SANW - S&W Seed Company tops earnings expectation touts cost-saving efforts

S&W Seed Company ( NASDAQ: SANW ) called out belt-tightening efforts as key to improving earnings results in the first quarter of its 2023 fiscal year.

For the fiscal first quarter, the Colorado-based company posted a beat on top and bottom lines. Management highlighted efforts to cut operating expenses by $1M in the quarter as key to posting a lighter than anticipated loss. Gross margins expanded 260 basis points in the quarter.

"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,” CEO Mark Wong said. “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.”

The company reiterated its previously issued guidance for revenue in a range from $80M to $92M, in line with the analyst consensus of $86.4M. Adjusted EBITDA is expected to be in the range of a $7M to $2M loss as compared to a $23.8M loss in the recently-closed fiscal year.

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