5.6 million from the September public offering, which included 4,240,650 common units and 11,460,000 pre-funded units[134]. - The company acquired Edible Garden Corp. for a nominal price of $1.00, assuming a lease with a monthly payment of approximately $22,189[130][132]. - The company prepaid $3,106,458 of outstanding principal and $9,061 of accrued interest on a secured promissory note, recognizing a loss from extinguishment of debt equal to $163,584[133]. - The company utilizes a proprietary software, GreenThumb, to enhance traceability and quality control, integrating real-time sales data and inventory management[124][125]. - The company focuses on sustainable practices, including a closed loop system that recycles water and uses LED lights to reduce resource consumption[126]. - The company is subject to risks regarding Nasdaq compliance, having received a notice for not meeting the minimum bid price requirement[128][129]. - The company has a history of losses and faces challenges in obtaining additional financing and managing growth effectively[120]. - The company emphasizes its brand "Edible Garden" as a differentiator, aiming to expand its product portfolio in the Consumer Brands category[127]. - The company reported that its controlled environment agriculture techniques allow for year-round production of consistent quality herbs and lettuces[123]. - The company has incurred net operating losses, fully offset by a valuation allowance as of September 30, 2024[140].

Core Insights - Edible Garden AG Incorporated has received grants from the USDA's Organic Certification Program to assist with the costs of organic certification and processing/handling certifications [1][2] - The funding will support the company's research and development efforts for new product innovation while maintaining its commitment to sustainable agriculture [2] - Edible Garden operates state-of-the-art greenhouses and processing facilities in New Jersey and Michigan, and offers a range of organic and sustainable products available in over 5,000 stores across the U.S. [3] Company Overview - Edible Garden is a leader in controlled environment agriculture (CEA), focusing on locally grown, organic, and sustainable produce [3] - The company utilizes patented technologies such as GreenThumb software and self-watering displays to enhance farming efficiency and reduce environmental impact [3] - Edible Garden also develops plant and whey protein powders, as well as sustainable food flavoring products, catering to health-conscious consumers [3]

BELVIDERE, NJ, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated ("Edible Garden" or the "Company") (Nasdaq: EDBL, EDBLW), a leader in controlled environment agriculture (CEA), locally grown, organic, sustainable produce and products, today announced that it is now shipping its full USDA Organic herb product line to H Mart stores in the Southeast region. H Mart is the largest Asian supermarket chain in the United States and a pioneer in bringing Asian food to the U.S. market. Established in 19 ...

Core Viewpoint - Edible Garden AG Incorporated has successfully closed a public offering of 15,700,650 shares of common stock and accompanying warrants, raising approximately $5.65 million to support growth initiatives and strengthen its balance sheet [1][2]. Group 1: Offering Details - The public offering included 15,700,650 shares of common stock and Class A and Class B warrants, priced at $0.36 per share [1]. - The gross proceeds from the offering, before deducting fees and expenses, were approximately $5.65 million [1]. - The Class A warrants will expire five years from the issuance date, while the Class B warrants will expire eighteen months from the issuance date [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for growth initiatives, general corporate purposes, and to repay approximately $3.2 million of short-term debt [2]. Group 3: Company Overview - Edible Garden is a leader in controlled environment agriculture (CEA), focusing on locally grown, organic, and sustainable produce [4]. - The company operates state-of-the-art greenhouses and processing facilities in New Jersey and Michigan, with a network of contract growers near major U.S. markets [4]. - Edible Garden utilizes patented technologies such as GreenThumb software and self-watering displays to enhance its farming and retail operations [4].

As filed with the Securities and Exchange Commission on September 24, 2024. Registration No. 333-281957 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Pre-Effective Amendment No. 2 FORM S-1/A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 EDIBLE GARDEN AG INCORPORATED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary standard industrial classification code number) Delaware 100 85-0558704 (I.R.S. em ...

As filed with the Securities and Exchange Commission on September 17, 2024. Registration No. 333-281957 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Pre-Effective Amendment No. 1 FORM S-1/A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 EDIBLE GARDEN AG INCORPORATED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary standard industrial classification code number) Delaware 100 85-0558704 (I.R.S. em ...