10-Q · May 14, 2026
Arcadia Biosciences (RKDA) reported a revenue decrease of 8% in Q4 2026 to $1.1 million, with a substantial net loss of $4.4 million. These results were marked by increased operational challenges, highlighted by a…
Earnings analysis · 10-Q
RKDA earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Q2 revenue declined 1% year over year to $1.443 million, and gross margin was negative 4.8%, although SG&A fell 47% and the operating loss was broadly stable at $496,000. Six-month operating cash burn improved to $1.418…
Read full summary
Q2 revenue declined 1% year over year to $1.443 million, and gross margin was negative 4.8%, although SG&A fell 47% and the operating loss was broadly stable at $496,000. Six-month operating cash burn improved to $1.418 million, but the company remains dependent on financing after reporting $4.178 million of cash and substantial doubt about its ability to continue as a going concern. New and expanded Nasdaq compliance risks, including an MVLS below $5 million and a bid-price deficiency through February 1, 2027, further threaten access to capital.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.09
- Gross margin
- -4.8%
- Operating margin
- -34.4%
- Segment
- Zola coconut water: $1.443 million of Q2 2026 revenue, down $12,000, or 1%, year over year; the company has one operating and reportable segment.
What stood out
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Revenue decline was modest
Q2 revenue was $1.443 million, down $12,000, or 1%, year over year. Management attributed the decline to lower sales volumes, low inventory and longer-than-expected shipping times.
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SG&A expense declined sharply
Selling, general and administrative expense fell $996,000, or 47%, to $1.127 million from $2.123 million, primarily because of the absence of M&A expenses and lower employee costs.
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Operating loss was broadly stable
Loss from continuing operations improved slightly to $496,000 from $501,000 year over year, despite gross profit remaining negative at $(69,000), or approximately negative 4.8% of revenue.
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Cash burn improved with financing
Six-month operating cash use improved to $1.418 million from $3.621 million. Financing activities provided $5.337 million, including $4.0 million of gross June PIPE proceeds and $2.1 million from the January inducement offer.
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Positive working capital remained
Cash and cash equivalents were $4.178 million at June 30, 2026, compared with $4.304 million of short-term investments at December 31, 2025. Working capital remained positive at $4.093 million.
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Potential tariff relief emerged
The company received $169,000 of refunds in July 2026 related to previously paid IEEPA tariffs. Pure coconut water represented approximately 85% of Zola net sales in 2025 and may qualify for a zero-percent reciprocal tariff rate under the preliminary framework described by management.
What to watch
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Going-concern funding shortfall
Management states that $4.178 million of cash will not cover anticipated requirements for at least the next 12 months, creating substantial doubt about going-concern status. The company reported a six-month net loss of $10.651 million and says it may need additional debt or equity financing.
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Nasdaq listing compliance risk
The filing adds an expanded Nasdaq listing risk: the company's MVLS as of August 13, 2026 was less than the proposed $5 million minimum. In addition, Nasdaq notified the company on August 4 that its bid price had been below $1.00 for 30 consecutive business days, with an initial compliance deadline of February 1, 2027.
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AFII asset may provide no liquidity
The company holds approximately 2.7 million restricted AFII shares, whose fair value was $0 at June 30, 2026. AFII's Nasdaq securities were delisted and began trading over the counter, while the timing and amount of any proceeds remain uncertain.
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Costly financing and dilution
The June 2026 PIPE generated only $4.0 million of gross proceeds but produced a $5.423 million valuation loss because the fair value of issued instruments exceeded proceeds. The financing also resulted in $651,000 of Q2 issuance and offering costs.
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Material weaknesses persist
The company identified material weaknesses in financial reporting controls related to insufficient segregation of duties and insufficient information-system controls. Management cites reduced headcount and states that these risks may continue; the controls were not effective at June 30, 2026.
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Demand, tariffs and inventory risk
Six-month revenue declined 4% to $2.543 million, while cost of revenues increased $6,000 because of tariffs. Inventory was $1.212 million at June 30, and management warns that changes in demand or market conditions could require material inventory write-downs.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q. Management states that existing cash of $4.2 million will not be sufficient for anticipated cash requirements for at least the next 12 months and that additional funding will be required.
Earlier filings 4
10-K · April 30, 2026
Arcadia Biosciences, Inc. posted a notable decline in both revenue and EPS for the fiscal year ended December 31, 2025. Revenue dropped to $901,000 with a gross margin of 21.3%, and the company reported an EPS of -0.98,…
10-K · March 26, 2026
Arcadia has pivoted to consumer beverages (Zola) and monetized much of its agronomic IP (sold RS trait for $4.0M and GoodWheat for $3.7M) but remains a small, cash‑stressed company. The company reported a net loss of…
10-Q · August 14, 2025
Arcadia reported Q2 2025 product revenue of $1,455,000, up $149,000 (+11.4%) versus $1,306,000 in Q2 2024 and up $255,000 (+21.3%) versus Q1 2025 (implied). Gross margin was 43.4% while operating income turned to a loss…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.