Edible Garden AG Incorporated (NASDAQ: EDBL) watched its shares sprint out of the blocks Tuesday. The company, a leader in controlled environment agriculture (CEA), locally grown, organic and sustainable produce and plant-based products, today provided a business update and reported financial results for the quarter ended March 31, 2022.
For the first quarter, revenues totaled $2.7 million, an increase of $254 thousand, or 10.2%, compared to $2.5 million for the quarter ended March 31, 2021. The increase in revenues primarily reflects growth within the existing customer base.
Cost of goods sold were $2.8 million for the three months ended March 31, 2022 compared to $2.4 million for the three months ended March 31, 2021. The increase of $466,000 was due to higher labor costs related to COVID-19, higher packaging costs due to inflation and higher costs charged by contract farmers to supply products.
Operating loss for the quarterwas $2.1 million, compared to a loss of $1.2 million for the three months ended March 31, 2021.
Said CEO Jim Kras, “We are pleased to report solid results for the first quarter of 2022. Despite our capital constraints during the first quarter of 2022, revenues increased 10% compared to the same period last year.
“On the heels of our IPO in May 2022, we believe we are well-positioned to accelerate organic growth by capitalizing on our growing brand recognition, the strong consumer demand for our products and our expanding retail channels.”
EDBL shares jumped 12 cents, or 8%, early Tuesday to $1.57.
