S&W Seed reports Q2 adjusted EPS (13c) vs. (13c) last year

Reports Q2 revenue $10.9M vs. $12.9M last year. “We continued to successfully implement key operational initiatives to drive efficiencies across the global organization. These initiatives, coupled with our higher mix of Double Team sales, provided a gross margin improvement to 30.3% this quarter compared to 21.3% in the second quarter one year ago, and a $1.1M reduction of operating expenses,” commented S&W Seed Company’s CEO, Mark Herrmann. “A key driver to the gross margin improvement has been the successful adoption of our first trait technology solution – Double Team Grain Sorghum. Double Team sales increased 233% to $4.0M during the Q2 this year compared to the Q2 one year ago as we continued to see positive farmer satisfaction, demand, and adoption of the high margin trait technology. We are looking to build upon the success of Double Team Grain Sorghum with the introduction of a Double Team Forage Sorghum solution and Prussic Acid Free Trait for sorghum. Initial Double Team Forage Sorghum sales are expected in FY24, and a pilot launch of our Prussic Acid Free Trait for sorghum is being planted this year. We feel we are clearly becoming a leading technology provider in sorghum, a key global crop, that can be used as a substitute for many grains on the market today due to its key nutrient profile and ability to handle higher temperatures and drier climates better than many other crops.”