The following is a summary of the Arcadia Biosciences, Inc. (RKDA) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Arcadia reported Q4 revenues of $1.2 million, up 57% compared to Q4 2022, driven by expansion of GoodWheat while Zola's revenue remained steady.

• The company experienced two consecutive years of gross profit growth - a first in its history.

• SG&A expenses have consistently declined since 2019, reaching their lowest level in 2023.

• Cash used in operations declined substantially by 41% from 2021 to 2023.

• Arcadia brought in a gross profit growth of 54% to over $2 million in 2023, despite seeing a drop in revenue to $5.3 million.

• The company targets to conclude 2024 with a net operating loss below $10 million, another first for Arcadia.

Business Progress:

• GoodWheat showed considerable growth in 2023, extending its distribution by 300% from 1,200 to over 3,500 stores.

• The brand widened to new categories and boosted its in-store presence in Q4 2023.

• The company looks to grow sales velocity and per store dollar sales in 2024 by focusing on strengthening distribution.

• Arcadia is proactively searching for partnerships to monetize technology and optimize the wheat supply chain.

• A distribution growth of up to 50% is expected for Zola Coconut Water in 2024, supported by new flavor innovations and increased unit sales.

• The company is considering several strategic alternatives for maximizing shareholder value.

More details: Arcadia Biosciences IR

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