UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-41371 EDIBLE GARDEN AG INCORPORATED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 85-0558704 ( ...

Financial Performance - Edible Garden reported a 27.6% year-over-year revenue growth for Q1 2024, totaling $3.1 million compared to $2.5 million in Q1 2023[6] - Gross profit increased by 195.8% in Q1 2024, with a gross margin improvement of 171 basis points compared to the same period in 2023[3] - Net loss for Q1 2024 was $4.0 million, or ($13.65) per share, compared to a net loss of $2.9 million, or ($44.19) per share, in Q1 2023[9] - Selling, general and administrative expenses rose to $3.9 million in Q1 2024, up from $2.7 million in Q1 2023, primarily due to a one-time severance charge[8] Strategic Initiatives - Approximately 95% of Edible Garden's fresh product line is now produced in company-owned facilities, marking a strategic shift away from third-party growers[3] - The company secured a three-year contract with a leading U.S. food retailer, expected to generate $18 to $20 million in revenue over its initial term[3] - The company introduced its Pulp line of sustainable gourmet sauces and expanded distribution through major distributors, enhancing market presence[4] - Edible Garden began distributing Garden Starters to Midwest retail locations, catering to the growing interest in home gardening[5] - The company entered into a product development agreement with Hermann Pickle Company to develop fermented plant-based products[5] Liabilities - Total current liabilities increased to $9.6 million as of March 31, 2024, compared to $2.9 million at the end of 2023[21]

Core Insights - Edible Garden AG Incorporated reported a significant 27.6% year-over-year revenue increase for Q1 2024, reaching $3.1 million, attributed to higher customer demand and product expansion [3][5] - The company achieved a gross profit increase of 195.8%, with gross margin rising by 171 basis points compared to the same period in 2023, reflecting the benefits of vertical integration and reduced reliance on third-party growers [1][3] - Approximately 95% of Edible Garden's fresh product line is now produced in company-owned facilities, marking a strategic shift towards higher expected profits [1][3] Financial Performance - Revenue for the three months ended March 31, 2024, totaled $3.1 million, up from $2.5 million in the same period of 2023 [5] - Cost of goods sold also increased to $3.1 million, consistent with revenue growth [6] - Selling, general and administrative expenses rose to $3.9 million, primarily due to a one-time severance charge and increased audit and legal fees [7] - The net loss for the quarter was $4.0 million, or ($13.65) per share, compared to a net loss of $2.9 million, or ($44.19) per share, in Q1 2023 [8] Strategic Developments - The company has entered a three-year contract with a leading U.S. food retailer, expected to generate $18 to $20 million in revenue, enhancing product visibility and assortment in stores [3] - Edible Garden launched its Pulp line of sustainable gourmet sauces, which has gained distribution in major retailers and is part of a growing market projected to reach $240.7 billion by 2028 [3] - A product development agreement with Hermann Pickle Company aims to create new fermented plant-based products, leveraging both companies' strengths [4]

S-1/A 1 edbl_s1a.htm FORM S-1/A As filed with the Securities and Exchange Commission on May 8, 2024. Registration No. 333-278967 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Pre-Effective Amendment No. 1 FORM S-1 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) Delaware 100 85-0558704 (Primary standard industrial classification ...

BELVIDERE, NJ, May 08, 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 and sustainable produce and products, announced today that it will host a conference call on Wednesday, May 15, 2024, at 8:00 AM Eastern Time to discuss financial results for the quarter ended March 31, 2024, and provide a business update. The conference call will be available via telephone by dial ...

BELVIDERE, NJ, May 08, 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 and sustainable produce and products, announced today that it will host a conference call on Wednesday, May 15, 2024, at 8:00 AM Eastern Time to discuss financial results for the quarter ended March 31, 2024, and provide a business update. The conference call will be available via telephone by dial ...

R&D partnership focused on next-generation fermented product development Strategy to leverage Edible Garden's credibility in produce for new product expansion BELVIDERE, NJ, May 07, 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, and sustainable produce and products, today announced that it has entered into a product development agreement (the "Agreement") with Herm ...

Potted Herbs and Basil Bowls Available for Home Gardening Enthusiasts Sustainably driven Edible Garden Heartland facility in Grand Rapids, Michigan to manage the entire production, packaging, and distribution process Strategic use of backhauls and leveraging Edible Garden Heartland can significantly reduce CO2 emissions BELVIDERE, NJ, April 29, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated ("Edible Garden" or the "Company") (NASDAQ:EDBL, EDBLW))), a leader in controlled environment agriculture (C ...

S-1 1 edbl_s1.htm FORM S-1 As filed with the Securities and Exchange Commission on April 26, 2024. 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) Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 Delaware 100 85-0558704 (I.R.S. employer identifi ...

Iselin, NJ, April 23, 2024 (GLOBE NEWSWIRE) -- Ernst & Young LLP today announced that Jim Kras, CEO of Edible Garden AG Incorporated ("Edible Garden" or the "Company") (NASDAQ:EDBL, EDBLW))) was named an Entrepreneur Of The Year® 2024 New Jersey Award finalist. Now in its 38th year, Entrepreneur Of The Year is the preeminent competitive business award for audacious leaders who disrupt markets, revolutionize sectors and have a transformational impact on lives. Over the past four decades, the program has reco ...