Business
Arcadia Biosciences (RKDA) Announces Second-Quarter and First-Half 2024 Financial Results and Business Highlights
-- Company closes $4M transaction with Corteva Agriscience -- -- Above Food Corp acquires GoodWheatTM brand -- -- Zola® coconut water sales increase 42% year
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"\n-- Company closes $4M transaction with Corteva Agriscience --\n\n\n-- Above Food Corp acquires GoodWheatTM brand --\n\n\n-- Zola® coconut water sales increase 42% year over year --\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 second quarter and first half of 2024.\n\n\n“The second quarter of 2024 was a significant turning point for Arcadia as we transform the business and chart our path to becoming cash flow positive,” said T.J. Schaefer, president and CEO. “We monetized our wheat IP through two transactions: selling our resistant starch wheat trait to a wholly owned subsidiary of Corteva Agriscience for $4 million; and selling our GoodWheatTM brand to Above Food for net payments of $4 million over the next three years. In addition, we’ve secured significant distribution gains for Zola® coconut water and launched two new flavors and are positioned to grow faster than the category and gain market share.”\n\n\n“Over the last two years, we’ve exited several underperforming brands, right sized the organization and streamlined our cost structure in order to extend our runway. While we continue to explore strategic alternatives, our focus for the remainder of the year remains on reducing our operating costs and accelerating growth in Zola,” Schaefer said.\n\n\nRecent Operating and Business Highlights\n\n\n\nArcadia Sells Resistant Starch Durum Trait to Corteva Agriscience. In May 2024, Arcadia sold its non-GMO Resistant Starch (RS) Durum trait to longtime partner Corteva Agriscience. Arcadia and Corteva began collaborating in 2017 to develop and commercialize RS Durum in North America, and this transaction allowed Arcadia to advance the monetization of its wheat technology with a one-time payment of $4 million.\n\n\n\nArcadia Sells GoodWheat Brand to Above Food Corp. Also in Q2, Above Food Corp acquired the GoodWheat brand of better-for-you wheat products from Arcadia for $4 million in net payments over the next three years. The GoodWheat brand was launched in 2018 to help consumers get more fiber in their diets by increasing the amount of fiber in the delicious foods they love, using Arcadia’s patented non-GMO wheat grain that is naturally higher in fiber and prote...