Edible Garden reports 180% year-over-year gross profit increase for 2024

BELVIDERE, N.J., March 31, 2025 (GLOBE NEWSWIRE) — Edible Garden AG Incorporated BB #:336701, a leader in controlled environment agriculture (CEA), locally grown, organic and sustainable produce and products, today provided a business update and reported financial results for the three month and full year periods ended December 31, 2024.

“We are pleased to report a 181.3% increase in gross profit for 2024 along with a significant expansion in gross margin—from 5.9% in 2023 to 16.7%—driven by strong performance in our core herb business and the successful execution of our strategic initiatives,” said Jim Kras, Chief Executive Officer of Edible Garden.

“In May 2024, we made the strategic decision to refocus our operations around our core herb business, exiting lower-margin and less profitable categories including lettuce and floral. This shift enabled us to concentrate on higher-margin, more profitable opportunities. We began to see the positive effects of this decision in the second half of 2024, as reflected in our improved gross profit, expanded margins, and strong growth in our herb portfolio—momentum we expect to continue building in 2025 as our vertically integrated operations and focused strategy drive further growth and continued improvement toward profitability.”

“Although total revenue remained relatively flat, this reflects the Company’s intentional exit from lower-margin product lines as part of its strategic realignment. Setting aside the lower-margin product lines, our core herb product revenue alone grew $1.7 million, or 16.3% year-over-year. This strategic realignment has not only improved profitability but also increased operational efficiency and lowered our cost of goods by leveraging our own facilities and expanding buying power. With this transition largely complete, we believe Edible Garden is now well positioned to accelerate top-line growth in the year ahead and focus on long-term profitability.”

“In addition, we strengthened our balance sheet in 2024 through a combination of disciplined cost management, a successful capital raise, and the execution of our operational realignment. These efforts led to a significant improvement in our working capital position, providing us with greater liquidity and enhancing our overall financial flexibility. This stronger financial foundation should enable us to operate more efficiently, respond more quickly to market opportunities, and reinvest with confidence in high-growth areas of our business. We expect it will also allow us to leverage our capital more effectively – expanding our buying power, lowering our cost of goods, and positioning the Company for accelerated growth in 2025 and beyond.”

“These strong results also underscore the broader impact of our operational improvements, including automation, data-driven decision-making, and targeted investments in patented agricultural technology. As we expand our retail partnerships and refine our processes, we expect continued improvements in margins and long-term profitability. We remain committed to creating lasting value for our customers and shareholders.”

Edible Garden is advancing its strategic growth plans, highlighted by the proposed acquisition of Narayan Group, a European producer of organic coconut and superfood products. The acquisition, if completed, would be a transformative step, expanding Edible Garden’s global presence and diversifying its product offerings. In addition, Narayan’s vertically integrated supply chain would give Edible Garden greater control over sourcing, production, and distribution—boosting operational efficiency, reducing costs, and increasing transparency. If completed, the transaction is expected to open new opportunities for clean label, plant based ingredients in both North America and Europe, scaling the Edible Garden platform.

Edible Garden continues to expand its retail footprint across the United States, reinforcing its presence in key consumer markets. By broadening distribution of its USDA Organic herb line, the Company is making its sustainably grown, high-quality products more accessible to consumers. This growth supports Edible Garden’s strategy to meet rising demand for organic, locally sourced produce while underscoring its commitment to sustainability and innovation in controlled environment agriculture.

Innovation remains central to Edible Garden’s growth strategy. The Company recently introduced Squeezables, a shelf-stable line of stir-in paste herbs that extends shelf life without compromising flavor—offering a convenient better-for-you alternative for both consumers and retailers. In addition to launching Squeezables, a shelf-stable line of stir-in paste herbs that preserves fresh flavor while extending shelf life—offering a convenient, better-for-you solution for both consumers and retailers.

Squeezables adds to Edible Garden’s growing presence in the fresh condiments category, which also includes Pulp, a line of fermented gourmet sauces and chili products now available at major national retailers, and Pickle Party, the world’s first functional pickle developed with Hermann Pickle Company. Together, these offerings reflect the Company’s focus on clean-label ingredients, bold flavors, and sustainable sourcing. Edible Garden also expanded into the active lifestyle space with Kick. Sports Nutrition, a clean-label line of protein powders, hydration mixes, and pre/post-workout formulas.

Launching exclusively on Amazon through a strategic partnership with e-commerce specialist Pirawna, Kick. takes advantage of the platform’s global reach to increase brand visibility and foster consumer engagement. A traditional retail rollout is planned to coincide with the upcoming “beach season”.

Edible Garden’s focus on innovation and sustainability earned the Company a Top 50 ranking in the 2024 FoodTech 500, recognizing global leaders at the intersection of food, technology, and environmental responsibility. This distinction underscores Edible Garden’s leadership and its commitment to building a more sustainable food system. Notably, the Company introduced curbside recyclable pots as part of its broader sustainable packaging initiative, contributing to the elimination of 11,803 metric tons of CO₂ emissions in 2024 through Walmart’s Project Gigaton.

“Our focus on innovation and sustainability is delivering meaningful results across product development, operations, and industry recognition. From launching shelf-stable offerings like Squeezables to expanding into high-growth categories with Kick. Sports Nutrition, we are meeting evolving consumer needs while advancing our environmental goals. Being named to the FoodTech 500 validates the progress we have made and reinforces our vision for long-term growth, stronger retail partnerships, and continued leadership in sustainable food innovation,” concluded Mr. Kras.

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, US 11,410,249 B2 and US 11,830, 088 B2) software optimizes growing in vertical and traditional greenhouses while seeking to reduce pollution-generating food miles. Its proprietary patented (U.S. Patent No. D1,010,365) Self-watering display is designed to increase plant shelf life and provide an enhanced in-store plant display experience. 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’s Kick. Sports Nutrition line features premium performance products that cater to today’s health-conscious athletes. Furthermore, Edible Garden offers a line of sustainable food flavoring products such as Pulp gourmet sauces and chili-based products. For more information on Pulp products go to https://www.pulpflavors.com/. For more information on Vitamin Whey® products go to https://vitaminwhey.com/. For more information on Edible Garden go to https://ediblegardenag.com/.