Edible Garden Achieves Over 44% Year-Over-Year Increase in Preliminary Overall Produce Sales Results During Key July 4th Time Period

Core Insights - Edible Garden AG Incorporated reported a preliminary sales increase of over 44% year-over-year for the July 4th holiday period compared to the same period in 2023 [8] - The company achieved a 27.6% year-over-year revenue growth in the first quarter of 2024, which is typically the slowest quarter for the company [8] - The company maintains a high fulfillment rate of 99% during the July 4th period, indicating strong operational efficiency [8] Financial Performance - The preliminary financial data is based on estimates and is subject to further internal review, meaning actual results may differ materially [4][5][6] - The company’s financial closing procedures for the quarter ended June 30, 2024, are not yet complete, and the preliminary information may not reflect year-over-year trends accurately [4][6] Operational Strategy - The company emphasizes vertical integration, producing approximately 95% of its products in company-owned facilities, which has led to margin growth and enhanced operational efficiency [8] - Edible Garden's shipper programs in the Northeast, Mid-Atlantic, and Midwest regions are crucial for meeting customer demands and driving growth [8] Company Overview - Edible Garden is a leader in controlled environment agriculture (CEA), focusing on locally grown, organic, and sustainable produce [9] - The company operates state-of-the-art greenhouses and processing facilities in New Jersey and Michigan, and has a network of contract growers near major U.S. markets [9] - Edible Garden utilizes patented technologies such as GreenThumb software and self-watering displays to optimize production and enhance in-store experiences [9]