DAVIS, CA. – Arcadia Biosciences has shipped the first orders of GoodWheat pasta to retail customers, and an online launch of the product on Amazon is on track for early June, said Stanley E. Jacot, president and chief executive officer. The Davis-based company could expand the GoodWheat brand to other food categories.
“Our team has partnered with an external consulting firm to thoroughly analyze and gain insights into over 15 different categories where our value proposition with GoodWheat is best positioned to break through and win,” Mr. Jacot said during of a May 12 earnings call.
All five stocking units of GoodWheat pasta contain proprietary GoodWheat grain as the sole ingredient to provide four times the fiber of traditional pasta and 9 grams of protein per serving, according to the company. Arcadia Biosciences also offers specialty wheat ingredients as part of its GoodWheat portfolio to food manufacturers and processors.
“Our protein content is significantly higher than other pastas in the category and without additives,” Jacot said. “We plan to change our packaging to make this statement on the front panel. So we just weren’t in a position to do that from a regulatory perspective before launch.
Arcadia Biosciences reported a net loss of $4.49 million in the first quarter ended March 31, compared to net income of $2.06 million, or 11¢ per share, in the first quarter a year earlier. .
“While the operating loss of $4.6 million in the first quarter of 2022 was $700,000 favorable to the $5.3 million recognized in the first quarter of 2021, an unrealized non-cash gain of $7 $.5 million related to the Bioceres shares we owned was recorded in the first quarter of 2021,” said Pamela Haley, Chief Financial Officer. “I would also like to note that we recorded non-cash income of $322,000 in the first quarter 2021 for the change in fair value of liabilities related to common share purchase warrants.”
Arcadia Biosciences announced in November 2020 a series of transactions with Bioceres Crop Solutions Corp, including the sale of its stake in Verdeca, a soybean joint venture.
Total revenue jumped to $3.22 million from $828,000 in the first quarter a year earlier.
“Our revenues increased nearly 300% year-over-year and 48% from the fourth quarter of 2021, primarily driven by opportunistic cereal sales, expanded distribution in our personal care business and continued double-digit growth for Zola Coconut Water,” said Jacott. “In the first quarter, we saw an opportunity to take advantage of higher wheat prices and sold about $1 million worth of grain. We view these grain sales as a win for Arcadia as we were able to liquidate older inventory for which we currently have no trading house while generating a significant amount of cash for the business.
Arcadia’s Nasdaq stock price was $1.01 per share at noon on May 13, up 19% from the 85¢ close on May 12.