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- Edible Garden AG Inc EDBL shares are taking a hit Wednesday morning, falling over 26% as its Q4 results missed the Street view.
- EDBL reported fourth-quarter FY22 sales growth of 9.9% year-on-year to $3.10 million, missing the consensus of $3.19 million.
- The increase in revenue was driven by increased demand from the existing customer base.
- The cost of goods sold was $3 million versus $2.8 million last year, reflecting higher packaging costs due to inflation, higher labor costs due to the tight labor market, and increased rates charged by contract farmers.
- Selling, general and administrative expenses leaped 82.3% to $3.1 million. The increase was primarily driven by higher payroll and compensation expenses and other public company expenses that were not incurred in 2021.
- EPS loss of $(9.13) missed the analyst consensus of $(6.43).
- Jim Kras, Chief Executive Officer of Edible Garden, commented, "Based on our current trajectory, we believe Edible Garden will turn cash flow positive later this year."
- Price Action: EDBL shares are trading lower by 26.2% at $3.02 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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