Arcadia Biosciences Inc (NASDAQ:RKDA) (FRA:17DN) reports that first-quarter revenue for 2021 increased by triple digits year-over-year.
In a statement, the company said it generated $828,000 in 1Q revenue, compared to $309,000 in the year-ago period. That is nearly a 300% jump.
California-based Arcadia said the increase was driven by GoodWheat grain sales and higher GLA product sales.
“With our acquisition of select assets of Lief Holdings, LLC and Live Zola, LLC announced today, we added to our business a well-established portfolio of best-in-class CBD-infused and wellness products generating $6 million in recurring annual revenues with strong growth potential, and we gained access to a national distribution network offering retail sales synergies with our GoodWheat and GLA consumer products,” said CEO Matt Plavan.
“In line with our stated strategy to increase our verticalization and maximize control over our supply chain to ensure quality from seed to sale and to participate more fully in the value of the brands for our proprietary innovations, the Lief manufacturing capability and distribution into over 5,000 retail doors delivers resoundingly on that strategy.”
In addition, during the quarter, Arcadia said operating expenses were $6.2 million, compared to $6.1 million in the 2020 quarter. Also, research and development (R&D) spending decreased by $1.1 million.
The company also said net income attributable to common stockholders for the 1Q was $2.1 million, or $0.11 per share, a $467,000 decrease from the $2.5 million, or $0.29 per share, of net income for the prior-year period.
Arcadia is a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients. The company’s GoodWheat branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace.
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Story by ProactiveInvestors
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