Arcadia Biosciences, Inc.

Good afternoon, and welcome to Arcadia Biosciences' third quarter 2023 financial results and business highlights conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone, and you will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to T.J. Schaefer, Chief Financial Officer at Arcadia. Please go ahead.

Thank you, and good afternoon. Joining me on the call today is Stan Jaycott, Arcadia's President and Chief Executive Officer. This call is being webcast and you can refer to the company's press release at ArcadiaBio.com. Before we start, we would like to remind you that Arcadia Biosciences will be making forward-looking statements on this call based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied today. You can review the company's safe harbor language in our most recently filed 10Q. With that, I'll now turn the call over to Stan.

Good afternoon, everyone. Thank you for joining us today for our 2023 third quarter conference call. I am pleased to report that Arcadia continues to make excellent progress in executing Project Greenfield, our three-year strategic plan to unlock the company's potential and provide a path to profitability. Good wheat pasta and pancake mixes And Zola Coconut Water added more than 1,000 stores of distribution in Q3, resulting in revenue growth from continued operations of 20% compared to last quarter. And we are operating with a leaner structure after the exit of our body care business, as evidenced by our lowest total SG&A since 2019. I spoke last quarter about our plans to scale more quickly, and today I want to provide an update on those key initiatives. Good Wheat Pasta is executing two programs that are expected to drive growth in Q4 and throughout 2024. The lower average price is now fully in market across more than 2,000 stores, and we expect this more competitive price point to result in higher terms and faster customer reorders. Q4 will also be the rollout of our new marketing messaging that Good Wheat is picky eater approved with a clean plate guarantee. You'll love it or your money back. We began this new messaging in October during National Pasta Month, resulting in over 14 million impressions and multiple social media influencer partnerships. The second key scaling initiative was the launch of good wheat into the breakfast category with new, better-for-you pancake and waffle mixes, as well as single-serve quick cakes. These new products are made with simple ingredients in Arcadia's proprietary non-GMO wheat flour, which delivers the same taste and texture of regular pancakes but sneaks in more fiber and protein than traditional wheat flour. In product testing, consumers prefer the taste of good wheat pancake mix two to one versus the leading better for you pancake mix. And I am pleased to report that retailers are recognizing this innovative proposition and will be shipping to over 750 stores by the end of the year. Not only will good wheat pasta and pancake mixes provide a foundation for growth in 2024, I have another Good Wheat initiative to announce today, the launch of Good Wheat Mac and Cheese. The Mac and Cheese category is over $1.1 billion in sales and has long been a household staple for families. Better For You brands make up nearly 20% of the category and are growing faster than traditional brands. Our Good Wheat Mac and Cheese packs in the most fiber of any brand in the category, four times more than the leading brands. In fact, one serving of good meat mac and cheese has the same fiber as two servings of oatmeal or two and a half servings of broccoli. And just like our pasta and pancake mixes, good meat mac and cheese is higher in protein than the leading brand, with 12 grams of protein per serving. Our mac and cheese is sneaky delicious and picky eater approved, made with real cheese and no artificial flavors, dyes, or preservatives. There are three varieties to choose from, classic cheddar, white cheddar, and three cheese. We start shipping into retailers this month, and we'll be shipping to over 350 stores by the end of the year. And in February, we plan to have all three varieties available online at eatgoodwheat.com. For Zola Coconut Water, innovation has been our focus, with the upcoming introduction of two new flavors, pineapple and lime, to add to our original extra pulp and espresso flavors. Pineapple is the number one coconut water flavor, and lime is the number one flavor in sparkling water. So we believe these new offerings will energize Zola sales. Both flavors are 100% natural, no sugar added, and non-GMO. Launching in Q1 2024, these new flavors will be available in 16.9 ounce resealable containers. The last skill initiative to discuss today is the strategic review announced on July 20th. which stated that Arcadia would explore a range of strategic options, which could include an asset sale, acquisition, merger, sale, or other strategic transaction. As we discussed in previous earnings calls, our strategic plan calls for an acquisition that would allow us to bring the good week value proposition to an existing business in a new week-based category. We are beginning the due diligence process with potential candidates, and are also evaluating asset sale and larger merger opportunities with our banking partner, and we'll keep you updated as material events occur. However, we must point out that there can be no assurance that this exploration of strategic alternatives will result in the company entering or completing any transaction, and no timetable has been set for the conclusion of the strategic review. With that, I'll turn the call over to TJ to discuss our Q3 financial results. TJ?