RiceBran Technologies (RIBT) Tops Q1 EPS by 1c

RiceBran Technologies (NASDAQ: RIBT) reported Q1 EPS of ($0.11), $0.01 better than the analyst estimate of ($0.12). Revenue for the quarter came in at $3.55 million versus the consensus estimate of $3.45 million.

Business Highlights:

• Revenue in the first quarter totaled $3.55 million, in line with our previous guidance. Net loss of $(1.9) million and adjusted EBITDA of $(1.4) million was also similar to our internal modeling as the Company accelerated efforts to grow sales and achieve SQF certification throughout our system footprint.
• We received $1.76 million of proceeds from warrant exercises during the quarter, which helped to significantly offset cash burn from operations and slightly increase shareholders\' equity. Subsequent to the end of the quarter we received proceeds from additional warrant exercises that further improved working capital.
• The Company has seen revenue accelerate to favorable levels thus far in the second quarter, but it should be noted that the Delta region is experiencing low milling volumes due to last year\'s small crop that may limit our growth trajectory in the quarter and is expected to have a negative impact on second quarter EBITDA due to higher transportation and logistics costs associated with a greater mix of our production being sourced in California instead of the Delta region.
• We are excited by the anticipated growth in our sales pipeline and are working to add additional production capacity to our system to meet expected growth this year and next.
• The Company is maintaining revenue guidance of $16 million for the full-year of 2018, and the aforementioned warrant exercises give us confidence that our balance sheet is adequately positioned to pursue our plans in 2018 and beyond.

For earnings history and earnings-related data on RiceBran Technologies (RIBT) click here.

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