Arcadia Biosciences (RKDA) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $1.44M, down 1% year-over-year, with a net loss of $6.3M, up 41% from Q2 2025, driven by non-cash losses and financing-related charges.

• Zola coconut water remains the sole product line, with sales impacted by low inventory and shipping delays, but July sales exceeded $740K and surpassed $1M in early August.

• Significant non-recurring losses included a $5.4M valuation loss on the June 2026 PIPE, a $2.9M loss on the January 2026 Inducement Offer, and a $2.8M unrealized loss on Above Food stock.

• SG&A expenses declined by $1M year-over-year to an all-time low in Q2 2026.

• The company faces substantial doubt about its ability to continue as a going concern due to limited cash and ongoing losses.

Financial highlights

• Q2 2026 revenue: $1.44M (down 1% YoY); six-month revenue: $2.54M (down 4% YoY).

• Net loss for Q2 2026: $6.3M (vs. $4.5M in Q2 2025); six-month net loss: $10.7M (vs. $1.9M in 2025).

• Gross margin remained stable as cost of revenues decreased in line with sales.

• Cash and cash equivalents at June 30, 2026: $4.2M.

• Working capital surplus at June 30, 2026: $4.1M.

Outlook and guidance

• Management expects continued uncertainty regarding tariffs, supply chain, and liquidity.

• Additional funding is required to support ongoing operations; strategic alternatives are being evaluated.

• Zola is expected to accelerate growth with new product launches, including a 1-liter espresso in Q4 2026 and three additional products in H1 2027.

• Pre-launch commitments secured from the two largest customers for the new espresso product.

• No guidance provided for future revenues or profitability.