In the pre-market trading session, the stock price of RiceBran Technologies Inc. (NASDAQ: RIBT) soared by 12.9% after the rise of about 1.42% at last close. RiceBran Technologies is a world pioneer in the manufacture and distribution of value-added materials which are made from rice bran, and also produces rice, rice co-product, barley, and oat product. Health and animal feed producers and retailers, as well as specialty food, functional food, and dietary supplement manufacturers and retailers, are also target audiences for the brand.
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What is coming?
RiceBran is about to launch its financial results on April 28, 2021, for the first quarter ended on March 31, 2021. As per news Peter Bradley, Executive Chairman and Todd Mitchell who is the Chief Financial Officer will commence a conference call to discuss the RIBT financial highlights.
Recent Past Development
On February 25, 2021, RIBT released its financial results for the fourth quarter 2020. About the financial results, the CFO Todd Mitchell said that RIBT’s financial performance in 4Q20 were greatly improved due to a positive sales pattern across all of its sectors, reduced losses from Golden Ridge, and a structural decline in SG&A. In 4Q20, overall sales increased by 17% over 3Q20, and gross losses narrowed to near breakeven. Lower gross losses and lower SG&A decreased operational losses in 4Q20, resulting in Adjusted EBITDA (non-GAAP) losses of $0.9 million, down from $1.8 million in 3Q20 and $2.9 million in 2Q20. Keeping this in mind the investors might be expecting positive financial results for the first quarter 2021 as well and therefore the RIBT stock price has been on a hike.
2021 outlook
The Executive Chairman Peter Bradley mentioned RIBT will join the second phase of its turnaround plan in 2021, which will concentrate on increasing its line-up of high-value-add ingredients, revitalizing distribution programs, and improving access to feedstock by boosting its milling operations and enhancing its alliances. RiceBran is projected to produce positive Adjusted EBITDA (non-GAAP) in 2021, owing to a reacceleration of top-line expansion, expanding gross margins, and a full year of SG&A cuts.
