Edible Garden Posts Over 45% Year-Over-Year Increase in Preliminary Sales Results During Key Thanksgiving Time Period
November 28 2023 - 8:30AM
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 an over 45% year-over-year increase in preliminary
sales results for the Thanksgiving holiday.1
Mr. Jim Kras, Chief Executive Officer of Edible
Garden, stated, "We are extremely proud of the Company's
performance this Thanksgiving season, as evidenced by
record-setting sales. Understanding the drivers of our success is
key, notably our 98.5% fulfillment rate, which ranks among the
industry's best. Our fulfillment rate is more than just a data
point, we believe it is an indicator of Edible Garden's reliability
and efficiency as a supplier.”
“Our distribution network, which extends to over
5,000 retail locations, includes industry leaders like Meijer,
Walmart, Wakefern/Shoprite, Hannaford, and H Mart. These partners
have come to recognize and value Edible Garden for our
high-quality, locally sourced, organic, and sustainably produced
goods, all of which are integral to our Zero-Waste Inspired®
mission. We believe that our reputation for dependability and
quality is not only appreciated by our existing partners but also
positions us attractively for future expansion of our distribution
network. Our vision is to continue to build upon this momentum,
ensuring that Edible Garden remains synonymous with quality,
sustainability, and reliability in the years to come.”
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/.
1. Reflects sales for the week of November
12-18, 2023, compared to the week of November 13-19, 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,” “believe,” “future,” “indicator,”
“seek,” “vision,” 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 Thanksgiving time period may not reflect our
overall revenue growth during the quarter ending December 31, 2023
(the “4th Quarter”), the amount of sales that the Company will be
able to recognize as revenue during the Fourth Quarter and changes
in market conditions and fulfillment rate during the 4th
Quarter. The Company’s Thanksgiving 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 Thanksgiving 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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