Arcadia Biosciences, Inc. (RKDA): Business Model Canvas [Dec-2025 Updated]

You're looking at Arcadia Biosciences, Inc. (RKDA) right now, and honestly, it's a company in a full-blown turnaround-it's no longer just a biotech play, but a pure-play consumer wellness story centered on Zola coconut water. We're seeing a tight cash position, with only about $1.1 million on hand as of Q3 2025, balanced against a 26% year-to-date sales growth for Zola, but you also have to factor in that big $4.7 million credit loss from the Above Food note receivable. This whole structure is hanging on the successful close of the Roosevelt Resources business combination. It's a high-stakes pivot. Dive into the full Business Model Canvas below to see exactly how Arcadia Biosciences, Inc. (RKDA) is structuring its key activities and revenue streams to survive this transition.

Arcadia Biosciences, Inc. (RKDA) - Canvas Business Model: Key Partnerships

The Key Partnerships for Arcadia Biosciences, Inc. center on the strategic divestiture of legacy assets and the pending corporate transformation, alongside the continued scaling of its core Zola coconut water business.

Roosevelt Resources LP for pending all-stock business combination

The definitive securities exchange agreement with Roosevelt Resources LP, announced December 4, 2024, dictates a combination where Arcadia Biosciences, Inc. will issue shares to Roosevelt partners in exchange for all equity interests in Roosevelt. As of the third quarter of 2025, this transaction remains in progress, facing timing uncertainty due to external factors like a government shutdown. The structure, as amended, sets a fixed equity share ratio post-closing, resulting in the current equity owners of Roosevelt and the existing Arcadia stockholders owning approximately 90% and 10%, respectively, of the combined entity's outstanding shares.

Above Food Ingredients Inc. (ABVE) as a stock-holding partner from the GoodWheat sale

The sale of the GoodWheat brand to Above Food Corp. was finalized in May 2024 for a net consideration of $4 million, structured partly as a promissory note with a principal amount of $6 million. Arcadia Biosciences, Inc. continues to hold an equity stake in Above Food Ingredients Inc. (ABVE) as a form of repayment. As of the third quarter of 2025, Arcadia Biosciences, Inc. owns 2.7 million shares of ABVE common stock, which satisfied a $2 million installment payment obligation under the note. The unrealized gain on this ABVE common stock contributed $1.7 million to other income in the third quarter of 2025, improving net income attributable to common stockholders by that amount compared to Q3 2024. Arcadia believes approximately 800,000 shares related to the stock election notice remain issuable as of May 2025.

Retail distribution partners for Zola coconut water expansion

The focus on Zola coconut water has driven significant growth through expanded retail partnerships. In 2024, Zola's retail distribution expanded by 86%, adding over 1,600 new stores. This momentum carried into 2025, with distribution growing 70% year-over-year in the first quarter. This increased footprint resulted in Zola year-to-date revenues increasing 26% for the first nine months of 2025 compared to the same period in 2024. For the first quarter of 2025 specifically, Zola sales increased 90% year-over-year.

Financial and legal advisors for the complex merger and asset sales

The strategic transactions required engagement with several external professional service providers.

• Lake Street Capital Markets served as exclusive financial advisor for the Roosevelt Resources LP business combination.
• C. Kevin Kelso of Weintraub Tobin served as legal advisor to Arcadia Biosciences, Inc. for the Roosevelt Resources LP merger.
• Northland Securities, Inc. acted as the fairness opinion provider to Arcadia Biosciences, Inc. for the merger, receiving $250,000.
• Lake Street Capital Markets also served as exclusive financial advisor to Arcadia Biosciences, Inc. for the GoodWheat brand sale to Above Food Corp.

Third-party manufacturers for Zola product production

While specific third-party manufacturing partners aren't named, the scaling of Zola production is reflected in the cost of revenues figures. The cost of revenues for Zola coconut water increased substantially as unit sales grew.

• Zola cost of revenues increased by 45% (or $211,000) in Q1 2025 compared to Q1 2024.
• Zola cost of revenues increased by 33% (or $204,000) in Q2 2025 compared to Q2 2024.

Arcadia Biosciences, Inc. (RKDA) - Canvas Business Model: Key Activities

You're looking at the core actions Arcadia Biosciences, Inc. (RKDA) is taking to execute its strategy as of late 2025. This is about the day-to-day and strategic moves that keep the lights on and drive the future direction, especially as they navigate the pending corporate transition.

Expanding Zola coconut water retail distribution and sales volume

The focus is clearly on Zola coconut water as the primary revenue driver for continuing operations. For the first nine months of 2025, Zola revenues saw a significant lift, increasing by $820,000, which translates to a 26% growth compared to the same nine-month period in 2024. This growth is directly tied to expanding where the product is sold. You should note that Q3 2025 revenues for Zola were flat year-over-year, as the company was overlapping a large, one-time initial sell-in from Q3 2024, which provided an incremental $165,000 in sales that quarter. Still, the overall trend is positive, with Q2 2025 Zola revenues up 24% year-over-year. The foundation for this was laid in 2024 when retail distribution for Zola expanded by 86%, adding over 1,600 new stores.

Here's a snapshot of the Zola performance leading into Q4 2025:

Executing the business combination with Roosevelt Resources

Arcadia Biosciences, Inc. is actively working to close the all-stock business combination with Roosevelt Resources, LP, which was initially announced in December 2024. The structure of this combination dictates a significant shift in ownership. Following the closing, the current equity owners of Roosevelt are expected to own approximately 90% of the outstanding shares of Arcadia, while existing Arcadia shareholders are anticipated to hold about 10%, subject to adjustments. The anticipated timeline for this exchange transaction has been extended, and as of late 2025, the timing remains uncertain due to external factors like the ongoing federal government shutdown. An amendment to the exchange agreement did, however, provide greater certainty by establishing a fixed equity share ratio of 90%/10%. Roosevelt's primary asset is a carbon capture utilization and storage (CCUS) project, with estimated development costs through 2025 in the range of $125 million.

Streamlining operations and reducing Selling, General, and Administrative (SG&A) costs

Cost control is a major activity, resulting in SG&A expenses hitting what the company described as an all-time low as of the third quarter of 2025. This streamlining is essential given the company's cash position. For the third quarter of 2025, SG&A expenses decreased by $671,000 compared to Q3 2024. Looking at the first nine months of 2025, the reduction was $1.6 million year-over-year. To give you a clearer picture from earlier in the year, Q1 2025 SG&A was $1.7 million, marking a 16% decrease from the $2.1 million reported in Q1 2024.

• SG&A reduction for the first nine months of 2025: $1.6 million decrease vs. 2024.
• Q1 2025 SG&A expense: $1.7 million.
• Q1 2024 SG&A expense: $2.1 million.

Monetizing legacy intellectual property (IP) and non-core assets

Arcadia Biosciences, Inc. has been actively working to exit its legacy AgTech business by selling off assets. A key move in 2025 involved an agreement with Bioceres, effective March 28, 2025. Through this, Arcadia received $750,000 in cash and regained rights to certain soy patents. In exchange, Arcadia transferred its granted patents and applications for reduced gluten and oxidative stability, and eliminated all future royalties. This IP monetization activity resulted in a $750,000 gain on sale recognized in Q1 2025, and it also led to the elimination of a $1 million contingent liability on the balance sheet. This follows the 2024 monetization of the Resistant Starch (RS) Durum trait to Corteva Agriscience, which provided a $4.0 million one-time payment.

Managing the $4.7 million credit loss on the ABVE promissory note

A significant financial activity involved managing the note receivable from Above Food Ingredients Inc. (ABVE), which stemmed from the 2024 sale of the GoodWheat assets. The first payment of principal and accrued interest under the $6.0 million promissory note was due on May 14, 2025, and was not paid. Consequently, as of September 30, 2025, Arcadia recognized a credit loss of $4.7 million for the remaining outstanding principal, accrued interest, and other related receivables after accounting for the stock election. Before this, on May 1, 2025, Arcadia exercised a stock election option to satisfy the final $2 million installment obligation. In June 2025, ABVE issued approximately 2.7 million shares to Arcadia as partial satisfaction, with the company believing approximately 800,000 shares related to the stock election notice remain issuable.

The financial impact of this note management was substantial for the nine-month period ending September 30, 2025.

Arcadia Biosciences, Inc. (RKDA) - Canvas Business Model: Key Resources

You're looking at the core assets Arcadia Biosciences, Inc. (RKDA) is relying on right now to drive value. It's a mix of consumer brand equity, financial holdings, and intellectual property, all supported by a tight cost structure. Here's the quick math on what they hold as of late 2025, based on their Q3 reporting.

The Zola® Coconut Water Brand and Distribution

The Zola® brand is a major physical asset, showing real traction in the market. You saw Zola coconut water revenues grow 26% year-to-date through the first nine months of 2025. This growth is directly tied to expanding its footprint. To give you context on that network build-out, Zola's retail distribution expanded by 86% in 2024, adding over 1,600 new stores. By Q1 2025, distribution had grown 70% year-over-year. The expectation was that the momentum from this late 2024 distribution addition would carry through the rest of 2025.

Financial Position and Equity Stakes

Financially, things are lean but managed. Arcadia Biosciences, Inc. reported a cash balance of approximately $1.1 million as of the end of Q3 2025, which followed a quarterly decline of $257K. This cash position supports the ongoing operations while they work through other asset monetization. A key non-cash asset is the equity holding in Above Food Ingredients Inc. (ABVE). Arcadia continues to hold 2.7 million shares of ABVE stock. This holding is a partial repayment from the $6 million principal amount of the note receivable tied to the 2024 sale of GoodWheat™ assets. Honestly, the market is watching to see the resolution on the remaining balance of that note, as a $4.7 million credit loss was recognized in Q3 2025 related to the outstanding principal and interest after the stock election fulfillment.

Proprietary Intellectual Property and Operational Efficiency

The proprietary non-GMO wheat IP remains a potential future revenue driver, though monetization has been piecemeal rather than a single large licensing deal. While the company is pursuing other crop licensing and royalty streams, they did realize specific gains from IP transfers in 2025. For instance, a $2.8 million gain was recognized in 2025 related to an agreement with Bioceres Crop Solutions Corp for rights to reduced gluten and oxidative stability patents, plus another agreement with Bioseed Research India to terminate a license. Earlier in the year, select patents were sold for $750,000 in Q1 2025.

The operational structure is definitely lean. SG&A expenses (Selling, General, and Administrative) are reported at an all-time low. This cost discipline is evident across the quarters:

This focus on cost control helps support the consistent gross margin performance, which has exceeded 30% for eleven consecutive quarters as of Q3 2025.

Key components supporting the current operations include:

• The established distribution network for the Zola® brand.
• Cash on hand of approximately $1.1 million as of September 30, 2025.
• Ownership of 2.7 million shares in Above Food Ingredients Inc..
• Proprietary non-GMO wheat intellectual property with recent monetization events totaling at least $3.55 million in recognized gains/sales in 2025 (from $2.8M gain + $0.75M sale).
• Operating expenses managed to an all-time low for SG&A.

Finance: draft 13-week cash view by Friday.

Arcadia Biosciences, Inc. (RKDA) - Canvas Business Model: Value Propositions

You're looking at Arcadia Biosciences, Inc. (RKDA) and seeing a clear value proposition centered on high-growth consumer wellness brands supported by a foundation of operational discipline. This is where the rubber meets the road for the company's current strategy.

High-growth, better-for-you consumer product in Zola coconut water

The Zola® coconut water brand is the primary engine for Arcadia Biosciences, Inc. (RKDA) right now. For the first nine months of 2025, the company's total revenue of $3.96 million consisted entirely of Zola coconut water sales. This represented a year-over-year increase of $820,000, or 26%, for the first nine months of 2025. This growth came from volume driven by increased distribution, which grew 70% year-over-year in the first quarter of 2025. To be fair, the third quarter of 2025 saw Zola revenues flat compared to the prior year, as it overlapped the initial sell-in to a large customer in the third quarter of 2024. Still, the year-to-date performance shows a strong consumer pull.

Consistent operational efficiency with gross margins exceeding 30%

Arcadia Biosciences, Inc. (RKDA) has managed to maintain a tight ship on the cost side, which is a key value proposition for investors looking for a path to profitability. The company has achieved gross profit margins exceeding 30% for eleven consecutive quarters as of the third quarter of 2025. Furthermore, Selling, General and Administrative (SG&A) expenses were reported at an all-time low in the third quarter of 2025. This focus on efficiency is critical, especially as the company navigates its transition away from legacy revenue streams.

Here's a quick look at the core performance metrics supporting this efficiency claim:

Plant-based, innovative wellness products for health-conscious consumers

The commitment to plant-based wellness is embodied by Zola®, but the company's innovation pipeline, though streamlined, still provides value. Arcadia Biosciences, Inc. (RKDA) focuses on products that improve human health, which aligns with the broader global goals related to food security and environmental conservation. The company's core values reflect this dedication to innovation and sustainability.

• Focus on plant-based, innovative wellness.
• Zola® sales growth driven by volume, not price increases in 2024 or 2025.
• Net income attributable to common stockholders for Q1 2025 was $2.6 million.

Non-GMO, proprietary wheat grain technology (licensed to Above Food)

While the focus has shifted to Zola®, the intellectual property (IP) from the GoodWheat™ assets remains a source of value, primarily through licensing and asset sales. Arcadia Biosciences, Inc. (RKDA) continues to hold equity in Above Food Corp. following the sale of the GoodWheat™ brand. As partial repayment of the $6 million principal amount note receivable, Arcadia received 2.7 million shares of Above Food Ingredients Inc. stock. Furthermore, the company recognized a $2.8 million gain in the first nine months of 2025 related to the agreement with Bioceres Crop Solutions Corp to transfer rights for reduced gluten and oxidative stability patents. You should note, however, that the company recognized a significant $4.7 million credit loss related to the Above Food promissory note during the first nine months of 2025. Finance: draft 13-week cash view by Friday.

Arcadia Biosciences, Inc. (RKDA) - Canvas Business Model: Customer Relationships

You're looking at how Arcadia Biosciences, Inc. (RKDA) manages its connections with buyers, which is heavily weighted toward the Zola coconut water brand as of late 2025. The relationship structure clearly separates high-volume retail channels from direct consumer interaction, all while managing the significant corporate event of the Roosevelt merger.

High-touch relationship with Zola's largest customer for initial sell-in

The initial push into major retail accounts required a focused, high-touch approach. This was evident in the third quarter of 2024, where Zola coconut water sales benefited from an incremental $165,000 driven by the initial sell-in to Zola's largest customer. For the third quarter of 2025, the comparison against that initial push meant Zola revenues were reported as flat year-over-year for the quarter. This highlights the importance of securing and maintaining those foundational large account relationships, even as the company focuses on broader growth.

Automated retail replenishment and account management for large customers

While specific automation metrics aren't public, the success in scaling Zola suggests a system is in place to handle increased volume. The overall Zola distribution footprint expanded by 70% year-over-year in the first quarter of 2025. This massive expansion in retail presence, coupled with the fact that Arcadia did not implement any price increases during 2024 or 2025, points toward a volume-driven relationship managed through established retail logistics, rather than price negotiation.

Direct-to-consumer engagement via digital and social media channels

Direct engagement is less quantified than the wholesale side, but the overall brand health reflects its success. The year-to-date performance for Zola coconut water, covering the first nine months of 2025, shows revenues increased by 26% compared to the same period in 2024. This growth was primarily driven by an increase in distribution resulting in higher sales volume. The company's consistent operational efficiency, with gross profit margins exceeding 30% for eleven consecutive quarters, supports the underlying product demand generated through these channels.

Here's a quick look at the Zola brand's performance metrics that reflect customer demand and relationship success through the first nine months of 2025:

Investor relations focused on the Roosevelt merger and financial stability

Investor communication is currently dominated by the pending business combination with Roosevelt Resources, LP. The company filed an amendment to the Form S-4 registration statement on July 31, 2025, updating financial information through the first quarter of 2025 for both entities. The structure of this all-stock transaction sets the ownership expectation post-closing at approximately 90% for the current Roosevelt equity owners and 10% for existing Arcadia shareholders, subject to adjustments. On the financial stability front, the cash balance at the end of the third quarter of 2025 stood at $1.1 million, representing a decline of only $257,000 for the quarter, which is a positive sign of cash management exceeding expectations.

Key focus areas for investor confidence include:

• Gross profit margins exceeding 30% for 11 straight quarters.
• Selling, General, and Administrative (SG&A) expenses at an all-time low.
• Net income attributable to common stockholders of $856,000 in Q3 2025.
• Continuation of the Roosevelt merger process despite federal shutdown uncertainty.

Arcadia Biosciences, Inc. (RKDA) - Canvas Business Model: Channels

You're looking at how Arcadia Biosciences, Inc. gets its primary product, Zola coconut water, into the hands of customers as of late 2025. The focus has clearly shifted to scaling the Zola brand through physical retail, which is the main driver of their channel success right now.

Traditional grocery and retail chains for Zola product placement

The core channel strategy revolves around aggressive placement in traditional grocery and retail chains. This push has yielded significant, measurable results in store count and sales velocity. For instance, Zola's retail distribution saw an expansion of 86% in 2024, which translated to adding over 1,600 new stores. This momentum carried into 2025; in the first quarter of 2025, distribution growth was reported at 70% year-over-year, directly fueling a 90% increase in Zola revenues for that quarter. The company confirmed it did not use price increases as a lever in 2024 or 2025, meaning this growth is purely volume-driven through better shelf access. The strategy is about maximizing physical footprint.

E-commerce platforms for direct-to-consumer sales

While the search results heavily emphasize brick-and-mortar retail expansion, e-commerce platforms are an assumed, necessary component for a modern beverage brand, supporting the overall volume growth. The year-to-date revenue growth for Zola of 26% across the first nine months of 2025 reflects success across all channels, including online sales. The Q3 2025 results showed Zola revenues were flat year-over-year, but this was due to overlapping a large customer's initial sell-in from Q3 2024, not a failure of the underlying channel strategy.

Third-party distributors and brokers for national retail reach

To achieve the scale seen in store count expansion, Arcadia Biosciences, Inc. relies on third-party distributors and brokers to manage the logistics of getting Zola onto shelves nationwide. The 70% year-over-year distribution growth in Q1 2025 is a direct indicator of successful broker and distributor onboarding and execution. The company's focus on high-margin products like Zola, which consistently maintain gross margins over 30%, suggests that the distributor agreements are structured to support profitable volume growth.

Here's a quick look at how the key product channel metrics stacked up:

SEC filings and investor calls for capital market communication

Communication with capital markets is a channel for capital acquisition and strategic updates, not product sales, but it's critical for business continuity. Arcadia Biosciences, Inc. actively uses SEC filings to formalize these communications. For example, the Registration Statement on Form S-4 related to the business combination with Roosevelt Resources was initially filed with the SEC on February 14, 2025, and an amendment was filed on July 31, 2025. Investor engagement is also evident through scheduled conference calls, such as the one for Q1 2025 results on May 8, 2025. The company ended 2024 with $4.2 million in cash, and by Q3 2025, the cash balance was $1.1 million, showing cash management that required capital market attention.

Key communication milestones included:

• Filing of Form S-4 Registration Statement: February 14, 2025.
• Q1 2025 Results Conference Call: May 8, 2025.
• Sale of select patents for $750,000 announced in Q1 2025.
• Filing of pre-effective amendment to Form S-4: July 31, 2025.
• Q3 2025 Financial Results reported on November 7, 2025.

Arcadia Biosciences, Inc. (RKDA) - Canvas Business Model: Customer Segments

You're looking at Arcadia Biosciences, Inc. (RKDA) and seeing a company in a sharp pivot, moving away from its agricultural biotech roots toward a consumer wellness focus. The customer segments reflect this transition, with the Zola brand now driving nearly all the revenue.

Health and wellness-focused consumers seeking plant-based beverages

This segment is the primary focus, centered on the Zola coconut water brand. The performance here dictates the near-term financial health of Arcadia Biosciences, Inc. (RKDA).

• Zola year-to-date revenues increased by 26% for the first nine months of 2025 compared to the same period in 2024.
• The dollar increase in Zola revenue year-to-date (first nine months of 2025) was $820,000.
• Zola Q1 2025 revenue showed a 90% year-over-year increase.
• Zola Q2 2025 revenue grew 24% year-over-year.
• Zola Q3 2025 revenues were flat year-over-year.
• The company has maintained gross profit margins exceeding 30% for eleven consecutive quarters as of Q3 2025.
• No price increases were implemented by Arcadia Biosciences, Inc. (RKDA) during 2024 or 2025.
• Total revenue for the first nine months of 2025 was $3.96 million, consisting entirely of Zola coconut water sales.
• Total revenue for Q3 2025 was $1.302 million.

Large national and regional grocery retailers and distributors

These partners are the essential conduit to the health and wellness consumers. Their stocking decisions directly impact Zola's sales volume.

• Zola's year-to-date growth in 2025 was primarily driven by an increase in distribution.
• As of Q1 2025, Zola distribution had grown 70% year-over-year.
• Retail distribution for Zola nearly doubled in 2024.
• The Q3 2024 sales included an incremental $165,000 from the initial sell-in to a large customer, which created a tough comparison for Q3 2025.

Institutional and individual investors focused on turnaround plays

This segment views Arcadia Biosciences, Inc. (RKDA) through the lens of its corporate restructuring and the pending business combination, which is a major factor in investor sentiment.

The pending business combination with Roosevelt Resources is still in progress, with an amended exchange agreement filed in July 2025.

Strategic partners interested in agricultural biotechnology IP

This segment relates to the monetization and wind-down of legacy agricultural assets, which provided non-recurring revenue and gains in prior periods.

• GLA oil sales, which were present in 2024, were absent in the first nine months of 2025.
• GLA oil sales in the first nine months of 2024 totaled $701,000.
• GLA oil sales in Q3 2024 totaled $217,000.
• Arcadia Biosciences, Inc. (RKDA) sold select patents for $750,000 in March 2025.
• A $2.8 million gain was recognized in 2025 from an agreement with Bioceres Crop Solutions Corp regarding reduced gluten and oxidative stability patents.
• A $4.0 million gain occurred in 2024 from the sale of RS durum wheat patents to Corteva.
• The company eliminated $1 million in contingent liabilities year-to-date Q2 2025 via an agreement with Bioseed Research India.

Arcadia Biosciences, Inc. (RKDA) - Canvas Business Model: Cost Structure

Cost of revenues, primarily for Zola product manufacturing and logistics

For the first nine months of 2025, Cost of revenues increased by $253,000, representing a 12% rise compared to the same period in 2024, mainly due to Zola coconut water costs.

Specifically for Zola, the cost of revenues for the first nine months of 2025 grew by $472,000, which is a 25% increase, directly linked to the 26% growth in Zola sales year-to-date.

Looking at the quarterly progression:

• Cost of revenues for the first quarter of 2025 rose by $211,000, or 45%, entirely from Zola product costs.
• Zola cost of revenues in the first quarter of 2025 increased by $244,000, or 56%.
• In the second quarter of 2025, Cost of revenues increased $191,000, or 30%, consisting only of Zola coconut water costs.
• Zola cost of revenues grew $204,000, or 33%, in the second quarter of 2025.

For context, the total cost of revenues for the full year 2024 was $3 million.

Selling, General, and Administrative (SG&A) expenses, reduced by $1.6 million year-to-date Q3 2025

Arcadia Biosciences, Inc. achieved a significant reduction in overhead. SG&A expenses decreased by $1.6 million for the first nine months of 2025 when compared to the same nine-month period in 2024.

This reduction was $671,000 just in the third quarter of 2025.

The decrease in SG&A for the first quarter of 2025 alone was $324,000, or 16%.

The full-year 2024 SG&A expenses totaled $9.6 million.

Transaction-related costs for the Roosevelt Resources business combination

Costs associated with the strategic transactions appeared in prior periods, influencing the current period's expense comparison. For instance, SG&A expenses for the fourth quarter of 2024 included $700,000 in transaction-related costs.

Total transaction-related costs recorded in the full year 2024, covering the GoodWheat asset sale and the pending Roosevelt Resources transaction, amounted to $2.0 million.

More recently, the CEO noted almost $700,000 in transaction fees during the second quarter of 2025.

Significant non-cash credit loss of $4.7 million on the Above Food note receivable

A major non-cash impact on the cost structure for the first nine months of 2025 was the $4.7 million credit loss recognized related to the note receivable from Above Food.

This loss was heavily weighted in the second quarter of 2025, where a $4.5 million credit loss was established as a reserve for the outstanding principal, accrued interest, and related receivables after the stock election fulfillment.

Employee-related costs for a streamlined corporate team

The year-over-year improvement in SG&A for the first nine months of 2025 was primarily attributed to the absence of certain 2024 expenses.

The reduction was driven by:

• Operating costs present in 2024 but absent in 2025.
• Employee related costs in 2024 that were not incurred in 2025, reflecting the streamlined corporate team.

Here is a snapshot of key financial movements impacting the cost structure for the first nine months of 2025 compared to the first nine months of 2024 (amounts in thousands, unless noted):

Arcadia Biosciences, Inc. (RKDA) - Canvas Business Model: Revenue Streams

You're looking at how Arcadia Biosciences, Inc. is bringing in money as of late 2025, which is heavily focused on the Zola® brand now that legacy businesses are largely exited. The revenue picture is a mix of product sales and one-time asset monetization events.

The Trailing Twelve Months (TTM) total revenue for Arcadia Biosciences, Inc. stands at approximately $5.17 million USD as of the latest reports. For the third quarter of 2025 alone, revenue was reported at $1.3 million.

The primary driver for product revenue is Zola® coconut water. For the first nine months of 2025, Zola® year-to-date revenues showed strong growth, increasing by 26% year-over-year. This growth helped offset the absence of sales from discontinued product lines, such as GLA oil, which generated $701,000 in the first nine months of 2024.

Monetization of intellectual property (IP) provided significant, non-recurring income. In the first quarter of 2025, Arcadia Biosciences, Inc. completed a sale of select patents for $750,000. Furthermore, for the first nine months of 2025, the company recognized a gain of $2.8 million related to an agreement with Bioceres Crop Solutions Corp to transfer rights for reduced gluten and oxidative stability patents.

Non-operating income from investments also contributed materially to the bottom line. Specifically, in the third quarter of 2025, Arcadia Biosciences, Inc. recognized an unrealized gain of $1.7 million on its holding of Above Food Ingredients Inc. common stock. This stock was received as partial repayment of the note receivable from the prior sale of the GoodWheatTM assets.

The company still retains potential for future revenue from its legacy IP, though specific amounts are not currently realized or guaranteed. This is the area where past licensing and trait sales occurred, such as the $4 million one-time payment from Corteva Agriscience for the Resistant Starch Durum trait in 2024.

Here's a quick look at the key components contributing to the revenue picture:

The current revenue focus is clearly on scaling the Zola® brand, which is the sole product line now generating sales revenue. The IP monetization and stock gains are important for cash flow but are not sustainable, recurring revenue streams in the same way product sales are.

You should track the Q4 2025 results closely to see if the Zola® growth rate holds up against the prior year's large customer sell-in benefit.

• Zola® is the primary product revenue source.
• Legacy IP monetization provided one-time cash events.
• Unrealized gains on equity holdings impact reported income.
• No price increases were implemented during 2024 or 2025.

Finance: draft 13-week cash view by Friday.