Edible Garden AG rporated(US:EDBL)2024-05-15 11:10Financial 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]