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Arcadia Biosciences Inc. (RKDA-3.13%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Arcadia sold its GoodWheat brand to Above Food for net consideration of $3.7 million, resulting in a loss of $1,500. The assets sold included grain, finished goods inventories, formulations, and trademarks.
Arcadia also sold its non-GMO Resistant Starch durum wheat trait to Corteva Agriscience for $4.0 million, retaining certain rights to use the trait.
The company reported total revenues of $5,045,000 for 2024, an increase from $4,454,000 in 2023. Product revenues accounted for 99% of total revenues, driven by increased sales of Zola coconut water.
Operating expenses decreased by 18% to $8,693,000 in 2024, primarily due to a $4.0 million gain on the sale of intangible assets.
Arcadia reported a net loss of $7,038,000 for 2024, compared to a net loss of $13,986,000 in 2023. The improvement is attributed to the gain on the sale of intangible assets and reduced operating expenses.
The company highlighted a proposed business combination transaction with Roosevelt Resources LP, which is subject to stockholder approval and other customary closing conditions.
Arcadia identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
The company continues to focus on marketing its Zola coconut water and highlights its dependence on a few large customers for a significant portion of its sales.
Arcadia's cash and cash equivalents were $4.2 million as of December 31, 2024, with a working capital surplus of $6,679,000. The company acknowledges its need for additional funding to continue operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Arcadia Biosciences Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.