Revenue volatility remains a primary concern, with quarterly figures fluctuating between $5.1 million and $23.1 million while operating expenses consistently outpace gross profit.
| Metric | TTM | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 |
|---|
| Sales/Revenue | 37.76M | 60.44M | 73.52M | 71.35M | 84.05M | 79.58M | 109.72M | 64.09M | 75.37M | 96.04M | 81.21M | 51.53M | 37.34M | 14.15M | 3.64M | 6.73M | 4.95M |
| Revenue Growth % | -26.6% | -17.79% | 3.04% | -15.1% | 5.61% | -27.47% | 71.21% | -14.98% | -21.52% | 18.27% | 57.58% | 38.02% | 163.92% | 288.52% | -45.89% | 36.02% | - |
| Cost of Goods Sold | 29.87M | 44.63M | 58.98M | 65M | 70.37M | 64.65M | 69.01M | 49.33M | 59.23M | 77.65M | 64.61M | 41.56M | 33.74M | 10.24M | 2.28M | 4.88M | 3.65M |
| COGS % of Revenue | - | 73.84% | 80.23% | 91.09% | 83.73% | 81.23% | 62.9% | 76.98% | 78.59% | 80.85% | 79.56% | 80.65% | 90.37% | 72.38% | 62.64% | 72.53% | 73.83% |
| Gross Profit | 7.89M | 15.81M | 14.54M | 6.36M | 13.68M | 14.93M | 40.71M | 14.75M | 16.14M | 18.39M | 16.6M | 9.97M | 3.6M | 3.91M | 1.36M | 1.85M | 1.29M |
| Gross Margin % | 20.9% | 26.16% | 19.77% | 8.91% | 16.27% | 18.77% | 37.1% | 23.02% | 21.41% | 19.15% | 20.44% | 19.35% | 9.63% | 27.62% | 37.36% | 27.47% | 26.17% |
| Gross Profit Growth % | - | 8.75% | 128.76% | -53.53% | -8.42% | -63.31% | 175.92% | -8.6% | -12.23% | 10.78% | 66.48% | 177.38% | -8% | 187.22% | -26.41% | 42.78% | - |
| Operating Expenses | 26.24M | 33.5M | 32.48M | 39.16M | 33.95M | 31.76M | 27.89M | 17.83M | 18.15M | 16.35M | 13.69M | 8.92M | 6.96M | 3.29M | 2.86M | 1.45M | 803.23K |
| OpEx % of Revenue | - | 55.42% | 44.18% | 54.88% | 40.39% | 39.91% | 25.42% | 27.82% | 24.08% | 17.02% | 16.86% | 17.31% | 18.65% | 23.24% | 78.51% | 21.59% | 16.24% |
| Selling, General & Admin | 16.06M | 21.73M | 22.43M | 24.47M | 21.87M | 21.35M | 17.49M | 10.5M | 11.79M | 10.4M | 9.62M | 6.82M | 5.76M | 2.77M | 2.17M | 1.02M | 559.38K |
| SG&A % of Revenue | - | 35.95% | 30.51% | 34.29% | 26.02% | 26.83% | 15.94% | 16.39% | 15.65% | 10.83% | 11.85% | 13.23% | 15.43% | 19.6% | 59.49% | 15.12% | 11.31% |
| Research & Development | 3.35M | 4.06M | 5.24M | 7.71M | 8.52M | 7.34M | 6.27M | 3.89M | 3.03M | 2.76M | 1.89M | 840.58K | 505.87K | 242.52K | 450.02K | 218.83K | 56.78K |
| R&D % of Revenue | - | 6.72% | 7.12% | 10.81% | 10.13% | 9.22% | 5.72% | 6.07% | 4.02% | 2.88% | 2.33% | 1.63% | 1.35% | 1.71% | 12.36% | 3.25% | 1.15% |
| Other Operating Expenses | 3.11M | 7.71M | 4.81M | 6.98M | 3.56M | 3.08M | 4.13M | 3.44M | -424.6K | 3.19M | 2.18M | 1.27M | 694.6K | 272.86K | 242.43K | 216.03K | 187.07K |
| Operating Income | -16.79M | -17.69M | -17.94M | -32.8M | -20.27M | -16.83M | 11.44M | -2.99M | -2.41M | 2.04M | 2.39M | 1.05M | -3.37M | 619.61K | -1.5M | 396.29K | 491.65K |
| Operating Margin % | -44.48% | -29.27% | -24.41% | -45.97% | -24.12% | -21.15% | 10.43% | -4.67% | -3.2% | 2.13% | 2.94% | 2.04% | -9.02% | 4.38% | -41.15% | 5.89% | 9.94% |
| Operating Income Growth % | - | 1.42% | 45.3% | -61.84% | -20.45% | -247.1% | 482.16% | -24.3% | -217.86% | -14.35% | 127.22% | 131.17% | -643.61% | 141.35% | -478.08% | -19.39% | - |
| EBITDA | -13.64M | -13.4M | -13.17M | -27.34M | -14.8M | -11.79M | 15.57M | 445.69K | 917.29K | 5.23M | 4.57M | 2.32M | -2.67M | 892.47K | -1.26M | 612.33K | 678.72K |
| EBITDA Margin % | -36.12% | -22.17% | -17.92% | -38.32% | -17.61% | -14.82% | 14.19% | 0.7% | 1.22% | 5.44% | 5.62% | 4.49% | -7.16% | 6.31% | -34.49% | 9.1% | 13.72% |
| EBITDA Growth % | -59.16% | -1.71% | 51.82% | -84.76% | -25.51% | -175.74% | 3393.13% | -51.41% | -82.46% | 14.52% | 97.15% | 186.61% | -399.58% | 171.06% | -305.1% | -9.78% | - |
| D&A (Non-Cash Add-back) | 3.16M | 4.29M | 4.77M | 5.46M | 5.47M | 5.04M | 4.13M | 3.44M | 3.33M | 3.19M | 2.18M | 1.27M | 694.6K | 272.86K | 242.43K | 216.03K | 187.07K |
| EBIT | -17.4M | -19.3M | 21.08M | -32.8M | -16.16M | -16.84M | -6.27M | -2.55M | -1.69M | 3.95M | 756.12K | 1.11M | -3.37M | 619.61K | -1.5M | 396.29K | 498.37K |
| Net Interest Income | -5.1M | -7.4M | -6.16M | -3.23M | -2.97M | -2.53M | -3.23M | -2.03M | -2.5M | -5.99M | -4.77M | -653.29K | -226.91K | -20.94K | -6.98K | -101.89K | -77.57K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.1M | 7.4M | 6.16M | 3.23M | 2.97M | 2.53M | 3.23M | 2.03M | 2.5M | 5.99M | 4.77M | 653.29K | 226.91K | 20.94K | 6.98K | 101.89K | 77.57K |
| Other Income/Expense | -8.69M | -11.87M | 31.62M | -3.11M | 1.14M | -597.38K | -4.51M | -1.59M | -1.79M | -4.08M | -6.39M | -601.72K | -490.88K | -45.47K | 1.27K | -101.89K | -70.85K |
| Pretax Income | -25.48M | -29.56M | 13.67M | -35.91M | -19.13M | -19.36M | -9.5M | -4.58M | -4.19M | -2.04M | -4.01M | 460.22K | -3.86M | 574.14K | -1.5M | 294.4K | 420.8K |
| Pretax Margin % | -67.49% | -48.91% | 18.6% | -50.32% | -22.76% | -24.33% | -8.66% | -7.15% | -5.56% | -2.12% | -4.94% | 0.89% | -10.34% | 4.06% | -41.11% | 4.38% | 8.51% |
| Income Tax | 1.36M | 496.29K | -763.64K | 413.42K | -24.36K | 385.97K | -148.75K | 143.05K | 7.63M | -2.4M | -845.98K | 87.12K | -1.34M | 199.31K | -685.58K | -184.49K | 0 |
| Effective Tax Rate % | -5.33% | -1.68% | -5.59% | -1.15% | 0.13% | -1.99% | 1.57% | -3.12% | -181.86% | 117.92% | 21.1% | 18.93% | 34.8% | 34.71% | 45.8% | -62.67% | 0% |
| Net Income | -32.24M | -30.03M | 14.41M | -36.32M | -19.11M | -19.75M | -9.35M | -4.73M | -11.82M | 365.23K | -3.16M | 373.1K | -2.52M | 374.83K | -811.45K | 384.48K | 378.72K |
| Net Margin % | -85.38% | -49.69% | 19.6% | -50.9% | -22.73% | -24.81% | -8.52% | -7.37% | -15.68% | 0.38% | -3.9% | 0.72% | -6.74% | 2.65% | -22.28% | 5.71% | 7.66% |
| Net Income Growth % | -28.27% | -308.4% | 139.67% | -90.11% | 3.24% | -111.13% | -97.94% | 60.03% | -3336.9% | 111.55% | -947.8% | 114.83% | -771.24% | 146.19% | -311.05% | 1.52% | - |
| Net Income (Continuing) | -26.84M | -30.06M | 14.44M | -36.32M | -19.11M | -19.75M | -9.35M | -4.73M | -11.82M | 365.23K | -3.16M | 373.1K | -2.52M | 374.83K | -811.45K | 478.89K | 420.8K |
| Discontinued Operations | -10.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 41.71K | 41.71K | 67.12K | 41.84K | -31.01K | -120.46K | -47.69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 135.69K |
| EPS (Diluted) | -15.03 | -13.43 | 6.17 | -18.60 | -11.00 | -11.80 | -6.20 | -4.20 | -13.40 | 0.40 | -4.80 | 0.60 | -5.80 | 1.20 | -2.80 | 2.20 | 2.60 |
| EPS Growth % | -22.43% | -317.67% | 133.17% | -69.09% | 6.78% | -90.32% | -47.62% | 68.66% | -3450% | 108.33% | -900% | 110.34% | -583.33% | 142.86% | -227.27% | -15.38% | - |
| EPS (Basic) | - | -13.43 | 6.20 | -18.60 | -11.00 | -11.80 | -6.20 | -4.20 | -13.40 | 0.40 | -4.80 | 0.60 | -5.80 | 1.20 | -2.80 | 2.20 | 2.60 |
| Diluted Shares Outstanding | 2.14M | 2.27M | 2.15M | 1.96M | 1.73M | 1.67M | 1.51M | 1.12M | 885.9K | 746.82K | 666.67K | 586.68K | 438.55K | 295.34K | 290K | 290K | 150K |
| Basic Shares Outstanding | 2.14M | 2.27M | 2.14M | 1.96M | 1.73M | 1.67M | 1.51M | 1.12M | 882.24K | 746.82K | 666.67K | 578.62K | 433.8K | 295.2K | 290K | 290K | 150K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and solvency constraints
As reported in recent financial filings, S&W Seed Company has experienced significant top-line volatility, with quarterly revenue figures fluctuating between $5.1 million and $23.1 million over the last ten quarters, reflecting a broader trend of structural revenue contraction that complicates the company's path to operational scale.
The inconsistent revenue trajectory suggests that the company struggles to maintain a stable baseline in its core alfalfa and sorghum segments. This volatility appears to be driven by the seasonal nature of agricultural planting cycles and potential exposure to regional geopolitical instability in key international markets.
Based on the provided income statement data, gross margins have exhibited extreme variability, ranging from a low of 7.2% in 2024Q4 to a high of 37.7% in 2025Q3, indicating that the company lacks consistent pricing power within the competitive agricultural seed market.
The wide swings in gross margin suggest that inventory write-downs and fluctuating seed viability are significant factors impacting profitability. Investors should monitor whether the recent improvement in margin percentage is sustainable or merely a result of reduced inventory valuation adjustments.
According to the company's historical income statements, operating expenses consistently exceed gross profit, resulting in persistent operating losses that demonstrate a failure to achieve the necessary economies of scale to cover fixed overhead costs like R&D and administrative infrastructure.
The inability to scale operating income faster than gross profit suggests that the current business model is fundamentally burdened by high fixed costs. This lack of operating leverage implies that significant revenue growth would be required just to reach a break-even point on an operating basis.
As indicated by the reported financial results, net income has been consistently negative with the exception of a single anomalous quarter, suggesting that the company's bottom-line performance is heavily impacted by non-operating items and recurring restructuring or impairment charges.
The reliance on stock-based compensation, which remains a consistent line item despite net losses, warrants further investigation into the alignment of management incentives with shareholder value. The lack of consistent positive earnings makes traditional valuation metrics like P/E ratios largely inapplicable for this entity.
Based on the most recent quarterly data, the company's cash position has dwindled to approximately $294,014, a level that appears insufficient to support ongoing operations and seasonal working capital requirements without the potential for further dilutive financing or asset divestitures.
Short-sellers would likely focus on the precarious cash balance as a primary indicator of insolvency risk. The company's inability to generate positive cash flow from operations suggests that the current trajectory may be unsustainable without a fundamental change in the capital structure or business model.
Quick answers to the most common questions about buying SANW stock.
For fiscal year 2024, S&W Seed Company (SANW) reported total revenue of $60.4M. This represents a 1121.8% increase compared to $4.9M in 2009.
S&W Seed Company (SANW) reported a net loss of $30.0M for the fiscal year ending 2024.
S&W Seed Company (SANW) reported an operating income of $-17.7M, resulting in an operating profit margin of -29.3%. This margin reflects the operational efficiency of the business before interest and taxes.
S&W Seed Company (SANW) generated $15.8M in gross profit for the year, representing a gross profit margin of 26.2%. This demonstrates the company's core pricing power and production efficiency.