Arcadia Q2 net income $823k on non-cash gain; revenue down 64% to $1.39M

Arcadia Biosciences, Inc.

2023-Q2 EPS reported -$7.70 revenue$2,899,000

Q2 2023 revenue $1.389M vs $3.858M in Q2 2022, down 64% due to exit of grain and body care sales.
Net income $823k ($0.61/share) vs net loss $3.777M ($6.81 loss) in prior year; includes $4.4M non-cash warrant gain.
Exiting Body Care brands ProVault and SoulSpring; expects $2M OpEx savings in H2 2023, $3-4M annual.
Engaged Lake Street Capital Markets to explore strategic options including sale, merger, or capital raise.
GoodWheat launches pancake & waffle mixes; Zola coconut water adds hundreds of retail stores in Q2.

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