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Arcadia Biosciences, Inc. reports developments tied to its plant-based health and wellness products business, including Zola coconut water and agronomic wheat traits. Company news includes operating and financial results, business highlights, material agreements, shareholder voting matters, and capital-structure actions involving its publicly traded common stock.
Recurring updates also cover governance matters, security-structure disclosures, and other corporate events that affect the company's financing, reporting, and operating profile.
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.
Arcadia Biosciences (RKDA) announced the sale of its non-GMO Resistant Starch (RS) Durum Wheat trait to Corteva Agriscience for $4 million. This transaction involves the transfer of 24 patents across 20 countries. Arcadia retains the right to continue using the RS Durum Wheat trait in its GoodWheat product line. The sale aims to monetize Arcadia's wheat technology and strengthen its balance sheet, facilitating future strategic transactions. Corteva and Arcadia's collaboration since 2017 has focused on developing and commercializing RS Durum, a wheat variant with up to 94% amylose, offering health benefits like improved gut health and a lower glycemic index.
Arcadia Biosciences (RKDA) reported positive financial results and business highlights for the first quarter of 2024, with revenue growth both sequentially and year-over-year. The company achieved its lowest loss from continuing operations in six years, showcasing a positive trend in revenue generation and gross profit margins. Operating expenses declined, and the company continued to expand its product reach and distribution, focusing on high-quality revenue sources. Key highlights include the expansion of GoodWheat and Zola products in multiple stores, driving revenue and gross profit growth. Overall, Arcadia Biosciences remains on a positive trajectory with a strong focus on monetizing its IP and delivering cashflow positive results.