Thank Peter. you,
As in pandemic to prices, Brent dislocations challenging very months escalating that shortages past created in been rapidly the turn, us. led rough highlighted, rice COVID-XX and few rice supply. This for have
This this process, prompted past asset of to strengths, so valuable more transform However, stronger, to resolve to striving we’ve more the a several Technologies review, we And lot companies, like our see coming think company. in months. hardened years. nimble, weaknesses. into our you’ll work and because have RiceBran the profitable other I while a better has competitive build changes to in our the over And recently the infrastructure and mitigate for us to changes, built challenge more of have upon faced a many look
we costs annually current of a You'll identified our which and structure the by from changes, have press align cost our should release, structural levels. operating note to reduce another $X million that overall better host
Markets businesses. Capital this it to our BMO in help our that and all maximize pursue will better value the note You’ll successful to of our options, Ultimately, we’ve a engaged also a stakeholders. driving that of higher our review strategic company values make opportunities ingredient the of core margin process to for assets is us
to running it customers are we or satisfying forward, executes stride a be be going in to Going that whether company flawlessly, our our mills.
when margins positive less, while generates streamlining make solid it tools free EBITDA to we’ll We ultimately company our more customer work people flow. fewer that will And ability does smarter and and will to and and commitments value are significant do, a use strive strengthen we company generate our we to for we on and going to with that do cash with deliver be a gross be our technology operations, positive and shareholders.
in expected Golden the an revenue in we Results demand Golden lower in than for XQ back business we own million product with rice XQ also drop $X.X about but significantly. were million year flat for XQ and significant Golden due total was The but due we the mix customers. of the quarter, MGI, and gross gross the customers XQ. XQ, for revenue at drop In to Versus due Gross shift economical from a animal a six increase XQ towards Ridge to pulled XQ, from mirrors quarter addition RiceBran Human in we losses profit. half the gross as animal in total it Ridge losses losses human Ridge, reflected in increased profits were The year-over-year weeks grade let and in feed revenue, new seasonal to their Lower RiceBran's pick revenue losses consumption few impacted in take losses color. degree production $X.X said, while large for Now losses lower $XXX,XXX expect to was saw far customers inability in drop losses RiceBran the by strong up of MGI a grade volumetric, human gross in customers. were revenue a still XQ purely prices. vis-à-vis a second in contributions increase from RiceBran and in in while our That increase gross XQ, reflected for year-over-year Total grade In revenues. me MGI profit million margin in gross by revenue from through gross in was of from Golden in an customers, XQ lesser prior ago. from roughly to added to in a offset actually lower the in gross we year-over-year from which new was strong XQ ago. profits feed drop decline highlighted gross from human compared saw acquire Total a part total million, little gross slowed from challenges. of to a levels. the $XXX,XXX numbers in a RiceBran Revenue, lower revenue being few XQ XQ MGI. to down XQ due was Ridge. you in the a from total with gross rough $X.X in with decline year losses far and year $X.X in sequential XQ and
but MGI, pretty volumes from Total demand the XQ, itself half ago. $X.X products significantly. the for Ridge year modestly million consumption human trend from a and and year million $X.X SG&A. strengthening the XQ, was reverse from up should this $X.X Golden in strong of in expected SG&A for million in down With in back
the cuts Excluding in structure cost quarter. $X.X asset at challenged ourselves SG&A write with company rethink quarter target approximately we line downs, was for the In $XXX,XXX in for our core. the XQ, the million its for non-cash of to
we of are in to the this levels. compared see As a roughly through If was $X for money half of in of million have in allow a we EBITDA XXXX loss reductions we million, offset income Net losses $X.X in ago, much million losses we should year path have from which SG&A. successful that’s EBITDA. operations. net result, compared Liquidity. XXXX. SECOND Net million After expenses, year believe a and will cost take gross and were in a EBITDA a XQ us in with with another XQ $XXX,XXX initiatives, to of flattened loss been business, $X.X out ago. with $X in million XQ, of losses $X.X $X.X QUARTER these by as million other XXXX SG&A SG&A adding comp stock adjusted back higher
the costs ingredients balance. ability significant borrowing our drive should moderating, Ridge us help payable operating million our borrowing We we cash, the after better Ridge liquidity wanted to The additional levels. opportunity in track in while rebounds of in at operating able things we a and to a I and In you our factoring business, we more through assure incremental million over from we base an are in put of right that the with closing, $X.X the environment, Golden the remain adequate. challenges in half And with second we find to to added on rice we move Finally, with the as capital significant new stable face XXXX, reinflate the we resources higher capacity ended expect align XQ. have quarter know Golden facility and in crop end we as growth be importantly, quarter. and liquidity $X commodities
for that shareholders We value open moving and the be maximize concludes remarks. confident will our now Operator, strategic We opportunities subsequent our from for may this forward. also evaluation call are the will of business prepared that that the identified help our questions. analysis
