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Arcadia Biosciences, Inc. (NASDAQ: RKDA) is a pioneering company in the field of agricultural biotechnology, focused on developing and marketing high-value food ingredients and nutritional oils. The company’s mission is to meet the growing consumer demand for healthier dietary options through its innovative product offerings.
Among Arcadia’s standout products are its GoodWheat™ branded ingredients, which provide significant health benefits and allow consumer packaged goods companies to differentiate their brands in a competitive marketplace. Additionally, Arcadia is committed to enhancing agricultural productivity and sustainability through its portfolio of agricultural traits. These traits are designed to help farmers around the world increase crop yields and reduce the environmental impact of farming practices.
The company is engaged in science-based approaches to crop improvement, with a focus on wheat, soy, and hemp. These efforts aim not only to improve the performance of these crops in the field but also to enhance their value in food, health, and wellness products, as well as their industrial applications.
Arcadia’s consumer brands cater to a range of markets, including food, beverage, and body care. Some notable brands include GoodWheat™ high-fiber pasta and Zola coconut water. These products highlight the company’s dedication to providing nutritious and beneficial options to consumers.
Recent achievements and ongoing projects reflect Arcadia’s commitment to innovation and sustainability. By leveraging advanced agricultural biotechnology, the company continues to contribute to a healthier future while supporting global agricultural productivity.
For more detailed information and the latest updates, visit their official website at www.arcadiabio.com.
Arcadia Biosciences (NASDAQ: RKDA) announced the departure of CFO Pam Haley, effective January 3, 2023, with Thomas J. Schaefer stepping into the role. Schaefer, currently the company's vice president of finance and investor relations, brings over 20 years of finance experience, having previously worked in equity research and corporate finance. He has contributed to key initiatives, including the launch of GoodWheat and the Project Greenfield long-term strategy. Haley will remain in an advisory capacity during the transition.
Arcadia Biosciences (Nasdaq: RKDA) reported a Q3 2022 revenue of $1.9 million, down 21% from $2.4 million in Q3 2021. However, revenues for the first nine months of 2022 surged 94% to $9 million. The launch of GoodWheat™ Pasta contributed to growth, doubling distribution and improving gross margins to 28%. Operating expenses fell 42% year-over-year. Despite improvements, the net loss attributable to common stockholders widened to $2.9 million, compared to $2.2 million in the same period last year. The company continues to focus on streamlining operations for long-term profitability.
Arcadia Biosciences (Nasdaq: RKDA) will release its third quarter and first nine months of 2022 financial results after market close on November 10, 2022. A conference call is scheduled for 4:30 p.m. Eastern time to discuss these results and key strategic achievements. Participants can join via U.S. toll-free at +1-866-374-5140 or internationally at +1-404-400-0571, using the passcode 14010760. This session will also be available via a live webcast on the company's investor website.
Arcadia Biosciences (Nasdaq: RKDA) announced its participation in two upcoming investor conferences in September 2022. The first is the H.C. Wainwright 24th Annual Global Investment Conference, taking place from September 12-14 in New York City, where CEO Stan Jacot will present on September 13 at 5:00 p.m. ET. The second event is the Lake Street Capital Markets' 6th Annual Best Ideas Growth Conference on September 14, also in New York City. Investors can register for meetings through the respective conference websites.
Arcadia Biosciences (Nasdaq: RKDA) has completed a registered direct offering of 4,722,506 shares priced at $1.05876 per share, raising approximately $4.57 million in net proceeds. These funds will be utilized to support Project Greenfield, aimed at profitability through expanding retail for their GoodWheat high-fiber pasta and other core brands. Additionally, the company issued preferred investment options for the same number of shares with an exercise price of $0.93376, valid for five years.
Arcadia Biosciences (Nasdaq: RKDA) announced a registered direct offering of 4,722,506 shares of common stock at $1.05876 per share, totaling approximately $5 million in gross proceeds. The offering is part of a three-year initiative, Project Greenfield, aimed at expanding its GoodWheat brand and driving growth in core products. The offering, facilitated by H.C. Wainwright & Co., is set to close on or around August 16, 2022, pending usual conditions. The unregistered investment options for additional shares will also be made available, exercisable at $0.93376 per share.
Arcadia Biosciences (Nasdaq: RKDA) reported a 175% increase in revenue for Q2 2022, totaling $3.9 million, driven by successful launches of GoodWheat™ pasta and sales of Zola products. In the first half of 2022, total revenues reached $7.1 million, up from $2.2 million year-over-year. The company recognized a $2 million milestone for HB4® soybean approval in China. However, net losses narrowed to $3.8 million from $5.3 million in Q2 2021. Project Greenfield aims to drive profitability.
Arcadia Biosciences (Nasdaq: RKDA) announced that it will release its financial results for the second quarter and first half of 2022 after market close on August 11, 2022.
A conference call to discuss these results and key strategic achievements is scheduled for 4:30 p.m. Eastern time. Participants can join via U.S. toll-free dial-in at +1-866-374-5140 or international dial-in at +1-404-400-0571. A live webcast will also be available on the company’s website.
GoodWheat™ pasta, developed by Arcadia Biosciences (Nasdaq: RKDA), has launched as a healthier alternative in the pasta category, featuring one key ingredient. This innovative pasta boasts 4x the fiber (8g per serving) and 9g of protein, offering enhanced nutrition without compromising taste. Available in five varieties for $3.99 per 12-oz. package, GoodWheat pasta is Non-GMO Project Verified and kosher certified. The product aims to cater to consumers seeking healthier options while maintaining the traditional taste of pasta, marking a significant step for the company's expansion into better-for-you food products.
Arcadia Biosciences (RKDA) reported a remarkable 48% increase in sales from Q4 2021, reaching $3.2 million in Q1 2022, a 289% year-over-year growth. The company's transition to a consumer packaged goods (CPG) model and acquisitions of wellness brands contributed significantly to this growth. Moreover, Arcadia shipped its first retail orders of GoodWheat™ pasta and anticipates $2 million from the approval of HB4® soybeans in China. However, the company reported a net loss of $4.5 million, a shift from a profit of $2.1 million in Q1 2021.
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