DAVIS, CALIF. — Arcadia Biosciences has shipped the first orders of GoodWheat pasta to retail customers, and an e-commerce 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 may extend the GoodWheat brand into other food categories.
“Our team partnered with an outside consulting firm to thoroughly analyze and gain insights into more than 15 different categories where our value proposition with GoodWheat is best poised to break through and win,” Mr. Jacot said in a May 12 earnings call.
The five stock-keeping units of GoodWheat pastas 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 under its GoodWheat portfolio to food manufacturers and processors.
“Our protein content is significantly higher than other pastas in the category and without additives,” Mr. Jacot said. “We do plan on changing our packaging in order to make that statement on the front panel. So we just weren’t in a position to do that from a regulatory perspective prior to launch.”
Arcadia Biosciences announced a net loss of $4.49 million in the first quarter ended March 31, which compared with net income of $2.06 million, or 11¢ per share, in the previous year’s first quarter.
“While the loss from operations of $4.6 million in first quarter 2022 was $700,000 favorable to the $5.3 million recognized in first quarter of 2021, an unrealized noncash gain in the amount of $7.5 million related to the Bioceres stock we held was recorded in the first quarter of 2021,” said Pamela Haley, chief financial officer. “I'd also like to note that we recognized noncash income of $322,000 in the first quarter of 2021 for the change in fair value of common stock warrant liabilities.”
Arcadia Biosciences in November 2020 announced a series of transactions with Bioceres Crop Solutions Corp, including the sale of its membership interest in Verdeca, a soybean joint venture.
Total revenues jumped to $3.22 million from $828,000 in the previous year’s first quarter.
“Our revenues were up nearly 300% year-over-year and were up 48% versus Q4 2021, primarily driven by opportunistic grain sales, expanded distribution in our body care business and continued double-digit growth from Zola coconut water,” Mr. Jacot said. “In Q1, we saw an opportunity to take advantage of rising wheat prices and sold approximately $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 commercial home while at the same time generating a considerable amount of cash for the company.”Arcadia’s stock price on the Nasdaq stood at $1.01 per share by midday on May 13, which was up 19% from a close of 85¢ on May 12.