Arcadia Biosciences reports preliminary Q2 revenue $1.3M-$1.5M, consensus $2.68M

The company said, “As of June 30, 2023, Arcadia Biosciences had approximately $18.8 million in cash and cash equivalents. The company anticipates second-quarter revenue in the range of $1.3 million – $1.5 million. As part of the Project Greenfield strategy to focus resources on high-opportunity, scalable businesses, Arcadia has made the decision to streamline its operations and exit the remaining body care brands, ProVault and SoulSpring, which the company expects to result in annual operating expense savings of $3 million to $4 million starting in August 2023. Arcadia also recently announced an expanded GoodWheat portfolio with the launch of GoodWheat pancake mixes. Arcadia Biosciences expects to announce its second-quarter financial results on August 10, 2023.”