S&W Seed fails to grow sales in first quarter

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…