Record Sales Driven by High Fulfillment Rate;
Reflects Company’s Unwavering Commitment to Reliability and Efficiency
BELVIDERE, NJ, Nov. 28, 2023 (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 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, LLC
212-671-1020
EDBL@crescendo-ir.com
