Edible Garden (NASDAQ:EDBL) Issues Quarterly Earnings Results

Edible Garden (NASDAQ:EDBL) announced its earnings results on Friday. The company reported ($5.25) earnings per share (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

EDBL traded down $0.02 on Friday, reaching $0.39. The company had a trading volume of 68,879,418 shares, compared to its average volume of 7,065,127. The company’s fifty day moving average is $1.18 and its 200 day moving average is $6.09. Edible Garden has a fifty-two week low of $0.30 and a fifty-two week high of $62.90. The stock has a market cap of $354,354.00, a P/E ratio of 0.00 and a beta of 1.84.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Edible Garden stock. Armistice Capital LLC bought a new position in shares of Edible Garden AG Incorporated (NASDAQ:EDBL) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 222,072 shares of the company’s stock, valued at approximately $135,000. Armistice Capital LLC owned approximately 37.64% of Edible Garden as of its most recent filing with the SEC. 12.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated 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.com, the stock currently 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.