Revenue Growth
Edible Garden AG Incorporated reported a 9% year-over-year revenue increase for Q3, amounting to $2.8 million, driven by the expansion of shelf-stable product portfolios such as Kick Sports Nutrition, Vitamin Whey, Pulp, and Pickle Party.
Shelf-stable Portfolio Expansion
The company's focus on nonperishable product expansion contributed significantly to the revenue growth, with strong performance from its shelf-stable products. The hydro basil and wheatgrass segments alone saw growth of 54% and 59% year over year, respectively.
Strategic Partnerships and Retail Footprint
Edible Garden AG Incorporated expanded its retail reach by launching new lines at major retailers like Kroger and The Fresh Market and strengthened partnerships with others, including PriceSmart and Amazon. This expansion underscores the growing appeal and momentum of the brand's global platform.
Debt Refinancing
The company successfully refinanced its outstanding debt, securing a lower interest rate and more favorable terms, expected to reduce annual interest expenses and provide greater flexibility for future growth.