| Thursday | ||||
Maxim lowered the… Maxim lowered the firm's price target on Edible Garden to $7 from $12 but keeps a Buy rating on the shares. The company's Q4 results were a "slight miss" relative to its estimates, thought the company is on-track in developing its Edible Garden Heartland facility in Grand Rapids, Michigan with the second phase of the build-out anticipated to be completed in Q2 of this year, the analyst tells investors in a research note. The added capacity should support the roughly $20M in annualized revenue and be accretive to margins, Maxim added. | ||||
| Wednesday | ||||
Reports Q4 revenue $3.1M… Reports Q4 revenue $3.1M vs. $2.8M last year. Jim Kras, CEO, commented, "We are pleased to report that for the third consecutive quarter, since last year's IPO, we achieved year-over-year growth in top-line revenue. We believe we have prudently deployed our capital, which has resulted in continued momentum and growth of the Edible Garden brand. During a point in time when many businesses are struggling, we continue to expand our market penetration, perform consistently, and have kept our pricing relatively stable during a period of rapid inflation. Moreover, we expect to see an increase in margins once our Heartland Midwest facility is fully operational. Based on our current trajectory, we believe Edible Garden will turn cash flow positive later this year. The Company continues to build out our nationwide distribution network by adding retail partners across the Northeast, Midwest, Mid-Atlantic, and Southeastern regions of the country. Additionally, we are diversifying our product offerings to include what we expect will be higher-margin products and new product categories. Furthermore, Edible Garden's Zero-Waste Inspired mission continues to resonate well with environmentally conscious consumers, as well as our retail distribution partners, resulting in a growing demand for our products. Our achievements in the fourth quarter included the introduction of three new salad kits featuring locally grown, sustainable, cut lettuce, along with all the ingredients required to make a complete salad. Additionally, we acquired the Pulp line of all-natural, Non-GMO, preservative-free, sustainable gourmet sauces and chili-based products, which will be available at Whole Foods Market's Mid-Atlantic and Southeastern retail locations in the summer of 2023. These fermented sauces are located in the refrigerated section of the supermarket, typically adjacent to the produce section, allowing us to leverage Edible Garden's growing brand recognition within this new category of products. This is an important step forward for the Edible Garden brand, allowing us to offer what we believe will be higher-margin products, with an extended shelf life. It also provides us with the opportunity for a further expansion of our distribution network with the addition of Whole Foods Market. Moreover, we added Morton Williams Supermarkets to our robust distribution network in the Northeast, which has begun carrying Edible Garden's produce and products in all of their locations in the New York Metropolitan area. In addition, we deepened our penetration with Gristedes and D'Agostino supermarkets, and significantly expanded our product placement within their combined locations in Manhattan, Brooklyn, and Westchester. Importantly, we are committed to leveraging the latest technologies to advance our strategy of increasing yields and maximizing the nutritional value of locally grown produce. The Company recently entered into a research partnership with the New Jersey Institute of Technology, the USDA, and the EPA, studying the impacts of nanobubble technology in a CEA environment. This EPA-funded partnership has the potential to revolutionize the industry, providing more nutritious plants with longer shelf lives, which could greatly benefit Edible Garden's entire product line." | ||||
| Over a week ago | ||||
Edible Garden (EDBL)… Edible Garden (EDBL) announced at the Natural Products EXPO WEST 2023 that Whole Foods Market locations (AMZN) in the Mid-Atlantic and Southeast will carry Edible Garden's new line of Pulp sustainable gourmet sauces and chili-based products beginning in the summer of 2023. | ||||
Edible Garden announces… Edible Garden announces that the Company will showcase its new line of Pulp sustainable gourmet sauces and chili-based products at National Products EXPO WEST 2023, booth #8407, in Anaheim, California from Wednesday, March 8th to Friday, March 10th. The Company also reports it will market Pulp under the pending trademark: Bland to Bold. | ||||
| Over a month ago | ||||
Edible Garden announced… Edible Garden announced that it received notice from Nasdaq on February 10, 2023 indicating that the Company had regained compliance with the minimum stockholders' equity requirement for continued listing on Nasdaq under Nasdaq Rule 5550(b)(1), the publicly held shares requirement under Nasdaq Rule 5550(a)(4), and the minimum bid price requirement under Nasdaq Rule 5550(a)(2). | ||||
Maxim analyst Anthony… Maxim analyst Anthony Vendetti lowered the firm's price target on Edible Garden to $12 from $90 and keeps a Buy rating on the shares. The analyst is updating his model to reflect the company's reverse stock split, the dilution of its equity offering, and the challenging market conditions being faced by the "unprofitable, micro-cap companies". | ||||
Edible Garden AG… Edible Garden AG announced a research partnership with the New Jersey Institute of Technology, NJIT, the United States Department of Agriculture, USDA, and the Environmental Protection Agency, EPA, studying the impacts of nanobubble technology on food safety of fresh produce and processing procedures. Jim Kras, Chief Executive Officer of Edible Garden, commented, "We are excited about joining forces with NJIT, USDA, and EPA in this research partnership, as their commercial partner. The EPA funded partnership will focus on studying the use of nanobubble technology in a CEA environment. Nanobubbles are tiny bubbles of gas, smaller than traditional bubbles, believed to improve plant growth and crop yields in soil-based and hydroponic systems. The research will aim to validate the potential benefits of nanobubbles for indoor agriculture and explore their impact on plant health, water usage, nutrient utilization, and energy efficiency. We believe that this research is well-aligned with our Zero-Waste Inspired philosophy. Nanobubble technology has the potential to revolutionize plant nutrition, providing more nutritious plants with longer shelf lives, which could greatly benefit Edible Garden's products." | ||||
Edible Garden announced… Edible Garden announced the closing of its upsized underwritten public offering of 1,619,000 units, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock. Each unit was sold at a public offering price of $6.30 per unit. The warrants in the units are immediately exercisable at a price of $6.30 per share and expire five years from the date of issuance. The shares of common stock and accompanying warrants can only be purchased together in this offering, but were issued separately and were immediately separable upon issuance. Gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, are approximately $10.2 million. Edible Garden has also granted the underwriters an option to purchase an additional 242,850 shares of common stock and/or additional warrants to purchase up to 242,850 shares of common stock, to cover over-allotments, of which Maxim Group LLC has exercised its option to purchase additional warrants to purchase 242,850 shares of common stock. Maxim Group LLC acted as lead book-running manager and Joseph Gunnar and Co. acted as joint book-running manager in connection with this offering. | ||||
The deal priced below… The deal priced below last closing price of $8.35. Maxim and Joseph Gunnar are acting as joint book running managers for the offering. | ||||
