Wed, Aug 14, 7:52 PM (153 days ago)
For the quarter ended June 30, 2024, Edible Garden AG Incorporated reported revenue of $4,268,000, a slight increase from $4,221,000 in the same period last year. This growth was primarily driven by a 61% rise in cut herb sales, although floral sales decreased by 24%. Cost of goods sold decreased significantly by 26.3% to $2,702,000, reflecting a shift away from third-party growers. However, selling, general, and administrative expenses rose by 15.5% to $2,748,000, attributed to one-time bonuses and increased professional fees. The net loss for the quarter was $1,932,000, compared to $638,000 in Q2 2023, influenced by prior one-time income from an employee retention credit. Cash flow from operations was negative at $5,649,000, with total cash at $2,188,000, highlighting liquidity concerns. The company has a working capital deficit of $2,315,000 and a total gross debt of $5,735,000. Future operations are uncertain, particularly regarding compliance with Nasdaq listing requirements and ongoing financial viability, exacerbating the need for additional capital to sustain operations.