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— GoodWheat™ Pasta Sales Doubled from Q2 —
— GPM improved to 28% —
— Focus on High Margin Brands with Streamlined Operations —
Davis, California, November 10, 2022 /PR Newswire/ — Arcadia Biosciences, Inc..® (Nasdaq: RKDA), a producer and marketer of innovative plant-based health and wellness products, today announced financials and results for the third quarter of 2022.
“We have made great strides this year in transitioning Arcadia into a leaner and more focused organization. Stan Jaco, President and CEO of Arcadia Biosciences. “And as we execute on his three-year strategy, Project Greenfield, we continue to build a foundation for long-term growth and profitability.
“Our GoodWheat™ launch has exceeded expectations, we have already exceeded our year-end target of 1,000 stores and acceptance continues to grow. We have streamlined our operations to focus, which has more than doubled our profit margin in the third quarter compared to the previous quarter, demonstrating our ability to grow our business while containing costs.”
Arcadia Biosciences Inc. financial snapshot (unaudited) (thousand dollars) |
|||||||||
3 months ended |
9 months ended |
||||||||
2022 |
2021 |
preferred / |
2022 |
2021 |
preferred / |
||||
$ |
% |
$ |
% |
||||||
gross income |
1,878 |
2,376 |
(498) |
(twenty one%) |
8,956 |
4,609 |
4,347 |
94% |
|
Total project cost |
6,458 |
11,089 |
4,631 |
42% |
21,941 |
26,331 |
4,390 |
17% |
|
operating loss |
(4,580) |
(8,713) |
4,133 |
47% |
(12,985) |
(21,722) |
8,737 |
40% |
|
net loss attributable to |
(2,867) |
(2,175) |
(692) |
(32%) |
(11,132) |
(5,378) |
(5,754) |
(107%) |
More detailed financial statements are included on Form 8-K filed today. SEC filing.
Earnings
Revenue in Q3 2022 is $1.9 millioncompared to $2.4 million Q3 2021 – a $498,000 The decline was primarily driven by lower body care and GLA sales, partially offset by GoodWheat pasta sales. Earnings for the first nine months of 2022 are $9 millioncompared to $4.6 million First nine months of 2021. The increase was driven by sales of GoodWheat pasta and grains, as well as growth in coconut water and body care products.
operating expenses
Operating expenses in Q3 2022 are $6.5 million compared to $11.1 million Operating expenses for the third quarter of 2021 and the first nine months of 2022 are $21.9 million compared to $26.3 million First nine months of 2021.
Cost of sales in Q3 2022 is $1.3 millionAlso $1.2 million lower $2.5 million The third quarter of 2021 was primarily driven by lower revenue and lower inventory write-downs. The cost of revenue for the first nine months of 2022 is $8.3 millionAlso $3.3 million higher than $5 million This is the result of increased revenue in the first nine months of 2021.
Research and development (R&D) spending is $783,000 When $2.3 million Closed 3 and 9 months September 30, 2022respectively, compared to the same period in 2021, reduced employee-related and research-related activity costs as a result of the company’s focus on commercialization.
Selling, general and administrative (SG&A) costs for the ended 3 and 9 months September 30, 2022 It was $1.5 million When $2.9 million Lower than 3 months and 9 months ended September 30, 2021, primarily due to lower labor costs, lease costs and consulting fees, respectively. Acquisition fees recognized in 2021 did not exist in 2022.
Net income attributable to common shareholders
Net loss attributable to common stockholders for the third quarter of 2022 was $2.9 millionAlso $0.12 per share $692,000 increased from $2.2 millionAlso $0.10 Third quarter 2021 net loss per share. Operating loss in Q3 2022 is $4.1 million Down from Q3 2021. This was primarily due to lower cost of revenue, selling, general and administrative expenses and impairment losses on property, plant and equipment. This favor $2.9 million a decrease in non-cash income due to changes in the fair value of our common stock warrants and option obligations; $1.1 million Benefit from the extinguishment of 2021 PPP loans that were not applied in 2022.
Net loss attributable to ordinary shareholders for the first nine months of 2022 is $11.1 millionAlso $0.48 per share $5.7 million increased from $5.4 millionAlso $0.26 First nine months of 2021 net loss per share. Year-to-date operating loss for Q3 2022 is $8.7 million This was primarily due to lower selling, general and administrative expenses, R&D expenses, impairment losses on property, plant and equipment and the gain on the sale of Verdeka in 2022. The 2021 net loss will significantly impact the net loss attributable to common shareholders, with earnings $10.2 million In the first nine months of 2021, no such gains were recorded in 2022. $2.7 million The first nine months of 2022 were down compared to the same period in 2021, and 2021 included gains from the demise of PPP loans. $1.1 million This did not apply in 2021.
conference calls and webcasts
The company has scheduled a conference call 4:30 pm Eastern (1:30 pm Pacific) today, November 10thdiscusses third quarter financial results and key strategic achievements.
Interested participants can join the conference call using the following numbers:
Toll-free US dial-in: |
+1-866-374-5140 |
|
International dial-in: |
+1-404-400-0571 |
|
passcode: |
14010760 |
A live webcast of the conference call will be available in the Investors section of Arcadia’s website at: www.arcadiabio.comAfter the call is completed, a recorded replay will be made available on the company’s investor website.
About Arcadia Biosciences
Since 2002, Arcadia Biosciences (Nasdaq: RKDA) has been innovating crops to deliver high-value, healthy ingredients to meet consumer demand for healthier choices. With roots in agricultural innovation, Arcadia develops next-generation wellness products that make every body feel good inside and out. The Company’s food, beverage and body care products include GoodWheat™ and Zola.® Coconut Water, ProVault™ Topical Pain Relief, SoulSpring™ Bath and Body Care. For more information, see: www.arcadiabio.com.
safe harbor declaration
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: This press release and accompanying conference call contain statements regarding the company’s growth, profitability, operating costs and economic success, including forward-looking statements regarding the company and its products. contains forward-looking statements. and commercialization. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered indicative of future performance. These risks and uncertainties include, but are not limited to: The ability of the Company and its partners and affiliates to develop and market commercial products incorporating its properties and to complete the regulatory review process for such products. Consumer demand for the product. the company’s compliance with laws and regulations that affect its business, including the sale of products containing CBD, and changes in such laws and regulations; the growth of the global wheat market; the growth of the global wheat market; Ability to execute divestments or effectively manage growth from acquisitions. The potential impact of COVID-19 on your business. The company’s future capital requirements and ability to meet capital needs. Further information regarding these and other factors that may affect the Company’s financial results is contained in the Company’s filings with the Securities and Exchange Commission from time to time. End Year Form 10-K December 31, 2021, and other filings. These forward-looking statements speak only as of the date hereof, and Arcadia Biosciences, Inc. does not undertake any obligation to update this information.
Source: Arcadia Biosciences, Inc.
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