S&W Seed revenue $73.5 million
Christian Fernsby ▼ | September 28, 2023
S&W Seed announced financial results for the fiscal year ended June 30, 2023.Article continues below
Revenue for fiscal 2023 was $73.5 million, a 3.0% increase compared to fiscal 2022. Double Team sorghum revenue was $6.5 million in fiscal 2023, compared to $2.4 million in fiscal 2022.
GAAP gross profit margin for fiscal 2023 was 19.8%, a strong improvement from 8.9% in fiscal 2022, reflective of the Company's execution on its gross margin expansion initiatives, including the revenue growth in its high margin Double Team sorghum solutions.
Operating expenses decreased by $6.7 million for fiscal 2023 to $32.5 million compared to $39.2 million for fiscal 2022, as the Company worked to align its cost structure to support its key centers of value.
GAAP net income was $14.4 million, or $0.34 per basic and diluted share, for fiscal 2023 compared to a GAAP net loss of $(36.4) million, or $(0.93) per basic and diluted share, for fiscal 2022. The Company experienced a gain on the sale of a business interest of $38.2 million related to the establishment of a partnership with Equilon Enterprises dba Shell Oil Products US or Shell.
Adjusted EBITDA improved by $14.3 million to $(9.3) million for fiscal 2023 compared to $(23.6) million for fiscal 2022, primarily driven by gross margin expansion and cost structure alignment in addition to the recognition of the U.S. Federal Employee Retention Credit. ■ What to read next
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