$Edible Garden (EDBL.US)$ Edible Garden reported a 157% incr...

$Edible Garden (EDBL.US)$ Edible Garden reported a 157% increase in gross profit in Q2 2024, fueled by strong growth in cut herbs (61% growth) and vitamins and supplements (30% growth).

Total revenue for Q2 2024 was $4.2 million, relatively flat compared to Q2 2023.

Gross margin increased significantly from 13.1% in Q2 2023 to 36.7% in Q2 2024 mainly due to the shift to in-house production.

Net loss per share improved from $4.83 in Q2 2023 to $1.21 in Q2 2024.

Business Progress:
Expanded distribution of pulp product lines through major retailers and new partnerships, enhancing brand visibility and consumer access.

Focused on high-margin segments such as sustainable USDA organic fermented gourmet sauces and vitamins/supplements.

Entered a product development partnership with Hermann Pickle Company to expand into fermented plant-based products.

Opportunities:
Further growth anticipated in the global sauces and condiments market, expected to grow to $240 billion by 2028.

Continuous improvement in vertical integration and operational efficiency to enhance margins and profitability.

Risks:
Management of the shift from third-party growers to in-house production requires careful execution to maintain quality and control costs.