Business
Arcadia Biosciences (RKDA) Announces Fourth-Quarter and Full-Year 2023 Financial Results and Business Highlights
-- Second continuous year of gross profit growth -- -- Total SG&A expenses declined to the lowest levels since 2019 -- -- GoodWheatTM now in more than 3,500
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"\n-- Second continuous year of gross profit growth --\n\n\n-- Total SG&A expenses declined to the lowest levels since 2019 --\n\n\n-- GoodWheatTM now in more than 3,500 stores with better-for-you pasta, pancake/waffle mixes and mac & cheese --\n\n\n DALLAS--(BUSINESS WIRE)--\nArcadia 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 fourth quarter and full year of 2023.\n\n\n“We are now at the halfway point of Project Greenfield, our three-year strategic plan to unlock the company’s potential and provide a path to profitability, and the results of this focus are unmistakable,” said Stan Jacot, president and CEO. “Arcadia has significantly improved quality of revenues and has now delivered two straight years of gross profit growth for the first time in its history. SG&A expenses have declined for two straight years and are at their lowest level since 2019.\n\n\n“The foundation we have laid over the past two years provides optimism for even stronger results in 2024. GoodWheatTM is now in three categories with pasta, pancakes and mac & cheese, and garnering national attention. Zola® coconut water is leveraging innovation to expand distribution and is anticipating double-digit growth in 2024. We have right sized the organization and streamlined our cost structure in order to extend our runway. And finally, we remain focused on adjacent acquisitions as well as monetizing our IP,” Jacot said.\n\n\n2023 Key Operating and Business Highlights\n\n\n\nGoodWheat Expands Into Two New Categories with Better-For-You Pancake and Waffle Mixes, Single-Serve QuikcakesTM and Mac & Cheese. Building on its success with GoodWheat high-fiber pasta, Arcadia launched two new product categories in 2023: pancake/waffle mixes and mac & cheese.\n\nLaunched in Q3, Arcadia’s pancake and waffle mixes are made with simple ingredients and its proprietary GoodWheat flour, delivering the same delicious taste and texture of regular pancakes with 8-11 times the fiber and 5-7 grams of protein per serving. GoodWheat single-serve Quikcakes, in Buttermilk, Chocolate Chocolate Chip and Confetti flavors, are available nationwide on Amazon, and both Quikcakes and Multi-Serve Pancake & Waffle Mixes, available in Buttermilk, Chocolate Chocolate Chip and ...