Edible Garden (NASDAQ:EDBL) Announces Quarterly Earnings Results

Edible Garden (NASDAQ:EDBL) issued its earnings results on Friday. The company reported ($5.25) EPS for the quarter, FiscalAI reports. Edible Garden had a negative net margin of 135.30% and a negative return on equity of 1,078.80%. The firm had revenue of $3.34 million during the quarter.

Here are the key takeaways from Edible Garden’s conference call:

• Q1 revenue rose 22.9% year over year to about $3.3 million, driven by strength in cut herbs, vitamins/supplements, condiments, and international sales.
• Retail distribution continues to expand, with the company saying its footprint now exceeds 6,000 locations and new placements added at Target, Safeway, The Fresh Market, Hannaford, Busch’s, and Woodman’s.
• Edible Garden is shifting toward higher-margin shelf-stable categories, especially RTD nutrition products, and is advancing its Iowa RTD initiative with Tetra Pak and a co-manufacturing plan ahead of its own facility launch.
• Operating expenses increased sharply to $10 million from $5.6 million a year ago, mainly due to higher COGS from third-party sourcing and accelerated depreciation tied to the RTD pivot.
• Cash improved sequentially to about $2 million from $1.1 million at year-end, helped by positive operating cash flow and financing inflows, though management said a working capital deficit remains.

Edible Garden Stock Performance

Shares of Edible Garden stock traded down $0.02 on Friday, hitting $0.39. The stock had a trading volume of 68,879,418 shares, compared to its average volume of 7,065,127. The stock has a 50 day moving average of $1.18 and a 200 day moving average of $6.09. The firm has a market capitalization of $354,354.00, a P/E ratio of 0.00 and a beta of 1.84. Edible Garden has a twelve month low of $0.30 and a twelve month high of $62.90.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Edible Garden stock. Cetera Investment Advisers lifted its stake in shares of Edible Garden AG Incorporated (NASDAQ:EDBL) by 861.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 96,150 shares of the company’s stock after acquiring an additional 86,150 shares during the quarter. Cetera Investment Advisers owned approximately 16.19% of Edible Garden worth $58,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Edible Garden in a research note on Monday, April 20th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Edible Garden presently has an average rating of “Sell”.

About Edible Garden

Edible Garden AG, trading on the Nasdaq under the ticker EDBL, is a technology-enabled agriculture company specializing in the design, construction and operation of hydroponic greenhouse farms. By leveraging controlled-environment agriculture techniques and proprietary automation systems, the company produces a range of leafy greens and salad‐related vegetables, including branded Salanova products, for wholesale distribution to retailers, food service operators and distributors.

In addition to farm ownership and produce cultivation, Edible Garden develops and licenses its modular greenhouse technology and cultivation methods to third parties.