Arcadia Biosciences (NASDAQ: RKDA) reported Q2 EPS of ($1.04), $0.45 worse than the analyst estimate of ($0.59).

"Amidst an incredibly challenging economic landscape, I am pleased to report Arcadia has achieved a number of key milestones across each of the crop product areas in which we innovate: hemp, wheat and soy," said Matthew Plavan, president and CEO of Arcadia Biosciences. "In light of the persistent overhang of this pandemic on the markets, and the impact on our ability to forecast our business with reliable precision, we believe it prudent to provide more generalized versus specific revenue guidance. Notwithstanding these risks, we believe our recently announced multiple GoodWheatTM distribution arrangements, in both B2B and B2C channels, and the conversion of our $3.7M GoodHempTM seed purchase backlog to grower seed shipments during the balance of the year, will drive a strong revenue finish for 2020.

"Furthermore, against the buffeting of COVID-19 headwinds, we strengthened our cash position by $9 million during the first half of the year through warrant exchanges, which are less dilutive to shareholders than traditional financings that feature warrant coverage," continued Plavan. "We believe the probability that these headwinds will largely dissipate by 2021 is reasonably positive. If so, we see the fundamentals of our business as ever-strengthening, and that our GoodWheat, GoodHemp, Hawaiian CBD and HB4® soybean businesses unrestrained portend for a very positive financial performance in 2021, and the prospect of reaching quarterly profitability by year's end remains realistic."

For earnings history and earnings-related data on Arcadia Biosciences (RKDA) click here.