Edible Garden AG Incorporated Q4 FY2025 earnings call

• 2025 was a defining year for building on foundation and expanding into broader innovation-driven CPG business. • Fourth quarter secured new and expanded placements with key retail partners, distribution to nearly 6,000 store locations. • Strong performance across core produce and CPG categories with double-digit growth in cut herbs, strength in vitamin/supplement portfolio and condiment platform. • Expanding portfolio of better-for-you brands and broadening distribution. • Key next step is expanding into RTD category leveraging farm-to-formula approach, sustainable infrastructure and established retailer relationships. • Selected TetraPak for RTD manufacturing initiative at Midwest facility.

Fourth quarter revenue was approximately $4.1 million vs $3.9 million prior year. Full year revenue was approximately $12.8 million vs $13.9 million in 2024. Core produce and CPG categories saw strong performance with double-digit growth in cut herbs, strength in vitamin and supplement portfolio, significant growth in condiment platform. Full year cost of goods sold increased, gross profit was a loss in 2025 vs gain in 2024. SG&A expenses increased in both fourth quarter and full year due to various factors like acquisitions and capital markets activities.

• Expect higher margins in RTD and CPG products. • Core CEA business expected to return to steady growth in high single digits. • Nutraceutical business with double-digit growth but co-manufactured margins not as rich. • RTD business with significant revenue opportunity and margins in 20% to 30% range. • Plan to be in marketplace towards tail end of 2027 for Midwest facility.

Q: How to view margin from fresh to CPG products and revenue expectation/breakdown for CPG vs fresh through 2026?

A: CPG and RTD have more robust margins as shelf-stable. Fresh built relationships and operational excellence. Core CEA to return to steady growth, nutraceuticals double-digit growth but co-man margins not as rich, RTD with significant revenue opportunity.

Q: Where to put products in RTD category and about Midwest facility?

A: Primarily in protein segments, including sports nutrition, performance nutrition, GLP-1 supportive formula under Jealousy brand. Midwest facility needs capex, working with local/state for incentives, plan to be in marketplace tail end of 2027.

Q: How sustainable is fourth quarter growth level and similar distribution gains?

A: Growth is sustainable as they shored up business, benefited from trends like people eating better, cooking more at home. Will continue to focus on core, see more store accounts across business including RTDs