S&W Seed Co

swseedco.com

What Do They Do?

Sells sorghum, alfalfa and pasture seeds to distributors and dealers, who in turn supply farmers.

How Do They Make Money?

Most revenue comes from seed sales to distributors, with products generally shipped before payment is due; export customers have invoice terms, while U.S. branded-seed invoices fall due at sales-season end. The company also charges for seed conditioning, treating and packaging, and bills its bioenergy partner quarterly for administrative services.

FY2024 revenue

Who Are Their Customers?

Seed distributors and dealers buy products for resale to farmers; other seed producers use the company for conditioning, treating and packaging, and a bioenergy partner receives administrative services.

Do Revenues Turn Into Profits?

No. It lost $30M in FY2024.

Operating income, FY2024

−29% of revenue

▼ −1% (Loss) vs FY2023 (−$17.9M, −24%)

Net income, FY2024

−50% of revenue

▼ Now a loss vs FY2023 ($14.4M, 20%)

Free cash flow, FY2024

−12% of revenue

▼ −64% (Loss) vs FY2023 (−$19.8M, −27%)

How Are They Changing?

Since the FY2024 annual report

Latest quarter: Q3 FY2025, the three months to Mar 31, 2025

Revenue: ▲ +2%; vs $9.4M in Q3 FY2024
Net income: ▼ −59% (Loss); vs −$5.5M in Q3 FY2024

Aug 5, 2025 Buyer agreed to acquire collateral used in the sorghum business The buyer also agreed to assume related liabilities; the closing remains subject to customary conditions.
Jul 14, 2025 Company approved voluntary Nasdaq delisting and SEC deregistration The company notified Nasdaq of its intent to delist its common stock and plans to suspend its reporting obligations.
May 15, 2025 Company updated fiscal 2025 revenue and Adjusted EBITDA expectations The new revenue range is $29.0 to $31.0 million, and the Adjusted EBITDA range is ($8.5) to ($7.0) million.
Nov 27, 2024 S&W Australia shares transferred to Avior The transaction also transferred certain seed-related intellectual property and inventory to S&W Australia; S&W retained a five-year license for sales in several markets.

Shrinking. Revenue fell 24% in 4 years, from $79.6M in FY2020 to $60.4M in FY2024, about 7% a year.

Stevia program paused The older report described an active stevia development program; the latest report says the program was paused as management focused on its primary crops.

Double Team moved to commercial launch The older report described a pilot launch of herbicide-tolerant Double Team sorghum; the latest says the product reached commercial launch.

Who Do They Compete With?

Competes with Pioneer, Bayer, Advanta, Nuseed, RAGT, Group Don Mario, Land O’ Lakes, and DLF

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