Arcadia Biosciences (RKDA) Announces Strong Third Quarter 2024 Financial Results and Business Highlights
– 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) |
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Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
2024 |
|
2023 |
|
Favorable /
|
2024 |
|
2023 |
|
Favorable /
|
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$ |
% |
$ |
% |
|||||||||||||
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.