Achieves High Fulfillment Rates of 98%
Commitment to Zero-Waste Inspired® Mission Fuels Growth
BELVIDERE, New Jersey, Jan. 16, 2024 (GLOBE NEWSWIRE) -- 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, LLC
212-671-1020
EDBL@crescendo-ir.com
