Arcadia Biosciences' Q3 Earnings Miss Estimates, Sales Increase Y/Y

Financial Performance - Arcadia Biosciences reported a loss from continuing operations of 87 cents per share in Q3 2024, missing the Zacks Consensus Estimate of a loss of 77 cents per share [1] - The company had an adjusted loss of $1.83 per share in Q3 2023 [1] - Including discontinued operations, the loss was$1.18 per share compared to a loss of $1.87 per share in the same quarter last year [2] Revenue and Sales - Net sales for Arcadia Biosciences were$1.5 million, an 18% increase from the previous year, driven by higher sales of the Zola brand [4] - Zola coconut water sales increased by 55% year over year, with new retail distribution up 68% [4] - The top line exceeded the Zacks Consensus Estimate of $1 million [4] Cost and Expenses - The cost of revenues rose by 26$1.03 million [5] - Research and development expenses remained flat at 0.02 million compared to the previous year [5] - Selling, general and administrative (SG&A) expenses increased by 20% to 2.24 million due to employee severance expenses related to management changes [5] - Operating expenses increased by 22% year over year to 3.3 million, primarily due to higher SG&A expenses [6] - The operating loss for the third quarter was 1.76 million, compared to $1.4 million in Q3 2023 [6] Cash Position - At the end of Q3 2024, Arcadia Biosciences had cash and cash equivalents of$3.9 million, down from $6.5 million at the end of 2023 [7] - The company used$7.4 million in cash for operating activities in the first nine months of 2024, compared to $11.1 million in the same period last year [7] Stock Performance - RKDA's shares have decreased by 7.3$50 million, a decline of 10.1% year over year [12] - Hydrofarm Holdings Group reported an adjusted loss of 26 cents per share in Q3 2024, missing the Zacks Consensus Estimate of a loss of 23 cents [12]