Edible Garden AG rporated(EDBL) - 2024 Q3 - Quarterly Results

Financial Performance - Gross profit for the first nine months of 2024 surged by $1.7 million, a 324% increase compared to the same period in 2023[1] - Gross profit margin expanded by 27% in Q3 2024 compared to Q3 2023[2] - Revenue for Q3 2024 was $2.6 million, down from $3.3 million in Q3 2023 due to the strategic shift away from lower-margin products[4] - Net loss for Q3 2024 was $2.1 million, an improvement from a net loss of $2.4 million in Q3 2023[7] - Revenue for Q3 2024 was $2.584 million, a decrease of 21.4% compared to $3.289 million in Q3 2023[17] - Gross profit for Q3 2024 was $699 thousand, a significant increase from $12 thousand in Q3 2023[17] - Net loss for Q3 2024 was $2.063 million, an improvement from $2.431 million in Q3 2023[18] - Revenue for the nine months ended September 30, 2024, was $9.985 million, slightly higher than $9.965 million in the same period in 2023[17] - Gross profit for the nine months ended September 30, 2024, was $2.289 million, up from $540 thousand in the same period in 2023[17] - Net loss for the nine months ended September 30, 2024, was $7.972 million, compared to $5.948 million in the same period in 2023[18] - Selling, general, and administrative expenses for Q3 2024 were $2.189 million, down from $2.387 million in Q3 2023[17] - Interest expense, net for Q3 2024 was $409 thousand, significantly higher than $57 thousand in Q3 2023[17] - Weighted-average number of common shares outstanding for Q3 2024 was 3,160,392, up from 175,762 in Q3 2023[18] - Net loss per common share for Q3 2024 was $0.65, compared to $13.83 in Q3 2023[18] Product Sales and Market Growth - Cut herbs sales increased by 55% year-over-year for the first nine months of 2024[2] - The Pulp Flavors line of gourmet sauces experienced sales growth in Q3 2024, supported by an expanded distribution network[2] - The global sauces and condiments market is projected to grow from $172.79 billion in 2021 to $240.7 billion by 2028[3] - The global sports nutrition market is projected to grow from $54.8 billion in 2023 to $103.3 billion by 2032[3] Funding and Grants - The company raised approximately $5.65 million in gross proceeds through a September S1 offering, with $3.2 million allocated to pay down debt due in 2025[2] - The company received grants from the USDA Organic Certification Program to support organic certification and R&D for new organic product innovations[3]