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LONGMONT, Colo. , Nov. 26, 2024 /PRNewswire/ -- S&W Seed Company SANW today announced it has filed its 10-Q for the three months ended September 30, 2024 . S&W previously issued preliminary first quarter fiscal 2025 financial results on November 19, 2024 . The financial results filed in the 10-Q are in line with the preliminary financial results previously released. In addition to the filing of the 10-Q, the Company announced yesterday that it has finalized the voluntary plan of administration, or VA, process for its subsidiary, S&W Seed Company Australia Pty Ltd, or S&W Australia. In the announcement on November 19, 2024 , the Company also introduced new guidance for fiscal 2025, which includes adjusted EBITDA for the remaining three quarters of fiscal 2025 (period from October 1, 2024 to June 30, 2025 ) to be between approximately ($1.9) million and $0.1 million . The Company is maintaining that guidance as a result of the filing of the 10-Q and finalization of the VA process. "As a result of the VA process being completed, on a go forward basis S&W is exclusively focused on its core U.S.-based operations led by our high margin Double Team sorghum solutions as well as our biofuels joint venture with Shell," commented S&W Seed Company's CEO, Mark Herrmann . "As we announced during our preliminary earnings call on November 19, 2024 , we believe we have a robust commercial plan in place to drive continued adoption of Double Team and other high value sorghum trait solutions, including the planned launch of our Prussic Acid Free trait this fiscal year. We are similarly focused on driving efficiencies across our production and operating operations. Our guidance indicates continued strong improvement in gross margins, coupled with a reduction in operating expenses, which is paving the way for us to approach positive adjusted EBITDA performance. In fact, we are expecting the high end of our range to be at adjusted EBITDA breakeven for the rest of fiscal 2025. This would be a significant potential milestone if we can achieve our expectations." Financial Results Total revenue for the first quarter of fiscal 2025 was $8.3 million compared to total revenue for the first quarter of fiscal 2024 of $10.8 million . This decrease was driven by a $1.5 million decrease in non-dormant alfalfa sales in the Middle East and North Africa region driven by the import ban on alfalfa in Saudi Arabia , a $0.8 million decrease in sorghum sales in Mexico related to tightening of credit policies and carryover seed from the prior year in the market, a $0.5 million decrease in Double Team sorghum revenue, a $0.4 million decrease in sorghum sales to South Africa due to limited inventory supply of compatible hybrids, and a $0.3 million decrease in conventional sorghum sales due to an extended sales season in the prior year. This decrease was offset by a $0.5 million increase in non-dormant alfalfa sales in the United States , a $0.3 million increase in non-dormant alfalfa sales in Mexico , and a $0.3 million increase in dormant alfalfa sales in the United States . Gross profit margin for the first quarter of fiscal 2025 was 16.1% compared to gross profit margin for the first quarter of fiscal 2024 of 25.3%. The gross profit percentage decrease was primarily driven by an estimated 6.5 point decrease attributable to the Company's International segment, with an estimated 3.8 point decrease related to lower selling prices in the Middle East North Africa region due lower demand, and an estimated 2.7 point decrease in margin related to South Africa sorghum sales due to the available supply of reduced quality and low cost seed in the prior year. The net gross profit for the Americas segment decreased primarily due to inventory write-offs. GAAP operating expenses for the first quarter of fiscal 2025 were $5.6 million compared to GAAP operating expenses for the first quarter of fiscal 2024 of $5.7 million . This decrease was due to a $0.1 million decrease in selling, general, and administrative expenses. Adjusted operating expenses (see Table A1) for the first quarter of fiscal 2025 were $4.5 million compared to $4.8 million for the first quarter of fiscal 2024. The $0.3 million decrease in adjusted operating expenses for the first quarter of fiscal 2025 was largely attributed to a $0.2 million decrease in selling, general, and administrative expenses after excluding non-recurring transaction costs. Net loss from continuing operations for the first quarter of fiscal 2025 was ($6.2) million , or ($2.73) per basic and diluted share, compared to ($5.0) million , or ($2.22) per basic and diluted share for the first quarter of fiscal 2024. Net loss from discontinued operations for the first quarter of fiscal 2025 was ($10.0) million , or ($4.38) per basic and diluted share, compared to ($0.9) million , or ($0.41) per basic and diluted share, for the first quarter of fiscal 2024. GAAP net loss for the first quarter of fiscal 2025 was ($16.2) million , or ($7.11) per basic and diluted share, compared to ($6.0) million , or ($2.63) per basic and diluted share, for the first quarter of fiscal 2024. Adjusted net loss (see Table A2) for the first quarter of fiscal 2025 was ($4.9) million , or ($2.15) per basic and diluted share, excluding the loss from discontinued operations, interest expense - amortization of debt discount, non-recurring transaction costs, dividends accrued for participating securities and accretion, and equity in loss of equity method investee (Vision Bioenergy), net of tax. Adjusted net loss (see Table A2) for the first quarter of fiscal 2024 was ($3.8) million , or ($1.70) per basic and diluted share, excluding the loss from discontinued operations, interest expense - amortization of debt discount, non-recurring transaction costs, dividends accrued for participating securities and accretion, and equity in loss of equity method investee (Vision Bioenergy), net of tax. Adjusted EBITDA (see Table B) for the first quarter of fiscal 2025 was ($3.1) million compared to adjusted EBITDA for the first quarter of fiscal 2024 of ($1.7) million . S&W Australia As previously reported, S&W Australia adopted a voluntary plan of administration on July 24, 2024 , and on October 11, 2024 , creditors of S&W Australia approved a proposed Deed of Company Arrangement, or DOCA, pursuant to which, among other things, 100% of the shares in S&W Australia would be transferred to Avior Asset Management No. 3 Pty Ltd. The effective date of the DOCA was November 22 , 2024. In order to facilitate the satisfaction of certain conditions to the effectiveness of the DOCA, on November 22, 2024 , S&W entered into a settlement agreement in exchange for a release from the intercompany obligations owed to S&W Australia. S&W will transfer ownership of certain white clover and alfalfa (lucerne) intellectual property, provide the associated inventory, repay insurance proceeds received on behalf of S&W Australia, and provide transitional support to S&W Australia necessary to assist in the changeover of business operations to a standalone entity. S&W also entered into an agreement with National Australia Bank Limited that releases S&W from the AUD $15.0 million guarantee and obtained a release of certain applicable liens from CIBC Bank USA . Fiscal 2025 Guidance S&W expects fiscal 2025 revenue to be within a range of $34.5 to $38.0 million . This includes approximately $4.1 million of international sales in the just completed first quarter of fiscal 2025. Adjusted EBITDA is expected to be in the range of ($5.0) million to ($3.0) million for fiscal 2025. Adjusted EBITDA for the first quarter of fiscal 2025 was ($3.1) million indicating that the Company expects adjusted EBITDA for the remaining three quarters of the fiscal year to be in a range of ($1.9) to $0.1 million . Non-GAAP Financial Measures In addition to financial results reported in accordance with accounting principles generally accepted in the United States of America ("GAAP"), S&W has provided the following non-GAAP financial measures in this release and the accompanying tables: adjusted EBITDA; adjusted operating expenses; as well as adjusted net loss and adjusted net loss per share. S&W uses these non-GAAP financial measures internally to facilitate period-to-period comparisons and analysis of its operating performance and liquidity, and believes they are useful to investors as a supplement to GAAP measures in analyzing, trending and benchmarking the performance and value of its business. However, these measures are not intended to be a substitute for those reported in accordance with GAAP. These measures may be different from non-GAAP financial measures used by other companies, even when similar terms are used to identify such measures. For reconciliations of historical non-GAAP financial measures to the most comparable financial measures under GAAP, see Tables A1, A2, and B accompanying this release. In order to calculate these non-GAAP financial measures, S&W makes targeted adjustments to certain GAAP financial line items found on its condensed consolidated statement of operations, backing out non-recurring or unique items that we believe otherwise distort the underlying results and trends of the ongoing business. S&W has excluded the following items from one or more of its non-GAAP financial measures for the periods presented: Selling, general and administrative expenses; operating expenses. S&W excludes from operating expenses depreciation and amortization and a portion of SG&A expense related to non-recurring transaction costs and, for its adjusted EBITDA calculation, also non-cash stock-based compensation. S&W excludes non-recurring transaction costs from S&W's total operating expenses to provide investors a method to compare its operating results to prior periods and to peer companies, as such amounts can vary significantly based on the frequency of restructuring or acquisition events and the magnitude of restructuring or acquisition expenses. Net loss on discontinued operations : S&W excludes the net loss on discontinued operations, as this is outside of the scope of normal operations and is related to the disposal and operations of S&W Australia, which is no longer applicable. S&W believes it is important to exclude this amount in order to better understand its business performance. Foreign currency loss. The foreign currency loss represents fluctuations from changes in exchange rates that are uncertain or out of S&W's control and cannot be reasonably predicted. S&W believes it is useful to exclude this amount in order to better understand its business performance and allow investors to compare its results with peer companies. Interest expense – amortization of debt discount . Amortization of debt discount and debt issuance costs are primarily related to S&W's working capital lines of credit and term loans. These amounts are non-cash charges and are unrelated to its core performance during any particular period. S&W believes it is useful to exclude these amounts in order to better understand its business performance and allow investors to compare its results with peer companies. Interest expense, net . Interest expense, net primary consists of interest incurred on S&W's working capital credit facilities, the MFP Loan, the AgAmerica loan, and equipment capital leases. S&W believes it is useful to exclude these amounts in order to better understand its business performance and allow investors to compare its results with peer companies. Dividends accrued for participating securities and accretion . Dividends accrued for participating securities and accretion relates to dividends accrued for the Series B convertible preferred stock and the accretion for the discount related to the warrants issued in conjunction with the Series B convertible preferred stock. S&W believes it is useful to exclude these amounts in order to better understand its business performance and allow investors to compare its results with peer companies. Equity in loss of equity method investee (Vision Bioenergy), net of tax . This loss represents S&W's percentage of Vision Bioenergy's loss for the three months ended September 30, 2024 and 2023, as it has significant influence in Vision Bioenergy. S&W believes it is useful to exclude these amounts in order to better understand its business performance and allow investors to compare its results with peer companies. Descriptions of the non-GAAP financial measures included in this release and the accompanying tables are as follows: Adjusted Operating Expenses . S&W defines adjusted operating expenses as GAAP operating expenses adjusted to exclude depreciation and amortization, loss (gain) on disposal of property, plant and equipment, and non-recurring transaction costs. S&W believes that the use of adjusted operating expenses is useful to investors and other users of its financial statements in evaluating its operating performance because it provides a method to compare its operating results to prior periods and to peer companies after making adjustments for depreciation and amortization and amounts that are not expected to recur. Adjusted net loss and loss per share . S&W defines adjusted net loss as net loss attributable to S&W less interest expense – amortization of debt discount, non-recurring transaction costs, dividends accrued for participating securities and accretion, and equity in loss of equity method investee (Vision Bioenergy), net of tax. S&W believes that these non-GAAP financial measures provide useful supplemental information for evaluating its operating performance. Adjusted EBITDA. S&W defines adjusted EBITDA as net loss attributable to S&W adjusted to exclude the loss from discontinued operations, interest expense, net, interest expense – amortization of debt discount, provision for (benefit from) income taxes, depreciation and amortization, non-recurring transaction costs, non-cash stock-based compensation, foreign currency loss, equity in loss of equity method investee (Vision Bioenergy), net of tax, and dividends accrued for participating securities and accretion. S&W believes that the use of adjusted EBITDA is useful to investors and other users of its financial statements in evaluating its operating performance because it provides them with an additional tool to compare business performance across companies and across periods. S&W uses adjusted EBITDA in conjunction with traditional GAAP operating performance measures as part of its overall assessment of its performance, for planning purposes, including the preparation of its annual operating budget, to evaluate the effectiveness of its business strategies and to communicate with its Board concerning its financial performance. Management does not place undue reliance on adjusted EBITDA as its only measure of operating performance. Adjusted EBITDA should not be considered as a substitute for other measures of financial performance reported in accordance with GAAP. Financial Tables For a complete press release including financial tables, please view online at: https://swseedco.com/investors/press-releases/ . About S&W Seed Company Founded in 1980, S&W is a global multi-crop, middle-market agricultural company headquartered in Longmont, Colorado . S&W's vision is to be the world's preferred proprietary seed company which supplies a range of sorghum, forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in proprietary alfalfa and sorghum seeds with significant research and development, production and distribution capabilities. S&W also has a commercial presence in pasture and sunflower seeds, and through a partnership, is focused on sustainable biofuel feedstocks primarily within camelina. For more information, please visit www.swseedco.com . Safe Harbor Statement This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "ability," "believe," "may," "future," "plan," "intends" "should" or "expects." Forward-looking statements in this release include, but are not limited to: our success in growing and expanding our Double Team operations in the Americas and driving the continued adoption of Double Team Grain Sorghum; our expected timelines for the development and launch of our planned products and the anticipated commercial success of such products; the shift in revenue towards our higher margin products and the expected continued increase in profit margins; and the success of our cost-saving, production optimization and operational initiatives to reduce operating expenses and drive our business towards profitability. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including risks and uncertainties related to: market adoption of products designed to support the energy transition and customer demand for our partnership's products; the effects of unexpected weather and geopolitical and macroeconomic events, such as global inflation, bank failures, supply chain disruptions, uncertain market conditions, the armed conflict in Sudan , the ongoing military conflict between Russia and Ukraine and related sanctions and the conflict in the Middle East , on our business and operations as well as those of our partnership, and the extent to which they disrupt the local and global economies, as well as our business and the businesses of our partnership, our customers, distributors and suppliers; sufficiency of our partnership's cash and access to capital in order to develop its business; the sufficiency of our cash and access to capital in order to meet our liquidity needs, including our ability to pay our growers as our payment obligations come due; our need to comply with the financial covenants included in our loan agreements, refinance certain of our credit facilities and raise additional capital in the future and our ability to continue as a "going concern"; changes in market conditions, including any unexpected decline in commodity prices, may harm our results of operations and revenue outlook; our proprietary seed trait technology products, including Double Team, may not yield their anticipated benefits, including with respect to their impact on revenues and gross margins; changes in the competitive landscape and the introduction of competitive products may negatively impact our results of operations; demand for our Double Team sorghum solution may not be as strong as expected; our business strategic initiatives may not achieve the expected results; previously experienced logistical challenges in shipping and transportation of our products may become amplified, delaying our ability to recognize revenue and decreasing our gross margins; we may be unable to achieve our goals to drive growth, improve gross margins and reduce operating expenses; the inherent uncertainty and significant judgments and assumptions underlying our financial guidance; and the risks associated with our ability to successfully optimize and commercialize our business. These and other risks are identified in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended June 30, 2024 and in other filings subsequently made by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise. Company Contact: Mark Herrmann , Chief Executive Officer S&W Seed Company Phone: (720) 593-3570 www.swseedco.com Investor Contact: Robert Blum Lytham Partners, LLC Phone: (602) 889-9700 sanw@lythampartners.com www.lythampartners.com S & W SEED COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended September 30, 2024 2023 Revenue $ 8,309,476 $ 10,757,347 Cost of revenue 6,973,108 8,032,197 Gross profit 1,336,368 2,725,150 Operating expenses: Selling, general and administrative expenses 4,002,211 4,153,561 Research and development expenses 741,820 778,889 Depreciation and amortization 814,453 806,835 Gain on disposal of property, plant and equipment loss 11,462 (22,091) Total operating expenses 5,569,946 5,717,194 Loss from operations (4,233,578) (2,992,044) Other expense (income): Foreign currency loss 7,926 570 Interest expense - amortization of debt discount 361,138 356,567 Interest expense - convertible debt and other 761,879 948,728 Other expenses (income) 22,686 (37,560) Loss before income taxes (5,387,207) (4,260,349) Provision for (benefit from) income taxes 1,142 (12,292) Loss before equity in net earnings of affiliates (5,388,349) (4,248,057) Equity in loss of equity method investees, net of tax 846,878 776,973 Net loss from continuing operations (6,235,227) (5,025,030) Net loss from discontinued operations (9,994,499) (931,887) Net loss (16,229,726) (5,956,917) Loss attributable to noncontrolling interests — (7,288) Net loss attributable to S&W Seed Company $ (16,229,726) $ (5,949,629) Calculation of net loss per share: Net loss attributable to S&W Seed Company $ (16,229,726) $ (5,949,629) Dividends accrued for participating securities and accretion (127,892) (120,045) Net loss attributable to common shareholders $ (16,357,618) $ (6,069,674) Net loss per share from continuing operations, basic and diluted $ (2.73) $ (2.22) Net loss per share from discontinued operations, basic and diluted $ (4.38) $ (0.41) Net loss attributable to S&W Seed Company per common share, basic and diluted $ (7.11) $ (2.63) Net loss attributable to common shareholders per common share, basic and diluted $ (7.17) $ (2.68) Weighted average number of common shares outstanding, basic and diluted 2,282,780 2,263,643 S & W SEED COMPANY CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of September 30, 2024 As of June 30, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 480,359 $ 286,508 Accounts receivable, net 16,588,371 14,636,722 Receivable from unconsolidated subsidiary 367,349 — Inventories, net 26,549,387 22,628,343 Prepaid expenses and other current assets 2,616,306 3,431,226 Current assets of discontinued operations — 22,391,691 TOTAL CURRENT ASSETS 46,601,772 63,374,490 Property, plant and equipment, net 5,980,625 6,127,198 Intellectual property, net 19,919,389 20,265,618 Other Intangibles, net 3,099,003 3,206,720 Right of use asset - operating leases 890,086 1,113,833 Equity method investments 18,847,331 19,694,209 Other assets 1,272,948 1,364,532 Non-current assets of discontinued operations — 5,578,941 TOTAL ASSETS $ 96,611,154 $ 120,725,541 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 9,396,043 $ 3,255,928 Payable to unconsolidated subsidiary 16,214,514 - Deferred revenue 2,056,703 832,283 Accrued expenses and other current liabilities 5,814,941 3,770,773 Bank guarantee 5,000,000 - Current portion of working capital lines of credit, net 16,114,500 16,174,537 Current portion of long-term debt, net 284,239 315,304 Current liabilities of discontinued operations — 44,893,499 TOTAL CURRENT LIABILITIES 54,880,940 69,242,324 Long-term debt, net, less current portion 4,652,369 4,721,849 Other non-current liabilities 659,996 800,620 Non-current liabilities of discontinued operations — 929,623 TOTAL LIABILITIES 60,193,305 75,694,416 MEZZANINE EQUITY Preferred stock, $0.001 par value; 3,323 shares authorized; 1,695 issued and outstanding at September 30, 2024 and June 30, 2024 5,896,657 5,768,765 TOTAL MEZZANINE EQUITY 5,896,657 5,768,765 STOCKHOLDERS' EQUITY Common stock, $0.001 par value; 75,000,000 shares authorized; 2,284,096 issued and 2,282,780 outstanding at September 30, 2024; 2,282,574 issued and 2,281,258 outstanding at June 30, 2024 43,398 43,369 Treasury stock, at cost, 1,316 shares at September 30, 2024 and June 30, 2024 (134,196) (134,196) Additional paid-in capital 169,048,535 168,807,072 Accumulated deficit (138,448,097) (122,090,479) Accumulated other comprehensive loss (30,156) (7,405,114) Noncontrolling interests 41,708 41,708 TOTAL STOCKHOLDERS' EQUITY 30,521,192 39,262,360 TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY $ 96,611,154 $ 120,725,541 S & W SEED COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended September 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (16,229,726) $ (5,956,917) Loss from discontinued operations (9,994,499) (931,887) Loss from continuing operations (6,235,227) (5,025,030) Adjustments to reconcile net loss from operating activities to net loss cash used in operating activities: Stock-based compensation 243,908 402,641 Provision for credit losses — 165,342 Inventory write-down 298,127 350,000 Depreciation and amortization 814,453 806,835 Loss (gain) on disposal of property, plant and equipment 11,462 (22,091) Equity in loss of equity method investees, net of tax 846,878 776,973 Foreign currency transactions 7,926 570 Amortization of debt discount 361,138 356,567 Accretion of note receivable — (63,738) Changes in: Accounts receivable (1,947,797) (1,596,260) Receivable from unconsolidated subsidiary 113,383 — Inventories (4,219,171) (455,529) Prepaid expenses and other current assets 814,968 (503,941) Other non-current assets 1,089 35,834 Accounts payable 6,140,115 5,208,316 Payable to unconsolidated subsidiary 250,495 — Deferred revenue 1,224,420 (157,440) Accrued expenses and other current liabilities 2,055,445 1,761,480 Other non-current liabilities 3,050 21,984 Net cash provided by operating activities from continuing operations 784,662 2,062,514 Net cash used in operating activities from discontinuing operations (1,434,917) (1,267,836) Net cash (used in) provided by operating activities (650,255) 794,678 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (138,041) (116,346) Proceeds from disposal of property, plant and equipment 25,700 74,657 Net cash used in investing activities from continuing operations (112,341) (41,689) Net cash provided by (used in) investing activities from discontinuing operations 25,079 (105,089) Net cash used in investing activities (87,262) (146,778) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings and repayments on lines of credit, net (344,155) (4,306,362) Borrowings of long-term debt — 9,087 Repayments of long-term debt (81,847) (2,420) Payments of debt issuance costs (50,169) (41,322) Net proceeds from sale of common stock — (153,230) Taxes paid related to net share settlements of stock-based compensation awards (2,416) (15,176) Net cash used in financing activities from continuing operations (478,587) (4,509,423) Net cash provided by financing activities from discontinued operations 1,409,838 1,409,452 Net cash provided by (used in) financing activities 931,251 (3,099,971) EFFECT OF EXCHANGE RATE CHANGES ON CASH 117 40,700 NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS 193,851 (2,411,371) CASH AND CASH EQUIVALENTS, beginning of the period 286,508 3,398,793 CASH AND CASH EQUIVALENTS, end of period $ 480,359 $ 987,422 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Interest $ 831,003 $ 1,360,904 Income taxes 25 22,225 TABLE A1 S&W SEED COMPANY ITEMIZED RECONCILIATION BETWEEN OPERATING EXPENSES AND NON-GAAP ADJUSTED OPERATING EXPENSES (UNAUDITED) Three Months Ended September 30, 2024 2023 Operating expenses $ 5,569,946 $ 5,717,194 Less: Depreciation and amortization (814,453) (806,835) Non-recurring transaction costs (238,084) (162,232) Loss (gain) on disposal of property, plant and equipment (11,462) 22,091 Non-GAAP adjusted operating expenses $ 4,505,947 $ 4,770,218 TABLE A2 S&W SEED COMPANY ITEMIZED RECONCILIATION BETWEEN NET LOSS AND NON-GAAP ADJUSTED NET LOSS (UNAUDITED) Three Months Ended September 30, 2024 2023 Net loss attributable to S&W Seed Company $ (16,229,726) $ (5,949,629) Net loss from discontinued operations 9,994,499 931,887 Interest expense - amortization of debt discount 361,138 356,567 Non-recurring transaction costs 238,084 162,232 Dividends accrued for participating securities and accretion (127,892) (120,045) Equity in loss of equity method investee (Vision Bioenergy), net of tax 846,878 776,973 Non-GAAP adjusted net loss $ (4,917,019) $ (3,842,015) Non-GAAP adjusted net loss attributable to S&W Seed Company per common share, basic and diluted $ (2.15) $ (1.70) Weighted average number of common shares outstanding, basic and diluted 2,282,780 2,263,643 TABLE B S&W SEED COMPANY ITEMIZED RECONCILIATION BETWEEN NET LOSS AND NON-GAAP ADJUSTED EBITDA (UNAUDITED) Three Months Ended September 30, 2024 2023 Net loss attributable to S&W Seed Company $ (16,229,726) $ (5,949,629) Net loss from discontinued operations 9,994,499 931,887 Interest expense, net 761,879 948,728 Interest expense - amortization of debt discount 361,138 356,567 Provision for (benefit from) income taxes 1,142 (12,292) Depreciation and amortization 814,453 806,835 Non-recurring transaction costs 238,084 162,232 Non-cash stock-based compensation 243,908 402,641 Foreign currency loss 7,926 570 Equity in loss of equity method investee (Vision Bioenergy), net of tax 846,878 776,973 Dividends accrued for participating securities and accretion (127,892) (120,045) Non-GAAP adjusted EBITDA $ (3,087,711) $ (1,695,533) View original content to download multimedia: https://www.prnewswire.com/news-releases/sw-files-first-quarter-2025-10-q-302316985.html SOURCE S&W Seed Company © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.East Carolina wins 71-64 over StetsonA couple of weeks ago, we told you about the Kamala Harris campaign's interesting expenditure s. They paid Oprah, Lizzo, Cardi B., Beyoncé, and even Al Sharpton. In normal circumstances, that would be not only a scandal, but a fireable offense. Sharpton works for MSNBC and gave her a friendly softball interview after she paid him. Now MSNBC is playing dumb: NEW MSNBC tells @FreeBeacon it was “unaware” that Al Sharpton received $500k from Kamala Harris campaign prior to friendly interview But network declined comment on whether Sharpton faced discipline for violating company’s conflicts of interest policy 🧵 pic.twitter.com/XI5Wu6paVo More from Free Beacon: MSNBC was "unaware" that Kamala Harris's campaign paid Al Sharpton's nonprofit $500,000 shortly before Harris sat for a softball interview with the cable host, a network spokesman told the Washington Free Beacon . He wouldn't say, though, whether the left-wing network is taking any action against Sharpton for a move that appears to violate network policy. Other network hosts like Joe Scarborough have been publicly reprimanded for their failure to disclose making, rather than receiving, political donations. The Harris campaign made a $250,000 contribution to Sharpton's National Action Network on Sept. 5 and another on Oct. 1, just weeks before Sharpton conducted a favorable interview with the Democratic nominee, the Free Beacon reported . Maddening. MSNBC ignored our inquiries on this for 2 weeks, but finally responded after the Society of Professional Journalists said these payments are a “black eye” for the network Story link here: https://t.co/wMBHY4EtFQ They deserve to be sold for pennies on the dollar. MSNBC requires employees to disclose any conflicts of interest. Network suspended @JoeNBC and @KeithOlbermann in 2010 for donated a small amount to political campaigns without approval So they'll totally punish Sharpton, right? But Sharpton appears to be getting special treatment. He’s been on air since our story, and MSNBC spokesman declined to say anything about network’s interactions with Sharpton about this. Nevermind. That could be because MSNBC’s president, Rashida Jones, is close to Sharpton and has spoken at many events for the Sharpton nonprofit that got the $500k in Kamala cash We don't despise the media enough. MSNBC - we are going to be firing a lot of people soon so let's not comment on this yet That will be a glorious day. Isn't this akin to what NY is prosecuting Trump for? Paying money for a favorable setting to impact the election? It's (D)ifferent when they do it. Doesn’t he still owe back taxes from forever ago and how is still walking around. YOU’D be in jail Of course we would be. This man is a politician, not a journalist. We need to stop pretending that MSNBC is a news organization. How embarrassing for NBC News. https://t.co/NnMQo7VVPp NBC News deserves it all. 500k for an interview that didn’t do s**t. What an incredible campaign. https://t.co/q7vrZX7vS8 Incredible in the way the Hindenburg was incredible. Right before it burst into flames and crashed to earth. Did anyone that “supported” Kamala not get paid to do it? 🤣 https://t.co/dWvNHjfhp7 Doesn't seem so. It was all so fake.
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Egypt, Liberia sign aquaculture cooperation agreement'Unbelievable' Odegaard transforms Arsenal and gets Saka smiling againXerox Holdings Co. ( NYSE:XRX – Get Free Report )’s share price gapped up prior to trading on Monday . The stock had previously closed at $8.39, but opened at $8.99. Xerox shares last traded at $8.77, with a volume of 2,577,006 shares. Wall Street Analysts Forecast Growth A number of brokerages recently weighed in on XRX. StockNews.com upgraded shares of Xerox from a “hold” rating to a “buy” rating in a report on Monday, December 16th. JPMorgan Chase & Co. lowered their price target on Xerox from $11.00 to $8.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. Finally, Morgan Stanley reduced their price objective on Xerox from $10.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $9.50. Get Our Latest Report on XRX Xerox Stock Down 2.3 % Xerox ( NYSE:XRX – Get Free Report ) last released its earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.26). The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.63 billion. Xerox had a positive return on equity of 6.60% and a negative net margin of 21.31%. Xerox’s revenue was down 7.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.46 EPS. On average, equities research analysts expect that Xerox Holdings Co. will post 1.12 EPS for the current fiscal year. Xerox Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.83%. The ex-dividend date of this dividend is Tuesday, December 31st. Xerox’s dividend payout ratio (DPR) is -9.06%. Institutional Inflows and Outflows Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC boosted its holdings in shares of Xerox by 26.1% during the 3rd quarter. Tidal Investments LLC now owns 68,359 shares of the information technology services provider’s stock valued at $710,000 after purchasing an additional 14,164 shares during the last quarter. Geode Capital Management LLC grew its holdings in Xerox by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,808,775 shares of the information technology services provider’s stock valued at $29,161,000 after buying an additional 62,947 shares in the last quarter. Barclays PLC increased its stake in Xerox by 55.5% in the 3rd quarter. Barclays PLC now owns 469,106 shares of the information technology services provider’s stock worth $4,869,000 after acquiring an additional 167,500 shares during the last quarter. Stifel Financial Corp raised its holdings in shares of Xerox by 44.2% during the 3rd quarter. Stifel Financial Corp now owns 152,380 shares of the information technology services provider’s stock worth $1,582,000 after acquiring an additional 46,708 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in shares of Xerox by 39.2% in the third quarter. Point72 Asset Management L.P. now owns 38,312 shares of the information technology services provider’s stock valued at $398,000 after purchasing an additional 10,794 shares in the last quarter. 85.36% of the stock is currently owned by institutional investors. Xerox Company Profile ( Get Free Report ) Xerox Holdings Corporation, together with its subsidiaries, operates as a workplace technology company that integrates hardware, services, and software for enterprises in the Americas, Europe, the Middle East, Africa, India, and internationally. The company operates through two segments, Print and Other; and FITTLE. Featured Stories Receive News & Ratings for Xerox Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Xerox and related companies with MarketBeat.com's FREE daily email newsletter .
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