The following is a summary of the Edible Garden AG Incorporated (EDBL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Edible Garden reported Q1 2024 revenue of $3.1 million, a year over year increase of 27.6%.

• Gross profit margin rose by 171 basis points, primarily due to the shift from third-party growers to in-house production.

• Selling, General, and Administrative expenses increased mainly due to a one-time $600,000 charge related to the departure of the previous CFO.

• The company suffered a net loss of $4 million.

Business Progress:

• Edible Garden expanded into Uncle Giuseppe's Marketplace, and has entered a three-year agreement with a major U.S. food retailer, expected to bring in significant revenue.

• Partnerships, such as the one with Hermann Pickle Company, have been established to diversify the product offerings.

• Several patents were granted to Edible Garden, including one for their web-based greenhouse management and demand planning system.

• The Michigan facility now manages all production, packaging, and distribution of garden starters and spring ornamentals.

• The company began shipping spring ornamentals in major big box retailers in April.

• Edible Garden was awarded several grants related to organic crop certification and training costs at their greenhouse facilities.

• They continue to perform well operationally with significant growth in their cut herbs and potted business.

• Positive future outlook with growing retail network, diverse product offerings, and stringent cost management.

More details: Edible Garden IR

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