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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission File Number: 001-34719

S&W SEED COMPANY

(Exact Name of Registrant as Specified in Its Charter)


Nevada		27-1275784
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)


2101 Ken Pratt Blvd, Suite 201, Longmont, CO		80501
(Address of Principal Executive Offices)		(Zip Code)

(720) 506-9191

(Registrant's Telephone Number, Including Area Code)

Securities Registered Pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share	SANW	The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large, accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The number of shares outstanding of common stock of the registrant as of May 12, 2025 was 2,146,806.

S&W SEED COMPANY

TABLE OF CONTENTS


PART I.	FINANCIAL INFORMATION	Page No.
Item 1.	Financial Statements (Unaudited):	4
	Condensed Consolidated Balance Sheets at March 31, 2025 and June 30, 2024	4
	Condensed Consolidated Statements of Operations for the Three Months and Nine Months Ended March 31, 2025 and 2024	5
	Condensed Consolidated Statements of Comprehensive Loss for the Three Months and Nine Months Ended March 31, 2025 and 2024	6
	Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Equity for the Three Months and Nine Months Ended March 31, 2025 and 2024	7
	Condensed Consolidated Statements of Cash Flows for the Three Months and Nine Months Ended March 31, 2025 and 2024	8
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	44
PART II.	OTHER INFORMATION	47
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 3.	Defaults Upon Senior Securities	47
Item 4.	Mine Safety Disclosures	47
Item 5.	Other Information	47
Item 6.	Exhibits	48

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical fact could be deemed forward-looking statements, including, but not limited to: statements concerning our loan agreements, including our ability to comply with and/or secure refinancing for such loan agreements; the potential effects of global macroeconomic events on our business; the plans, strategies and objectives of management for our future operations, including our expectations for new product introductions during fiscal 2025; our implementation of our strategic review (which includes our plans to reduce annual operating expenses); our partnership with Shell and its role in enabling us to reduce our operating expenses and sharpen our focus on key growth priorities; our ability to raise capital in the future; expected development, performance or market acceptance relating to our products or services or our ability to expand our grower or customer bases or to diversify our product offerings; future economic conditions or performance; our ability to retain key employees; and our assumptions, expectations and beliefs underlying any of the foregoing. These forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,” “believe,” “can,” “continue,” “could,” “designed,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions or variations intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We have based these forward-looking statements on our current expectations about future events. Such forward-looking statements are subject to risks, uncertainties and other important factors, including certain assumptions, that, if they never materialize or prove incorrect, could cause our actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Risks, uncertainties and assumptions include the following:

•

whether we are successful in implementing our strategies focused on growth opportunities, changes in our cost structure and improved financial performance;

•

whether we are able to maintain compliance with our current loan agreements, including to provide access to sufficient liquidity to pay our growers and suppliers;

•

geopolitical and macroeconomic events, such as global inflation, bank failures, changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, supply chain disruptions, uncertain market conditions, the ongoing military conflict between Russia and Ukraine and related sanctions, and the extent to which they continue to disrupt the local and global economies, as well as our business and the businesses of our customers, distributors and suppliers;

•

changes in demand for our seed products, including Double Team®, our non-GMO herbicide tolerant sorghum solution;

•

whether we are able to develop and successfully launch additional trait technology products;

•

whether we are successful in commercializing our current and future trait technology products, including Double Team and Prussic Acid FreeTM;

•

our plans for expansion of our business (including by expanding crop offerings and market share of existing offerings through acquisitions, partnerships, joint ventures and other strategic transactions) and our ability to successfully integrate acquisitions into our operations;

•

whether we continue to invest in research and development and whether such investment results in trait improvement across our crop categories;

•

the continued ability of our distributors and suppliers to have access to sufficient liquidity to fund their operations;

•

market trends and other factors affecting our financial condition or results of operations from period to period;

•

the impact of crop disease, severe weather conditions, such as drought or flooding, or natural disasters, such as earthquakes, on crop quality and yields and on our ability to grow, procure or export our products;

•

the impact of pricing of other crops that may influence what crops our growers elect to plant;

•

whether we are successful in aligning expense levels to revenue changes;

•

whether we are successful in monetizing camelina and our partnership with Shell provides its anticipated benefits;

•

the disposal of S&W Australia resulted in S&W Australia’s business no longer being conducted through us, which significantly reduced the scope of our overall worldwide operations and could have a material adverse effect on our business, financial position and results of operations;

•

the cost and other implications of pending or future legislation or court decisions and pending or future accounting pronouncements; and

•

other risks that are described herein and in the section titled “Risk Factors” contained in Part I, Item 1A. of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, or the Annual Report, and that are otherwise described or updated from time to time in our filings with the Securities and Exchange Commission.

You are urged to carefully review the disclosures made concerning risks and uncertainties that may affect our business or operating results, which include, among others, those described above.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Many factors discussed in this Quarterly Report on Form 10-Q, some of which are beyond our control, will be important in determining our future performance. Consequently, these statements are inherently uncertain and actual results may differ materially from those that might be anticipated from the forward-looking statements. In light of these and other uncertainties, you should not regard the inclusion of a forward-looking statement in this Quarterly Report on Form 10-Q as a representation by us that our plans and objectives will be achieved, and you should not place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Furthermore, such forward-looking statements represent our views as of, and speak only as of, the date of this Quarterly Report on Form 10-Q, and such statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. We undertake no obligation to publicly update any forward-looking statements, or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

When used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “the Company,” “S&W” and “S&W Seed” refer to S&W Seed Company and its subsidiaries or, as the context may require, S&W Seed Company only. Our fiscal year ends on June 30, and accordingly, the terms “fiscal 2025,” “fiscal 2024” and “fiscal 2023” in this Quarterly Report on Form 10-Q refer to the respective fiscal year ended June 30, 2025, 2024 and 2023, respectively, with corresponding meanings to any fiscal year reference beyond such dates. Trademarks, service marks and trade names of other companies appearing in this report are the property of their respective holders.

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

S&W SEED COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


ASSETS	As of March 31, 2025			As of June 30, 2024
CURRENT ASSETS
Cash and cash equivalents	$	354,497		$	286,508
Accounts receivable, net		11,411,618			14,636,722
Inventories, net		16,853,780			22,628,343
Prepaid expenses and other current assets		2,856,036			3,431,226
Current assets of discontinued operations		—			22,391,691
TOTAL CURRENT ASSETS		31,475,931			63,374,490
Property, plant and equipment, net		5,463,647			6,127,198
Intellectual property, net		10,469,290			20,265,618
Other intangibles, net		2,301,085			3,206,720
Right of use assets - operating leases		1,042,937			1,113,833
Equity method investments		17,440,148			19,694,209
Other assets		1,420,343			1,364,532
Non-current assets of discontinued operations		—			5,578,941
TOTAL ASSETS	$	69,613,381		$	120,725,541

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	8,971,330		$	3,255,928
Deferred revenue		2,212,530			832,283
Accrued expenses and other current liabilities		2,823,529			3,770,773
Current portion of working capital lines of credit, net		17,116,322			16,174,537
Current portion of long-term debt, net		283,533			315,304
Current liabilities of discontinued operations		—			44,893,499
TOTAL CURRENT LIABILITIES		31,407,244			69,242,324
Long-term debt, net, less current portion		4,537,930			4,721,849
Other non-current liabilities		690,892			800,620
Non-current liabilities of discontinued operations		—			929,623
TOTAL LIABILITIES		36,636,066			75,694,416
MEZZANINE EQUITY
Preferred stock, $0.001 par value; 3,323 shares authorized; 1,695 issued and outstanding at March 31, 2025 and June 30, 2024		6,157,306			5,768,765
TOTAL MEZZANINE EQUITY		6,157,306			5,768,765
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value; 75,000,000 shares authorized; 2,146,448 issued and 2,145,132 outstanding at March 31, 2025; 2,282,704 issued and 2,281,388 outstanding at June 30, 2024		2,146			43,369
Treasury stock, at cost, 1,316 shares at March 31, 2025 and June 30, 2024		(134,196	)		(134,196	)
Additional paid-in capital		169,550,408			168,807,072
Accumulated deficit		(142,605,637	)		(122,090,479	)
Accumulated other comprehensive loss		(34,420	)		(7,405,114	)
Non-controlling interests		41,708			41,708
TOTAL STOCKHOLDERS' EQUITY		26,820,009			39,262,360
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY	$	69,613,381		$	120,725,541

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

S&W SEED COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended March 31,						Nine Months Ended March 31,
	2025			2024			2025			2024
Revenue	$	9,552,427		$	9,367,984		$	22,938,801		$	28,386,639
Cost of revenue (excluding depreciation and amortization shown separately below)		5,947,095			7,062,360			16,114,578			19,821,935
Gross profit		3,605,332			2,305,624			6,824,223			8,564,704
Operating expenses:
Selling, general and administrative expenses		2,955,365			3,960,684			11,645,402			12,357,152
Research and development expenses		734,521			767,210			2,308,927			2,269,692
Depreciation and amortization		578,047			815,807			2,088,851			2,441,191
Loss (gain) on disposal of property, plant and equipment		—			—			21,484			(70,373	)
Total operating expenses		4,267,933			5,543,701			16,064,664			16,997,662
Loss from operations		(662,601	)		(3,238,077	)		(9,240,441	)		(8,432,958	)
Other expense (income):
Foreign currency loss		1,611			25,168			10,350			611
Interest expense - amortization of debt discount		241,375			367,624			955,190			1,071,686
Interest expense, net		657,042			740,347			2,249,157			2,250,914
Other income		(23,629	)		(50,476	)		(1,806	)		(147,370	)
Net loss from continuing operations before income taxes		(1,539,000	)		(4,320,740	)		(12,453,332	)		(11,608,799	)
Provision for (benefit from) income taxes		3,831			1,720			6,523			(8,740	)
Net loss from continuing operations before equity in net earnings of affiliates		(1,542,831	)		(4,322,460	)		(12,459,855	)		(11,600,059	)
Equity in loss of equity method investee, net of tax		682,286			487,617			2,254,061			1,841,630
Net loss from continuing operations		(2,225,117	)		(4,810,077	)		(14,713,916	)		(13,441,689	)
Net loss from discontinued operations		(10,917	)		(667,409	)		(5,412,701	)		(4,486,760	)
Net loss		(2,236,034	)		(5,477,486	)		(20,126,617	)		(17,928,449	)
Loss (income) attributable to non-controlling interests		—			23,051			—			(9,431	)
Net loss attributable to S&W Seed Company	$	(2,236,034	)	$	(5,500,537	)	$	(20,126,617	)	$	(17,919,018	)

Calculation of net loss per share:
Net loss attributable to S&W Seed Company	$	(2,236,034	)	$	(5,500,537	)	$	(20,126,617	)	$	(17,919,018	)
Dividends accrued for participating securities and accretion		(129,176	)		(123,359	)		(388,541	)		(367,835	)
Net loss attributable to common shareholders	$	(2,365,210	)	$	(5,623,896	)	$	(20,515,158	)	$	(18,286,853	)

Net loss per share from continuing operations, basic and diluted	$	(1.04	)	$	(2.11	)	$	(6.57	)	$	(5.92	)
Net loss per share from discontinued operations, basic and diluted	$	(0.01	)	$	(0.29	)	$	(2.42	)	$	(1.98	)
Net loss attributable to S&W Seed Company per common share, basic and diluted	$	(1.04	)	$	(2.41	)	$	(8.98	)	$	(7.89	)
Net loss attributable to common shareholders per common share, basic and diluted	$	(1.10	)	$	(2.47	)	$	(9.16	)	$	(8.05	)
Weighted average number of common shares outstanding, basic and diluted		2,144,517			2,279,736			2,240,381			2,270,416

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

S&W SEED COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED)


	Three Months Ended March 31,						Nine Months Ended March 31,
	2025			2024			2025			2024
Net loss	$	(2,236,034	)	$	(5,477,486	)	$	(20,126,617	)	$	(17,928,449	)
Foreign currency translation adjustment, net of income taxes		5,538			(578,482	)		(203	)		(422,847	)
Deconsolidation of subsidiary impact on currency translation adjustment, net of income taxes		—			—			7,370,897			—
Comprehensive loss		(2,230,496	)		(6,055,968	)		(12,755,923	)		(18,351,296	)
Comprehensive loss attributable to non-controlling interests		—			23,051			—			(9,431	)
Comprehensive loss attributable to S&W Seed Company	$	(2,230,496	)	$	(6,079,019	)	$	(12,755,923	)	$	(18,341,865	)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

S&W SEED COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY

(UNAUDITED)


	Mezzanine Equity				Shareholders' Equity
	Preferred Stock				Common Stock						Treasury Stock						Additional Paid-In			Accumulated			Non- controlling			Accumulated Other Comprehensive			Total Stockholders'
	Shares		Amount		Shares			Amount			Shares			Amount			Capital			Deficit			Interests			Loss			Equity
Balance, December 31, 2023		1,695	$	5,518,624		2,279,845		$	43,317			(1,316	)	$	(134,196	)	$	168,270,300		$	(104,595,765	)	$	34,638		$	(6,832,156	)	$	56,786,138
Stock-based compensation		—		—		—			—			—			—			284,083			—			—			—			284,083
Series B detachable warrant		—		25,837		—			—			—			—			—			(25,837	)		—			—			(25,837	)
Accrued dividends on Series B convertible preferred stock		—		97,522		—			—			—			—			—			(97,522	)		—			—			(97,522	)
Net issuance to settle RSUs		—		—		1,207			23			—			—			(2,644	)		—			—			—			(2,621	)
Liquidation of subsidiary		—		—		—			—			—			—			(10,798	)		330,091			—			—			319,293
Other comprehensive loss		—		—		—			—			—			—			—			—			—			(578,482	)		(578,482	)
Net (loss) income		—		—		—			—			—			—			—			(5,500,537	)		23,051			—			(5,477,486	)
Balance, March 31, 2024		1,695	$	5,641,983		2,281,052		$	43,340			(1,316	)	$	(134,196	)	$	168,540,941		$	(109,889,570	)	$	57,689		$	(7,410,638	)	$	51,207,566

Balance, December 31, 2024		1,695	$	6,028,130		2,140,519		$	2,139			(1,316	)	$	(134,196	)	$	169,334,593		$	(140,240,427	)	$	41,708		$	(39,958	)	$	28,963,859
Stock-based compensation		—		—		—			—			—			—			221,440			—			—			—			221,440
Series B detachable warrant		—		25,837		—			—			—			—			—			(25,837	)		—			—			(25,837	)
Accrued dividends on Series B convertible preferred stock		—		103,339		—			—			—			—			—			(103,339	)		—			—			(103,339	)
Net issuance to settle RSUs		—		—		5,929			7			—			—			(5,625	)		—			—			—			(5,618	)
Other comprehensive income		—		—		—			—			—			—			—			—			—			5,538			5,538
Net loss		—		—		—			—			—			—			—			(2,236,034	)		—			—			(2,236,034	)
Balance, March 31, 2025		1,695	$	6,157,306		2,146,448		$	2,146			(1,316	)	$	(134,196	)	$	169,550,408		$	(142,605,637	)	$	41,708		$	(34,420	)	$	26,820,009

	Mezzanine Equity				Shareholders' Equity
	Preferred Stock				Common Stock						Treasury Stock						Additional Paid-In			Accumulated			Non- controlling			Accumulated Other Comprehensive			Total Stockholders'
	Shares		Amount		Shares			Amount			Shares			Amount			Capital			Deficit			Interests			Loss			Equity
Balance, June 30, 2023		1,695	$	5,274,148		2,263,369		$	43,004			(1,316	)	$	(134,196	)	$	167,768,104		$	(91,932,808	)	$	67,120		$	(6,987,791	)	$	68,823,433
Stock-based compensation		—		—		—			—			—			—			979,230			—			—			—			979,230
Series B detachable warrant		—		77,513		—			—			—			—			—			(77,513	)		—			—			(77,513	)
Accrued dividends on Series B convertible preferred stock		—		290,322		—			—			—			—			—			(290,322	)		—			—			(290,322	)
Net issuance to settle RSUs		—		—		17,683			336			—			—			(29,783	)		—			—			—			(29,447	)
Cash paid related to stock issuance costs		—		—		—			—			—			—			(165,812	)		—			—			—			(165,812	)
Liquidation of subsidiary		—		—		—			—			—			—			(10,798	)		330,091			—			—			319,293
Other comprehensive loss		—		—		—			—			—			—			—			—			—			(422,847	)		(422,847	)
Net loss		—		—		—			—			—			—			—			(17,919,018	)		(9,431	)		—			(17,928,449	)
Balance, March 31, 2024		1,695	$	5,641,983		2,281,052		$	43,340			(1,316	)	$	(134,196	)	$	168,540,941		$	(109,889,570	)	$	57,689		$	(7,410,638	)	$	51,207,566

Balance, June 30, 2024		1,695	$	5,768,765		2,282,704		$	43,369			(1,316	)	$	(134,196	)	$	168,807,072		$	(122,090,479	)	$	41,708		$	(7,405,114	)		39,262,360
Stock-based compensation		—		—		—			—			—			—			741,450			—			—			—			741,450
Cash paid to purchase common stock		—		—		(200,000	)		(200	)		—			—			(29,800	)		—			—			—			(30,000	)
Series B detachable warrant		—		77,513		—			—			—			—			—			(77,513	)		—			—			(77,513	)
Accrued dividends on Series B convertible preferred stock		—		311,028		—			—			—			—			—			(311,028	)		—			—			(311,028	)
Reverse stock split adjustment		—		—		—			(41,115	)		—			—			41,115			—			—			—			—
Net issuance to settle RSUs		—		—		63,745			92			—			—			(9,429	)		—			—			—			(9,337	)
Deconsolidation of subsidiary		—		—		—			—			—			—			—			—			—			7,370,897			7,370,897
Other comprehensive loss		—		—		—			—			—			—			—			—			—			(203	)		(203	)
Net loss		—		—		—			—			—			—			—			(20,126,617	)		—			—			(20,126,617	)
Balance, March 31, 2025		1,695	$	6,157,306		2,146,448		$	2,146			(1,316	)	$	(134,196	)	$	169,550,408		$	(142,605,637	)	$	41,708		$	(34,420	)	$	26,820,009

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

S&W SEED COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Nine Months Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(20,126,617	)	$	(17,928,449	)
Net loss from discontinued operations		(5,412,701	)		(4,486,760	)
Net loss from continuing operations		(14,713,916	)		(13,441,689	)
Adjustments to reconcile net loss from operating activities to net
cash used in operating activities:
Stock-based compensation		741,450			953,140
Provision for credit losses		237,500			589,855
Inventory write-down		291,452			1,220,904
Depreciation and amortization		2,088,851			2,441,191
Loss (gain) on disposal of property, plant and equipment		21,484			(70,373	)
Equity in loss of equity method investees, net of tax		2,254,061			1,841,630
Foreign currency transactions		10,350			1,331
Amortization of debt discount		955,190			1,071,686
Accretion of note receivable		—			(153,110	)
Changes in:
Accounts receivable		2,987,093			5,737,336
Receivable from unconsolidated subsidiary		(358,790	)		(1,868,133	)
Inventories		(468,683	)		19,735
Prepaid expenses and other current assets		1,158,886			1,346,391
Other non-current assets		(258,909	)		(3,266	)
Accounts payable		5,731,350			(3,039,829	)
Payable to unconsolidated subsidiary		187,430			(2,436,777	)
Deferred revenue		1,380,247			2,037,398
Accrued expenses and other current liabilities		(1,165,447	)		(215,116	)
Other non-current liabilities		7,353			(124	)
Net cash provided by (used in) operating activities from continuing operations		1,086,952			(3,967,820	)
Net cash used in operating activities from discontinuing operations		(1,434,917	)		(1,614,002	)
Net cash used in operating activities		(347,965	)		(5,581,822	)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of business interest		—			6,000,000
Additions to property, plant and equipment		(207,942	)		(288,999	)
Proceeds from disposal of property, plant and equipment		39,300			136,588
Net cash (used in) provided by investing activities from continuing operations		(168,642	)		5,847,589
Net cash provided by (used in) investing activities from discontinuing operations		25,079			(50,242	)
Net cash (used in) provided by investing activities		(143,563	)		5,797,347
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings (repayments) of lines of credit, net		837,128			(4,855,733	)
Borrowings of long-term debt		—			78,215
Repayments of long-term debt		(300,178	)		(30,851	)
Payments of debt issuance costs		(1,354,265	)		(166,156	)
Cash paid to purchase common stock		(30,000	)		—
Net proceeds from sale of common stock		—			(165,812	)
Taxes paid related to net share settlements of stock-based compensation awards		(9,337	)		(29,447	)
Net cash used in financing activities from continuing operations		(856,652	)		(5,169,784	)
Net cash provided by financing activities from discontinued operations		1,409,838			1,726,779
Net cash provided by (used in) financing activities		553,186			(3,443,005	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		6,331			(304	)
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS		67,989			(3,227,784	)
CASH AND CASH EQUIVALENTS, beginning of the period		286,508			3,398,793
CASH AND CASH EQUIVALENTS, end of period	$	354,497		$	171,009
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest	$	2,293,126		$	3,107,100
Income taxes		25			22,225

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

S&W SEED COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 - GENERAL

S&W Seed Company, or the Company, is a global multi-crop, middle-market agricultural company that is principally engaged in breeding, growing, processing and selling agricultural seeds. The Company operates seed cleaning and processing facilities in Texas, with its seed products primarily grown under contract by farmers. The Company is currently focused on growing sales of its proprietary and traited products, specifically through the expansion of Double Team® for forage and grain sorghum products and new trait introductions, including the second generation of Double Team and Prussic Acid FreeTM, improving profit margins through pricing and operational efficiencies, and developing the camelina market via a partnership formed in fiscal 2023. The Company's vision is to empower the farming community with superior sorghum germplasm and innovative traits.

S&W Australia

On July 24, 2024, the Company's wholly-owned subsidiary S&W Seed Company Australia Pty Ltd., or S&W Australia, adopted a voluntary plan of administration based on its determination that S&W Australia was likely to become “insolvent” within the meaning of section 436A(1) of Australia’s Corporations Act 2001. As a result of the voluntary administration process, effective July 24, 2024, the Company no longer controlled S&W Australia for accounting purposes and as such, S&W Australia was deconsolidated from the Company's financial statements as of July 24, 2024.

On October 11, 2024, creditors of S&W Australia approved a proposed Deed of Company Arrangement, or DOCA, pursuant to which, among other things, the outstanding shares of S&W Australia would be transferred to Avior Asset Management No. 3 Pty Ltd. In order to facilitate the satisfaction of certain conditions to the effectiveness of the DOCA, on November 22, 2024, the Company entered into (i) a Business Transfer Agreement, (ii) a Transitional Services Deed, and (iii) a Deed of Settlement and Release with S&W Australia. The Company also entered into a Deed of Release of U.S. Corporate Guarantee with National Australia Bank Limited, or NAB, which released the Company from all liability under S&W Australia's finance agreement with NAB, and obtained a release of certain applicable liens from CIBC Bank USA, or CIBC.

Business Transfer Agreement

Under the Business Transfer Agreement, the Company transferred certain intellectual property rights related to alfalfa and white clover seeds necessary for S&W Australia’s continued operations, or the IP Rights, with a carrying value of $9.7 million, along with certain related inventory valued at approximately $6.0 million, to S&W Australia. Pursuant to the agreement, S&W Australia granted the Company a non-exclusive, non-transferable, royalty-bearing license to the IP Rights for the sale of products in the United States, Mexico, Canada, Central America, and South America for a term of five years. S&W Australia is entitled to receive a royalty in the mid-single digits from the Company on gross revenue generated from the licensed IP Rights.

Transitional Services Deed

Under the Transitional Services Deed, the Company agreed to continue providing certain services it has generally provided to S&W Australia on a temporary basis to support the transition of services from the Company to S&W Australia. Each party will be responsible for its own transition costs. The services provided per the Transitional Services Deed will terminate between February 22, 2025 and August 31, 2025, unless terminated earlier pursuant to its terms.

Deed of Settlement and Release

Under the Deed of Settlement and Release, in consideration for the Company’s (i) transfers under the Business Transfer Agreement, (ii) services rendered under the Transitional Services Deed and (iii) certain other payments, S&W Australia released the Company from all its net intercompany liabilities and obligations owed to S&W Australia, which equated to a net liability of $15.3 million as of November 22, 2024.

Deed of Release of U.S. Corporate Guarantee

Under the Deed of Release of U.S. Corporate Guarantee, NAB released the Company from all liability under S&W Australia's finance agreement with NAB, which was guaranteed by the Company up to a maximum of AUD $15.0 million, or the Parent Guarantee. The fair value of this guarantee as of September 30, 2024 was $5.0 million, which the Company had recorded in its Condensed Consolidated Balance Sheets.

Lien Release

Pursuant to the Company’s Amended CIBC Loan Agreement, CIBC obtained a security interest in the Company’s assets. In connection with the execution of the agreements listed above, CIBC consented to the transfer of, and released its security interests in, the assets of the Company to be transferred to S&W Australia pursuant to the Business Transfer Agreement as described above.

Discontinued Operations

As discussed in Note 3 - Discontinued Operations, effective July 24, 2024, the Company no longer controlled S&W Australia for accounting purposes and as such, deconsolidated this subsidiary. This met the criteria to be accounted for as a discontinued operation as required by Accounting Standards Codification, or ASC, 205-20, Discontinued Operations. Accordingly, the financial results of S&W Australia are reported as discontinued operations in the accompanying unaudited Condensed Consolidated Statements of Operations for all periods presented. Consistent with ASC 205-20, Discontinued Operations, because the sale of S&W Australia was completed on November 22, 2024, the Company will continue presenting the discontinued operations for comparative periods. The gain or loss recognized from the sale is reconciled in Note 3 - Discontinued Operations.

All amounts and disclosure included in the accompanying notes to the Condensed Consolidated Financial Statements reflect only the Company's continuing operations unless otherwise noted.

Strategic Review

On January 13, 2025, the Company announced that its board of directors, or Board, commenced a process to explore and evaluate various strategic alternatives that may be available to S&W in an effort to enhance shareholder value. The Company is considering a broad range of potential opportunities, including, among others, a sale of the Company, a merger with another strategic partner, a recapitalization or continued execution of the Company's attractive long-term business plan. There are no assurances the review process will result in the Company pursuing any transaction or any other strategic outcome, nor is there a timetable for completion of this process.

Reverse Stock Split

A reverse stock split of all issued and outstanding shares of the Company's common stock, at a ratio of 1-for-19, or the Reverse Stock Split, was implemented at 5:00 p.m. Eastern Time on October 17, 2024. The Company has retroactively adjusted all share amounts and per share data herein to give effect to the Reverse Stock Split. Refer to Note 11 - Equity for additional information on the Reverse Stock Split.

Basis of Presentation

The accompanying Condensed Consolidated Financial Statements are unaudited and, in the Company’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for a fair statement of the Company’s condensed consolidated balance sheets, statements of operations, comprehensive loss, cash flows and mezzanine equity and stockholders’ equity for the periods presented. Operating results for the periods presented are not necessarily indicative of the results to be expected for the full year ending June 30, 2025. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been omitted in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. These Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the fiscal year ended June 30, 2024, as filed with the Securities and Exchange Commission, or SEC, on November 1, 2024.

The Company has reportable segments that correspond with its operating model, management structure, and internal reporting reviewed by its Chief Operating Decision Maker, Mark Herrmann, the Company's President and Chief Executive Officer. The Company's Chief Operating Decision Maker allocates resources and assesses performance based on these segments. Effective with the loss of control of S&W Australia on July 24, 2024, this was reduced to two operating segments, each its own reportable segment, Americas and International. The Company previously had one additional operating and reportable segment, AUSDOM, which related to the Australian domestic business and was included in discontinued operations for the nine months ended March 31, 2025 and is presented as such for all periods in this report. Refer to Note 10 - Business Segments for additional information regarding the Company's reportable segments.

Certain prior period information has been reclassified to conform to the current period presentation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates are adjusted to reflect actual experience when necessary. Significant estimates and assumptions affect many items in the financial statements. In the Annual Report on Form 10-K for the year ended June 30, 2024 filed with this SEC on November 1, 2024, this included the recoverability of long-lived assets and inventory valuation. Significant estimates and assumptions are also used to establish the fair value and useful lives of depreciable tangible and certain intangible assets as well as valuing stock-based compensation. Actual results may differ from those estimates and assumptions, and such results may affect income, financial position or cash flows.

The Company believes the estimates and assumptions underlying the accompanying Condensed Consolidated Financial Statements are reasonable and supportable based on the information available at the time the financial statements were prepared. However, certain adverse geopolitical and macroeconomic events, such as the ongoing conflict between Ukraine and Russia and related sanctions, changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, and uncertain market conditions, including higher inflation

and supply chain disruptions, have, among other things, negatively impacted the global economy, created significant volatility and disruption of financial markets, and significantly increased economic and demand uncertainty. These factors make many of the estimates and assumptions reflected in these Condensed Consolidated Financial Statements inherently less certain. Therefore, actual results may ultimately differ from those estimates to a greater degree than historically.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Liquidity and Going Concern

The Company is not profitable and has recorded negative cash flows from operating activities for the last several years. For the nine months ended March 31, 2025, the Company reported a net loss from continuing operations of $14.7 million and a net loss from discontinued operations of $5.4 million, which included a $5.2 million loss from the disposal of S&W Australia. The Company has an accumulated deficit of $142.6 million as of March 31, 2025. As of March 31, 2025, the Company had cash on hand of $0.4 million and positive working capital of $0.1 million. The Company had $1.6 million of unused availability from its working capital facility with ABL OPCO LLC, or Mountain Ridge, as of March 31, 2025. This facility, or the Mountain Ridge Credit Agreement, has a current maturity date of February 20, 2026.

The Mountain Ridge Credit Agreement contains various financial covenants. Adverse geopolitical and macroeconomic events and other factors affecting the Company’s results of operations may increase the risk of the Company’s inability to comply with these covenants, which could result in acceleration of its repayment obligations and foreclosure on its pledged assets. As of March 31, 2025, the Company was in compliance with all covenants in the Mountain Ridge Credit Agreement. In April 2025, there were events of default, but the Company received a waiver for these defaults (refer to Note 15 - Subsequent Events for additional information). While the Company has obtained waivers for certain defaults and covenants of our credit facilities in the past, there can be no assurance it will be successful in meeting our covenants, avoiding future defaults, or securing future waivers and/or amendments from our lenders. If the Company is unsuccessful in doing so, it may need to reduce the scope of its operations, repay amounts owing to its lenders, finance its cash needs through a combination of equity and debt financings, enter into collaborations, strategic alliances and licensing arrangements, delay payments to its growers, sell certain assets or divest certain operations. These operating and liquidity factors raise substantial doubt regarding the Company’s ability to continue as a going concern. The Company’s Condensed Consolidated Financial Statements do not include any adjustments that might result from the outcome of this uncertainty.

Cost of Revenue

The Company records purchasing and receiving costs, inspection costs and warehousing costs in Cost of revenue. When the Company is required to pay for outward freight and/or the costs incurred to deliver products to its customers, the costs are included in Cost of revenue.

Cash and Cash Equivalents

For financial statement presentation purposes, the Company considers time deposits, certificates of deposit and all highly liquid investments with original maturities of three months or less to be cash and cash equivalents. At times, cash and cash equivalents balances exceed amounts insured by the Federal Deposit Insurance Corporation. Cash balances located outside of the United States may not be insured and totaled $0.0 million on March 31, 2025 and June 30, 2024. Cash balances residing in the United States exceeding the Federal Deposit Insurance Corporation limit of $250,000 totaled $0.1 million and $0.0 million on March 31, 2025 and June 30, 2024, respectively.

Accounts Receivable

The Company provides an allowance for credit losses equal to the estimated uncollectible amounts. Prior to July 1, 2023, that estimate is based on historical collection experience, current economic and market conditions and a review of the current status of each customer’s trade accounts receivable. Effective July 1, 2023, in determining the Company's reserve for credit losses, receivables are assigned an expected loss based on historical information adjusted for forward-looking economic factors. The allowance for credit losses was $0.4 million and $0.5 million on March 31, 2025 and June 30, 2024, respectively.

Inventories

Inventories consist of seed and packaging materials.

Inventories are stated at the lower of cost or net realizable value, and an inventory reserve permanently reduces the cost basis of inventory. Inventories are valued as follows: Actual cost is used to value raw materials such as packaging materials, as well as goods in process. Costs for substantially all finished goods, which include the cost of carryover crops from the previous year, are valued at actual cost. Actual cost for finished goods includes plant conditioning and packaging costs, direct labor and raw materials and manufacturing overhead costs based on normal capacity. The Company records abnormal amounts of idle facility expense, freight, handling costs and

wasted material (spoilage) as current period charges and allocates fixed production overhead to the costs of finished goods based on the normal capacity of the production facilities.

Inventory is periodically reviewed to determine if it is marketable, obsolete or impaired. Inventory that is determined to be obsolete or impaired is written off to expense at the time the impairment is identified. Inventory quality is a function of germination percentage. Our experience has shown that our alfalfa seed quality tends to be stable under proper storage conditions; therefore, we do not view inventory obsolescence for alfalfa seed as a material concern. Hybrid crops (sorghum) seed quality may be affected by warehouse storage pests such as insects and rodents. The Company maintains a strict pest control program to mitigate risk and maximize hybrid seed quality.

Components of inventory are as follows:


	As of March 31, 2025		As of June 30, 2024
Raw materials and supplies	$	1,110,091	$	1,324,087
Work in progress		4,882,761		2,305,572
Finished goods		10,860,928		18,998,684
Inventories, net	$	16,853,780	$	22,628,343

Property, Plant and Equipment

Property, plant and equipment is depreciated using the straight-line method over the estimated useful life of the asset - periods of 5 to 35 years for buildings, 3 to 20 years for machinery and equipment, 7 to 10 years for leasehold improvements, and 2 to 5 years for vehicles.

Intangible Assets

Intangible assets acquired in business acquisitions are reported at their initial fair value less accumulated amortization. Intangible assets are amortized using the straight-line method over the estimated useful life of the asset. Periods of 10 to 30 years for technology/IP/germplasm,

S&W Seed Co 10-Q