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S&W Seed Company (SANW) investor relations material
S&W Seed Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for Q3 FY2025 rose 2% year-over-year to $9.6M, driven by U.S. sorghum and alfalfa sales, with gross margin improving to 37.7% from 24.6% due to better product mix and reduced inventory write-downs.
Net loss for the quarter narrowed to $2.2M, a significant improvement from $5.5M loss last year; nine-month net loss was $20.1M versus $17.9M last year.
Completed divestiture and deconsolidation of Australian subsidiary in November 2024, resulting in a $5.2M loss on disposal and a strategic shift to Americas and International segments.
Strategic review initiated in January 2025 to explore alternatives including sale, merger, recapitalization, or continued execution of the business plan.
1-for-19 reverse stock split implemented in October 2024 to maintain Nasdaq compliance.
Financial highlights
Q3 FY2025 revenue was $9.6M, up from $9.4M last year (excluding Australia); gross profit for the quarter was $3.6M, up from $2.3M.
Gross margin improved to 37.7% from 24.6% year-over-year.
Adjusted EBITDA for Q3 was $0.2M, compared to negative $2.2M in Q3 last year.
Operating expenses for the quarter decreased to $4.3M, mainly from lower compensation, legal, and marketing costs.
Cash provided by operating activities for the nine months was $1.1M, compared to a $4.0M use of cash in the prior year period.
Outlook and guidance
FY2025 revenue guidance revised to $29M–$31M, down from prior $34.5M–$38M, due to U.S. sorghum market disruptions and reduced China exports.
Adjusted EBITDA for FY2025 expected between negative $8.5M and negative $7M.
Management expects continued focus on profitability through cost structure alignment, SKU optimization, and operational efficiencies.
Most impact from tariffs is on high-margin Double Team products; long-term optimism for sorghum market remains.
New business model for private label customers launched in fiscal 2025, emphasizing licensing and royalty-based revenue.
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