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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 it has regained compliance with Nasdaq Listing Rule 5550(a)(2), which mandates a minimum bid price of $1.00 per share. This determination follows the company's closing bid price being at or above $1.00 for 10 consecutive business days. Nasdaq had previously informed RiceBran of its non-compliance on September 15, 2021, giving it 180 days to meet the requirements. The company successfully achieved compliance before the September 12, 2022 deadline, allowing it to maintain its stock listing.
RiceBran Technologies (NASDAQ:RIBT) reported a 35% revenue increase to $10.2 million for Q2 2022 compared to Q2 2021, largely driven by strong demand for core-SRB products. However, the gross profit declined to a loss of $477,000, significantly impacted by production issues in the Value-Add SRB derivatives segment. Operating losses increased 15% to $2.0 million, while net losses grew 36% to $2.6 million. Despite these challenges, management expects recovery with improved production in the latter half of the year and has solidified new customer relationships in the pet food sector.
RiceBran Technologies (NASDAQ:RIBT) will host a conference call on August 11, 2022, at 4:30 p.m. EST to discuss the financial results for the second quarter ending June 30, 2022. Executives Peter Bradley and Todd Mitchell will lead the discussion. Participants can join via toll-free US/Canada number 800-343-4849, or international dial-in 203-518-9848, using access code RICEBRAN. A replay will be available for 90 days post-call through the company's website.
RiceBran Technologies (NASDAQ:RIBT) has scheduled its Annual Shareholder Meeting for July 14, 2022, at 9 a.m. ET in New York. Shareholders can register for in-person attendance via the company's proxy statement or contact proxy@ricebrantech.com. A live webcast will also be available through Zoom on the company's investor relations page. RiceBran Technologies specializes in nutritional ingredients from rice and ancient grains, focusing on products that are non-GMO and organic.
RiceBran Technologies (NASDAQ:RIBT) announced the pursuit of Upcycled Food Association certification to enhance its sustainability initiatives and appeal to eco-conscious consumers. The program aims to reduce food waste by promoting ingredients derived from surplus food. RiceBran's Stabilized Rice Bran (SRB) is already an upcycled product, providing a healthy alternative to traditional feed sources. This certification is expected to incentivize sustainable practices among farmers and meet growing consumer demand for natural, healthy foods.
RiceBran Technologies (NASDAQ:RIBT) announced plans to add a fifth extruder at its Mermentau, Louisiana facility to expand capacity for the growing companion animal market. This initiative, expected to be completed in Q3 2022, aims to meet rising demand for North American-sourced ingredients. The project will utilize repurposed equipment, minimizing costs, while the remediation of a damaged warehouse in Lake Charles was funded by insurance. The company anticipates significant growth due to the increased popularity of pets and demand for healthy, natural pet food.
RiceBran Technologies (NASDAQ:RIBT) will present at the LD Micro Invitational XII on June 8, 2022, at 3 p.m. PT. CFO Todd Mitchell is set to deliver the presentation at the Four Seasons Westlake Village in Los Angeles. Attendees can access the livestream at Ldinv12.mySequire.com, with a copy of the presentation available on their investor relations site at ricebrantech.com/investors. Investors can coordinate meetings with Mitchell through LD Micro or contact RiceBran investor relations at ribt@fnkir.com.
RiceBran Technologies (NASDAQ:RIBT) has announced plans to double the capacity of its MGI Grain facility in East Grand Forks, Minnesota, with a minimal capital investment of less than $500,000 and limited labor increase. This expansion aims to meet the growing demand for domestically sourced grain-based ingredients. The project involves replacing a key grain de-huller and adding a color sorter to boost production and quality. Expected completion is by mid-summer 2022, positioning RiceBran to capitalize on the rising demand fueled by supply chain uncertainties.
RiceBran Technologies (NASDAQ:RIBT) reported a 23% increase in revenue for Q1 2022, reaching $10.6 million compared to $8.6 million in Q1 2021, driven by strong sales in core-SRB and milling businesses.
However, gross profit declined to $502,000 from $672,000 year-over-year. The company also experienced a net loss of $1.5 million, a significant decrease from net income of $591,000 in the previous year. Despite these challenges, RiceBran continues to focus on high-value specialty ingredients, with plans for new product introductions and enhanced supply chain strategies.
RiceBran Technologies (NASDAQ:RIBT) announced the appointment of Jean M. Heggie and Will T. Black to its Board of Directors, effective April 28, 2022. Heggie, founder of Heggie & Associates, brings over 30 years of experience in food ingredient marketing, while Black has 35 years in the health and nutrition sector, including leadership roles at ChromaDex and DSM Nutritional Products. Their expertise aims to enhance the company's growth strategy in response to evolving market demands and disruptions in the supply chain.
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