Arcadia Biosciences (RKDA) Announces Strong Third Quarter 2024 Financial Results and Business Highlights
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) ha annunciato i risultati finanziari per il terzo trimestre del 2024, registrando un notevole aumento del 18% nelle entrate totali rispetto al terzo trimestre del 2023. L'azienda ha messo in evidenza una significativa crescita del 55% nei ricavi dell'acqua di cocco Zola e un espansione del 68% nella distribuzione al dettaglio di Zola anno su anno. Le spese operative per il terzo trimestre del 2024 sono aumentate di $602.000, a causa di maggiori entrate e costi di indennità per i dipendenti. Tuttavia, nei primi nove mesi del 2024, le spese operative sono diminuite di $3,4 milioni grazie a un guadagno di $4,0 milioni derivante dalla vendita di un'attività a Corteva. La perdita netta attribuibile agli azionisti comuni è migliorata a $1,6 milioni per il terzo trimestre del 2024 da $2,6 milioni nel terzo trimestre del 2023, e per i primi nove mesi del 2024 è scesa a $3,0 milioni rispetto a $11,1 milioni nello stesso periodo del 2023. L'azienda attribuisce questo miglioramento alla diminuzione della perdita netta da operazioni cessate e al guadagno dalla vendita dell'attività.
Arcadia Biosciences (RKDA) anunció sus resultados financieros del tercer trimestre de 2024, reportando un notable aumento del 18% en los ingresos totales en comparación con el tercer trimestre de 2023. La compañía destacó un crecimiento del 55% en los ingresos del agua de coco Zola y una expansión del 68% en la distribución al por menor de Zola año tras año. Los gastos operativos del tercer trimestre de 2024 aumentaron en $602,000, impulsados por mayores ingresos y costos de indemnización de empleados. Sin embargo, en los primeros nueve meses de 2024, los gastos operativos disminuyeron en $3.4 millones gracias a una ganancia de $4.0 millones por la venta de un activo a Corteva. La pérdida neta atribuible a los accionistas comunes mejoró a $1.6 millones en el tercer trimestre de 2024 desde $2.6 millones en el tercer trimestre de 2023, y en los primeros nueve meses de 2024, se redujo a $3.0 millones desde $11.1 millones en el mismo período de 2023. La empresa atribuye esta mejora a la disminución de la pérdida neta por operaciones discontinuadas y a la ganancia de la venta del activo.
Arcadia Biosciences (RKDA)는 2024년 3분기 재무 결과를 발표하며, 2023년 3분기 대비 총 수익이 18% 증가했음을 보고했습니다. 회사는 Zola 코코넛 워터의 55% 성장과 Zola의 소매 유통에서 68% 확장을 강조했습니다. 2024년 3분기 운영 비용은 수익 증가와 직원 퇴직 비용으로 인해 $602,000 증가했습니다. 그러나 2024년 처음 9개월 동안 운영 비용은 Corteva에 대한 자산 매각으로 인한 $4.0 백만의 이익 덕분에 $3.4 백만 감소했습니다. 2024년 3분기 일반 주주에게 귀속된 순손실은 2023년 3분기의 $2.6 백만에서 $1.6 백만으로 개선되었고, 2024년 처음 9개월 동안 순손실은 2023년 같은 기간의 $11.1 백만에서 $3.0 백만으로 감소했습니다. 회사는 이 개선을 중단된 사업에서의 순손실 감소와 자산 매각에서의 이익에 기인한다고 설명했습니다.
Arcadia Biosciences (RKDA) a annoncé ses résultats financiers du troisième trimestre 2024, faisant état d'une augmentation notable de 18% des revenus totaux par rapport au troisième trimestre 2023. La société a souligné une croissance significative de 55% des revenus de l'eau de coco Zola et une expansion de 68% de la distribution au détail de Zola d'une année sur l'autre. Les dépenses d'exploitation pour le troisième trimestre 2024 ont augmenté de 602 000 $, en raison de revenus plus élevés et des frais de licenciement des employés. Cependant, pour les neuf premiers mois de 2024, les dépenses d'exploitation ont diminué de 3,4 millions de dollars grâce à un gain de 4,0 millions de dollars provenant d'une vente d'actifs à Corteva. La perte nette attribuable aux actionnaires ordinaires s'est améliorée à 1,6 million de dollars pour le troisième trimestre 2024, contre 2,6 millions de dollars pour le troisième trimestre 2023, et pour les neuf premiers mois de 2024, elle a diminué à 3,0 millions de dollars, contre 11,1 millions de dollars pour la même période en 2023. L'entreprise attribue cette amélioration à la diminution de la perte nette des activités abandonnées et au gain de la vente d'actifs.
Arcadia Biosciences (RKDA) gab die Finanzzahlen für das 3. Quartal 2024 bekannt und berichtete von einem bemerkenswerten 18% Anstieg der Gesamterlöse im Vergleich zum 3. Quartal 2023. Das Unternehmen hob ein signifikantes 55% Wachstum der Zola-Kokoswasser-Erlöse und eine 68% Erweiterung der Einzelhandelsverteilung von Zola im Jahresvergleich hervor. Die Betriebskosten für das 3. Quartal 2024 stiegen um 602.000 $, bedingt durch höhere Erlöse und Mitarbeiterentschädigungskosten. Für die ersten neun Monate des Jahres 2024 sanken die Betriebskosten jedoch um 3,4 Millionen $, was auf einen Gewinn von 4,0 Millionen $ aus dem Verkauf eines Vermögenswertes an Corteva zurückzuführen ist. Der den Stammaktionären zurechenbare Nettoverlust verbesserte sich im 3. Quartal 2024 auf 1,6 Millionen $ von 2,6 Millionen $ im 3. Quartal 2023, und in den ersten neun Monaten des Jahres 2024 sank er auf 3,0 Millionen $ von 11,1 Millionen $ im selben Zeitraum 2023. Das Unternehmen führt diese Verbesserung auf den gesenkten Nettoverlust aus aufgegebenen Betrieben und den Gewinn aus dem Vermögensverkauf zurück.
- Total revenues increased by 18% in Q3 2024.
- Zola coconut water revenues grew by 55% year over year.
- Zola's retail distribution expanded by 68% compared to Q3 2023.
- Net loss attributable to common stockholders improved to $1.6 million in Q3 2024 from $2.6 million in Q3 2023.
- Net loss attributable to common stockholders for the first nine months of 2024 decreased to $3.0 million from $11.1 million in the same period in 2023.
- Operating expenses increased by $602,000 in Q3 2024 due to higher revenues and employee severance costs.
- Selling, general, and administrative expenses increased by $379,000 in Q3 2024 due to employee severance expenses.
Insights
Arcadia Biosciences' Q3 2024 results demonstrate meaningful financial improvement with 18% year-over-year revenue growth and a significantly narrowed net loss of
The company's strategic pivot toward its Zola coconut water brand is yielding strong results, with Zola revenues increasing by
The nine-month results show even more dramatic improvement, with net losses of
While Q3 operating expenses increased by
Arcadia's transformation from a broader agricultural biotech company to a focused consumer products business centered on Zola appears to be gaining momentum. The substantial reduction in loss coupled with double-digit revenue growth indicates the strategy is working, though the company still needs to demonstrate a clear path to profitability.
– Total revenues increased
– Zola® coconut water revenues grew
– Zola retail distribution expanded
“We are extremely pleased with our third-quarter 2024 results, which represent the progress we have made in transforming Arcadia’s business as well as our ability to execute on the plan we laid out,” said T.J. Schaefer, Arcadia’s president and CEO. “Our total revenues increased 18 percent year over year, and we have significantly reduced our use of operating cash to the lowest levels in Arcadia’s history as a public company.
“Zola® coconut water revenues grew 55 percent in Q3, and new retail distribution increased 68 percent compared to last year. Additionally, Zola is gaining market share and growing faster than the coconut water category across all measured time periods,” Schaefer said.
Arcadia Biosciences, Inc. Financial Snapshot (Unaudited) ($ in thousands) |
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
2024 |
|
2023 |
|
Favorable /
|
2024 |
|
2023 |
|
Favorable /
|
|||||||
$ |
% |
$ |
% |
|||||||||||||
Total revenues |
1,537 |
|
1,298 |
|
239 |
|
18 |
% |
3,829 |
|
3,677 |
|
152 |
4 |
% |
|
Total operating expenses |
3,297 |
|
2,695 |
|
(602 |
) |
(22 |
%) |
5,198 |
|
8,586 |
|
3,388 |
39 |
% |
|
Loss from continuing operations |
(1,760 |
) |
(1,397 |
) |
(363 |
) |
(26 |
%) |
(1,369 |
) |
(4,909 |
) |
3,540 |
72 |
% |
|
Net loss attributable to common stockholders |
(1,612 |
) |
(2,567 |
) |
955 |
|
37 |
% |
(2,974 |
) |
(11,128 |
) |
8,154 |
73 |
% |
|
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 GoodWheatTM 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
Revenue increased
Operating Expenses
Operating expenses increased by
Cost of revenues increased
Selling, general and administrative expenses increased
Net Loss Attributable to Common Stockholders
Net loss attributable to common stockholders for the third quarter of 2024 was
Net loss attributable to common stockholders for the first nine months of 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) to discuss third-quarter results and 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, with a link posted 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 in the Investors Section of the company’s 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 that make every body feel good. 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. 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 for the year ended December 31, 2023 and other filings. These forward-looking statements speak only as of the date hereof, and Arcadia Biosciences, Inc. disclaims any obligation to update these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112069104/en/
Arcadia Biosciences Contact:
Sue Wandell
ir@arcadiabio.com
Source: Arcadia Biosciences, Inc.
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