Edible Garden AG hits all-time low after Q4 loss widens

Edible Garden AG

22/03/2023 18:05

** Shares of organic farming company Edible Garden AG Inc
 EDBL.O  hit an all-time low of $2.63; stock last down 35.7%
    ** Company's Q4 net loss widens to $3 mln from $2 mln a year
earlier
    ** Costs of goods sold increased to $3 mln in Q4 from $2.8
mln a year ago because of higher packaging costs owing to
inflation, higher labor costs due to the tight labor market, and
increases in rates charged by contract farmers
    ** Company posts Q4 revenue of $3.1 mln, up 9.9%
year-on-year
    ** "We expect to see increase in margins once our Heartland
Midwest facility is fully operational. Based on our current
trajectory, Edible Garden will turn cash flow positive later
this year," says CEO Jim Kras
    ** Shares down ~58% so far in 2023

 (Reporting by Yamini Kalia)
 ((Yamini.Kalia@thomsonreuters.com))