Arcadia Biosciences (RKDA) Announces Fourth-Quarter and Full-Year 2024 Financial Results and Business Highlights
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) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024, con ricavi in crescita del 56% nel Q4 e del 13% per l'intero anno. Il marchio di acqua di cocco Zola® ha mostrato un'eccezionale performance con una crescita dei ricavi del 124% nel Q4 e del 46% per l'intero anno.
Sviluppi chiave includono una fusione pianificata con Roosevelt Resources, dove i partner di Roosevelt possederanno circa il 90% di Arcadia dopo la fusione. L'azienda ha anche completato vendite strategiche di asset, inclusa la vendita da 4 milioni di dollari del suo tratto di Durum resistente all'amido a Corteva Agriscience e la vendita da 4 milioni di dollari del marchio GoodWheat a Above Food Corp.
I punti salienti finanziari mostrano che la distribuzione al dettaglio di Zola è quasi raddoppiata nel 2024, contribuendo a un aumento di 611.000 dollari nei ricavi dell'acqua di cocco nel Q4. L'azienda ha riportato una perdita netta di 4,1 milioni di dollari (2,98 dollari per azione) nel Q4 2024, rispetto a 2,8 milioni di dollari (2,10 dollari per azione) nel Q4 2023.
Arcadia Biosciences (RKDA) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con ingresos que crecieron un 56% en el Q4 y un 13% para el año completo. La marca de agua de coco Zola® mostró un rendimiento excepcional con un crecimiento de ingresos del 124% en el Q4 y del 46% para el año completo.
Los desarrollos clave incluyen una fusión planificada con Roosevelt Resources, donde los socios de Roosevelt poseerán aproximadamente el 90% de Arcadia después de la fusión. La compañía también completó ventas estratégicas de activos, incluida la venta de 4 millones de dólares de su rasgo de Durum resistente al almidón a Corteva Agriscience y la venta de 4 millones de dólares de la marca GoodWheat a Above Food Corp.
Los aspectos financieros destacan que la distribución minorista de Zola casi se duplicó en 2024, contribuyendo a un aumento de 611,000 dólares en los ingresos del agua de coco en el Q4. La compañía reportó una pérdida neta de 4.1 millones de dólares (2.98 dólares por acción) en el Q4 2024, en comparación con 2.8 millones de dólares (2.10 dólares por acción) en el Q4 2023.
Arcadia Biosciences (RKDA)는 2024년 4분기와 전체 연도에 대한 강력한 재무 결과를 보고했으며, 4분기에는 전년 대비 수익이 56% 증가하고 전체 연도에는 13% 증가했습니다. Zola® 코코넛 워터 브랜드는 4분기 수익이 124% 증가하고 전체 연도에는 46% 증가하는 뛰어난 성과를 보였습니다.
주요 개발 사항으로는 Roosevelt Resources와의 사업 결합 계획이 있으며, Roosevelt의 파트너들은 합병 후 Arcadia의 약 90%를 소유하게 됩니다. 회사는 또한 Corteva Agriscience에 저항성 전분 두룸 특성을 400만 달러에 판매하고 Above Food Corp.에 GoodWheat 브랜드를 400만 달러에 판매하는 전략적 자산 매각을 완료했습니다.
재무 하이라이트에 따르면 Zola의 소매 유통은 2024년에 거의 두 배로 증가하여 4분기 코코넛 워터 수익이 611,000달러 증가하는 데 기여했습니다. 회사는 2024년 4분기에 410만 달러(주당 2.98달러)의 순손실을 보고했으며, 이는 2023년 4분기의 280만 달러(주당 2.10달러)와 비교됩니다.
Arcadia Biosciences (RKDA) a rapporté de solides résultats financiers pour le quatrième trimestre et l'année entière 2024, avec des revenus en hausse de 56 % au quatrième trimestre et de 13 % pour l'année entière. La marque eau de coco Zola® a montré une performance exceptionnelle avec une croissance des revenus de 124 % au quatrième trimestre et de 46 % pour l'année entière.
Les développements clés incluent une combinaison d'affaires prévue avec Roosevelt Resources, où les partenaires de Roosevelt posséderont environ 90 % d'Arcadia après la fusion. L'entreprise a également finalisé des ventes d'actifs stratégiques, y compris la vente de 4 millions de dollars de son trait de Durum résistant à l'amidon à Corteva Agriscience et la vente de 4 millions de dollars de la marque GoodWheat à Above Food Corp.
Les points saillants financiers montrent que la distribution au détail de Zola a presque doublé en 2024, contribuant à une augmentation de 611 000 dollars des revenus de l'eau de coco au quatrième trimestre. L'entreprise a enregistré une perte nette de 4,1 millions de dollars (2,98 dollars par action) au quatrième trimestre 2024, contre 2,8 millions de dollars (2,10 dollars par action) au quatrième trimestre 2023.
Arcadia Biosciences (RKDA) hat starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit einem Umsatzwachstum von 56% im Q4 und 13% für das gesamte Jahr im Vergleich zum Vorjahr. Die Marke Zola® Kokoswasser zeigte eine außergewöhnliche Leistung mit einem Umsatzwachstum von 124% im Q4 und 46% für das gesamte Jahr.
Zu den wichtigsten Entwicklungen gehört eine geplante Unternehmensfusion mit Roosevelt Resources, bei der die Partner von Roosevelt nach der Fusion etwa 90% von Arcadia besitzen werden. Das Unternehmen hat auch strategische Vermögensverkäufe abgeschlossen, darunter den Verkauf seines resistenten Stärke-Durum-Traits für 4 Millionen Dollar an Corteva Agriscience und den Verkauf der Marke GoodWheat für 4 Millionen Dollar an Above Food Corp.
Die finanziellen Höhepunkte zeigen, dass sich die Einzelhandelsverteilung von Zola im Jahr 2024 fast verdoppelt hat, was zu einem Anstieg der Kokoswasserumsätze im Q4 um 611.000 Dollar beigetragen hat. Das Unternehmen meldete im Q4 2024 einen Nettoverlust von 4,1 Millionen Dollar (2,98 Dollar pro Aktie), verglichen mit 2,8 Millionen Dollar (2,10 Dollar pro Aktie) im Q4 2023.
- 56% year-over-year revenue growth in Q4 2024
- Zola coconut water revenue grew 124% in Q4 2024
- Retail distribution for Zola nearly doubled in 2024
- $8 million in combined asset sales from GoodWheat and Resistant Starch Durum trait
- Net loss increased to $4.1 million in Q4 2024 from $2.8 million in Q4 2023
- Current shareholders will be diluted to 10% ownership after Roosevelt merger
- Increased operating expenses due to $2.0 million in transaction costs
- Decline in GLA oil sales partially offsetting Zola's growth
Insights
Arcadia Biosciences' Q4 and full-year 2024 results present a mixed financial picture with significant revenue growth counterbalanced by ongoing losses. Revenue increased
While revenue is trending positively, the company still reported a Q4 net loss of
Two strategic asset sales in 2024 helped strengthen the balance sheet: the
The most consequential announcement is the pending business combination with Roosevelt Resources, which would dramatically dilute current Arcadia shareholders to approximately
-- Year-over-year revenues grew
-- Zola® year-over-year revenues increased
-- Company plans business combination with Roosevelt Resources, Inc. --
“We are extremely pleased with the progress we made in 2024, particularly in the second half of the year following the sale of our GoodWheat™ assets,” said T.J. Schaefer, president and CEO. “Our focus on Zola® coconut water led to 80 percent revenue growth for the brand in the back half of the year and drove total Arcadia revenue growth above 30 percent. At the same time revenue growth was accelerating, we maintained tight cost controls, resulting in the lowest use of cash from operations since Arcadia went public a decade ago.
“In the fourth quarter, we also announced a business combination agreement with Roosevelt Resources, Inc. which, when completed, will combine the two companies in an all-stock transaction. The significant amount of new distribution added to Zola in the last six months of 2024 provides a tremendous amount of momentum for Arcadia as we enter 2025,” Schaefer said.
2024 Key Operating and Business Highlights
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Arcadia Enters into Business Combination Agreement with Roosevelt Resources. In December 2024, Arcadia announced a business combination agreement with Roosevelt Resources, Inc. Under the terms of the agreement, at the closing of the transaction Roosevelt partners will be issued shares of Arcadia common stock in exchange for all of the equity interests in Roosevelt. Following the closing, the current equity owners of Roosevelt and the Arcadia shareholders as of the closing are expected to own approximately
90% and10% , respectively, of the outstanding shares of Arcadia, subject to certain adjustments as provided in the agreement.
-
Arcadia Announces Leadership Transition. In July 2024, Thomas J. Schaefer was appointed president and chief executive officer of Arcadia, following the departure of Stan Jacot. Schaefer was previously Arcadia’s chief financial officer and brings more than 20 years of experience in investments, corporate finance and consumer products. He earned a bachelor of business administration in economics and finance from McKendree University, a master of business administration (MBA) from the University of
Southern California and holds the Chartered Financial Analyst (CFA) designation.
-
Arcadia Sells Resistant Starch Durum Trait to Corteva Agriscience. In May 2024, Arcadia sold its non-GMO Resistant Starch (RS) Durum trait to longtime partner Corteva Agriscience. Arcadia and Corteva began collaborating in 2017 to develop and commercialize RS Durum in
North America , and this transaction allowed Arcadia to advance the monetization of its wheat technology with a one-time payment of$4 million
-
Arcadia Sells GoodWheat Brand to Above Food Corp. Also in May 2024, Above Food Corp acquired the GoodWheat brand of better-for-you wheat products from Arcadia for
$4 million
Arcadia Biosciences, Inc. |
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Financial Snapshot |
||||||||||||||||
(Unaudited) |
||||||||||||||||
($ in thousands) |
||||||||||||||||
|
Three months ended Dec 31 |
|
Twelve months ended Dec 31 |
|||||||||||||
|
2024 |
|
2023 |
|
Favorable/
|
|
2024 |
|
2023 |
|
Favorable/
|
|||||
|
$ |
% |
$ |
% |
||||||||||||
Total Revenues |
1,216 |
|
777 |
|
439 |
|
56 |
% |
|
5,045 |
|
4,454 |
|
591 |
13 |
% |
Total Operating Expenses |
3,495 |
|
1,969 |
|
(1,526 |
) |
(78 |
%) |
|
8,693 |
|
10,555 |
|
1,862 |
18 |
% |
Loss From Continuing Operations |
(2,279 |
) |
(1,192 |
) |
(1,087 |
) |
(91 |
%) |
|
(3,648 |
) |
(6,101 |
) |
2,453 |
40 |
% |
Net Loss Attributable to Common Stockholders |
(4,064 |
) |
(2,853 |
) |
(1,211 |
) |
(42 |
%) |
(7,038 |
) |
(13,981 |
) |
6,943 |
50 |
% |
|
Certain previously reported financial information has been reclassified to conform to the current year presentation. Reclassifications are related to the presentation of the financial results of our former GoodWheat and body care brands as discontinued operations. The financial information above and narrative that follows relate to continuing operations unless stated otherwise.
More detailed financial statements are included in the Form 8-K filed today, available in the Investors section of the company’s website under SEC Filings.
Revenues
Retail distribution for Zola nearly doubled in 2024, resulting in an increase in coconut water revenue of
Operating Expenses
Cost of revenues increased by
Selling, general, and administrative expenses increased by
Other operating expenses decreased by
Net Loss Attributable to Common Stockholders
Net loss attributable to common stockholders for the fourth quarter of 2024 was
Net loss attributable to common stockholders for 2024 was
Conference Call and Webcast
The company has scheduled a conference call for 4:30 p.m. Eastern time (1:30 p.m. Pacific time) today, March 20 to discuss fourth-quarter and year-end results and the year’s key strategic achievements. Interested participants can join the conference call using the following options:
- An audio-only webcast of the conference call will be available in the Investors section of Arcadia’s website.
- To join the live call, please register here, and a dial-in number and unique PIN will be provided.
Following completion of the call, a recorded replay will be available on the company’s investor website.
About Arcadia Biosciences, Inc.
Since 2002, Arcadia Biosciences (Nasdaq: RKDA) has been innovating high-value, healthy ingredients to meet consumer demands for healthier choices. With its roots in agricultural innovation, Arcadia cultivates next-generation wellness products. For more information, visit www.arcadiabio.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the company and its products, including statements relating to the company’s growth, cash position, operating costs, financial performance, commercialization of products and review of strategic transactions and their impact on shareholder value. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to, the risks set forth in filings that the company makes with the Securities and Exchange Commission from time to time, including in Arcadia’s Annual Report on Form 10-K and other filings. These forward-looking statements speak only as of the date hereof, and except as required by law, Arcadia Biosciences, Inc. disclaims any obligation to update these forward-looking statements.
No Offer or Solicitation
As previously reported on a Report on Form 8-K filed by the company with the Securities and Exchange Commission ("SEC") on December 6, 2024, on December 4, 2024, the company, Roosevelt Resources, LP, a
This press release, including the information contained herein, is not intended to and does not constitute (i) a solicitation of a proxy, consent or approval with respect to any securities or in respect of the proposed transaction or (ii) an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.
Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, no offer will be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.
Additional Information for Stockholders
In connection with the proposed transaction, Arcadia intends to file relevant materials with the SEC and initially filed a Registration Statement on Form S-4 (the “Registration Statement”) that includes a preliminary proxy statement/prospectus, on February 14, 2025. After the Registration Statement is declared effective by the SEC, Arcadia intends to mail a definitive proxy statement/prospectus to the stockholders of Arcadia. This press release is not a substitute for the proxy statement/prospectus or the Registration Statement or for any other document that Arcadia may file with the SEC and send to Arcadia’s stockholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF ARCADIA ARE URGED TO CAREFULLY AND THOROUGHLY READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY ARCADIA WITH THE SEC, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ARCADIA, ROOSEVELT, THE PROPOSED TRANSACTION, THE RISKS RELATED THERETO AND RELATED MATTERS.
Investors will be able to obtain free copies of the Registration Statement and proxy statement/prospectus, as each may be amended from time to time, and other relevant documents filed by Arcadia with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by Arcadia will be available free of charge from Arcadia’s website at www.arcadiabio.com under the “Investor” tab. In addition, investors and stockholders should note that Arcadia communicates with investors and the public using its website (www.arcadiabio.com) where anyone will be able to obtain free copies of the proxy statement/prospectus and other documents filed by Arcadia with the SEC. Stockholders are urged to read the proxy statement/prospectus and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed transactions.
Participants in the Proxy Solicitation
Arcadia, Roosevelt and their respective directors, partners and certain of their officers and other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from Arcadia’s stockholders in connection with the proposed transactions. Information regarding the officers and directors of Arcadia is included in Arcadia’s most recent Annual Report on Form 10-K, as amended, filed with the SEC, including any information incorporated therein by reference, its definitive proxy statement for its 2024 annual meeting filed with the SEC on May 16, 2024, and in the Registration Statement initially filed with the SEC on February 14, 2025, and any amendments thereto as filed with the SEC. Additional information regarding such persons, as well as information regarding Roosevelt’s directors, managers and officers and other persons who may be deemed participants in the proposed transaction, will be set forth in the Registration Statement and proxy statement/prospectus, and any amendments thereto, and other materials, when they are filed with the SEC in connection with the proposed transaction. Free copies of these documents may be obtained from the sources indicated above.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250320305419/en/
Arcadia Biosciences Contact:
T.J. Schaefer
ir@arcadiabio.com
Source: Arcadia Biosciences, Inc.
FAQ
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