S&W Seed grows revenues in fourth quarter, full-year 2023

LONGMONT — S&W Seed Co. (Nasdaq: SANW) saw its revenues sprout upward in both the final quarter of 2023 and for the full fiscal year.

Sales of the most recent quarter and full year were $23 million and $73.5 million, respectively, up from $20 million and $71.4 million in the respective periods last year.

The company posted an adjusted net loss for fiscal 2023 of $18.5 million, an improvement on the loss of $34.7 million in 2022. 

“S&W successfully executed on a number of strategic initiatives in fiscal 2023 to unlock value and position the company for success going forward, including the successful launch of the company’s high value Double Team sorghum solutions, gross margin expansion, operating expense optimization and the establishment of a biofuels partnership with Shell,” S&W CEO Mark Herrmann said in a prepared statement. “The result was a $14.3 million improvement in adjusted EBITDA and an improved balance sheet that we believe will help us to execute on our strategic plans.”

Looking ahead, “S&W expects fiscal 2024 revenue to be within a range of $76 million to $82 million, representing an expected increase of 3% to 12% compared to fiscal 2023 revenue of $73.5 million,” the company said. 

The company’s stock closed at 88 cents per share Wednesday, up 8 tenths of a cent from Tuesday’s close.