LONGMONT — S&W Seed Co. (Nasdaq: SANW) grew its year-over-year net losses in the first quarter of fiscal 2024, but its sales shriveled. 

Revenues for the most recent period were $16.4 million, a 17.3% decrease compared to the first quarter of 2023.

“The $3.5 million year-over-year decrease in revenue was primarily attributable to a $2.9 million decrease in sales to the Middle East and North Africa region due to management’s decision to not discount non-dormant alfalfa as cheaper European seed disrupted the market, a $1.6 million decrease in Mexico sales of non-dormant alfalfa due to wet conditions causing missed plantings, a $0.7 million decrease in Asia sales due to COVID using inventory carryover into fiscal 2024 leading to lost sales, and a $0.4 million decrease in Australia sorghum sales due to dry planting conditions,” the company said.

S&W’s GAAP net loss in the first quarter of 2024 was $6.0 million, compared to a GAAP net loss of $4.5 million in the same period of fiscal 2023. 

“We have made good progress during the first quarter instituting key operational initiatives to drive the business toward profitability in the near-term, including improved life cycle management to reduce obsolescence costs; the rationalization of certain low margin forage product lines and seed treatments; suspension of our stevia development program; and an overall seed manufacturing cost reduction plan,” S&W CEO Mark Herrmann said in a prepared statement. 

Herrmann was hired this summer, succeeding the now retired Mark Wong, who continues to serve on S&W’s board of directors.

Looking ahead, S&W expects full-year 2024 revenue to be within a range of $76 million to $82 million, an improvement over $73.5 million in sales tallied in 2023.