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Arcadia Biosciences Inc (NASDAQ: RKDA) pioneers agricultural biotechnology to develop sustainable crop solutions and plant-based food ingredients. This dedicated news hub provides investors and industry stakeholders with verified updates on the company’s advancements in nutritional science and farming innovations.
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Arcadia Biosciences (RKDA) reported strong financial results for Q4 and full-year 2024, with year-over-year revenues growing 56% in Q4 and 13% for the full year. The company's Zola® coconut water brand showed exceptional performance with 124% revenue growth in Q4 and 46% for the full year.
Key developments include a planned business combination with Roosevelt Resources, where Roosevelt partners will own approximately 90% of Arcadia post-merger. The company also completed strategic asset sales, including the $4 million sale of its Resistant Starch Durum trait to Corteva Agriscience and the $4 million sale of GoodWheat brand to Above Food Corp.
Financial highlights show Zola's retail distribution nearly doubled in 2024, contributing to a $611,000 increase in Q4 coconut water revenue. The company reported a net loss of $4.1 million ($2.98 per share) in Q4 2024, compared to $2.8 million ($2.10 per share) in Q4 2023.
Arcadia Biosciences (RKDA), a producer and marketer of innovative, plant-based health and wellness products, has scheduled its fourth quarter and full year 2024 financial results announcement for March 20, 2025, after market close.
The company will host a conference call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss Q4 and year-end results along with key strategic achievements. Investors can participate through an audio-only webcast available on Arcadia's website or join the live call through registration for a dial-in number and unique PIN.
Arcadia Biosciences (RKDA) has entered into a definitive securities exchange agreement with Roosevelt Resources LP for an all-stock business combination. Under the agreement terms, current Roosevelt equity owners will own approximately 90% of Arcadia's outstanding shares, while current Arcadia shareholders will retain about 10%.
Roosevelt Resources is a Dallas-based oil and gas company with a primary asset consisting of a 16,208-acre carbon capture utilization and storage (CCUS) project in the Texas Permian Basin. The project has estimated proved undeveloped reserves of 780 million gross boe and proved developed producing reserves of 3.8 million gross boe. Roosevelt plans to develop this as an enhanced oil recovery project over 40+ years, targeting peak production of 55,000 gross boepd by 2051.
Arcadia Biosciences (RKDA) announced its Q3 2024 financial results, reporting a notable 18% increase in total revenues compared to Q3 2023. The company highlighted a significant 55% growth in Zola coconut water revenues and a 68% expansion in Zola's retail distribution year over year. Operating expenses for Q3 2024 rose by $602,000, driven by higher revenues and employee severance costs. However, for the first nine months of 2024, operating expenses decreased by $3.4 million due to a $4.0 million gain from an asset sale to Corteva. Net loss attributable to common stockholders improved to $1.6 million for Q3 2024 from $2.6 million in Q3 2023, and for the first nine months of 2024, it decreased to $3.0 million from $11.1 million in the same period in 2023. The company attributes this improvement to decreased net loss from discontinued operations and the gain from the asset sale.
Arcadia Biosciences (RKDA), a producer of plant-based health and wellness products, has announced it will release its Q3 2024 financial results after market close on November 12, 2024. The company will host a conference call at 4:30 p.m. Eastern time to discuss quarterly results and strategic achievements. Participants can join via audio webcast through the company's website or register for the live call to receive dial-in details. A recorded replay will be available in the Investors Section post-call.
Arcadia Biosciences (RKDA) reported its Q2 and H1 2024 financial results, marking a significant turning point for the company. Key highlights include:
1. Closed a $4M transaction with Corteva Agriscience for the sale of resistant starch wheat trait.
2. Above Food Corp acquired the GoodWheat brand for $4M in net payments over three years.
3. Zola coconut water sales increased 42% year-over-year.
4. Q2 2024 revenue slightly increased to $1.306M from $1.297M in Q2 2023.
5. Operating expenses decreased by $3.4M in Q2 2024 compared to Q2 2023.
6. Net income for Q2 2024 was $1.1M ($0.78 per share) compared to $823,000 ($0.61 per share) in Q2 2023.
The company aims to become cash flow positive and is focusing on reducing operating costs and accelerating growth in Zola.
Arcadia Biosciences (Nasdaq: RKDA), a producer of plant-based health and wellness products, has announced its upcoming second quarter 2024 financial results release. The company will disclose its financial and business results for Q2 and H1 2024 after market close on August 13, 2024. A conference call is scheduled for 4:30 p.m. Eastern time on the same day to discuss the results and key strategic achievements.
Investors and interested parties can participate in the call through an audio-only webcast available on Arcadia's website or by registering for the live call to receive a dial-in number and unique PIN. A recorded replay will be accessible in the Investors Section of the company's website following the call.
Arcadia Biosciences (Nasdaq: RKDA) has announced a significant leadership change. Effective July 5, 2024, Stan Jacot has stepped down as CEO, with Thomas J. Schaefer, formerly the CFO, taking over the role. Mark Kawakami, the current Vice President of Finance, will succeed Schaefer as CFO.
Stan Jacot's tenure saw expansions in Arcadia's product lines, including the GoodWheat brand's entry into three categories and its sale to Above Food, alongside the monetization of wheat IP and a revamp of Zola coconut water. Schaefer, with over 20 years of experience in corporate finance and consumer products, has contributed significantly to the company's transition from agricultural research to consumer goods.
Chairman Kevin Comcowich expressed confidence in Schaefer's ability to lead the company towards profitability, highlighting his role in developing Project Greenfield. Kawakami, with over 20 years of finance experience, is expected to bring valuable expertise to his new role as CFO.
Arcadia Biosciences (Nasdaq: RKDA) will hold an investor call to discuss recent strategic transactions on May 22, 2024, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). Interested parties can join via an audio-only webcast on the company’s investor website or by registering for a unique dial-in number and PIN. A replay will be available afterward on the website.
Arcadia Biosciences (RKDA) announced the sale of its GoodWheat brand to Above Food Corp. for $4 million net. This deal aims to leverage Above Food's vertically integrated supply chain to commercialize Arcadia's wheat IP. GoodWheat includes products like pasta and pancake mixes, made from Arcadia's high-fiber, high-protein, non-GMO wheat. Arcadia CEO Stan Jacot sees this as a partnership to scale their wheat IP efficiently. Above Food CEO Lionel Kambeitz emphasizes that their supply chain will ensure the quality and security of these grains. Arcadia plans to continue pursuing other crop licensing and royalty streams.
