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RiceBran Technologies (NASDAQ:RIBT) is revolutionizing the use of rice bran, an often overlooked by-product of the global rice milling industry. Utilizing proprietary and patented technologies, the company stabilizes and processes rice bran to create nutrient-rich, sustainably sourced ingredients that enhance the nutritional value of foods and beverages. These products are non-GMO, vegetarian, vegan, and gluten-free, appealing to a wide range of dietary preferences and needs.
RiceBran Technologies has made significant strides in producing high-quality, nutrient-dense ingredients that cater to the growing global demand for protein, dietary fiber, edible oil, and other food components. The company also ventures into functional foods and rice bran-based nutricosmetics, emphasizing sustainability by capturing rice bran's value without increasing the use of arable land or water.
In recent developments, RiceBran Technologies has strategically realigned its business operations. The sale of its stabilized rice bran (SRB) business for approximately $3.5 million has reduced ongoing fixed costs and streamlined its organization. This divestiture is part of a broader strategy aimed at improving financial stability, decreasing projected annual net loss by about $2.2 million, and better positioning the company for future opportunities.
The company has also adopted a Tax Benefits Preservation Plan to safeguard its significant U.S. federal and state net operating loss carryforwards, which can be utilized to reduce future tax liabilities. With a focus on maintaining these tax benefits, RiceBran is better equipped to navigate changes in its investor base and maximize its financial health.
Operationally, RiceBran Technologies has shown improvements in efficiency and capacity, delivering positive gross profits in the second quarter of 2023. The company's strategic review continues, aiming to explore various alternatives to enhance shareholder value. Recent financial maneuvers, including a $4 million cash investment and recapitalization efforts, have further stabilized the company's balance sheet and capital structure.
With an experienced board, including new independent directors James Flynn and Georgina Russell, RiceBran Technologies is well-positioned to leverage its public listing and substantial tax assets. The company remains a global leader in developing and marketing specialty ingredients derived from rice, barley, and oats, catering to both human and animal nutrition markets.
RiceBran Technologies (NASDAQ:RIBT) announced the appointment of William J. Keneally as Interim Chief Financial Officer, effective April 17, 2023. He succeeds Todd Mitchell, who resigned to pursue other opportunities. Keneally, a seasoned finance executive with over three decades of experience, has executed strategic transactions exceeding $4 billion and previously served as Chief Accounting Officer for Flutterwave, Inc.. His expertise in restructuring, cost containment, and operations is expected to support RiceBran's strategic initiatives. Peter Bradley, Executive Chairman, emphasized Keneally's value in the ongoing strategic asset review.
RiceBran Technologies specializes in nutritional ingredients derived from rice and other grains, focusing on healthier alternatives for various markets.
RiceBran Technologies (NASDAQ:RIBT) reported its fourth-quarter and full-year 2022 financial results on March 16, 2023. The company achieved a 34% increase in revenue for the year, totaling $41.6 million, driven by growth in specialty milling and core-SRB sales. However, gross losses were reported at $759,000, a decline from previous profits. Operating losses decreased significantly, down 71% in Q4 compared to the prior year. Cash reserves dwindled to $3.9 million in 2022 from $5.8 million in 2021, influenced by higher operational losses. The company is currently reviewing strategic alternatives to enhance shareholder returns.
RiceBran Technologies (NASDAQ:RIBT) will host a conference call on March 16, 2023, at 4:30 p.m. EST to discuss its financial results for Q4 2022, ending December 31, 2022. Call details include a toll-free dial-in number for US/Canada at 888-506-0062 and an international dial-in number at 973-528-0011. A replay will be available for 90 days post-call. RiceBran Technologies specializes in producing key nutritional ingredients from rice bran and ancient grains aimed at healthy food and nutraceutical markets. Additional information can be accessed on their website.
RiceBran Technologies (NASDAQ:RIBT) reported a robust 48% revenue increase in Q3 2022, reaching $10.3 million, up from $6.9 million in Q3 2021. However, the company experienced significant gross losses of $697,000, driven by operational challenges and higher expenses. Net loss improved to $2 million from $2.2 million year-over-year, while adjusted EBITDA losses expanded to $1.4 million. Challenges in the Value-Add segment and slower-than-expected growth in Core-SRB sales impacted performance. Despite this, the company remains optimistic about future profitability improvements.
RiceBran Technologies (NASDAQ:RIBT) has announced a conference call scheduled for November 3, 2022, at 4:30 p.m. EST to discuss its financial results for the third quarter ended September 30, 2022. Key participants include Peter Bradley, Executive Chairman, and Todd Mitchell, Chief Financial Officer. The call will be accessible via toll-free numbers for US and international callers, along with a webcast available for replay on the company’s website. More details can be found in the company's investor relations section.
RiceBran Technologies (NASDAQ:RIBT) announced a definitive securities purchase agreement for a registered direct offering of 1,000,000 shares at $1.50 each, expected to close on October 20, 2022. The company aims to raise approximately $1.5 million, which will be used for general corporate purposes, including capital expenditures and debt repayment. Additionally, investors will receive warrants for 2,000,000 shares at an exercise price of $1.60, valid for two and a half years. H.C. Wainwright & Co. acts as the placement agent for this offering.
RiceBran Technologies (NASDAQ:RIBT) has formed an agreement with Gander Foods to enhance operations at its Golden Ridge Rice Mills. Gander Foods will deploy JT Ferguson for management, expecting rapid improvements in adjusted EBITDA. The move aims to tap into local expertise for sourcing and selling rice, anticipated to increase Golden Ridge's revenue by 30-40% in 2022 over 2021. Gander Foods also plans to invest in RiceBran equity as part of the agreement, aligning interests with shareholders.
Ocean Capital LLC, a substantial shareholder in Puerto Rico closed-end bond funds managed by UBS Financial Services, issued a letter urging significant board changes. They estimate that the Funds' Boards have squandered at least
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