RiceBran Technologies Inc. (NASDAQ: (RIBT) stock declined by 10.28% at last close whereas the RIBT stock price surges by 3.28% in the after-hours trading session followed by third-quarter financial outcomes. RiceBran Technologies is a specialized ingredient firm that develops, manufactures, and sells products made from conventional and ancient tiny grains.
RIBT stock’ Financial Results
RiceBran Technologies reported financial results for the third quarter of 2021. Given below are the highlight:
- Total sales increased by $1.7 million to $6.9 million in the third quarter of 2020, up from $5.2 million in Q3 2020. Strong growth at Golden Ridge accounted for 34% of the increase.
- The gross loss decreased to $276,000 from $795,000 the previous year. Improved performance at Golden Ridge and substantial growth in better margin SRB derivatives sales drove the decrease in gross loss year over year.
- For the third quarter of 2021 SG&A was $1.8 million same as the third quarter of 2020.
- The loss on Adjusted EBITDA (Non-GAAP) has decreased to $1.1 million from $1.8 million the previous year.
RiceBran’s CFO Todd Mitchell stated that,
The company has been managing inflationary pressures, supply chain interruptions, and logistics problems, even then they continue to exhibit solid year-over-year increases in all major financial measures. While these factors are unlikely to change in the short term, and they may have an impact on fourth-quarter results, their underlying business is improving, and they remain confident in their capability to perform during this time in order to meet their target of better results.
Future Outlook
CFO of the company Mr. Todd Mitchell said that the recent graph of the company’s performance shows robust top-line growth and a considerable decrease in adjusted EBITDA losses. However, owing to persistent supply chain and logistical problems and a harsher year-over-year comparison, they estimate fourth-quarter year-over-year development to decline from second and third-quarter levels. Nonetheless, they remain hopeful that sales will reach third-quarter levels in the fourth quarter and that they will be able to go back to solid gross margins. With SG&A forecast to stay steady, a restoration to positive gross margins in the fourth quarter would suggest a decrease in adjusted EBITDA losses from third-quarter levels.
