Business
Arcadia Biosciences (RKDA) Announces Fourth-Quarter and Full-Year 2020 Financial Results and Business Highlights
- Record revenues, up six-fold over prior year - - Strong balance sheet entering 2021 - - Expanded product offerings - DAVIS, Calif., March 30, 2021
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"- Record revenues, up six-fold over prior year -\n - Strong balance sheet entering 2021 -\n - Expanded product offerings -\n\n\n DAVIS, Calif., March 30, 2021 /PRNewswire/ -- Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, today released its financial and business results for the fourth quarter and full year of 2020. \n\n \n \n \n \n \n \n\n \n\"2020 was a remarkable year for Arcadia, as we achieved record revenues and greatly strengthened our financial wherewithal, said Matt Plavan, CEO of Arcadia. \"We also established new direct-to-consumer sales channels, introduced new consumer products, enhanced our IP portfolio and fundamentally evolved to a viable commercial enterprise. \n\"All of this progress in 2020, despite the pandemic, underscores our agility, fortitude and commitment to advancing the transformation of our proprietary innovations into good-for-you foods and wellness products that both fulfill our mission – Healthy people. Healthy planet. – and bring superior returns to our shareholders,\" he continued. \"We enter 2021 well-funded, well-equipped and highly enthusiastic.\" \n\n2020 Key Operating and Business Highlights\nGoodWheat™ Platform of Non-GMO Specialty Wheat Ingredients\nDuring 2020, consumer demand for pantry staples like pasta and flour increased significantly, as did e-commerce as a means of consumer procurement, which bodes well for Arcadia's strategy decision to focus on direct-to-consumer sales for GoodWheat, both on-line and through direct retail. The company began developing the necessary capabilities to access consumers more broadly via e-commerce and retail channels in 2021. \nPartnership with Three Farm Daughters™ to Develop and Market GoodWheat Products. Arcadia announced a strategic business venture with Three Farm Daughters, a majority female-owned North Dakota-based consumer food company, to develop and market food products using Arcadia's patented non-GMO GoodWheat technology. The companies launched multiple Three Farm Daughters-branded food products, including pastas and flour, that leverage the enhanced nutritional profiles of GoodWheat ingredients. In Q4 of 2020 Arcadia began designing the fundamental building blocks for a successful e-commerce and retail strategy for its GoodWheat ...