S&W Seed Co. reports 2.9% revenue drop in Q3

LONGMONT — S&W Seed Co. (Nasdaq: SANW) announced Tuesday a 2.9% year-over-year revenue drop for the third quarter of its 2022 fiscal year. That represents a decrease to $23.2 million from $23.9 million. 

The company recorded a net loss of $7.4 million, or 19 cents per share, compared with $1.8 million, or 5 cents per share, in the third quarter of 2021.

Operating expenses were up 8.5%, to $8.9 million from $8.2 million.

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“Over the last few months, S&W has undergone a strategic review of its operations and future growth opportunities to identify key centers of value, while moving to align our cost structure to support those key centers and assess other potential value generating transactions to drive the business towards profitability,” S&W president and CEO Mark Wong said in a prepared statement. “In connection with the strategic review, we plan to take certain steps that are expected to reduce our annual operating expenses by approximately $5 million, are exploring the possibility of combining our wheat efforts in Australia and are taking steps to rationalize our European sunflower operations. Further, during February and March 2022, we raised approximately $11.2 million through a combination of a private placement and ATM sales to help improve our balance sheet.”

S&W projects to earn $80 million to $85 million in revenue for the 2022 fiscal year.