DALLAS โ Arcadia Biosciences, Inc. increased distribution of its GoodWheat products despite suffering another loss in the fiscal year ended Dec. 31, 2023.
โOn a year-over-year basis, GoodWheat distribution increased nearly 300% from approximately 1,200 stores at the end of 2022 to more than 3,500 stores at the end of 2023,โ said Thomas Schafer, chief financial officer, in a March 28 earnings call. โOver the past 12 months, we also introduced two additional GoodWheat categories with our pancake waffle mix launching in August 2023 and mac and cheese in November 2023.โ
GoodWheat pasta launched in 2022. GoodWheat products have higher fiber levels than conventional items in the pasta, waffle mix and macaroni and cheese categories.
The net loss attributable to common stockholders at Arcadia was $13.98 million in the fiscal year, which compared with a loss of $15.38 million in the previous fiscal year. Operating expenses fell 10% to $19.27 million from $21.43 million. Revenues declined 28% to $5.33 million from $7.42 million. Revenues in 2022 included about $1.8 million in sales of GoodWheat grain, no longer offered by Arcadia, and $900,000 in a one-time license revenue related to Arcadiaโs sale of Verdeca.
In the fourth quarter, the net loss attributable to common stockholders was $2.85 million, which compared with a loss of $4.24 million in the previous yearโs fourth quarter. Quarterly revenues increased 57% to $1.17 million from $744,000.
Dallas-based Arcadia this year will add pineapple and lime flavors to its Zola coconut water line.
โZola lost distribution at the end of 2022 due to supply chain issues, and we felt the impact in 2023 as we experienced double-digit declines in both units and dollar sales,โ said Stan Jacot, president and chief executive officer.
Arcadia last July said it planned to explore a range of options that could include an asset sale, acquisition, merger, sale or other transaction.
โWe continue to have discussions and perform the due diligence work necessary to scale Arcadia and accelerate our ability to deliver cash flow positive results,โ Jacot said March 28.
