DAVIS, CALIF. — Arcadia Biosciences Inc. continued to expand distribution of its GoodWheat brand in the first quarter of 2024, reaching more than 3,500 outlets in three categories. The brand initially specialized in high fiber pasta products since its founding in 2022 before eventually branching out into high fiber pancakes and macaroni and cheese products.

“The GoodWheat brand continues to expand with Q1, adding a couple of hundred stores of distribution on pancake and waffle mixes,” said Stanley Jacot, president, director, and chief executive officer of Arcadia, during a May 9 earnings call. “Our focus continues to be nurturing our existing points of distribution and building success stories by category. There are plans in place for each customer addressing everyday pricing, promoted pricing, shelf placement, fuel expansion and account-specific marketing. These plans will require significant expense to execute but are necessary in order to achieve brand scale and defend shelf space from fierce competition.”

Jacot said the three cheese variety of its GoodWheat mac and cheese product recently was selected as an Amazon choice new arrival pick.

“This designation is solely driven by Amazon’s criteria, which includes being highly rated well priced and available to ship immediately,” Jacot said of the three cheese variety’s recognition. “This is one more example from an independent source that proves that we already know that our proprietary wheat is commercially viable to create great-tasting products while sneaking in more fiber and protein.”

Arcadia sustained a loss of $2.42 million in the first quarter ended March 31, which compared with a loss of $9.38 million in the same period a year ago. The company’s loss from continuing operations totaled $3.06 million, which compared with $3.87 million a year ago. Total revenues were $1.26 million, up from $1.23 million in the same period a year ago.

“In summary, Q1 continued the positive momentum we've achieved over the past few quarters,” said Thomas Schaefer, chief financial officer of Arcadia, during the earnings call. “Our revenue grew quarter over quarter and year over year. We have achieved gross margins in excess of 30% for five straight quarters. At the same time, we have reduced our operating expenses by 21% or nearly $1 million, which has resulted in our loss from continuing operations being at the lowest level in six years, and we estimate our use of cash to be in the single digits for the first time since Arcadia went public in 2015.”