Edible Garden (NASDAQ:EDBL) Posts Earnings Results

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

Shares of EDBL traded down $0.02 during mid-day trading on Friday, reaching $0.39. The company’s stock had a trading volume of 68,879,418 shares, compared to its average volume of 7,065,127. The stock has a market cap of $355,911.60, a PE ratio of 0.00 and a beta of 1.84. Edible Garden has a 12-month low of $0.30 and a 12-month high of $62.90. The company’s 50 day moving average is $1.18 and its 200 day moving average is $6.09.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Edible Garden in a research report on Monday, April 20th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Edible Garden currently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Edible Garden

A hedge fund recently bought a new stake in Edible Garden stock. Armistice Capital LLC acquired a new position in shares of Edible Garden AG Incorporated (NASDAQ:EDBL) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 222,072 shares of the company’s stock, valued at approximately $135,000. Armistice Capital LLC owned about 37.64% of Edible Garden as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 12.99% of the company’s stock.

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.