Business
Arcadia Biosciences (RKDA) Announces Second-Quarter and First-Half 2023 Financial Results and Business Highlights
GoodWheat™ expands into breakfast category with the launch of better-for-you pancake and waffle mixes Exiting Body Care to reduce OpEx, focus on Food &
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"\n\nGoodWheat™ expands into breakfast category with the launch of better-for-you pancake and waffle mixes\n\n\n\nExiting Body Care to reduce OpEx, focus on Food & Beverage\n\n\n\nExploring strategic opportunities to drive shareholder value\n\n\n\n DAVIS, Calif.--(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 second quarter and first half of 2023.\n\n\n“Arcadia continues to make progress executing Project Greenfield, our three-year strategic plan to unlock the company’s potential and provide a path to profitability,” said Stan Jacot, president and CEO. “Both GoodWheat™ pasta and Zola® coconut water added hundreds of stores of distribution in Q2, and we are aggressively managing costs, as evidenced by our lowest quarterly operating expense since Q4 of 2020.\n\n\n“We’ve also embarked on several initiatives to scale more quickly, while simultaneously reducing expenses and complexity, and together, these plans have the potential to accelerate Project Greenfield milestones.”\n\n\n\nGoodWheat Expands Into $850M Baking Mixes Category with Better-for-You Pancake and Waffle Mixes and Single-Serve Quikcakes™. Launching just in time for back-to-school, Arcadia’s new pancake mixes are made with simple ingredients and its proprietary GoodWheat flour, delivering the same delicious taste and texture of regular pancakes with 8X-11X the fiber and 5-7g of protein per serving. GoodWheat Quikcakes are available nationwide on Amazon, and both Quikcakes and Multi-Serve Pancake & Waffle Mixes began shipping to retailers in August.\n\n\n\nZola Coconut Water Distribution Grows in Q2, Innovations to Launch in Early 2024. Zola reversed its downward distribution trend in Q2 and grew velocity through adding rack displays in the Produce category. Innovation will ramp up on the brand for the first time in years, with new flavor launches planned in Q1 2024, continuing to accelerate growth in the category.\n\n\n\nArcadia Streamlines Operations, Exits Body Care Brands ProVault™ and SoulSpring™. As part of its strategy to focus resources on high-opportunity, scalable businesses, Arcadia decided to wind-down its two remaining Body Care brands in order to concentrate on the more promising GoodWheat and Zola brands....