S&W Seed reports 16.5% Q2 loss

LONGMONT — S&W Seed Co. (Nasdaq: SANW) reported another loss in revenue the second quarter of financial year 2022, according to its quarterly report released Feb. 10.

The company reported a 16.5% loss in revenue from second quarter 2021, going from $15.1 million to $12.6 million total revenue. 

S&W Seed Co. CEO Mark Wong named changes in demand during winter as one cause of the downturn.

“The December ending quarter was characterized by our traditional seasonality, which saw the majority of sales consisting of lower margin international alfalfa seed sales,” Wong said in a statement about the quarterly report.

Zacks Investment Research predicted a 13.6% loss in revenue for the quarter, with a quarterly loss of $0.17 per basic share. S&W Seed Co. reported a loss of $0.25 per basic share.

The reported net loss for the quarter through generally accepted accounting procedures was $9.8 million, compared to a reported $8.5 million loss reported in the second quarter of 2021.

S&W Seed Co. announced plans to restructure parts of the company ahead of the spring selling season.

“Operationally, we remain focused on preparing for the key upcoming selling season, which we expect will consist of sales of our high margin sorghum products in the U.S., while also restructuring key elements of the company to improve our financial results going forward,” Wong said in a statement.

This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2022 BizWest Media LLC.

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