Arcadia Biosciences, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 10, 2023 at 05:09 pm EDT
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Arcadia Biosciences, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 1.39 million compared to USD 3.86 million a year ago. Net income was USD 0.823 million compared to net loss of USD 3.78 million a year ago. Basic earnings per share from continuing operations was USD 0.61 compared to basic loss per share from continuing operations of USD 6.81 a year ago. Diluted earnings per share from continuing operations was USD 0.61 compared to diluted loss per share from continuing operations of USD 6.81 a year ago.
For the six months, revenue was USD 2.9 million compared to USD 7.08 million a year ago. Net loss was USD 8.56 million compared to USD 8.27 million a year ago. Basic loss per share from continuing operations was USD 7.7 compared to USD 14.9 a year ago. Diluted loss per share from continuing operations was USD 7.7 compared to USD 14.9 a year ago.
Arcadia Biosciences, Inc. is a producer and marketer of plant-based food and beverage products. The Company is engaged in developing crop improvements, primarily in wheat, designed to enhance farm economics by improving the performance of crops in the field, as well as their value as food ingredients. The Company is using non-genetically modified (non-GMO) advanced breeding techniques to develop products. Its product portfolio includes GoodWheat Pasta, GoodWheat Pancakes and Waffle Mixes, GoodWheat Mac and Cheese, Zola Coconut Water, and GoodWheat Wheat Traits. Its GoodWheat pasta has five varieties of penne, spaghetti, fettuccine, elbows, and rotini. Its GoodWheat pancake and waffle mixes are sold in resealable, multi-serve pouches, and mixes are available in three varieties, including buttermilk, chocolate chip and apple cinnamon. It operates under Saavy Naturals, Soul Spring, and ProVault brands. ProVault, is a THC-free CBD sports performance formula made with natural ingredients.