The following is a summary of the S&W Seed Company (SANW) Q1 2025 Earnings Call Transcript:

Financial Performance:

• Q1 2025 preliminary revenue was $8.3 million, a decrease from $10.8 million in the prior year's first quarter.

• Gross profit margin for Q1 2025 was 16%, lower than the 25% in Q1 2024.

• Operating expenses for Q1 2025 remained relatively stable at $5.6 million compared to $5.7 million the previous year.

• Adjusted EBITDA for Q1 2025 was a negative $3.1 million.

Business Progress:

• S&W Seed Company is focusing on the U.S. based operations, particularly their high-growth sorghum trait portfolio such as Double Team and Prussic Acid Free Sorghum.

• The Double Team sorghum trait is projected to cover 12% to 14% of U.S. grain sorghum acres next year.

• They continue to expand collaboration with over 15 independent U.S. seed companies.

• VBO joint venture with Shell continues with the development of camelina for biofuels.

Opportunities:

• Continued growth and expansion of the Double Team sorghum trait and new trait releases.

• Partnership with Shell in the biofuel joint venture offers long-term growth in renewable energy resources.

Risks:

• International operations and sales might face disruptions due to the transfer of Australian assets in the VA process.

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