Arcadia Biosciences reports Q2 EPS 78cs vs 61c last year

Reports Q2 revenue $1.31M vs $1.3M last year. “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 GoodWheat 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.”