Edible Garden AG Inc. (NASDAQ:EDBL) shares are trading higher after the company reported a 10% increase in sales for the first-quarter of 2022.
For the first quarter ended March 31, 2022, 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.
Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, "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."
Edible Garden AG is a next generation controlled environment agriculture farming company. It uses traditional agricultural growing techniques together with technology to grow fresh, organic food, sustainably and safely while improving traceability.
EDBL Price Action: Edible Garden AG Inc. has traded between $3.00 and $1.42 over a 52-week period.
The stock was trading about 10.3% higher at $1.60 per share on Tuesday at the time of publication.
