Edible Garden stock nearly doubles on Q1 earnings report

Edible Garden AG Inc (NASDAQ: EDBL) nearly doubled in premarket on Wednesday after reporting a significantly year-over-year increase in its first-quarter revenue. 

Edible Garden CEO on Q1 earnings

The organic food company saw its revenue come in at $3.1 million in Q1 that translates to a near 28% increase versus last year. 

$EDBL attributed the strength to customer demand and expansion of its product lineup. Jim Kras - the chief executive of Edible Garden said in a press release today:

Note that Q1 typically is the slowest quarter for the Nasdaq-listed firm. Edible Garden stock is still down well over 20% versus its year-to-date high. 

Why else is Edible Garden stock up today?

Edible Garden also narrowed its per-share loss sharply from $44.19 per share to $13.65 a share in fiscal Q1, as per its earnings report today.

The company based out of New Jersey, United States improved its gross margin by a whopping 171 basis points as well. According to CEO Jim Krash:

Cutting reliance on third-party growers also helped $EDBL boost its gross profit by about 196% in the first quarter. Wall Street currently has a “buy” rating on Edible Garden stock.