LONGMONT — S&W Seed Co. (Nasdaq: SANW) reported 28% year-over-year revenue growth for the first quarter of its 2023 fiscal year, to $19.9 million from $15.5 million.
Operating expenses fell 10.2%, to $7.9 million from $8.8 million. The company posted a net loss of $4.5 million, or 11 cents per share, down from $6.3 million, or 17 cents per share, in the first quarter of 2022.
“For fiscal year 2023, we are focused on commercial execution as we begin to leverage all the hard work and investment of the past few years and work towards our goal of achieving profitability. We believe the results of the first quarter, including 28% revenue growth, expanded gross margins, reduced operating costs, and improved adjusted EBITDA, put us on the path to achieve the goals set forth for fiscal 2023,” said Mark Wong, CEO of S&W Seed Company, in a statement.