In This Story
Edible Garden AG Incorporated (EDBL-0.75%) has filed its annual report on Form 10-K for the fiscal year ending December 31, 2024 filing.
The company reported revenue of $13.86 million for 2024, a slight decrease from $14.05 million in 2023. The decline was attributed to a strategic shift away from its lettuce and floral product lines.
Cost of goods sold decreased by 12.7% to $11.55 million, primarily due to reduced reliance on third-party growers and a focus on higher-margin herb products.
Gross profit increased to $2.31 million, representing 16.7% of sales, compared to $822,000 or 5.9% of sales in 2023, driven by strategic changes in product offerings.
Selling, general, and administrative expenses rose to $11.59 million, up from $10.01 million in 2023, due to higher legal and accounting fees and severance costs.
The company reported a net loss of $11.05 million for 2024, compared to a net loss of $10.19 million in 2023. Interest expenses and losses from debt extinguishment contributed to the increased net loss.
Edible Garden AG Incorporated continues to face challenges related to liquidity and capital resources, with substantial doubt regarding its ability to continue as a going concern.
The company is exploring options to improve its financial position, including potential equity offerings and cost-saving measures.
Edible Garden AG Incorporated operates in the controlled environment agriculture sector, focusing on sustainable and traceable production of organic herbs and produce.
The company has implemented various strategic initiatives to enhance operational efficiency and reduce its carbon footprint, including the use of advanced greenhouse technologies and proprietary software.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Edible Garden AG Incorporated annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.