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olivLaw · US equity research

Edible Garden AG Incorporated EDBL

Agricultural Production-Crops · SIC 0100 · Vertical: Agricultural Production-Crops (SIC 0100)

0.74USD+1.09% · 1 dayClose 04 Nov 2026

Edible Garden AG grows organic herbs in controlled-environment greenhouses and sells them through thousands of US retail stores. It is now trying to expand into ready-to-drink beverages and clean nutrition through its Iowa plant, a major shift that raises questions about financing and execution while the company continues to report losses and going-concern doubts, with second-quarter 2026 revenue of $3.6 million.

At the close of 04 Nov 2026, Edible Garden AG Incorporated (EDBL) stock was 0.74 USD (+1.09% on the day), with market capitalisation 1.4 m USD, beta 1.26, 52-week range 0.70–738.00 USD. Latest reported quarter (Q2 2026): revenue of 3.6 m USD (+12.8% YoY), net income of -3.3 m USD, diluted EPS -18.79 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.4 m USD
shares as of 06 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -117.64 · TTM to 31 Dec 2025
E/P (TTM)
-15,897.30%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.26
Volatility (1y) 132%
52-week range
0.70738.00

Price history

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Technical reading

RSI (14)
26.5
oversold (≤ 30)
Bollinger (20, 2)
0.62 – 1.09
in the lower half of the band · %B 0.25 · band width 54.7%
SMA 50 / 200
1.14 / 41.95
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.15 / -0.16
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−34.5%−1.1%−33.4 pp—
3 months−62.6%−0.5%−62.2 pp—
6 months−95.8%+4.4%−100.2 pp—
Year to date−99.7%+12.3%−112.0 pp—
1 year−99.9%+13.5%−113.4 pp−24.3%
3 years−100.0%+76.4%−176.4 pp−25.1%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−99.9%
05 Nov 2025 → 02 Nov 2026
Max drawdown (5y)
−100.0%
05 May 2022 → 02 Nov 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
3.6 m USD
+12.8% YoY
Net income
-3.3 m USD
unavailable YoY
Diluted EPS
-18.79
unavailable YoY
net / operating
-91.8% / -89.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue2.6 m3.9 m2.7 m3.1 m2.8 m4.1 m3.3 m3.6 m
Cost of revenue1.9 m3.8 m2.6 m2.5 m2.5 m5.3 m4.4 m3.0 m
Gross profit699.0 k23.0 k88.0 k634.0 k273.0 k-1.2 m——
SG&A2.2 m2.8 m2.6 m4.0 m3.8 m4.5 m2.9 m3.1 m
Operating income-1.5 m-2.7 m-2.9 m-3.6 m-3.6 m-5.7 m-6.7 m-3.2 m
Depreciation & amortisation256.0 k ≈258.0 k248.0 k234.0 k785.0 k ≈653.0 k2.7 m654.0 k
Interest expense409.0 k275.0 k440.0 k389.0 k387.0 k207.0 k150.0 k163.0 k
Pre-tax income———-4.0 m———-3.3 m
Income tax——00——-3.4 m0
Net income-2.1 m-3.1 m-3.3 m-4.0 m-4.0 m3.9 m-3.7 m-3.3 m
Diluted EPS16.32—-24.74-2,960.371.38—-5.25-18.79
Operating cash flow-1.1 m ≈-1.8 m-3.3 m-3.4 m ≈-2.4 m ≈-2.7 m251.0 k644.0 k ≈
Capex10.0 k ≈126.0 k79.0 k54.0 k ≈409.0 k ≈96.0 k104.0 k3.3 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20212022202320242025
Revenue10.5 m11.6 m14.0 m13.9 m12.8 m
Revenue YoYunavailable+9.9%+21.6%−1.4%−7.6%
Net income-5.5 m-12.5 m-10.2 m-11.1 m-17.3 m
Net income YoYunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailable-1,541.79-685.62-117.64
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailable
net %-52.7%-107.8%-72.5%-79.8%-135.3%
Free cash flow-4.2 m-11.2 m-9.6 m-8.8 m-12.4 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.1 m USD
Financial debt
1.7 m USD
Net debt
542.0 k USD
Equity
12.5 m USD
Total assets
20.6 m USD
Debt / equity
0.13x
Current ratio
0.82x
ROE
-208.9%
ROA
-106.6%
FCF margin
-97.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
14.0 m
2024
13.9 m
2025
12.8 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2023
13.2 m
2024
11.5 m
2025
13.0 m

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2023
822.0 k
2024
2.3 m
2025
-204.0 k

SEC (XBRL)· 31 Mar 2026verified

SG&A
2023
10.0 m
2024
11.6 m
2025
15.6 m

SEC (XBRL)· 31 Mar 2026verified

Operating income
2023
-9.9 m
2024
-9.3 m
2025
-15.8 m

SEC (XBRL)· 31 Mar 2026verified

Depreciation & amortisation
2023
1.5 m
2024
1.1 m
2025
1.9 m

SEC (XBRL)· 31 Mar 2026verified

EBITDA
2023
-8.4 m ≈
2024
-8.2 m ≈
2025
-13.9 m ≈

SEC (XBRL)· 31 Mar 2026derived

Interest expense
2023
390.0 k
2024
1.2 m
2025
1.4 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2023
0
2024
0
2025
0

SEC (XBRL)· 31 Mar 2026verified

Net income
2023
-10.2 m
2024
-11.1 m
2025
-17.3 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2023
-1,541.79
2024
-685.62
2025
-117.64

SEC (XBRL)· 31 Mar 2026verified

Weighted average diluted shares
2023
6.6 m
2024
21.8 k
2025
287.7 k

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2023
510.0 k
2024
3.5 m
2025
1.1 m

SEC (XBRL)· 31 Mar 2026verified

Receivables
2023
1.2 m
2024
2.0 m
2025
1.9 m

SEC (XBRL)· 31 Mar 2026verified

Inventories
2023
678.0 k
2024
1.5 m
2025
1.9 m

SEC (XBRL)· 31 Mar 2026verified

Current assets
2023
2.6 m
2024
7.4 m
2025
5.8 m

SEC (XBRL)· 31 Mar 2026verified

Property, plant & equipment, net
2023
3.9 m
2024
3.1 m
2025
10.1 m

SEC (XBRL)· 31 Mar 2026verified

Intangibles (excl. goodwill)
2023
47.0 k
2024
43.0 k
2025
302.0 k

SEC (XBRL)· 31 Mar 2026verified

Total assets
2023
6.7 m
2024
11.9 m
2025
20.6 m

SEC (XBRL)· 31 Mar 2026verified

Accounts payable
2023
1.2 m
2024
2.3 m
2025
3.8 m

SEC (XBRL)· 31 Mar 2026verified

Short-term debt
2023
387.0 k
2024
1.9 m
2025
1.4 m

SEC (XBRL)· 31 Mar 2026verified

Long-term debt
2023
4.0 m
2024
544.0 k
2025
215.0 k

SEC (XBRL)· 31 Mar 2026verified

Current liabilities
2023
2.9 m
2024
6.2 m
2025
7.1 m

SEC (XBRL)· 31 Mar 2026verified

Total liabilities
2023
6.9 m
2024
7.8 m
2025
8.1 m

SEC (XBRL)· 31 Mar 2026verified

Equity
2023
-288.0 k †
2024
4.1 m †
2025
12.5 m †

SEC (XBRL)· 31 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-8.5 m
2024
-8.5 m
2025
-11.8 m

SEC (XBRL)· 31 Mar 2026verified

Capex
2023
1.0 m
2024
303.0 k
2025
638.0 k

SEC (XBRL)· 31 Mar 2026verified

Free cash flow
2023
-9.6 m ≈
2024
-8.8 m ≈
2025
-12.4 m ≈

SEC (XBRL)· 31 Mar 2026derived

Investing cash flow
2023
-1.0 m
2024
-303.0 k
2025
-987.0 k

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2023
10.0 m
2024
11.8 m
2025
10.4 m

SEC (XBRL)· 31 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-7.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
3.5%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
-1.5%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-103.5%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-138.3%
computed by olivLawTTM to 30 Jun 2026
Net margin
-51.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-57.9%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-197.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-28.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-352.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-104.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
3.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
2.5x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-21.1x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.7x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
1.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-4.1 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
3.9 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-8.0 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
29 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
31 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
83 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
-23 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
1.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
4.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-488.9%
computed by olivLawTTM to 30 Jun 2026
P/B
0.3x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.1x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
0.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-554.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.74 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.4 m USD

Key indicators

Market capitalisation
1.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.3x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-197.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-51.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-7.6%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 06 Aug 2026
Source: SEC (XBRL)published 14 Aug 2026
verified 679derived 58

Score by group

44% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Agricultural Production-Crops (SIC 0100)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-352.4%0 (vs peers)24%
Net margin · Quality-51.0%18 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth3.5%29 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-21.1x0 (on a fixed band)14%
Current ratio · Balance sheet0.7x0 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-554.9%0 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 2/3 factors with a value
  • Growth· partial29/100 · 1/2 factors with a value
  • Quality7/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

EDIBLE GARDEN AG INCORPORATED (EDBL). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 12.8 m USD in 2025; YoY growth -7.6%; net margin -51.0%; ROE -197.1%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROIC: -352.4%
  • Net margin: -51.0%
  • Revenue CAGR 3Y: 3.5%
  • Interest coverage: -21.1x
  • Current ratio: 0.7x
  • FCF yield: -554.9%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Agricultural Production-Crops (SIC 0100) · same industry (4-digit SIC) · compared with 11 companies

Multiples and returns vs the median

P/E
—
vertical median 16.6x
EV/EBITDA
—
vertical median 7.0x
P/S
0.1x
vertical median 0.6x
below median (−81.5%)
P/B
0.3x
vertical median 1.0x
below median (−73.3%)
ROE
-197.1%
vertical median 4.5%
below median (−4,485.2%)
Net margin
-51.0%
vertical median 1.9%
below median (−2,844.2%)
EBIT margin
-138.3%
vertical median 2.3%
below median (−6,061.1%)
Revenue YoY
-7.6%
vertical median 8.2%
below median (−191.8%)
Net debt/EBITDA
—
vertical median 1.3x
Dividend yield
—
vertical median 3.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
CTVACorteva, Inc.8.2 bn8.14.0%5.7%+2.9%+21% / +81%
DMCDel Monte Corporation1.4 bn16.84.0%1.9%+1.0%−21% / +26%
AGROAdecoagro S.A.1.3 bn10.37.1%6.1%+16.9%+14% / −19%
DOLEDole plc1.3 bn21.94.5%0.6%+8.2%−4% / +20%
VFFVillage Farms International, Inc.358.3 m16.47.6%9.8%+10.2%−26% / +271%
LMNRLimoneira Company190.7 m—-25.7%-33.0%−16.6%−24% / −31%
AGRZAgroz Inc.42.0 m48.025.6%8.6%unavailable−98% / unavailable
LOCLLocal Bounti Corporation22.1 m——-130.5%+26.8%−61% / −73%
TULPBloomia Holdings, Inc.10.9 m—-87.9%-23.2%unavailable−40% / −54%
SEEDOrigin Agritech Limited8.6 m——-58.4%−20.6%−49% / −64%
EDBLEdible Garden AG Incorporated1.4 m—-197.1%-51.0%−7.6%−100% / −100%
LNDBrasilAgro – Brazilian Agricultural Real Estate Company——6.3%15.7%+13.8%−12% / −32%

1- and 3-year price returns: for EDBL from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Edible Garden AG grows organic herbs in controlled-environment greenhouses and sells them through thousands of US retail stores. It is now trying to expand into ready-to-drink beverages and clean nutrition through its Iowa plant, a major shift that raises questions about financing and execution while the company continues to report losses and going-concern doubts, with second-quarter 2026 revenue of $3.6 million.

    SWOT

    Strengths

    • The company has a vertically integrated platform with its own greenhouses, patented GreenThumb software and food-safety certifications 1.
    • Sales growth in the second quarter of 2026 shows demand from existing and new retail accounts 3.
    • Presence in thousands of retail stores gives a distribution base that could support new products 2.

    Weaknesses

    • The company has reported repeated losses and has significant going-concern doubts 1.
    • Reliance on a few large customers makes revenue sensitive to their purchasing decisions 1.
    • Limited liquidity and the need for more financing could restrict investment in the new plant 1.

    Opportunities

    • If the Iowa plant reaches its planned capacity, the company could enter a higher-margin beverage market 3.
    • Winning contracts with new grocery chains could reduce dependence on current customers 1.
    • Private-label production could diversify revenue sources from the new manufacturing line 3.

    Threats

    • If no final supply agreement with the equipment partner is signed, the company could lose advance payments already made 1.
    • Exchange listing and compliance rules could impose additional restrictions on the company 1.
    • Input-cost inflation could compress margins, especially if prices cannot be passed on to customers 1.

    Risks

    • Going-concern doubthigh

      Auditors have expressed substantial doubt about the company's ability to continue as a going concern, and investors could lose their entire investment if financing is not obtained 1.

    • Funding needhigh

      Existing cash may not be enough to fund operations over the next twelve months, which could lead to dilution or costly borrowing 1.

    • Iowa project executionhigh

      A final agreement with Tetra Pak is not assured, and delays or extra costs could postpone RTD production 1.

    • Customer concentrationmedium

      Losing a major customer could seriously hurt revenue, since contracts are largely based on individual purchase orders 1.

    • Exchange listing compliancemedium

      If the company fails to maintain its Nasdaq listing, its shares could be delisted, reducing access to capital markets 1.

    Investment thesis

    What would need to be true (bull case)

    • If the Iowa RTD plant reaches planned production, the company could diversify revenue and improve long-term profitability 3.
    • Rapid growth in cut-herb and condiment sales in the second quarter of 2026 suggests shelf demand may be solid 3.
    • Lower selling, general and administrative costs in the second quarter could support operating results if the trend continues 3.

    What would break the thesis

    • The company continues to report net losses and has going-concern doubts, which could limit its access to capital 1.
    • The RTD project is at an early stage, and if it is not completed on time, the investment made could fail to produce returns 1.
    • Dependence on a few large customers leaves revenue exposed to changes in their purchasing policies 1.

    What to watch

    • Signing of the final supply agreement with the Iowa equipment partner2026
    • How the company finances its operations and the manufacturing projectQ3 2026
    • Trend in cut-herb and condiment sales at major customersQ3 2026
    • Start of RTD production in Iowa, on the current plan2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Edible Garden is a controlled environment agriculture (CEA) company that uses hydroponic and vertical greenhouses to grow organic herbs year-round, with a net loss of about $17.3 million in fiscal 2025 1. It operates in Michigan, Iowa and New Jersey, and its products were available in more than 6,000 retail locations as of June 30, 2026 2. Besides fresh produce, it sells beverages and supplements under the Pulp, Kick and Vitamin Whey brands 1.

    Segments

    Fresh produce

    The fresh segment includes cut herbs, hydroponic basil, potted herbs and wheatgrass, sold through supermarket chains 1. In the second quarter of 2026, cut herb sales grew 42% 3.

    Consumer brands

    This segment covers sports nutrition, fermented sauces and functional pickles, many of them co-manufactured 1. Condiment sales rose sharply in the second quarter of 2026 on new store placements 3.

    Market context

    The US market for controlled-environment and fresh organic produce is competitive, with low grocery-retail margins 1. The company depends heavily on a few large customers, which accounted for 88.2% of revenue in fiscal 2025 1, and expansion into the RTD beverage market could open a higher-margin category if the project is completed.

    Trends

    • Demand for organic and local foodtailwind

      Consumer interest in fresh, local and traceable products could support herb sales in supermarket chains if the trend persists 1.

    • Shift to functional beverages and clean nutritionmixed

      Demand for functional beverages and shelf-stable nutrition could support the Farm-to-Formula strategy, but the Iowa project is still at an early stage 1.

    • Financing costs and liquidityheadwind

      The capital needed for the new production lines could limit financing options, especially if borrowing terms are costly or shareholders face dilution 1.

    • Retail price pressureheadwind

      Consolidation of grocery chains and pricing pressure from large customers could reduce margins if production costs rise faster than selling prices 1.

    Competitive position

    The company competes with fresh-herb growers and other controlled-environment agriculture operators, some with greater financial and operational resources 1. Competition in grocery retail is intense, and customer concentration makes the company vulnerable to losing a major account 1.

    • Fresh herb growers in controlled environments

      CEA and fresh-herb companies competing for shelf space in supermarkets, some larger and better funded, as the company itself notes 1.

    • Sauce and condiment producers

      Sauce and condiment brands competing with the Pulp line in the same grocery chains 1.

    • Sports nutrition and nutritional beverage makers

      Companies selling protein and sports supplements, a segment the company is trying to enter through its RTD line 1.

    • Aseptic processing equipment suppliers

      The Tetra Pak partner supplies equipment for the Iowa project, and other equipment makers could affect project timing and cost 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report30 Oct 2026
      Acquisition or disposition of assets · Creation of a direct financial obligation · Item 3.02
    • Current report22 Oct 2026
      Material agreement · Financial statements and exhibits
    • Current report01 Oct 2026
      Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
    • Current report02 Sept 2026
      Other events · Financial statements and exhibits
    • Current report24 Aug 2026
      Other events
    • Current report17 Aug 2026
      Departure or appointment of officers
    • Quarterly report14 Aug 2026
    • Current report14 Aug 2026
      Results of operations · Financial statements and exhibits
    • Current report11 Aug 2026
      Material agreement · Financial statements and exhibits
    • Current report07 Aug 2026
      Item 3.02

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Edible Garden AG Incorporated · 31 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Edible Garden AG Incorporated · 14 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Edible Garden AG Incorporated · 14 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.