Why Edible Garden Shares Are Jumping Today
Portfolio Pulse from Lekha Gupta
Edible Garden AG Incorporated (NASDAQ: EDBL) shares surged after reporting first-quarter FY24 results. Revenue increased by 27.6% Y/Y to $3.1 million, missing the consensus of $3.2 million. Gross profit rose by 195.8% Y/Y, and the company expanded its distribution network and secured a significant three-year contract. However, EPS loss of $(13.65) missed expectations.
May 15, 2024 | 5:08 pm
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Edible Garden AG Incorporated reported a 27.6% Y/Y revenue increase to $3.1 million, missing the consensus of $3.2 million. Gross profit increased by 195.8% Y/Y. The company expanded its distribution network and secured a three-year contract expected to generate $18-$20 million in revenue. However, EPS loss of $(13.65) missed expectations.
The significant increase in revenue and gross profit, along with new distribution agreements and a substantial three-year contract, are positive indicators for the company's future performance. Despite the EPS miss, the market reacted positively, leading to a 23.4% increase in share price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100