Arcadia Biosciences (RKDA) Announces First Quarter 2023 Financial Results from Operations and Business Highlights

Arcadia Biosciences, Inc. (Nasdaq: RKDA), a producer and marketer of innovative, plant-based health and wellness products, today released its financial and business results for the first quarter of 2023.

“We continue to focus on growing high quality revenue streams, as we closely manage resources,” said Stan Jacot, president and CEO. “And the impact of this focus is clearly seen in our Q1 results, with notable improvements in gross profit dollars and operating expenses compared to last year.”

The company is also supporting expansion of GoodWheat pasta brand. “Less than one year after launch, we believe we have only begun to see the potential of our GoodWheat pasta with expanding store count, improving velocity and award-winning product performance.”

In addition to receiving the American Heart Association’s Heart Check Certification earlier this year, GoodWheat pasta was recently named the “Best New Product” by the Retail Dietitians Business Alliance, a network of registered dietitians serving over 1,000 retailer-employed dietitians throughout the US and Canada.

Jacot provided an update on Project Greenfield, Arcadia’s 3-year plan to drive shareholder value, including GoodWheat’s retail expansion, driving growth of core brands and partnerships, as well as maintaining an agile organization to cultivate next generation wellness products. “As we enter the second year of Project Greenfield, our plans include category expansion for our proprietary GoodWheat technology, through both innovation and acquisition. Along with channel expansion and innovations in Zola coconut water, these plans present opportunities for substantial growth in revenue and gross profit dollars.”

Arcadia Biosciences, Inc.
Financial Snapshot
(Unaudited)
($ in thousands)
	Three Months Ended March 31,
	2023			2022			Favorable / (Unfavorable)