LONGMONT — S&W Seed Co. (Nasdaq: SANW) has significantly padded its topline and reduced its overall losses, according to a preliminary quarterly financial disclosure made this week.
The company expects total revenues in the first quarter of fiscal year 2023 to be in the range of $19.5 million to $20 million, an increase of 26% to 29% compared to total revenue of $15.5 million in the first quarter last year, S&W reported.
Adjusted earnings are expected to reflect losses totalling as much as $1.8 million, an improvement over the $4 million loss posted in the first quarter of 2022.
“During the quarter, we saw strong performance from both our international and U.S. forage operations. We believe the initiatives we have put in place to drive revenue growth and improve profitability, including gross margin expansion and the reduction of operating costs, put us well on the pathway to achieve the goals set forth for fiscal 2023.”
The company expects to release its full financial results on Nov. 10.
S&W has recently been attempting to put itself on a more sound financial footing.
Last month, company leaders obtained a $9 million line of credit from New York hedge fund MFP Partners LP, S&W’s largest shareholder.
After the company’s May earnings report was released, CEO Mark Wong said that S&W “has undergone a strategic review of its operations and future growth opportunities to identify key centers of value, while moving to align our cost structure to support those key centers and assess other potential value generating transactions to drive the business towards profitability.”