Arcadia Biosciences Inc (NASDAQ: RKDA) is a company in the process of combining with Roosevelt Resources LP through an all-stock transaction announced December 4, 2024. The company has historically operated in agricultural biotechnology and retains assets including coconut water products sourced and processed in Thailand. Revenue sources have included product sales, licensing agreements, and note receivable proceeds, though Above Food defaulted on its Promissory Note obligations due May 14, 2025, creating material funding uncertainty. Cash used in operating activities was $4.7 million for the year ended December 31, 2025, down from $9.6 million for the year ended December 31, 2024. The company recorded a net loss of $2.3 million for the year ended December 31, 2025. As of March 19, 2026, the company had 36 holders of record of its common stock. Arcadia has never declared or paid cash dividends. CEO Kevin Comcowich also serves as Interim Chief Financial Officer as of the 10-K filing dated March 26, 2026.

Revenue model

Revenue has included product sales (coconut water), licensing and patent agreements, and proceeds from a promissory note tied to the sale of its GoodWheat business to Above Food. Above Food defaulted on the first installment due May 14, 2025. The company also received shares of Above Food Ingredients Inc (AFII) in partial satisfaction of obligations, generating an unrealized gain of $1.4 million for the year ended December 31, 2025.

Products and services

Coconut water products sourced and processed in Thailand, subject to a 19% U.S. reciprocal tariff on Thai goods effective August 7, 2025. GoodWheat is classified as discontinued operations as of December 31, 2025. The company executed a License Termination and Patent Non-Assert Agreement with Bioseed Research India (a division of DCM Shriram Limited) on May 26, 2025, terminating a 2012 license agreement.

Customers and end markets

Filing excerpts do not provide sufficient detail on specific customers or end market breakdown to support a factual summary.

Value-chain role

Arcadia operates as a seller of branded consumer food products (coconut water) and as a licensor and patent holder in agricultural biotechnology. It is in the process of a structural transformation via the pending combination with Roosevelt Resources LP, which would result in prior Arcadia stockholders owning 10% of the combined entity.

Geographic exposure

Coconut water is sourced and processed in Thailand. U.S. operations indicated by SEC filings and domestic stock registration.

Source: SEC 10-K, filed 2026-03-26

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