Arcadia Biosciences, Inc. (RKDA), a company engaged in developing crop productivity traits, closed Wednesday’s regular trading session at $2.07 after declining 2.07% during the day. In the premarket trading session, RKDA stock further dipped 21.16% and consequently was trading at $1.49 at the last check. The significant decline in the premarket can be attributed to Arcadia’s announcement of weak results, prompting investors’ aversion toward the stock.
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Q4 & FY 2021 Results
On Wednesday, RKDA announced the results for Q4 & FY 2021. During Q4, Arcadia generated revenues of $2.2 million versus $7.1 million for Q4 2020. For 2021, the revenue was $6.7 million versus $8.03 million for FY 2020. The net loss suffered by Arcadia was $9.3 million for Q4 2021 (or $0.42 per share), whereas for the same quarter of 2020, the net income was $8.9 million. The net loss for the year 2021 was $14.7 million (or $0.69 per share) against a net loss of $4.7 million for FY 2020.
2021 Operating Highlights
Alongside, RKDA also provided key operating highlights for 2021. The company began the retail launch of five GoodWheat pasta SKUs during mid of 2022 in Q3 & Q4 of 2021. It acquired selected assets of Lief and Zola® during Q2 2021. In the year 2021, Arcadia hired several executives having detailed knowledge regarding the CPG industry. That was meant to make a smooth transition toward a dynamic consumer products company.
Comments from RKDA CEO
Stan Jacot, president and CEO of RKDA, commented that the company had an outstanding year on the performance front. There is a significant opportunity for the company to grow its business via accelerating the monetization of the GoodWheatTM portfolio as well as the commercialization of its brands related to the food and beverage industry. Arcadia is all set to execute its business strategy in 2022.
What’s Coming Up for RKDA?
Looking ahead, analysts are of the view that short term signals are positive for RKDA stock at the moment. Hence, it holds a buying opportunity for the investors at the current level as there is a fair chance for the stock to perform well in short term.