Financial Data and Key Metrics - Revenue for Q4 2023 increased by 32.8% to $4.1 million compared to $3.1 million in Q4 2022, driven by higher demand, product line expansion, and increased retail footprint [54] - Annual revenue for 2023 totaled $14 million, a 21.6% increase from $11.6 million in 2022, attributed to sales of herbs, produce, floral products, and vitamins [31] - Gross profit margin improved by 270 basis points to 5.85% in 2023, up from 3.15% in 2022, due to reduced reliance on contract growers [32] - Net loss for 2023 was $10.2 million, or $3.08 per share, compared to $12.5 million, or $48.68 per share in 2022, including a one-time non-cash impairment charge of $700,000 [57] Business Line Data and Key Metrics - Sales of vitamins and supplements increased by $324,000 in 2023, driven by consumer demand [31] - The introduction of pulp, a sustainable gourmet sauce product, marked the company's entry into the global sauces and condiments sector, projected to grow from $172 billion in 2021 to over $240 billion by 2028 [25] - The company expanded its offerings at Meijer stores with two new flavors from the Vitamin Whey collection, which is expected to bolster the brand's reputation and facilitate nationwide expansion [24] Market Data and Key Metrics - The company expanded its distribution network to over 5,000 retail locations, including major big-box retailers like Meijer, Walmart, and Target [50] - Pulp products are now available at Whole Foods Market, Morton Williams, Dierbergs Market, Woodman's Market, and Target, significantly expanding the company's market reach [50] - The partnership with KeHE Distributors, which has access to 31,000 national food stores, further enhances the company's market penetration [11] Company Strategy and Industry Competition - The company's strategy focuses on expanding its distribution network by adding new retail partners and broadening product offerings with existing partners [22] - Investments in technology, such as the GreenThumb greenhouse management system, have improved supply chain efficiency and reduced dependency on contract growers [27][49] - The company is exploring new product categories, including higher-margin, shelf-stable products, to reduce seasonality and improve profitability [42][68] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about future growth, citing a growing retail network, diverse product line, and strict expense control as key drivers of success [72] - The company aims to achieve cash flow positivity by optimizing supply chain operations and reducing manpower costs through automation [40] - Management expects gross profit margins to continue improving in 2024 and beyond, driven by higher-margin products and reduced reliance on contract growers [47][66] Other Important Information - The company was awarded two new patents: one for the GreenThumb greenhouse management system and another for proprietary self-watering display technology, which extends plant shelf life and reduces spoilage [27][52] - Grants were secured to cover organic crop certification training costs and improve workplace safety at the company's facilities in New Jersey and Michigan [28][53] - The company launched an e-commerce platform for pulp products, enhancing accessibility and broadening consumer reach [51] Q&A Session Summary Question: Update on the Heartland facility buildout and integration - The Heartland facility is fully operational, with five acres of greenhouse space and advanced technology like GreenThumb deployed. The facility is expected to improve cash flow and profitability by reducing reliance on contract growers [36][40] Question: Near-term and medium-term plans for the Vitamin Whey product line - The company plans to leverage its relationship with Meijer to expand the Vitamin Whey product line and introduce a new, cleaner-labeled product with wider appeal [61][74] Question: Factors contributing to the improvement in gross profit margin - The improvement in gross profit margin is attributed to reduced reliance on contract growers, better control over cost structures, and the introduction of higher-margin products [66] Question: Plans for entering new product categories - The company is exploring new product categories, particularly in the condiment sector, with plans to introduce innovative, sustainable products in 2024 [68][80] Question: Sales performance of the pulp product line - Pulp has seen strong initial reception, with rapid expansion into new retailers and markets, including Target and KeHE Distributors [50][51] Question: Efforts to achieve cash flow positivity - The company is focusing on supply chain optimization, automation, and the introduction of higher-margin, shelf-stable products to drive efficiencies and achieve cash flow positivity [40][77]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934 Commission File Number: 001-41371 EDIBLE GARDEN AG INCORPORATED (Exact name of registrant as specified in its charter) Delaware 85-0558704 (State or other jurisdiction of (I.R.S. Employer incorporation or organi ...

EX-99.1 2 edbl_ex991.htm PRESS RELEASE EXHIBIT 99.1 Edible Garden Reports 21.6% Year-over-Year Revenue Growth for 2023 32.8% Year-Over-Year Revenue Growth for Fourth Quarter of 2023 Gross Profit Increases 125.8% in 2023 with Gross Margin Increasing by 270 Basis Points Edible Garden Secures Two New Patents in 2024 Highlighting Company’s Innovation Leadership Position in AgTech; Driving Efficiency and Expected Profitability Conference Call to Be Held Today at 8:00 am ET. BELVIDERE, NJ, April 1, 2024 — Edible ...

Pulp sustainable gourmet USDA Organic fermented sauces BELVIDERE, NJ, March 14, 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 at Natural Products EXPO WEST® 2024 that KeHE Distributors will carry Edible Garden's new line of Pulp sustainable gourmet sauces and chili-based products. Mr. Jim Kras, Chief Executive ...

Available at Target, Whole Foods, Morton Williams, Dierbergs Markets, and Woodman's Market Recently Launched PulpFlavors.com E-Commerce Site to Make Pulp Accessible to Customers Across the Country BELVIDERE, NJ, March 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, announced that the Company will showcase its new line of ...

BELVIDERE, NJ, March 05, 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 Chanida Curnutt has been appointed Senior Vice President of Business Development and Compliance. Ms. Curnutt brings more than 13 years of experience in global business and transaction strategies, international trade and commerce, corpora ...

BELVIDERE, NJ, Feb. 15, 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 Scott Prendergast, Chief Data Officer at the Company will be participating in the inaugural New Jersey Controlled Environment Agriculture Virtual Executive Roundtable taking place on February 15, 2024. Mr. Jim Kras, Chief Executive Offi ...

BELVIDERE, NJ, Feb. 12, 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 the Company has signed 3-year agreements with a major U.S. food retailer to service, develop and expand the retailer's current Edible Garden product assortment. Mr. Jim Kras, Chief Executive Officer of Edible Garden, stated, "We are exc ...

Edible Garden's Self-Watering In-Store Display BELVIDERE, NJ, Feb. 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 the U.S. Patent and Trademark Office (USPTO) has issued a patent related to its in-store, Self-Watering Display. The USPTO has issued U.S. Patent No. D1,010,365 S, titled, "Plant Display ...

Leading the Controlled Environment Agriculture Space with Sustainable Solutions Company's Zero-Waste Inspired® Mission Targets Waste Reduction and Enhanced Supply Chain Productivity BELVIDERE, NJ, Jan. 31, 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 provided an update on its sustainability initiatives, including the ...