Here are 1-2 brief analogies for Arcadia Biosciences (RKDA):

• Like **Bayer Crop Science**, but specialized in using plant biotechnology to develop healthier, nutritionally-enhanced food ingredients and crops.
• The **Impossible Foods** or **Beyond Meat** of plant-based ingredients, focused on developing the underlying science for healthier crops rather than finished consumer products.

• GoodWheat™: Proprietary wheat varieties engineered for enhanced nutritional and functional benefits, such as increased fiber, reduced gluten, and extended shelf life.
• Hemp-Derived CBD & Wellness Products: Consumer packaged goods, including body care items and tinctures, containing hemp-derived cannabidiol (CBD) for health and wellness applications.
• Hemp Seeds and Genetics: Development and sale of proprietary hemp seeds and genetic traits designed to optimize cultivation and ingredient production.

Arcadia Biosciences (symbol: RKDA) primarily sells its products and ingredients to other companies (Business-to-Business or B2B model).

According to Arcadia Biosciences' most recent Annual Report (10-K filing for the fiscal year ended December 31, 2023), no single customer accounted for 10% or more of the company's total revenues. As such, the company does not disclose specific "major customers" by name and symbol in its financial filings.

However, based on its product portfolio, particularly its focus on proprietary wheat varieties under the GoodWheat® brand, Arcadia Biosciences targets and serves the following categories of customers within the food and agriculture industries:

• Food Manufacturers: These companies incorporate Arcadia's specialized wheat ingredients (such as GoodWheat®, which is designed to offer benefits like higher fiber or reduced gluten components) into a wide range of consumer food products. This category includes producers of packaged goods, cereals, snacks, and pasta who seek to enhance the nutritional profile or market appeal of their offerings.
• Commercial Bakers: Large-scale bakeries that produce bread, rolls, and other baked goods for retail, foodservice, and institutional markets are customers for GoodWheat® flour. They utilize these ingredients to create differentiated products that can meet consumer demand for healthier or functionally specific baked goods.
• Flour Mills and Ingredient Processors: Businesses that process raw agricultural products, such as wheat grain, into various types of flour or other food ingredients. These customers would purchase GoodWheat® grain from Arcadia Biosciences, mill it, and then supply the processed flour or ingredients to food manufacturers, commercial bakers, or other food service providers.

• Grain Craft
• AgriLogic LLC

Thomas J. Schaefer, President & Chief Executive Officer

Thomas J. Schaefer was appointed Chief Executive Officer in July 2024, having previously served as Arcadia's Chief Financial Officer. He joined Arcadia in July 2020. Schaefer is an accomplished executive with over 20 years of experience in investments and corporate finance. He began his career as an equity research analyst and later worked at a Fortune 500 company, where he played a role in several acquisitions and divestitures. In 2013, he transitioned into consumer products, leading teams and developing long-range strategies for various industries, including vitamins and apparel. Before joining Arcadia, Schaefer served as the director of finance at Flavor Producers, a portfolio company owned by private equity firm GTCR.

Mark Kawakami, Chief Financial Officer

Mark Kawakami is Arcadia's Chief Financial Officer, a position he assumed in July 2024. He joined Arcadia in September 2021 as the Director of Finance and later served as Vice President of Finance. Kawakami brings over 20 years of finance and accounting experience to his role, with a background spanning convenience and retail grocery, food manufacturing, consumer packaged goods, and financial services. His experience includes various finance functions such as controllership, financial planning & analysis, and financial project management.

The clear emerging threat for Arcadia Biosciences (RKDA) is the rapid development and scaling of precision fermentation technology for the production of cannabinoids. Companies are increasingly investing in and demonstrating the ability to produce various cannabinoids (such as CBD, CBG, and rare cannabinoids) through microbial fermentation in bioreactors, rather than through traditional agricultural cultivation of hemp plants. This technology has the potential to offer significantly lower production costs, greater consistency, and higher purity compared to plant-based extraction, thereby directly threatening RKDA's business model and investments in hemp genetics and cultivation for cannabinoid markets.

Arcadia Biosciences (RKDA) operates in the agricultural biotechnology and plant-based health and wellness products sectors. The company's innovations, particularly in wheat and soybeans, contribute to several addressable markets. While the "GoodWheat" brand was sold in May 2024, Arcadia Biosciences retains intellectual property related to its wheat traits, which include enhanced fiber and resistant starch content. Additionally, the company has a joint venture focusing on HB4 soybeans and markets Zola coconut water.

The addressable markets for Arcadia Biosciences' main product areas are:

• Resistant Starch Market: The global resistant starch market size was approximately USD 12.84 billion in 2025 and is projected to reach around USD 22.85 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 6.61%. Other estimates place the global market at USD 12.07 billion in 2024, expected to reach nearly USD 19.72 billion by 2032 with a CAGR of 6.32%. Another source estimated the market at USD 12 billion in 2024, growing to USD 17 billion by 2031 with a CAGR of 4.10%. The Asia Pacific region held the largest share of the resistant starch market in 2024, while North America is expected to experience the fastest growth.

• Soluble Fiber Market: The global soluble fiber market size was valued at approximately USD 3.4 billion in 2024 and is projected to reach around USD 9.3 billion by 2034, demonstrating a CAGR of 10.6% from 2025 to 2034. Other reports indicate the global soluble fiber market was valued at USD 2.35 billion in 2024 and is expected to reach USD 4.18 billion by 2032, growing at a CAGR of 7.49%. North America dominated the global soluble fiber market in 2024, holding a 35.5% revenue share. Within North America, the U.S. market accounted for 78.3% of the share in 2024.

• Soybean Market: The global soybean market size was valued at USD 225.98 billion in 2025 and is anticipated to reach approximately USD 388.33 billion by 2034, growing at a CAGR of 6.20%. Another estimate valued the global soybean market at USD 193.10 billion in 2023, with a projection to reach USD 258.12 billion by 2030 at a CAGR of 4.4%. The Asia Pacific region held the largest share of the soybean market in both 2023 and 2024, contributing around 40.6% to 41% of the market.

• Coconut Water Market: The global coconut water market size was valued at USD 4.11 billion in 2024 and is expected to reach USD 16.51 billion by 2034, growing at a CAGR of 14.90% from 2025 to 2034. North America held the largest share of the market in 2024, with the U.S. being the major contributor to regional growth.

Here are 3 expected drivers of future revenue growth for Arcadia Biosciences (RKDA) over the next 2-3 years:

1. Expanded Distribution and Increased Sales Volume of Zola Coconut Water: Arcadia Biosciences' primary focus for revenue growth is its Zola coconut water brand. The company has consistently reported significant year-over-year increases in Zola sales and has aggressively expanded its retail distribution. Zola sales saw a 46% annual increase in 2024, with a 124% year-over-year rise in Q4 2024, and retail distribution expanded by 86%, adding over 1,600 new stores in 2024. This momentum from late 2024 is projected to continue into 2025, driven by the full-year contributions of this new distribution. Zola revenues increased 90% in Q1 2025 and 24% in Q2 2025, primarily due to increased distribution and higher sales volume. Year-to-date Zola revenues also grew 26% in Q3 2025, despite flat quarterly performance against a strong prior-year comparative period.
2. Introduction of New Zola Product Innovations and Flavors: Arcadia Biosciences is actively exploring new product introductions and longer-term innovation within the Zola brand. For instance, new pineapple and lime flavors of Zola began shipping in Q2 2024, indicating a strategy to diversify the product offering and appeal to a broader customer base, thereby contributing to future revenue growth.
3. Monetization of Wheat Intellectual Property (IP) Portfolio: The company is in advanced discussions regarding the monetization of its wheat intellectual property portfolio, with potential transactions anticipated to be announced in the first half of 2025. In Q1 2025, Arcadia already recognized a gain from selling select patents for $750,000, demonstrating a clear path to generating revenue from its IP assets. While one remaining patent is licensed to a third party potentially two years away from commercialization, it still represents a future revenue opportunity through royalties or other agreements.

• In December 2020, Arcadia Biosciences completed a registered direct offering of 2,618,658 shares of common stock at $3.055 per share, generating approximately $8.0 million in gross proceeds, intended for GoodWheat customer acquisition, brand and retail channel development, and general corporate costs. Additionally, warrants to purchase an equal number of shares were issued, with potential gross proceeds of approximately $7.86 million if fully exercised.
• The company executed a 1-for-40 reverse stock split on March 1, 2023.
• In August 2022 and March 2023, Arcadia Biosciences issued shares totaling 56,813 and 425,834, respectively, related to the exercise of pre-funded warrants.
• Arcadia Biosciences announced a business combination agreement with Roosevelt Resources, Inc. in December 2024, an all-stock transaction where current Roosevelt equity owners and Arcadia shareholders are expected to own approximately 90% and 10% of the combined entity's outstanding shares, respectively, upon closing.

• In June 2021, Arcadia Biosciences recognized a $10.2 million realized gain from the sale of corporate securities of Bioceres, contributing to a $10.1 million decrease in other net income in 2022 compared to 2021.

• Arcadia Biosciences reported capital expenditures of $0 for the last 12 months (as of November 2025).