Longmont, Colorado, USA
October 25, 2022
S&W to report first quarter fiscal 2023 financial results on November 10, 2022
S&W Seed Company (Nasdaq: SANW), a global agricultural company, today announced preliminary financial results for the first quarter of fiscal 2023 ended September 30, 2022.
The Company expects total revenues in the first quarter of fiscal 2023 to be in the range of $19.5 million to $20 million, representing an increase of 26% to 29% compared to total revenue of $15.5 million in the year ago first quarter.
The Company expects first quarter fiscal 2023 gross margins to be in the range of 22.5% to 22.9%, an improvement compared to gross margins of 20.1% in last year's first quarter.
Adjusted EBITDA for the first quarter of fiscal 2023 is expected to be $(1.8) million to $(1.6) million, compared to adjusted EBITDA of $(4.0) million in the first quarter of fiscal 2022.
"In our first full quarter following the strategic review we enacted at the end of last fiscal year to focus on developing our key centers of value, we expect to report first quarter revenues of $19.5 to $20 million and improvement in gross margins and adjusted EBITDA," commented Mark Wong, CEO of S&W Seed Company. "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."
S&W Seed Company has not finalized its financial statements for the first quarter of fiscal 2023 ended September 30, 2022. The preliminary, unaudited financial information for the first quarter of fiscal 2023 presented in this press release is based on S&W Seed Company's initial review of the information presented and its current expectations and are subject to adjustment as a result of, among other things, the completion of the Company's end-of-period reporting processes. As such, any financial information contained in this press release may differ materially from the information reflected in the Company's financial statements as of and for the quarter ended September 30, 2022. Additional information and disclosures would be required for a more complete understanding of the Company's financial position and results of operations as of and for the quarter ended September 30, 2022. Accordingly, undue reliance should not be placed on this preliminary information. The Company anticipates releasing full financial results on November 10, 2022.
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