Reports Q2 revenue $12.9M vs. $12.6M a year ago. Q2 revenue increased 2% compared to the Q2 of FY22, driven primarily by the Company’s U.S. sorghum and international alfalfa sales. Reports Q2 GAAP gross profit margin 21.3%, an improvement of 820 basis points compared to 13.1% in the Q2 of FY22, reflective of the Company’s execution on its gross margin expansion initiatives. "During the Q2 of FY23, we maintained our diligent focus on commercial execution to achieve our goals of driving growth, improving gross margins and reducing operating expenses. We saw strong growth in Double Team sorghum revenue due to early season sales in the U.S. as well as growth in international alfalfa sales due to improved conditions in MENA, an improvement to gross margins of 820 basis points due in part to Double Team as well as improved international alfalfa margins, and a $1.9M year-over-year improvement in adjusted EBITDA." "We believe our agreement with Shell to establish the JV is transformational for S&W. By partnering with a world leader like Shell and leveraging our seed, processing and technological capabilities within Camelina, we believe we have an opportunity to be at the forefront of the evolution taking place to produce sustainable low carbon energy solutions. This JV adds a new center of value for S&W and has the ability to enhance the financial outlook for the company going forward."
Published first on TheFly
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