The following is a summary of the Arcadia Biosciences, Inc. (RKDA) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 total revenues were approximately $1.3 million, a 32% sequential increase but flat year-over-year.

• Q2 gross profit was $673,000, marking a 30% increase from last quarter and up 4% year-over-year, with a gross margin of 52%.

• Selling, general and administrative costs were $2.7 million, up by $600,000 both from Q1 2024 and Q2 2023, primarily due to M&A related expenses.

• Net cash consumption expected to halve in 2024 compared to $15 million the previous year.

Business Progress:

• Monetized part of wheat IP, resulting in $4 million cash from asset sale to Corteva and a $6 million promissory note from the sale of GoodWheat assets to Above Food.

• Achieved significant headcount reductions and facility exit leading to estimated annual savings of $2 million.

• Strong growth and expanded distribution for Zola Coconut Water, with a notable 42% sales increase in Q2.

• Initiated shipping of new Zola flavors: original, lime, and pineapple.

Opportunities:

• New distribution gains for Zola expected to offset lost sales from discontinued GoodWheat operations, aiming for revenue alignment with 2023 figures.

Risks:

• Continued declines in GLA oil revenues expected as remaining inventory is sold off through the end of 2024.

• Potential risks in sustaining profitability if market share or growth in the coconut water segment does not meet expectations.

More details: Arcadia Biosciences IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.