Zola Revenue Growth
Zola coconut water revenue grew 90% year-over-year, driven by a 70% increase in new distribution gains.
Strong Pipeline and Distribution Expansion
Zola is in discussions with new customers and distributors, representing more than 50% of its current customer base, and has already won new customer accounts in Q2.
Cost Control and Operating Expense Reduction
Operating expenses were reduced by 16% year-over-year, inclusive of transaction-related fees.
Monetization of Intellectual Property
Arcadia entered an agreement with BioSeries, resulting in $750,000 in cash and the elimination of a $1,000,000 contingent liability from the balance sheet.
Pending Business Combination
The business combination with Roosevelt Resources is on track to be completed by the end of the summer, providing Arcadia stockholders with a greater level of ownership certainty post-transaction.