Operational cash flow remains disconnected from accounting earnings, as evidenced by a 2026Q1 OCF/NI ratio of -0.07 and a persistent inability to generate positive free cash flow.
Edible Garden AG Incorporated (EDBL) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -4.14M | -11.8M | -8.52M | -8.53M | -9.19M | -4.08M | -2.03M | -3.52M |
| Operating CF Margin % | - | -92.15% | -61.46% | -60.72% | -79.51% | -38.81% | -21.47% | -62.46% |
| Operating CF Growth % | 60.77% | -38.61% | 0.18% | 7.12% | -125.23% | -101.18% | 42.4% | - |
| Net Income | -16.89M | -17.33M | -11.05M | -10.19M | -12.45M | -5.54M | -3.71M | -3.99M |
| Depreciation & Amortization | 5.66M | 2.73M | 1.16M | 1.58M | 1.04M | 824K | 772K | 614K |
| Stock-Based Compensation | 977K | 977K | 144K | 31K | 122K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.4M | 2.1M | 1.79M | 559.08K | 2.75M | 319K | -26K | 14K |
| Working Capital Changes | 4.71M | -274K | -561K | -514K | -637K | 317K | 940K | -159K |
| Change in Receivables | -92K | -524K | -772K | -182K | -378K | -272K | -123K | -8K |
| Change in Inventory | 185K | -317K | -866K | -92K | -226K | -46K | 209K | 25K |
| Change in Payables | 3.13M | 0 | 1.36M | -185K | 85K | 571K | 1.05M | 472K |
| Cash from Investing | -4.23M | -987K | -303K | -1.02M | -2.03M | -151K | 623K | 3.51M |
| Capital Expenditures | -3.87M | -638K | -303K | -1.02M | -2.03M | -151K | -127K | -207K |
| CapEx % of Revenue | 27.96% | 4.98% | 2.19% | 7.27% | 17.6% | 1.44% | 1.35% | 3.67% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 750K | 3.71M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -360K | -349K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 16.21M | 10.38M | 11.84M | 9.95M | 11.3M | 4.25M | 1.4M | 3.71M |
| Debt Issued (Net) | 11.47M | -2.38M | -3.3M | -2.02M | -1.73M | 4.25M | 1.4M | 0 |
| Equity Issued (Net) | 4.95M | 12.97M | 12.79M | 12.24M | 14.65M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -4K | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -45K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -210K | -210K | 2.35M | -259K | -1.62M | 0 | 0 | 3.71M |
| Net Change in Cash | 1.09M | -2.42M | 3.02M | 400K | 79K | 26K | 0 | 5K |
| Free Cash Flow | -8.01M | -12.44M | -8.82M | -9.55M | -11.22M | -4.23M | -2.15M | -3.73M |
| FCF Margin % | -57.92% | -97.13% | -63.64% | -68% | -97.11% | -40.25% | -22.82% | -66.13% |
| FCF Growth % | 19.05% | -41.08% | 7.68% | 14.84% | -165.26% | -96.33% | 42.19% | - |
| FCF per Share | -44.42 | -43.24 | -404.06 | -14456.92 | -219291.25 | -79841.28 | -40666.38 | -70344.90 |
| FCF Conversion (FCF/Net Income) | 0.47x | 0.68x | 0.77x | 0.84x | 0.74x | 0.74x | 0.55x | 0.88x |
| Interest Paid | -22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying EDBL stock.
Edible Garden AG Incorporated (EDBL) generated $-11.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Edible Garden AG Incorporated (EDBL) reported negative free cash flow of $12.4M in 2025, indicating capital requirements exceeded cash from operations.
Edible Garden AG Incorporated (EDBL) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and solvency crisis
Metrics are mathematically derived from official filings.
Earnings Quality Remains Severely Compromised
According to historical financial data, EDBL consistently reports net losses that far exceed operating cash flow, with the 2026Q1 OCF/NI ratio of -0.07 highlighting a persistent inability to convert accounting earnings into actual liquidity, further exacerbated by the company's reliance on non-cash adjustments to mask operational deficits.
The consistent divergence between net income and operating cash flow suggests that the company's reported losses are not merely accounting artifacts but reflect genuine cash outflows required to sustain operations. Investors should monitor the reliance on non-cash items like depreciation and stock-based compensation, which appear to be the primary drivers preventing even deeper cash depletion.
Free Cash Flow Remains Deeply Negative
As reported in quarterly filings, EDBL's free cash flow trajectory remains firmly in negative territory, with the company recording a -$2.8M FCF in 2025Q3, illustrating that the business model has yet to achieve the scale necessary to cover its capital requirements or generate self-sustaining internal cash.
The persistent negative FCF margins indicate that the company is effectively consuming capital to maintain its current operational footprint rather than investing in profitable growth. This trend suggests that without a radical shift in revenue quality or cost management, the company will likely remain dependent on external financing to survive.
Working Capital Volatility Signals Instability
Based on the provided cash flow statements, EDBL exhibits erratic working capital swings, such as the $827K inflow in 2026Q1, which suggests that the company is managing its liquidity through aggressive timing of payables and receivables rather than through organic, predictable cash generation from its core agricultural operations.
The reliance on working capital fluctuations to bridge cash gaps often indicates underlying stress in the supply chain or retail distribution channels. Such volatility warrants further investigation into whether the company is delaying payments to vendors to preserve its dwindling cash balance, which could jeopardize future inventory availability.
Capital Allocation Lacks Strategic Focus
As evidenced by historical cash flow records, EDBL has engaged in sporadic share repurchases and dividend payments despite persistent operational losses, with the 2025Q2 dividend payment of $155K appearing inconsistent with the company's broader need to preserve liquidity for its capital-intensive controlled environment agriculture facilities.
The decision to return capital to shareholders while simultaneously burning cash from operations suggests a misalignment between management's capital allocation strategy and the company's actual financial health. This pattern may indicate a lack of disciplined investment criteria, potentially prioritizing optics over the long-term solvency of the enterprise.