Arcadia Biosciences (Nasdaq: RKDA) trims 2025 loss as Zola sales grow

Rhea-AI Filing Summary

Arcadia Biosciences reported smaller losses for 2025 but faces liquidity pressure. Total revenues were $4.9M, down slightly from $5.0M, while Zola® coconut water revenues grew 17% year over year. Selling, general and administrative costs fell about 27%, helping reduce net loss attributable to common stockholders to $2.3M from $7.0M.

Cash and cash equivalents dropped to $259K as of December 31, 2025, from $4.2M a year earlier. A proposed business combination with Roosevelt Resources was terminated, and the company raised approximately $2.1M in gross proceeds from the exercise of preferred investment options. Management states it will require additional funding in the near future and may pursue equity or debt financings or asset transactions, which could dilute existing shareholders.

Positive

• Significant loss reduction and cost control: Net loss attributable to common stockholders improved from approximately $7.0M in 2024 to $2.3M in 2025, helped by about a 27% reduction in SG&A expenses and a 49% decline in net cash used in operating activities.
• Brand growth within core product line: Zola® coconut water revenues increased roughly 17% year over year in 2025, driven primarily by broader distribution and higher sales volume, indicating traction in the company’s focus wellness brand.

Negative

• Very limited year-end liquidity and near-term funding need: Cash and cash equivalents dropped to about $259K as of December 31, 2025, and management states the company will require additional funding in the near future to continue operations and planned activities.
• Terminated strategic transaction and reliance on external capital: The proposed business combination with Roosevelt Resources was terminated, removing a potential strategic option and increasing dependence on new financings or asset transactions, which the company warns could dilute existing stockholders.

Insights

Small-cap equity analyst

Losses narrowed and costs fell, but cash is very tight and new funding is needed.

Arcadia Biosciences showed meaningful operational improvement in 2025. Total revenues were roughly flat at $4.9M, but Zola® sales rose 17%, and selling, general and administrative expenses declined about 27%, driving net loss down to $2.3M from $7.0M.

The balance sheet is the main concern. Cash and cash equivalents fell to only $259K at year-end, despite raising about $2.1M from exercising preferred investment options. Management explicitly notes it will require additional funding in the near term to continue operations and planned activities.

The terminated business combination with Roosevelt Resources removes a potential strategic path, increasing reliance on Zola growth and external capital. Future disclosures in the 2025 Form 10-K and subsequent filings will clarify how the company addresses its funding gap and any associated shareholder dilution from equity financings.

false000146944300014694432026-03-262026-03-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 26, 2026

Arcadia Biosciences, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-37383	81-0571538
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
5956 Sherry Lane Suite 2000
Dallas, Texas				75225
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 214 974-8921

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common		RKDA		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 26, 2026 Arcadia Biosciences, Inc. (the “Company”) issued a press release announcing financial results for the fourth quarter and year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1, and the Company's annual financial information tables are furnished as Exhibit 99.2, to this Current Report on Form 8-K and are incorporated herein by reference.

The information furnished in this Form 8-K, the press release attached as Exhibit 99.1, and the financial information attached as Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02, in the press release attached as Exhibit 99.1, and in the financial information attached as Exhibit 99.2, shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Arcadia Biosciences Announces Fourth-Quarter and Full Year 2025 Financial Results and Business Highlights
99.2		Arcadia Biosciences Full Year 2025 Financial Information
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			ARCADIA BIOSCIENCES, INC.
Date:	March 26, 2026	By:	/s/ THOMAS J. SCHAEFER
			Thomas J. Schaefer, Chief Executive Officer

Exhibit 99.1

Arcadia Biosciences (RKDA) Announces Fourth-Quarter and Full-Year 2025 Financial Results and Business Highlights

-- Zola® revenues increase 17% year-over-year --

-- Arcadia and Roosevelt Resources terminate proposed business combination --

-- Exercise of preferred investment options yields $2.1 million gross proceeds --

DALLAS, Texas (March 26, 2026) – Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a producer and marketer of innovative wellness products, today released its financial and business results for the fourth quarter and full year of 2025.

“At the end of 2025, we received a termination notice from Roosevelt Resources related to the Securities Exchange Agreement concerning a proposed business combination, signed in December 2024.” said T.J. Schaefer, CEO of Arcadia.

Schaefer continued, “After receiving this news, we took steps to improve our balance sheet by entering into definitive agreements for the immediate exercise of certain outstanding preferred investment options, resulting in gross proceeds of approximately $2.1 million to Arcadia. We intend to use these proceeds, along with our other assets, to continue growing our Zola® coconut water brand while we evaluate strategic alternatives.

“In 2025, Zola sales growth continued to outpace the coconut water category. At the same time, we reduced our SG&A expenses by approximately 27%, and our net cash used in operating activities declined by 49% in 2025 compared to 2024,” Schaefer added.

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Arcadia Biosciences, Inc.

Financial Snapshot

(Unaudited)

($ in thousands)

	Three months ended Dec 31					Twelve months ended Dec 31
	2025	2024	Favorable/ (Unfavorable)			2025	2024	Favorable/ (Unfavorable)
			$	%				$	%
Total Revenues	901	1,216	(315)	(26%)		4,858	5,045	(187)	(4%)
Total Operating Expenses	2,276	3,495	1,219	35%		7,358	8,693	1,335	15%
Loss From Continuing Operations	(1,375)	(2,279)	904	40%		(2,500)	(3,648)	1,148	31%
Net Loss Attributable to Common Stockholders	(1,336)	(4,064)	2,728	67%		(2,339)	(7,038)	4,699	67%

Certain previously reported financial information has been reclassified to conform to the current year presentation. Reclassifications are related to the presentation of the financial results of our former GoodWheatTM brand as discontinued operations. The financial information above and narrative that follows relate to continuing operations unless stated otherwise.

More detailed financial statements are included in the Form 8-K filed today, available in the Investors section of the company’s website under SEC Filings.

Revenues

Revenues decreased by $315,000, or 26%, during the fourth quarter of 2025 compared to the same period in 2024 in part due to lower Zola sales and higher deductions. In addition, the fourth quarter of 2024 included $55,000 in sales of GLA oil that were absent in 2025.

Revenues for the full year of 2025 decreased $187,000, or 4%, compared to 2024 despite an increase in Zola sales primarily due to $756,000 in sales of GLA oil in 2024 that were absent in 2025. Zola revenues increased $701,000, or 17%, compared to 2024 primarily driven by an increase in distribution resulting in higher sales volume.

Operating Expenses

Cost of revenues decreased by $118,000, or 14%, during the fourth quarter of 2025 compared to the same period in 2024 primarily due to lower Zola sales. Cost of revenues increased $135,000, or 5%, during 2025 compared to 2024 driven by a 17% increase in Zola sales, which increased product costs and freight expenses. Cost of revenues for 2024 also included a write-down of $154,000 related to hemp and GoodWheat seed.

Selling, general, and administrative (SG&A) expenses decreased by $1.1 million and $2.6 million for the fourth quarter and full year of 2025 compared to the same periods in 2024, respectively, primarily driven by operating costs and employee related costs in 2024 that were absent in 2025.

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Other operating expenses increased by $1.2 million for the full year 2025 compared to 2024 driven by a $4.0 million gain related to the asset sale to Corteva in 2024 that was offset by a $750,000 gain related to the asset sale to Bioceres as well as a gain of $2.0 million associated with the reduction of the company’s contingent liability in 2025.

Net Loss Attributable to Common Stockholders

Net loss attributable to common stockholders for the fourth quarter of 2025 was $1.4 million, or $0.97 per share, compared to $4.1 million, or $2.98 per share, for the same period in 2024. The improvement in net loss attributable to common stockholders for the fourth quarter of 2025 compared to the same period in 2024 was primarily driven by the decrease in SG&A expenses as well as the change in the estimated fair value of common stock warrant and option liabilities.

Net loss attributable to common stockholders for 2025 was $2.3 million, or $1.71 per share, compared to $7.1 million, or $5.17 per share, for 2024. The improvement in net loss attributable to common stockholders for 2025 compared to 2024 was primarily driven by the decrease in SG&A expenses, a gain of $2.3 million related to the Above Food common stock, and the change in the estimated fair value of common stock warrant and option liabilities.

About Arcadia Biosciences, Inc.

Since 2002, Arcadia Biosciences (Nasdaq: RKDA) has been innovating high-value, healthy ingredients to meet consumer demands for healthier choices. With its roots in agricultural innovation, Arcadia cultivates next-generation wellness products. For more information, visit www.arcadiabio.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future results of operations concerning the company and its products, including, but not limited to, statements relating to the company’s growth, cash position, operating costs, financial performance, and the impact on shareholder value. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are only predictions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results anticipated by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks set forth in filings that the company makes with the Securities and Exchange Commission from time to time, including in Arcadia’s Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Form 10-K), and other filings that the company makes with the SEC. Forward-looking statements concerning anticipated future activities also assume that the company has sufficient funding to continue its operations and planned activities, which may not be the case. As described in greater detail in the 2025 Form 10-K, the company will require additional funding in the near future to continue its operations and planned activities. There are no assurances that required funding will be available at all or will be available in sufficient amounts or on reasonable terms. The company may seek to raise additional funds through equity or debt financings, through transactions involving its other assets, or through other transactions. Any sale of additional equity securities could result in dilution to company stockholders. Reported results should not be considered as

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an indication of future performance. Forward-looking statements made in this press release speak only as of the date hereof, and except as required by law, Arcadia Biosciences, Inc. disclaims any obligation to update these forward-looking statements or to reflect events or circumstances arising after the date of this press release.

Arcadia Biosciences Contact:

T.J. Schaefer

ir@arcadiabio.com

###

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Exhibit 99.2

Arcadia Biosciences, Inc.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share data)

		As of December 31,
		2025				2024
Assets
Current assets:
Cash and cash equivalents		$	259			$	4,242
Short-term investments			4,304				—
Accounts receivable and other receivables, net of allowance for credit loss    of $559 and $0 as of December 31, 2025 and 2024, respectively			425				1,175
Inventories			1,212				904
Note receivable — current, net of allowance for credit losses (Note 8)			—				1,894
Prepaid expenses and other current assets			156				931
Current assets of discontinued operations — GoodWheat			—				96
Total current assets			6,356				9,242
Property and equipment, net			8				41
Right of use assets			—				137
Intangible assets, net			39				39
Note receivable — noncurrent, net of allowance for credit losses (Note 8)			—				3,966
Other noncurrent assets			143				92
Total assets		$	6,546			$	13,517
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses		$	1,789			$	2,108
Amounts due to related parties			—				30
Operating lease liability — current			—				155
Other current liabilities			270				270
Total current liabilities			2,059				2,563
Common stock warrant and option liabilities			347				2,731
Other noncurrent liabilities			—				2,000
Total liabilities			2,406				7,294
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.001 par value—150,000,000 shares authorized as of    December 31, 2025 and December 31, 2024; 1,373,120 and 1,364,940 shares    issued and outstanding as of December 31, 2025 and December 31, 2024,    respectively.			65				65
Additional paid-in capital			285,292				285,036
Accumulated deficit			(281,217	)			(278,878	)
Total stockholders' equity			4,140				6,223
Total liabilities and stockholders’ equity		$	6,546			$	13,517

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Arcadia Biosciences, Inc.

Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(In thousands, except share data and per share data)

		Year Ended December 31,
		2025				2024
Revenues:
Product		$	4,858			$	5,012
License			—				7
Royalty			—				26
Total revenues			4,858				5,045
Operating expenses (income):
Cost of revenues			3,098				2,963
Research and development			9				53
Gain on sale of intangible assets			(750	)			(4,000	)
Impairment of property and equipment			—				36
Change in fair value of contingent consideration			(2,000	)			—
Selling, general and administrative			7,001				9,641
Total operating expenses			7,358				8,693
Loss from operations			(2,500	)			(3,648	)
Interest income			221				782
Credit loss			(4,745	)			—
Other income, net			2,309				31
Change in fair value of common stock warrant and option liabilities			2,384				(1,474	)
Net loss from continuing operations before income taxes			(2,331	)			(4,309	)
Income tax expense			(8	)			(8	)
Net loss from continuing operations			(2,339	)			(4,317	)
Net loss from discontinued operations — GoodWheat			—				(2,721	)
Net loss attributable to common stockholders		$	(2,339	)		$	(7,038	)
Net loss per share attributable to common stockholders:
Basic and diluted from continuing operations		$	(1.71	)		$	(3.17	)
Basic and diluted from discontinued operations		$	—			$	(2.00	)
Net loss per basic and diluted share attributable to common stockholders		$	(1.71	)		$	(5.17	)
Weighted-average number of shares used in per share calculations:
Basic and diluted			1,368,057				1,363,303
Other comprehensive income, net of tax
Unrealized gains on available-for-sale securities		$	—			$	127
Reclassification adjustment for gains on available-for-sale securities included in net loss		$	—			$	(228	)
Change in unrealized gains on available-for-sale securities		$	—			$	(101	)
Comprehensive loss		$	(2,339	)		$	(7,139	)

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Arcadia Biosciences, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

		Year Ended December 31,
		2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(2,339	)		$	(7,038	)
Adjustments to reconcile net loss to cash used in operating activities:
Change in fair value of common stock warrant and option liabilities			(2,384	)			1,474
Change in fair value of contingent consideration			(2,000	)			—
Depreciation			32				113
Lease amortization			122				652
Amortization of note receivable discount			(69	)			(157	)
Gain on disposal of property and equipment			—				(65	)
Gain on sale of intangible assets			(750	)			(4,000	)
Gain on receipt of Above Food Ingredients, Inc. common stock			(1,067	)			—
Unrealized gain subsequent to receipt of Above Food Ingredients, Inc. common stock			(1,237	)			—
Stock-based compensation			234				512
Credit loss			4,745				—
Write-down of inventories			—				154
Impairment of property and equipment			—				36
Write-down of non-controlling interest			—				138
Changes in operating assets and liabilities:
Accounts receivable and other receivables			165				(762	)
Inventories			(308	)			550
Prepaid expenses and other current assets			775				(124	)
Other noncurrent assets			(50	)			72
Accounts payable and accrued expenses			(399	)			(303	)
Amounts due to related parties			(30	)			(29	)
Other current liabilities			(57	)			—
Operating lease payments			(122	)			(850	)
Net cash used in operating activities			(4,739	)			(9,627	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property and equipment			—				334
Proceeds from sale of investments			—				5,024
Proceeds from sale of intangible assets			750				4,000
Cash paid related to sale of GoodWheat			—				(2,000	)
Purchases of property and equipment			—				(16	)
Net cash provided by investing activities			750				7,342
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from ESPP purchases			6				9
Net cash provided by financing activities			6				9
Net decrease in cash and cash equivalents			(3,983	)			(2,276	)
Cash and cash equivalents — beginning of period			4,242				6,518
Cash and cash equivalents — end of period		$	259			$	4,242

# # #

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FAQ

How did Arcadia Biosciences (RKDA) perform financially in 2025?

Arcadia Biosciences reported 2025 total revenues of about $4.9M, slightly below 2024 levels, but cut its net loss attributable to common stockholders to roughly $2.3M from $7.0M. The improvement was mainly driven by lower operating expenses and gains on certain assets.

What happened to Arcadia Biosciences’ proposed business combination with Roosevelt Resources?

Arcadia Biosciences received a termination notice from Roosevelt Resources regarding their Securities Exchange Agreement for a proposed business combination signed in December 2024. After the termination, Arcadia shifted focus to strengthening its balance sheet and evaluating other strategic alternatives for the business.

What is the current cash position and liquidity outlook for Arcadia Biosciences (RKDA)?

As of December 31, 2025, Arcadia Biosciences held about $259K in cash and cash equivalents, down from $4.2M a year earlier. Management explicitly states the company will require additional funding in the near future to continue operations and planned activities.

How did Zola revenues and overall sales trend for Arcadia Biosciences in 2025?

Zola® coconut water revenues grew about 17% year over year in 2025, mainly from expanded distribution and higher volumes. However, total revenues edged down to roughly $4.9M due to the absence of prior-year sales of GLA oil products that did not recur in 2025.

How much capital did Arcadia Biosciences raise from preferred investment options?

Arcadia Biosciences entered into agreements for the immediate exercise of certain outstanding preferred investment options, generating approximately $2.1M in gross proceeds. The company plans to use these funds, together with other assets, to grow the Zola® brand while assessing strategic alternatives.

Did Arcadia Biosciences improve its operating cash flow in 2025?

Yes. Net cash used in operating activities declined by about 49% in 2025 compared with 2024. This improvement reflects lower operating expenses and various non-cash gains, although overall cash still decreased significantly due to the company’s small starting balance and limited scale.

What does Arcadia Biosciences say about future shareholder dilution risks?

Arcadia notes it may seek additional funds through equity or debt financings or transactions involving its assets. It cautions that any sale of additional equity securities could result in dilution to existing stockholders, depending on the size and terms of potential future capital raises.

Filing Exhibits & Attachments

3 documents

Press Releases

• EX-99.1 EX-99.1 56.2 KB
• EX-99.2 EX-99.2 376.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 24.3 KB