Edible Garden AG Inc

Edible Garden AG maintains a fragile capital structure characterized by high liquidity risk and negative net cash. The company reports total assets of $17.5 million against total liabilities of $8.6 million, resulting in total equity of $8.8 million. Short-term debt stands at $2.2 million, while long-term debt is minimal at $0.2 million. The current ratio is 0.72, indicating that current liabilities exceed current assets, a condition flagged as a key liquidity risk. Operating cash flow for Q1 2026 was positive at $0.25 million, and free cash flow was $0.15 million, driven by working capital improvements rather than operational profitability. The market capitalization is approximately $77,000, with a price-to-book ratio of 0.01, reflecting severe market skepticism regarding the asset base and going-concern status.

Profitability remains deeply negative, with a net loss of $3.7 million in Q1 2026, resulting in a return on equity of -196% and a return on assets of -99%. These metrics significantly underperform typical industry medians for stable producers, though the company lacks a direct cohort comparison in the input data. The operating income was -$6.7 million, highlighting a substantial gap between revenue generation and cost structure. Revenue for the quarter was $3.3 million, insufficient to cover operating expenses, depreciation, and interest costs. The company’s economic model relies on future scale efficiencies or margin expansion to achieve breakeven, which has not yet materialized.

Revenue concentration is a critical structural feature, with 88.2% of total revenue in 2025 attributed to just five customers, one of which accounted for 42.7% of sales. Key customers include major supermarket chains such as Walmart, Kroger, and Meijer. The product mix includes vitamins and supplements, as well as herbs, produce, and floral items. This high concentration exposes the company to significant counterparty risk; any loss of a major customer would materially impact revenue stability. Geographic exposure is not explicitly detailed in the segment data, but the customer base suggests a primary focus on the North American retail market.

Growth trajectory is obscured by consistent losses and volatile financing activities. Historical data shows a net loss of $3.3 million in Q1 2025, similar to the current period, indicating no significant improvement in operational profitability year-over-year. Revenue trends are not provided in a multi-year historical table, but the reliance on equity distributions and debt proceeds to fund operations suggests that organic growth is constrained by capital availability. The company has engaged in multiple public offerings and equity distribution agreements in 2024 and 2025 to raise capital, diluting existing shareholders in the process.

Risk factors are elevated, with auditors expressing substantial doubt about the company’s ability to continue as a going concern. Key flags include negative net cash, current liabilities exceeding current assets, and references to dilution or offering risk in filings. The company faces medium dilution risk due to active equity distribution agreements and convertible preferred stock structures. Regulatory and compliance risks include maintaining Nasdaq listing standards and managing intellectual property protection for its proprietary software. The departure of management team members and the potential for product recalls further compound operational risks.

Recent events include the filing of an 8-K report with material item 3.02, indicating a change in financial statement or other material corporate action. The company has also issued Series B preferred stock and engaged in various inducement letter agreements and equity distribution plans. These activities underscore the ongoing need for capital infusion to sustain operations. The presence of going-concern language in financial statements reinforces the precarious financial position and the uncertainty surrounding future viability.

Edible Garden AG Inc (EDBL) has recorded a notable addition to its shareholder base, with a new investor acquiring 34,170 shares as of December 31, 2025. This transaction, detected on June 28, 2026, represents a value of approximately $20,776 and accounts for a negligible 0.0000003% weight in the investor's portfolio. This marks the first analysis for the ticker, meaning there is no prior basis for computing delta changes in ownership or performance metrics. The significance of this entry is contextualized by the company's current structural profile. Edible Garden AG Inc currently reports zero officers, zero analyst coverage, and no index memberships. The absence of analyst coverage and index inclusion suggests limited institutional scrutiny and market visibility, making individual holder movements like this one relatively isolated events rather than part of a broader trend of institutional accumulation. With only three top holders identified in the company's profile, the addition of this new investor slightly diversifies the ownership structure, albeit minimally. The small size of the position relative to the investor's total holdings indicates that this is likely a speculative or minor allocation rather than a strategic stake. The lack of prior data prevents any comparison to previous quarters, leaving this as a standalone data point in the company's recent history. This development matters primarily as a baseline establishment for future tracking. As the first recorded analysis, it sets the initial reference point for monitoring shareholder activity in a company that currently lacks significant market infrastructure such as analyst ratings or index presence. Investors should view this change as an early signal of interest in a micro-cap entity with limited public financial oversight.

Edible Garden AG reduced long-term debt significantly, dropping from $4.04 million in FY2023 to just $215,000 in FY2025.

The company maintains a low debt-to-equity ratio of 0.0172, indicating minimal leverage relative to its equity base.

Gross profit improved to $2.31 million in one FY2024 reporting period, suggesting potential for margin expansion efforts.

Free cash flow loss narrowed to $8.82 million in one FY2024 period, showing some improvement in cash burn rate.

Revenue remained relatively stable with a slight CAGR of -0.7% over the two-year span from FY2023 to FY2025.

The company faces high liquidity risk, as indicated by a current ratio of only 0.82 below the safe threshold.

Net income deteriorated sharply to a loss of $17.33 million in FY2025, reflecting worsening profitability trends.

Operating income plummeted to a $15.8 million loss in FY2025, signaling severe operational inefficiencies and cost pressures.

Edible Garden AG ranks in the bottom quartile for net margin and ROE compared to its Oil & Gas peers.

The company carries a medium dilution risk, which could negatively impact existing shareholders' equity value over time.

Revenue $3.3M; Operating income -$6.7M.

• ▍Revenue $3.3M
• ▍Operating income -$6.7M
• ▍Net margin -109.8%

Revenue $8.7M; Operating income -$10.1M.

• ▍Revenue $8.7M
• ▍Operating income -$10.1M
• ▍Net margin -244.7%

Revenue $5.9M; Operating income -$6.5M.

• ▍Revenue $5.9M
• ▍Operating income -$6.5M
• ▍Operating margin -111.2%

Revenue $12.8M; Operating income -$15.8M.

• ▍Revenue $12.8M
• ▍Operating income -$15.8M
• ▍Net margin -135.3%

Revenue $13.9M; Operating income -$9.3M.

• ▍Revenue $13.9M
• ▍Operating income -$9.3M
• ▍Net margin -79.8%

Revenue $13.9M; Operating income -$9.3M.

• ▍Revenue $13.9M
• ▍Operating income -$9.3M
• ▍Net margin -79.8%

Revenue $14.0M; Operating income -$9.9M.

• ▍Revenue $14.0M
• ▍Operating income -$9.9M
• ▍Net margin -72.5%

Revenue $14.0M; Operating income -$9.9M.

• ▍Revenue $14.0M
• ▍Operating income -$9.9M
• ▍Net margin -72.5%