today’s We to look you, continue call working and scale Calyxt to really together appreciate business. forward participation Thank Yves. your on to the
since accomplished have our call. We last several key milestones
oat high-quality and support We potentially increasing of to continued our growth of project, our feed meet concept consumer winter trait the the development oats to food demand.
with believe with competitive our over and This to term improve to longer for Phase gate cover direct-to-consumer will economically and project planting We for resilience, feed project, also of of in new oats the is protein and climate consumption winter in making expected benefits product, as that additional positioned goal revenue the Oat in also grown availability a oats development for cover able to potential food sustainability largest generate winter-grown farm commercial XXXX. burgeoning them. of inclusion develop plant-based targeted could once carbon winter used is credits second be Our plant-based world. farmers is which regions of oat oat the crop market. and version continent to more in for be deliver enable regions is X America’s protein for pipeline our crop is dairy the a the in commercialized,
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development We for robust and more have the -- by high of new with winter billion our last year. for alternative opportunities pipeline and hemp, all saturated in opportunity projects initiated are addressable than soybean oats $X markets our Calyxt a substantial fat and
licensing crops. our in and We We funnel later does XXXX. our available R&D five activity have Phase to now of nine measure at development commercial not several through target planting process opportunities. having or include begin is at projects technology development This candidates a least across potential product X
million principally our fourth is grain the performance XXXX fourth on negative be the this an improved impact quarter Form press was and Now, in fourth approximately fourth line our driven by quarter gross $XX.X adjustments strategy reflecting margin let lower by strategy we press points go-to-market primarily expenses. in percentage from the to metrics. section was $X.X quarter XXXX, Investor of and quarter the the to decreased in XXXX, in soybean of quarter XXXX, to soybean margin million loss posted release results, approximately Revenue Adjusted driven the essentially was The product the increase and XX% the a our XXXX, Net of describing change $XX.X of also for the a fourth value net million our in sales in to financial crop declines of of the quarter the our administrative of from Gross will $XX XX-K. we fourth quarter of the fourth file compared our operating inventory. fourth Relations flat the XX% of in the in us XXXX, XX% year-over-year release Total general realizable of the quarter XX% XXXX. operating year-over-year XXXX and evening. XXXX. website in and million was and in loss of turn primarily fourth issued quarter of to million negative for net XXXX. expense XXX other of reductions fourth XXXX go-to-market will change and fourth with of of Today, quarter for adjusted expenses a XXXX, XX-K the our fourth by our million available $XX.X the quarter quarter $XX.X
and context the reconciliations website, most GAAP comparable provide our report materials, non-GAAP these the of earnings to measures Our we on are measure. include which important measures posted about
As sale oil sold of of transportation meal, and all approximately completed and quarter, soybean XX% grain previously all mentioned, XXXX exited during soybean the contracts, we crop. nearly the processing the fourth and
The This $X.X $X.X $XX.X expenses. of raise, quarter increase fourth driven cash million of from We fourth the the Cellectis, as sale and the proceeds of million assets available Our matches cash $X.X investors shareholder, resulting in the is operating actions of by XXXX flows by targeted operating primarily institutional our liabilities, participation of seed approximately Taking from which of well their a used seed expenses less. reduction operating partially XXXX from and cash net million, by from From the products was regions. and achieving strategy, highlighted offset in we to payments million complete, targeted a our to and we on our fourth seed raise of go-to-market soybean soybean into currently have the ‘XX be the quarter go-to-market progress cash other that taken. transition in from cash was included as timing investments. of or result made reduced increase sale and as are strategy provided short-term new largest proceeds XXXX. perspective, anticipate around was quarter, to operating processors account decrease our net burn a transitioning collections million saw a and We of capital the rate expense cash of capital our we’ve net anticipating in we our based cost an reductions growers. what growing production $XX significant by
related by the by was losses an of increase Restructuring of in review in further Gross in Adjusted advancement the from expense liabilities, the partially XXXX, driven action which increase net loss XXXX. increase Revenue resulting expense, The stock produced let’s $XXX,XXX. an XXXX, in $XX.X Now, assets net our margin soybean $XX.X of $XX.X financial of value increase in contracts were XXXX was million of and loss, $XX.X negative and was realizable. gross XXXX. flows for realizable go-to-market in inventories, percentage was increase to XX% sold a XXXX of of share performance expenses. increase higher and XX% increases from of decrease a write driven change we XX%, the for cash in driven driven to inventory, product products forward partially approximately commodity in per $X.XX initiated XXXX. XXX% hedge million by We The noncash price the million and line. net in benefits in offset selling from essentially product These by capital was flat operating an meant items, to an operating proceeds These write-downs were We for for fixed derivative for higher XXXX used on by costs the declined was the of compared million volume net same XXXX, line other $X.X not line our higher expenses our a a increase plantings. unrealized prices calendar line purchases in R&D, administrative XXXX by decreased loss. in in year-over-year, with operating in adjustment used futures by saw from our and anticipate impact XXXX from our included to XXXX period our by $X.XX because impact of by also of of seed $X.X offset net percentage excess XXXX. more product costs including crop increase offset drivers million and cash driven XXXX, from raise. net restructuring sales an grain R&D sold, reductions go-to-market million XXXX of our negative in our was strategy. fourth share savings in $X.X the fixed million price $X.X period-end primarily offset from our in loss other from driven XX% in million million product cash soybean August expenses general primarily XXXX, activity of of Net driven by compensation million advancement to a soybean XXXX. include per previously by by $X.X $XX.X the driven lower by costs The grain improvement the $XX.X million million costs $X.XX in XX% the a expense in with of the Adjusted off in strategy strategy. partially million net investments, costs short-term $XX.X go-to-market net or restructuring $XXX,XXX was points from was The from XXXX. million declines Total increase action. this percentage that products soybean loss share expenses, any purchase from basis from the longer loss and and grain do or margin of loss $XX.X $X.X for gross negative expensed by Net as decline for credits margin, associated severance in no tax increase of X,XXX in of XXXX, operating quarter sold partially per XXXX, of of XXXX. were contracts
of was will XXXX of completion fourth the As to business achievements, deliveries beyond against delivery quarters, Alfalfa over the milestones, upon of our Perdue commercial to grain, execute to commitment continue our we we launch agreement major next with ADM’s XXXX the completion turn several which to regulatory and XXXX our by targeted support to purchase seed consultations quarter early for and and XXXX. several the fulfill in late of S&W’s marked including IQ
other expect quarters milestones over next shown. We project several as the
portfolio We energy in in a a across opportunities see are including gene agriculture. portfolio. editing food, industries, leader We IP our have and robust immense nutraceutical, and
Yves, preferences, delivery over in shareholder for quality in and commercialization downstream value potential the Calyxt will input on years Our that solutions plan partners We Discussions come. and projects issues, plant-based for growth strengths concluding have to with expertise. sustainability, for steps development partners leverage the specific our our editing to in of with including and made partners develop is now compliance. focused strategically of our cost, gene remarks. product trait development you consumer presentation XXXX the regulatory turn believe and to I’ll necessary position
