Edible Garden Achieves Over 50% Year-Over-Year Increase in Preliminary Produce Sales Results During Key Holiday Time Period
16 Januar 2024 - 3:00PM
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
experienced a more than 50% year-over-year increase in preliminary
Produce sales results for the key holiday time period.1
Mr. Jim Kras, Chief Executive Officer of Edible Garden,
commented, "We are extremely proud of Edible Garden's performance
this holiday season, marked by an outstanding year-over-year
increase in Produce sales of more than 50%. This comes on the heels
of a record-breaking Thanksgiving holiday period when the Company
experienced a more than 45% year-over-year increase in preliminary
sales results. Once again, the Company’s high fulfillment
rate of 98%, which ranks among the industry’s best, was a driving
factor in the Company’s success. It is rates like these that we
believe appeal to our distribution partners as they view Edible
Garden as a supplier they can count on.”
"Our distribution network covers more than 5,000 retail outlets,
featuring industry leaders, including the likes of Meijer, Walmart,
Wakefern/ShopRite, Hannaford, Target, Tops Friendly Markets, and H
Mart. These valued partners have grown to appreciate and rely on
Edible Garden for our high-quality, locally sourced, organic, and
sustainable produce and products, all pivotal to our Zero-Waste
Inspired® mission. Our reputation for dependability and quality is
not just acknowledged by our current partners but we believe also
enhances our appeal for prospective network growth. We are
committed to sustaining this growth trajectory, and dedicated to
ensuring that the Edible Garden brand continues to be synonymous
with excellence, sustainability, and reliability in the
future."
ABOUT EDIBLE GARDEN®
Edible Garden AG Incorporated is a leader in
controlled environment agriculture (CEA), locally grown, organic
and sustainable produce and products backed by Zero-Waste Inspired®
next generation farming. Offered at over 5,000 stores in the US,
Edible Garden is disrupting the CEA and sustainability technology
movement with its safety-in-farming protocols, use of sustainable
packaging, patented GreenThumb software and self-watering in-store
displays. The Company currently operates its own state-of-the-art
greenhouses and processing facilities in Belvidere, New Jersey and
Grand Rapids, Michigan, and has a network of contract growers, all
strategically located near major markets in the U.S. Its
proprietary GreenThumb 2.0 patented (US Nos.: US 11,158,006 B1 and
US 11,410,249 B2) software optimizes growing in vertical and
traditional greenhouses while seeking to reduce
pollution-generating food miles. Edible Garden is also a developer
of ingredients and proteins, providing an accessible line of plant
and whey protein powders under the Vitamin Way® and Vitamin Whey®
brands. In addition, the Company offers a line of sustainable food
flavoring products such as Pulp gourmet sauces and chili-based
products. For more information on Edible Garden go to
https://ediblegardenag.com/.
- Reflects sales for the period December 17-30, 2023, compared to
the period December 18-31, 2022.
Key Performance Indicator
This press release contains reference to the
Company’s fulfillment rate which is a key performance metric
management uses to analyze and measure the Company’s financial
performance and results of operation. Management uses fulfillment
rate as a measure of current and future business and financial
performance, and it may not be comparable with measures provided by
other companies. The Company defines fulfillment rate as the
percentage of orders filled in full, relative to the total number
of orders received during the period.
Forward-Looking Statements
This press release contains forward-looking
statements, including with respect to the Company’s overall
profitability, ability to expand its distribution network and
distribution relationships, and performance as a public
company. The words “continue,” “future,” “indicator,” “seek,”
“believe,” and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
subject to a number of risks, uncertainties, and assumptions,
including market and other conditions and the Company’s ability to
achieve its growth objectives, and other factors set forth in the
Company’s filings with the Securities and Exchange Act Commission,
including the Company’s annual report on Form 10-K for the year
ended December 31, 2022 and subsequent quarterly reports on Form
10-Q. Actual results might differ materially from those explicit or
implicit in the forward-looking statements, specifically our sales
growth during the key holiday time period may not reflect our (i)
overall revenue growth during the quarter ended December 31, 2023
(the “4th Quarter”) and the quarter ending March 31, 2024 (the “1st
Quarter”), (ii) the amount of sales that the Company recognizes as
revenue during the 4th Quarter and will be able to recognize as
revenue during the 1st Quarter and (iii) changes in market
conditions and fulfillment rate during the 4th Quarter and the 1st
Quarter. The Company’s key holiday time period sales and
fulfillment rate are preliminary and unaudited and are based on the
Company’s internal financial records as of the date of this press
release. The Company’s independent publicly registered
accounting firm, Marcum LLP has not audited, reviewed, compiled or
performed any procedures with respect to the sales or fulfilment
rate for the key holiday time period. Accordingly, Marcum LLP
does not express an opinion or any other form of assurance with
respect to these preliminary results. You should not rely upon
forward-looking statements as predictions of future events. The
Company undertakes no obligation to update any such forward-looking
statements after the date hereof to conform to actual results or
changes in expectations, except as required by law.
Investor Contacts:Crescendo Communications,
LLC212-671-1020EDBL@crescendo-ir.com
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