Earnings call transcript: Edible Garden’s Q2 2025 revenue falls amid strategic shifts

Edible Garden AG Inc. (EDBL), a micro-cap company with a market capitalization of $6.58 million, reported a decline in revenue for the second quarter of 2025, with figures dropping to $3.1 million from $4.3 million in the same period last year. The company attributed this downturn to its strategic exit from the floral and lettuce categories, which impacted revenue by $740,000. The stock showed a slight premarket increase of 0.22% following the earnings call, though InvestingPro data indicates the stock typically experiences high price volatility with a beta of 2.07.

Key Takeaways

• Revenue decreased to $3.1 million in Q2 2025, down from $4.3 million in Q2 2024.
• Strategic exit from low-margin categories affected revenue.
• Investment in new product lines and infrastructure increased SG&A expenses.
• The stock experienced a minor premarket uptick of 0.22%.

Company Performance

Edible Garden’s performance in Q2 2025 was marked by a significant revenue decline, primarily due to its strategic decision to exit certain low-margin categories. This move was part of a broader strategy to focus on higher-margin, innovation-driven products. Despite the revenue shortfall, the company expanded its product offerings, including the launch of the Kick Sports Nutrition line and the debut of USDA organic hydroponic basil.

Financial Highlights

• Revenue: $3.1 million, down from $4.3 million in Q2 2024
• Gross Profit: $634,000, compared to $1.6 million in the previous year
• Net Loss: $4 million, widening from $1.9 million in Q2 2024
• SG&A Expenses: Increased to $4.2 million from $2.7 million

Outlook & Guidance

Looking forward, Edible Garden remains optimistic about its growth prospects, despite InvestingPro data showing the company is quickly burning through cash with negative free cash flow. The company is focusing on expanding its Kick Sports Nutrition line and exploring new product development within the functional food sector. With projections indicating strong Q4 performance, Edible Garden aims to capitalize on the growing demand for sustainable, health-focused products. Access the complete Pro Research Report, available for EDBL and 1,400+ other US stocks, for comprehensive analysis of the company’s growth potential and financial stability.

Executive Commentary

CEO Jim Krass emphasized the strategic focus on higher-margin categories, stating, "We’ve been intentional about focusing on higher margin, innovation-driven categories." He also highlighted the potential in the functional food market, noting, "Globally, the functional food and beverage market is projected to expand from $400 billion to $610 billion by 2030."

Risks and Challenges

• Market Saturation: Increasing competition in the natural and organic product space could pressure pricing and margins.
• Supply Chain Issues: Disruptions in supply chains could impact production and distribution.
• Economic Conditions: Macroeconomic factors, such as inflation and consumer spending, may affect demand for premium products.
• Strategic Shifts: The impact of exiting low-margin categories may take time to offset with new product gains.

Edible Garden’s Q2 2025 results reflect the challenges and opportunities of its strategic transformation. As the company navigates these changes, its focus on innovation and high-margin products will be crucial in achieving long-term growth.

Full transcript - Edible Garden AG Inc (EDBL) Q2 2025:

Jenny, Conference Operator: Good morning everyone and welcome to the Edible Garden Incorporated twenty twenty five Second Quarter Business Update Conference Call. At this time, all participants are in a listen only mode and the floor will be open for questions following the presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Ted Avas of Crescendo Communications. Ted, the floor is yours.

Ted Avas, Crescendo Communications Host, Crescendo Communications: Thanks, Jenny. Good morning, and thank you for joining Edible Garden’s second quarter twenty twenty five earnings conference call and business update. On the call with us today are Jim Krass, chief executive officer of Edible Garden and Costas DeFoules, interim chief financial officer of Edible Garden. Earlier this morning, the company announced its operating results for the three months ended 06/30/2025. The press release is posted on the company’s website, www.ediblegardenag.com.

In addition, the company will file its quarterly report on Form 10 Q with the US Securities and Exchange Commission, which will be available on the company’s website as well as the SEC’s website at www.sec.gov. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020. Before Mr. Krausz reviews the company’s operating results for the quarter ended June 30 and provides a business update, we would like to remind everyone that this conference call may contain forward looking statements. All statements other than statements of historical facts contained in this conference call, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations are forward looking statements.

The words aim, anticipate, believe, could, expect, may, plan, project, strategy, will, and the negative of such terms and other words and terms of similar expressions are intended to identify forward looking statements. These forward looking statements are based largely on the company’s current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short term and long term business operations and objectives, and financial needs. These forward looking statements are subject to several risks, uncertainties, and assumptions as described in the company’s filings with the SEC, including the company’s annual report on Form 10 ks for the year ended 12/31/2024. Because of these risks, uncertainties and assumptions, the forward looking events and circumstances discussed in this conference call may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward looking statements. You should not rely upon forward looking statements as predictions of future events.

Although the company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance or achievements. In addition, neither the company nor any other person assumes responsibility for the accuracy and completeness of any of these forward looking statements. The company disclaims any duty to update any of these forward looking statements, except as required by law. All forward looking statements attributable to the company are expressly qualified in their entirety by these cautionary statements as well as others made in this conference call. You should evaluate all forward looking statements made by the company in the context of these risks and uncertainties.

Having said that, I would now like to turn the call over to Jim Kras, Chief Executive Officer of Edible Garden. Jim?

Jim Krass, Chief Executive Officer, Edible Garden: Thanks, Ted. Good morning. Thank you to everyone for joining us today. The results that we reported this morning show that our strategy is working and that the disciplined decisions that we’ve made are delivering real impact. We’ve been intentional about focusing on higher margin, innovation driven categories that align with where we see the market heading, rather than trying to be everything to everyone.

A year ago, we announced a strategic decision to exit two underperforming low margin categories, lettuce and floral. While at the time, it was a difficult decision, We’ve since freed up resources to invest in areas where we can lead like the CEA informed better for you shelf stable products that meet the growing demand for healthy and sustainable options. These choices are not just about improving margins, they’re about building a portfolio that’s more resilient, more adaptable and better positioned to serve consumers over the long term. We believe this strategy has rightsized our product portfolio, expanded capacity for our core portfolio, and over time, will not only drive profitability, but also strengthen our role as a trusted provider of wellness focused solutions to consumers around the world. These results give us a solid foundation as we look ahead, and I’m excited to walk you through the highlights of the quarter.

Private label products sold through major big box retailers delivered a standout second quarter performance, climbing 19.1% year over year. This growth was driven by expanded retail programs and strong sell through of our sustainably grown CEA produced herb products that continue to resonate with consumers seeking freshness, quality and sustainability. These results underscore the strength of our retail partnerships and our ability to capture share in higher margin demand driven categories. That momentum extended into our core produce category with hydroponic basil leading the way, growing 7.1% quarter over quarter, followed by potted herbs up 6.4% and wheatgrass up 4.1%. These results highlight the enduring appeal and consistency of our core offerings supported by our controlled environment agriculture model, which delivers reliable quality, yield and sustainability advantages while exceeding major retailer fill rate expectations consistently delivering at 98% or better.

In the second quarter, we made significant progress on our strategic priorities, innovation, brand expansion and operational sustainability. Furthermore, we’ve clearly defined our better for you market strategy. This is made up of three key pillars, our existing fresh produce and fresh condiments, farm to formula supplementation and performance beverages. Our fresh produce segment posted unit growth supported by new product introductions and ongoing consumer loyalty. A notable highlight was the launch of Kick Sports Nutrition line on Amazon, which expanded our digital marketing reach and introducing the brand to a broader and stickier customer base and strengthening our direct to consumer engagement.

Early results from these efforts drove an increase in e commerce sales, demonstrating both the scalability of our product portfolio online and the growing strength of our digital sales. We also advanced brand expansion initiatives with continued retail growth of Pinnacle Party, which is gaining strong consumer traction and celebrated the debut of the industry’s first USDA organic hydroponic basil, further reinforcing our leadership in sustainable agriculture. Together with robust gains in our non perishable lines, these achievements are diversifying our revenue streams, enhancing long term portfolio resilience and positioning Edible Garden to capitalize on emerging opportunities. Internationally, revenue grew 66.5% as we secured new distribution partnerships and expanded retail placements in key global markets, providing a broader platform for sustained growth and global brand visibility. Demand for better for use CPG products continues to rise, creating a powerful tailwind for our business.

Globally, the functional food and beverage market is projected to expand from $400,000,000,000 to $610,000,000,000 by 2030 according to Virtu Market Research. In The U. S, sales of natural, organic and functional products are expected to reach $386,000,000,000 by 2028, growing at roughly 5% annually per the Nutrition Business Journal. With a differentiated brand portfolio built around innovation, sustainability and wellness, we believe Edible Garden is well positioned to capture share in these large and fast growing categories and benefit from these long term trends. As these consumer preferences increasingly influence the fresh category, our produce business is equally poised to deliver exactly what today shoppers are seeking fresh, sustainably grown and high quality products that align with their health and lifestyle goals.

On the operational side, we took a significant step forward with the acquisition of Natural Shrimp Aquaculture in Iowa, now operating as Edible Garden Prairie Hills. This site expands our R and D capabilities in aquaponics, supports year round climate control production and brings with it a portfolio of patented water treatment technologies that recycle water, improve yields and reduce environmental impact. These patents are now part of our IP portfolio, giving us exclusive rights to advance aquaculture methods we can not only use at Prairie Hills, but potentially across our entire growing network, strengthening both our competitive position and our sustainability profile. Its Central Midwest location also gives us a real advantage in distribution, allowing us to get products to retailers faster, lowering our transportation costs and delivering fresher products to customers. And with plenty of room to grow, Prairie Hills provides the capacity and flexibility to scale production and roll out new product lines, making it a key driver of innovation, efficiency and long term growth.

The second quarter proved that our strategy is working, and we’re just getting started with delivering growth in categories that matter most, expanding into high margin opportunities and strengthening our leadership in sustainable innovation driven food production. The acquisition of Prairie Hills adds powerful new capabilities in aquaponics, R and D and distribution that position us to scale faster, operate more efficiently and bring even more differentiated products to market. With strong market tailwinds, a growing portfolio of brands consumers love and the infrastructure to support our ambitions, we’re entering in the next phase of our growth story with confidence, momentum and a clear path to creating long lasting value for our shareholders. With that, I’ll turn the call over to Kostas Tafoulis, our Interim CFO, who will interview the financial results for the quarter ended 06/30/2025. Costas?

Costas DeFoules, Interim Chief Financial Officer, Edible Garden: Thanks, Jim, and good morning, everyone. Revenue for the second quarter was $3,100,000 compared to $4,300,000 in the same period last year. The year over year decline primarily reflects our strategic decision to exit the floral and lettuce categories, which accounted for roughly $740,000 of the difference. While we haven’t yet fully replaced the revenue from floral and lettuce, these categories carried high costs and low returns, and they didn’t align with our focus on higher margin opportunities. Gross profit came in at $634,000 compared to $1,600,000 in Q2 of last year.

The decrease was driven by changes in product mix, lower sales volume, following the category exits and some margin pressure for increased investments in infrastructure and personnel. We view these investments as necessary to enhance scalability and improve efficiency over time. Selling, general and administrative expenses were $4,200,000 compared to $2,700,000 last year. The increase was mainly due to expenses related to the natural shrimp asset purchase and legal expenses related to an Orion and our capital market activities in the quarter, along with increased labor and raw material costs. Net loss for the quarter was $4,000,000 compared to $1,900,000 in the same period last year, with the change largely reflecting the higher SG and A expenses.

Over recent quarters, we have taken decisive steps to strengthen our balance sheet meaningfully, reduce leverage while enhancing our equity base. These actions position us to execute against our strategic priorities with greater financial flexibility. We closed the quarter with $2,800,000 in cash and remain focused on driving inventory efficiency through improved production planning and optimized distribution, supporting both margin expansion and cash generation. And with that, operator, please open the line for questions.

Jenny, Conference Operator: Thank you very much. We will now be conducting our question and answer Our first question is coming from Anthony Vendetti of The Maxim Group. Anthony, your line is live.

Anthony Vendetti, Analyst, Maxim Group: Thank you. Jim or Acostis, I was just wondering if we could dive a little bit deeper into the numbers on private label. What percentage is that a growing part of your business? What percent of your revenues is private label? And then I have a couple follow-up questions.

Jim Krass, Chief Executive Officer, Edible Garden: Kostas, I can do want to do this one together? I’ll start, you know, kind of high level strategy and anything you can you can sort of add in the way of, you know, percentages or reinforce what I have to say, that’d be great. Look, it’s a growing part of our business. There’s been a huge shift over the last few years. I mean, you have do is obviously read the papers to see that as it relates to these retailers looking to shift as many natural brand equivalents to their portfolio and private label.

So our business on the private label side continues to grow significantly. What’s nice about it is, you know, the marketing costs and some of the other costs that are involved in branded business, you know, we forego since it’s, you know, under, you know, whether it’s Myers label or Hannaford, Ahold Delhaize’s label or we’ll be doing some work in the largest grocery store chain in The U. S. In Q4. We’re launching some private label there.

So it’s a nice mix. What I like about it is there’s, you know, the cost, there’s not a lot of marketing cost that’s involved in it. So it’s pretty straight that way and clean. And it’s consistent and it’s usually contracted. So, like with Meijer, we’ve got a three year contract with them that allows us to have some security and commitment on both ends to the business.

And like I said, it’s been going quite well. And we’ve done a nice job as a team, I think really executing on all aspects of the business. But the private label, it really deepens the relationship and opens a lot of opportunities over and beyond the need of the private label business. So contracted business, low cost for us as it relates to marketing, and a growing part of our business that continues to accelerate.

Costas DeFoules, Interim Chief Financial Officer, Edible Garden: And just to Anthony, Sorry. To what Jim said, you know, kinda we started down this private label path, you know, about a year ago, with the contract that that Jim mentioned, with Meyer. You know? And we’ve seen kind of now some positive, results of our efforts, partnering with these retailers, particularly Meijer, as as Jim referenced, which is probably the largest piece of private label, is seeing some great growth. You know, it’s at about 19% in in dollars and about 22% in new units.

So, you know, I think we we’re gonna start capitalizing on that relationship and and augmenting it across other retailers going forward, as we’re receiving other opportunities. And this is sort of one of the main drivers that we’re looking to to replace the lost revenue from categories we exited last year and pretty optimistic for the back ’25.

Anthony Vendetti, Analyst, Maxim Group: Okay. Great. Maybe that’s a good good segue into the to the lost revenue, and then I’ll have, just a quick follow-up on the vitamin supplement business as well as a natural shrimp. So first, you mentioned there’s about $740,000 in in lost revenue this quarter from exiting the lower margin floral lettuce business. But the revenue difference between this quarter and last quarter was about $1,200,000 So what accounted for the other or for the remainder of the of the shortfall?

And what part of the business or what categories were were were not Sure.

Costas DeFoules, Interim Chief Financial Officer, Edible Garden: I I think we’re I know. Again, Nat. So, yes. You’re correct. Like, floral and, lettuce, you know, did contribute, you know, majority of that change.

We saw some softness also in the condiments business. Fortunately, it’s not a material part of our revenue. I think the rest of the gap there is made a we announced earlier, a new sports nutrition line called Kix Sports Nutrition. And as a result, our legacy vitamin whey, vitamin whey products, we’re kinda taking those out of the market. So as this transition’s happening, we saw a little bit of softness there as well, kind of continuing to drive or explaining kind of the, the remainder there.

And I think we’re just seeing kind of flat, a little bit soft year over year comps on the core portfolio of herbs. But as we look to the back half with Kit coming into market and coming online with a bunch of our retail partners, we’re confident that, you know, the lost revenue will get replaced with these opportunities and more that are coming.

Anthony Vendetti, Analyst, Maxim Group: Okay. And and these opportunities in terms of Kick Sports Nutrition, these are the higher margin products. Correct?

Costas DeFoules, Interim Chief Financial Officer, Edible Garden: Yes. That’s right. We announced, you know, a partnership that’ll that we’re starting to work with Amazon to put these on ecommerce terms as well. So I think, you know, with a refresh of the brand kinda tied in with our better for you, promise to our customers, you know, we’re really excited about the opportunity, and we have a lot of eyeballs online via Amazon on these new products. So I think combined with our marketing efforts there, we’re expecting acceleration in that category.

Anthony Vendetti, Analyst, Maxim Group: Okay. Thank you. And lastly, on the Natural Shrimp acquisition, maybe a quick overview of what that brings to your portfolio.

Jim Krass, Chief Executive Officer, Edible Garden: So well, brings quite a bit, and I mentioned it in the call. First of all, it’s a big facility. It’s 6.2 acres. We’ve made an announcement a couple of weeks ago, I think. We’ve rebranded it Edible Garden Prairie Hills.

It’s located in a central location. It’s a few hours from some of the major retailers in the Midwest distribution centers, Target’s big distribution centers, not that far from there. So there’s great it expands our penetration and reach even more westward and towards the coast and leveraging and extending both the Midwest facilities. Additionally, there’s that patent portfolio that came along with it, which will help with water treatment, lowering our costs as well as improving our sustainability profile. We’ve got some pretty major plans for that facility to not only drive R and D, but to really become a functioning sustainability hub with some next generation products that are higher margin that align with our relationships.

And I talk too much about it. That’s in development. It’s very significant. We’re working with one of the major retailers to help develop a facility that would host and drive some of their private label nutraceutical business. And then obviously, the rest of it would be kind of filled in with branded our branded products as well as any other new business that we pick up.

So multifaceted facility, big facility and dedicated workforce out there that’s excited to have somebody, Edible Garden come in and breathe new life into what I think is just really a fantastic, like I said, multifaceted facility that’s going to do quite a bit. I think it’s going to really expand our capabilities. We’ve already started that process. So be more than happy to answer any other questions around that or any specifics, Anthony.

Anthony Vendetti, Analyst, Maxim Group: No, that was helpful. Thanks for all the color. I’ll hop back in the queue. Thank you.

Jim Krass, Chief Executive Officer, Edible Garden: Thank you, Anthony.

Jenny, Conference Operator: Thank you very much. Our next question is coming from Nick Pincus of Forest Capital. Nick, your line is live.

Nick Pincus, Analyst, Forest Capital: Great. Thanks for taking the call. First off, congrats on the progress that you’re making in executing the new business strategy. My first question, just in terms of the seasonality. We’re traditionally very seasonal with thanksgiving and the holidays driving significant revenue.

And I was just wondering if you can give us a little bit of color around what you’re anticipating in the fourth quarter.

Jim Krass, Chief Executive Officer, Edible Garden: Well, yeah, look, in q four for our business is a Super Bowl, right? So you had, you know, the two the two main lines of business, let’s call it the Edible Garden branded fresh business. And then you’ve got the Edible Garden vitamins and supplements business, you know, both those businesses Q4 is on the, call it, the produce side across, you know, those sub segments too as well as private label. That is a big holiday programs that start in the November and run really through January. I think what’s great about this is, as we continue to evolve as a company, we’ve really been able to identify not only what it is that we need to do, but how to start to do it where we are much more efficient and our labor costs are much more stable because we can anticipate and add in the revenue.

Look, that part of the business continues to grow. We’ve already got our preorders in for Q4 and there’s a significant increase there, to be quite frank. We will be bringing in some new accounts that will be pretty significant as well that will add to the Q4 on the produce side. So I’m credibly bullish on a strong, strong Q4. And I think going into this year, we’re in a much more stable position than we were last year, considering just some of the uneasiness with labor last year and some of the changes that were potentially going to happen with labor.

I think we’ve been able to kind of get through that over the last year. And now that people are securing their jobs, I think we’ve done a great job of outsourcing and working with a partner, especially in Michigan, to bring in a very strong outsourced, committed workforce that we can manage versus trying to having it in house. And it it it was kinda clunky in the past. And and then this this this this year, I think we’re gonna be in a much better position to really execute. Plus, we’ve made a considerable investment in facilities and refrigeration and, you know, production lines.

So, you know, we’re ready to go. And we can add in this other business, which will be, you know, fantastic without any real increasing costs. It’ll be incremental at best, really the kind of the concept through like manufacturing. So you increase the throughput, but a lot of your costs kind of just go up incrementally versus the growing revenue line. So that I’m super excited about.

On the vitamin supplements, this quarter was such a kind of it was kind of last and the wash through between lettuce, floral, whatnot, the changeover to kick and having a more contemporary line that’s targeted towards where the customer is going versus kind of where the customer has is working out quite nicely, both with Amazon and with some of the partners like Meijer and PriceSmart. PriceSmart load in is going to be happening shortly for Q4. Our overall international business is up significantly, price mark being a huge driver of that. So the business is starting to morph and shift. And what’s nice about it, it’s morphing and shifting into a higher margin business with Q4 being a big loading quarter for us on the vitamin supplement, knowing that January is with New Year’s resolution.

Everybody, New Year’s you have your New Year’s resolution, you’re looking to get in shape, lose weight. Consumption, I think it’s 60% to 65% of all dietary supplements, nutraceuticals and protein powders are sold in the first four or five months of the year, with the real bulk of it in January. So all those orders, and they’re already we’re already building them right now. Those get shipped in September and October. So they flow through to be on shelf with big promotional schedules in January.

So like I said, I think Q4 is going be great and I’m excited about it. And I think we’ve worked really hard and had to kind of endure some of, like I said, some of these wash through and exiting some of these lines to get to where we are right now. But I think the platform is ready to go.

Nick Pincus, Analyst, Forest Capital: That’s great and it’s very encouraging. You also touched on this a bit earlier, and it was clearly a big announcement, regarding Kick and its launch on Amazon. But I’m just wondering, can you expand on the status of that and your plans for the line and growth and other stuff?

Jim Krass, Chief Executive Officer, Edible Garden: The status is, you know, it’s been accelerating, which is great. You know, we didn’t, you know, unfortunately, like once again, this in this reporting cycle, we just launched in the May. So we had really a month of data in the line. Obviously, it was significant on a small base, but that business continues to accelerate. We’ve put you know, resources towards it.

We’ve got a great partner in Piranha. We got a great, you know, a great buyer at Amazon who’s, you know, who’s got a real interest in better for you products, understanding where the category is going. So having that kind of support, you know, out of Seattle is fantastic and, you know, they, you know, it’s a big category for them. And so, you know, our success, you know, and being on trend and them, you know, supporting us and us putting the resources towards it is important. We’re starting to see that return.

We’ve been seeing that return, and the business just continues to accelerate. And Drive Trial, we’ve made an investment in everything from social media to paid media on AdWords and kind of all the tools of the trade in digital to start to drive engagement and trial. We’ve got great reviews online, And so that’s really great. We’ve got two new items, our pre workout, post workout, once again, better for you position. Those launch those will be launching at PriceSmart as well as some other retailers in the next probably forty five days for that Q4 load in that I’d mentioned, as well as online at Amazon.

And what’s great about that is you continue to not only differentiate yourself, but you expand the portfolio. And retail wings are great on this, the margins are good on it. We’ve got a great manufacturing partner who’s helping us with it. And as we continue to drive it, it’ll help drive not only innovation, but it also is driving a lot of the other private label opportunities that we didn’t speak too much about on the vitamin supplement area, which it’s kind of haloing the whole business as it relates to, hey, if Edible Garden can do what they do in produce in such a difficult category at such a high rate of excellence, Imagine what they can do in more shelf stable products and they’re driving this innovation. And they’re really the first company out there with this farm to formula notion that, you know, is taking the greenhouse and marrying it to, you know, know, to finished goods.

You know, like I said, it’s I couldn’t be more happier about where we are right now and how we’ve evolved over the last couple of years to get into this position to really be a leader.

Nick Pincus, Analyst, Forest Capital: That’s fantastic. And lastly, you mentioned the international business being up. Can you just expand a little bit on how those markets fit into the longer term growth plans?

Jim Krass, Chief Executive Officer, Edible Garden: Well, what’s great about it is, you know, look, it’s hard to ship basil from, you know, Michigan or Iowa or New Jersey to The Caribbean or South America, right? It’s not going to make it unless it’s dried or processed. So we have our limitations geographically and based on transportation, how much we can sort of stretch outside of the certain area with the greenhouses without putting a greenhouse up. And we all know that our competitors who are no longer around, most of them know they tried to build the greenhouses everywhere and then they just kind of ran out of gas because they either didn’t have the relationship to the revenue or the CapEx was so high. And we’ve been so prudent with our money, repurposing facilities.

We’ve proven that with our Heartland facility in Grand Rapids and servicing Meyer and the Midwest, and now what we’re doing out in Iowa. But you know, the reality is these shelf stable products, whether it’s the vitamins and supplements, which has driven the majority of that growth that you see, and the growing demand globally for protein. And you know, once again, you know, all you have to do is read the papers to see, you know, that people are bringing in more and more protein and looking people want better for you products. They’re reading labels. They’re not, you know, they’re not, you know, they don’t want some of these nasty ingredients and preservatives.

And so if we can meld that freshness with shelf stable products and position our products for, you know, to capture that demand, we’re gonna, you know, we’re gonna not only see that stateside, but internationally. And we see that, like I said, on the vitamins and supplements. And I think that’s just the start. You know, we’re working on some very interesting new products that, you know, should align with, you know, other type of products that extend outside of vitamins and maybe even more to functional foods. We see that with pickle party and some of the big box opportunities there.

But, you know, all those products, because they’re more shelf stable, allow us to have more global reach with them and partner with some of these more bleeding edge retailers like a PriceSmart that’s trying to bring in goods their into these different markets that are on trend. And that’s, you know, that consumers want, you know, beyond The US. So super excited about that part of the business. It’s that it’s been, it’s been on fire lately, and it I don’t see it stopping, which is awesome.

Nick Pincus, Analyst, Forest Capital: That’s great. Well, good luck, and keep up the good work.

Jim Krass, Chief Executive Officer, Edible Garden: I appreciate it. Thank you, Nick.

Jenny, Conference Operator: Thank you very much. Well, we appear to have reached the end of our question and answer session. So I will now hand back over to the management team for their closing comments.

Jim Krass, Chief Executive Officer, Edible Garden: Thank you very

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