Arcadia Biosciences (RKDA) Announces First Quarter 2024 Financial Results and Business Highlights - Seite 2

Total Revenues

1,255

1,232

23

2%

Total Operating Expenses

4,319

5,099

780

15%

Loss From Continuing Operations

(3,064)

(3,867)

803

21%

Net Loss Attributable to Common Stockholders

(2,423)

(9,384)

6,961

74%

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 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

Revenues increased slightly during the first quarter of 2024 compared to the same period in 2023 driven by GoodWheat and Zola sales, partially offset by higher costs associated with new distribution.

Operating Expenses

Operating expenses decreased $780,000 during the first quarter of 2024 compared to the same period in 2023, primarily driven by a decrease in selling, general and administrative (SG&A) expenses related to rightsizing the organization and marketing investment.

Net Loss Attributable to Common Stockholders

Net loss attributable to common stockholders for the first quarter of 2024 was $2.4 million, or $1.78 per share, a $7.0 million improvement from the $9.4 million, or $10.86 per share, net loss for the first quarter of 2023. The improvement in net loss attributable to common stockholders for the first quarter of 2024 compared to the same period in 2023 was primarily driven by the valuation loss related to the March 2023 financing transaction.