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1ST HALF: ARCADIA BIOSCIENCES' REVENUES UP 63%, REPORTS A LOSS
Source: Arcadia Biosciences news release

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DAVIS, CA - Arcadia Biosciences, Inc. (Nasdaq: RKDA), a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, today released its financial and business results for the second quarter and first half of 2020.

"Amidst an incredibly challenging economic landscape, I am pleased to report Arcadia has achieved a number of key milestones across each of the crop product areas in which we innovate: hemp, wheat and soy," said Matthew Plavan, president and CEO of Arcadia Biosciences.

"In light of the persistent overhang of this pandemic on the markets, and the impact on our ability to forecast our business with reliable precision, we believe it prudent to provide more generalized versus specific revenue guidance. Notwithstanding these risks, we believe our recently announced multiple GoodWheat distribution arrangements, in both B2B and B2C channels, and the conversion of our $3.7M GoodHemp seed purchase backlog to grower seed shipments during the balance of the year, will drive a strong revenue finish for 2020," said Plavan.

"Furthermore, against the buffeting of COVID-19 headwinds, we strengthened our cash position by $9 million during the first half of the year through warrant exchanges, which are less dilutive to shareholders than traditional financings that feature warrant coverage," continued Plavan.

"We believe the probability that these headwinds will largely dissipate by 2021 is reasonably positive. If so, we see the fundamentals of our business as ever-strengthening, and that our GoodWheat, GoodHemp, Hawaiian CBD and HB4 soybean businesses unrestrained portend for a very positive financial performance in 2021, and the prospect of reaching quarterly profitability by year's end remains realistic," said Plavan.


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