S&W SEED COMPANY GLOBAL AGRICULTURAL BREEDING, PRODUCTION, PROCESSING AND MARKETING SEPTEMBER 2015 CORPORATE PRESENTATION NASDAQ: SANW

Transcription

1 S&W SEED COMPANY GLOBAL AGRICULTURAL BREEDING, PRODUCTION, PROCESSING AND MARKETING SEPTEMBER 2015 CORPORATE PRESENTATION NASDAQ: SANW

2 Forward Looking Statements This presentation may contain "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 "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future, "plan" or "planned, "will" or "should, "expected, "anticipates, "draft, "eventually" or "projected. 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 the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company s 10-K for the fiscal year ended June 30, 2014 and other filings made by the Company with the Securities and Exchange Commission. S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 2

3 S&W Seed Company (NASDAQ: SANW) S&W IS THE LARGEST ALFALFA SEED COMPANY, TAKING ADVANTAGE OF ONE OF THE MOST COMPELLING OPPORTUNITIES IN AGRICULTURE -- THE DESIRE FOR INCREASED PROTEIN CONSUMPTION IN A GROWING GLOBAL POPULATION. S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 3

4 Recent Highlights Strategic Acquired the alfalfa seed operation of DuPont Pioneer in December 2014, bringing together two of the leading alfalfa seed companies in the world. Financials FY2015 revenue of $81.2 million vs $51.5 million, an increase of 58%; FY2015 adj. gross margins improved to 20.8% vs. 19.4% as seed pricing has improved and our enhancement strategies have begun to take hold; FY2015 adjusted EBITDA of $7.5 million vs. $3.2 million, equated to 9.3% adjusted EBITDA margins compared to 6.2% adjusted EBITDA margins last year; FY2015 adjusted non-gaap diluted earnings per share improved to $0.12 compared to $0.03 last year. S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 4

5 COMPELLING MARKET TRENDS

6 Alfalfa is a Highly Significant Crop Alfalfa Facts Alfalfa is one of the largest crops in the U.S. and the world, utilized as a forage by livestock. High protein content for dairy cows and beef cattle. It is estimated that the world will need to increase food production by between 60% and 100% by 2050 to meet a roughly 30% increase in the overall population. BREEDING / ALFALFA SEED HAY / LIVESTOCK PRODUCTS Industry Facts Top 4 Alfalfa is one of the top 4 crops in the world 70 million + Alfalfa acres planted and grown globally each year 150 million + Pounds of alfalfa seed sold annually worldwide 196 million Tons of alfalfa hay produced globally each year $11.3 billion U.S. alfalfa hay market Alfalfa and Industry Facts are company estimates derived from sources believed to be reliable ~10 Pounds per Day Alfalfa hay consumption by dairy and beef cattle S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 6

7 Global Demand Drivers Increased Demand for Additional Forage Crop Global population more than doubled from 1960 to 2012 Arable land per capita decreased from 4.3 hectares in 1960 to 2.2 hectares in 2012 There is significant pressure on growers to maintain supply for global demand for food, feed and fuel Alfalfa growers will face increased demand as livestock producers require additional forages for cattle and dairy cows to meet increased consumer demand 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Growing Middle Class Shifting Global Consumption Habits Millions of people World Population Per Capita Arable Land hectares Expanding global middle class is shifting diets towards higher dairy and animal protein consumption Emerging markets face increased pressure to maintain supply of high quality forages for increasing dairy and beef cattle populations These countries, currently growing low quality alfalfa, are in the market for higher quality alfalfa varieties to support demand Pounds Per Year Cereal Crop Consumption Per Capita Pounds Per Year Meat Consumption Per Capita Source: World Bank, FAOSTAT S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 7

8 GLOBAL LEADER IN ALFALFA SEED

9 A Global Leader in Alfalfa Largest Non- Dormant Alfalfa Seed Company Leading Dormant Alfalfa Seed Brand Diversified Worldwide Production and Distribution Industry- Leading Research and Development Capabilities Strong Grower and Customer Base S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 9

10 A Leader in the Alfalfa Seed Market S&W + Pioneer Worldwide production and distribution capabilities to address a compelling market opportunity Approximately 36,000 acres of contracted production across the entire U.S., Canada, and Australia (not including non-irrigated or sourced production) Approximately million pounds of produced and sourced seed available to meet the global needs of a growing marketplace Diversified end markets from largely export to roughly equal domestic and international markets Estimated 17-20% share of the worldwide production and sourcing market S&W Non- Dormant ~18 M Pounds Pounds of Seed ~75 M Pounds Non- Dormant ~75 M Pounds Dormant Pioneer Dormant ~10 M Pounds S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 10

11 UNPARALLELED PRODUCT OFFERINGS

12 Strong IP (Product Portfolio) S&W Non-Dormant SW 10 SW 9720 SW 9718 SW 9628 SW 9500 SW 9400 SW 9301 SW 9215 SW 8718 SW 8421-S SW 8210 SW 8112 SW 7410 SW 6330 SW 6403 S&W Transgenic SW9215RRS SW8421RRS SGI Non-Dormant SuperSonic SuperNova SuperSequel SuperSiriver SuperSiriver II SuperStar SuperAurora IVS Non-Dormant Saltana Catalina LaJolla Tropical SuperJack Pioneer Dormant* 55H94 55V50 55Q27 54Q14 53V52 54Q25 54V Dormant Transgenic Licensing Pioneer Hi-Bred Transgenic varieties S&W Dormant Trophy Runner Rhino Matrix SW 4328 Multi V48 54V09 54V54 59N59 * 58N57 * 57Q53 * 56S82 * Depth of product portfolio allows S&W to create unique blended products available to meet the precise needs of customers around the world * Company also has a few non-dormant varieties from Pioneer Key Traits Salt Tolerance Drought Tolerance Leafhopper Resistant High Yielding Stem Namatode Muscle Tropical S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 12

13 LARGE AND DIVERSFIFIED PRODUCTION

14 Diversified Production San Joaquin Valley S&W s historical production base Recently approved alfalfa GMO Cost of production continues to rise due to competing crops California seed demands premium pricing Imperial Valley Acquired IVS in October 2012 No GMO alfalfa seed production in Imperial County Irrigation water secured; supplied by Colorado River; lower cost South Australia Acquired SGI in April 2013 No GMO allowed Lower cost of production (GM expansion opportunity) S&W controls 50% of seed production Strong gateway to Asian markets Lower cost of production compared to California Northwest US & Canada Over 50 growers managing over 13,000 acres to source unprocessed alfalfa seed Over the past 15 years, Pioneer average grower tenure was approximately 5 years, with the top 20 growers in 2013 having an average tenure of 8 years The raw alfalfa seed is sent to the Nampa, ID facility for processing and coating before distribution to growers Large and tenured grower base Premium California pricing Proprietary and non-proprietary seed production San Joaquin Valley Imperial Valley South Australia S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 14

15 Strong Production Platform Estimated S&W Pounds of Alfalfa Seed Produced or Sourced Millions of Pounds of Seed Fall 2010 Fall 2011 Fall 2012 Spring/Fall ~25-30 Spring/Fall 2015 S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 15

16 GLOBAL DISTRIBUTION

17 Global Distribution Network S&W distributes to more than 30 countries around the world with key growth opportunities in the U.S., China, Argentina, India, Europe, as well as Tropical regions S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 17

18 Distribution Agreement with Pioneer Distribution Agreement Key Terms Essential to this transaction, DuPont Pioneer will stay connected to the alfalfa business going forward through a distribution agreement, representing a significant opportunity for the alfalfa business 10 year agreement with North America s largest dormant alfalfa seed distributor; Pioneer guarantees to buy a minimum units/year; projected demand plan and historical performance well in excess of this number; Guaranteed timing of payments with strong and reputable customer; 4% pricing escalators on per unit pricing paid from Pioneer; Full access to Pioneer s 1,800 exclusive sales reps and dealer network; $ in Millions $50 $40 $30 $20 $10 $0 Pioneer Demand Plan $40 $ Ability to leverage the Pioneer brand. The primary distribution channel for Pioneer alfalfa seed is through its network of sales reps and dealer networks Distribution Channels DuPont Pioneer North American sales reps comprise 85% of alfalfa distribution, with the remaining sales generated from dealer networks in Western U.S. An independent dealer network handles all alfalfa demand west of the Rocky Mountains while exclusive Pioneer sales reps sell alfalfa seed east of the Rocky Mountains Exception of the South, plus Montana and the western portions of Wyoming and the Dakotas, which depend on a dealer network for distribution of alfalfa seed Independent Dealer Networks Sales Representatives S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 18

19 WORLD-CLASS RESEARCH AND DEVELOPMENT

20 Leading Research and Development Classical Breeding Transgenic Breeding S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 20

21 STEVIA RESEARCH AND DEVELOPMENT

22 Stevia: Overview All-Natural Sugar Substitute (Reb-A) 300 times sweeter than sugar No Calories, No Carbs, Zero Glycemic Index Reb-A Received GRAS Designation by U.S. FDA in December 2008 as a Food and Beverage Additive Hundreds of new products launched or coming to the market S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 22

23 Stevia: SW107 & SW201 SW107 Commercial Production 40% more leaf than comparable plant population 60% more Reb-A content More than a 100% increase in the Reb-A to Stevioside ratio Distinctly less bitterness and aftertaste Strong plant vigor, including superior overwintering and later flowering attributes SW201 Dried Leaf Market It has a sweet taste with very little bitterness and aftertaste. Improved leaf taste profile is ideally suited for growing for direct consumer market. Contains more Reb-A, less stevioside, more total steviol glycosides, a higher Reb-A to stevioside ratio, and a higher percentage of Reb-A to total steviol glycosides compared to common varieties examined. S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 23

24 FINANCIALS

25 Revenue $100 Annual $95.0 $35 Most Recent Quarter $90 $80 $81.2 $30 $28.7 $70 $25 $ in Millions $60 $50 $40 $37.3 $51.5 $ in Millions $20 $15 $19.6 $30 $10 $20 $10 $6.7 $3.6 $14.2 $5 $ (E) $0 Q414 Q415 S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 25

26 Adjusted Gross Margins Annual Most Recent Quarter 40% 35% 30% 27.5% 37.4% 27.6% 22.0% 21.5% 21.0% 20.5% 21.6% 25% 20% 15% 10% 5% 15.9% 19.4% 20.8% 20.0% 19.5% 19.0% 18.5% 18.0% 17.5% 18.6% 0% * % Q414 Q * * Q414 Q415 $1,849 $1,361 $3,908 $5,928 $9,972 $16,867 $3,638 $6,208 Reconciliation of FY2013 and FY2015 Gross Margins is found included in the appendix to this presentation S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 26

27 Adjusted EBITDA $8,000 Annual $7,519 $3,500 Most Recent Quarter $7,000 $6,000 $3,000 $3,041.5 $ in Thousands $5,000 $4,000 $3,000 $2,000 $1,000 $612 $1,055 $1,200 $3,200 $ in thousands $2,500 $2,000 $1,500 $1,000 $1,642.3 $0 $500 ($1,000) ($2,000) ($1,139.4) $0 Q414 Q Q414 Q % -31.3% 7.5% 3.2% 6.2% 9.3% 8.3% 10.6% *Reconciliation of EBITDA is included in the appendix to this presentation S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 27

28 Adjusted EPS $0.15 $0.10 $0.11 Annual $0.12 $0.06 $0.05 Most Recent Quarter $0.05 $0.05 $0.06 $0.05 $0.03 $0.04 $ per share $0.00 ($0.05) ($0.10) ($0.08) $ per share $0.03 $0.02 ($0.15) ($0.14) $0.01 ($0.20) * * *Reconciliation of FY2013 and FY2015 and Q415 Adjusted EPS found included in the appendix to this presentation S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 28 $0.00 Q414 Q415*

29 Balance Sheet Data ($ in Millions, except per share) As of 6/30/2015 Cash and cash equivalents $3.5 Accounts receivable, net $26.7 Inventory $25.5 Total assets $122.3 Short-Term Working Capital Lines and Current Portion of Long-term Debt (excluding convertible debentures) $16.0 Long-term debt (excluding convertible debentures) $10.7 Convertible Debentures, net $18.0 Total shareholders equity $51.9 S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 29

30 Strong Alfalfa Leadership Mark Grewal CEO, President & Director Danielson Gardner VP of Seed Breeding and Genetics Matthew Szot CFO, EVP of Finance and Administration Daniel Karsten VP of Processing Dennis Jury EVP of Operations Robin Newell VP of North American Sales Fred Fabre VP of Sales and Marketing Kirk Rolfs VP of Production S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 30

31 APPENDIX

32 Summary of Non-GAAP Adjustments FY2013 Adjustments for the fiscal year ended June 30, 2013 include $2,333,123 pertaining to the crop loss charge for the company s stevia operations, $486,166 pertaining to acquisition-related expenses associated with IVS and SGI, and a tax adjustment for the exclusion of the aforementioned inventory charges and business combination expenses. FY2015 Adjustments for the fiscal year ended June 30, 2015 include $265,890 representing losses incurred in connection with the farming of various non-seed crops, including hay, sorghum and triticale, impairment charge of $500,000 attributable to the unrecovered stand establishment and growing crop costs that were incurred on the farmland sold in March 2015; $1,290,926 expense for non-recurring onetime transaction expenses related to the acquisition and financing completed on December 31, $2,934,164 pertaining to the amortization of debt discount and issuance costs are related to our Convertible Debentures and warrants issued in December $1,396,000 pertaining to the change in derivative warrant liabilities are related to the change in fair value of the warrants issued in conjunction with our Convertible Debentures issued in December $74,000 pertaining to the change in contingent consideration liabilities. $1,909,730 pertaining to the estimated non-gaap effective tax rate adjusts the tax effect to quantify the excluded tax consequences of the excluded non-gaap items. Q Adjustments for the quarter ended June 30, 2015 $34,756 expense for non-recurring one-time transaction expenses related to the acquisition and financing completed on December 31, 2014; $887,549 pertaining to the amortization of debt discount and issuance costs are related to our Convertible Debentures and warrants issued in December 2014; $314,000 pertaining to the change in derivative warrant liabilities are related to the change in fair value of the warrants issued in conjunction with our Convertible Debentures issued in December 2014; $74,000 pertaining to the change in contingent consideration liabilities. $587,513 pertaining to the estimated non-gaap effective tax rate adjusts the tax effect to quantify the excluded tax consequences of the excluded non-gaap items. S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 32

33 Summary of Adjusted Financial Results Fiscal Years Ended In Millions, except per share June 30, 2011 June 30, 2012 June 30, 2013 June 30, 2014 June 30, 2015 Revenue $3.64 $14.15 $37.34 $51.5 $81.2 Adjusted Gross Profit $1.36 $3.91 $5.93 $9.97 $16.87 Adjusted Gross Profit Margin 37.4% 27.6% 15.9% 19.3% 20.8% Adjusted EBITDA ($1.1) $1.1 $1.2 $3.2 $7.5 Adjusted EBITDA Margin (31.3%) 7.8% 3.2% 6.2% 9.3% Adjusted Net Income ($0.81) $0.38 ($0.68) $0.37 $1.55 Adjusted Net Margin (22.3%) 2.6% (1.8%) 0.7% 1.9% Adjusted Diluted EPS ($0.14) $0.06 ($0.08) $0.03 $0.12 Please see summary of Non-GAAP Adjustments for detailed descriptions of adjustments S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 33

34 Non-GAAP Adjusted EBITDA Fiscal Years Ended: June 30, In $ thousands (1) (1) Net Income $420.8 $478.9 ($811.4) $374.8 ($2,516) $373.1 ($3,163.1) Non-recurring cost of revenue charges , Non-recurring acquisition related expenses ,290.9 Depreciation and amortization , ,179.6 Impairment Charges Non-cash stock based compensation , Foreign currency loss (51.6) Change in contingent consideration liabilities Interest expense amortization of debt discount Interest expense convertible debt and other , ,831.1 Income tax expense (benefit) 0.0 (184.5) (685.6) (1,343.1) 87.1 (846.0) Adjusted EBITDA $685.5 $612.3 ($1,139.4) $1,055.0 $1,199.5 $3,200.4 $7,519.4 (1) Please see summary of Non-GAAP Adjustments for detailed descriptions of adjustments S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 34

35 FY 2013 Non-GAAP Adjustments S&W SEED COMPANY (A NEVADA CORPORATION) CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Year Ended June 30, June 30, NON-GAAP NON-GAAP GAAP Adjustments Adjusted GAAP Adjustments Adjusted Revenue $ 12,723,905 $ 12,723,905 $ 754,721 $ 37,338,258 $ 37,338,258 $ 14,147,617 Cost of revenue 10,323,048 (192,914) 10,130, ,647 33,743,221 (2,333,123) 31,410,098 10,239,914 Gross profit 2,400, ,914 2,593,771 (168,926) 3,595,037 2,333,123 5,928,160 3,907, % 20.4% -22.4% 9.6% 15.9% 27.6% Operating expenses Selling, general and administrative expenses 2,666,835 (300,881) 2,365, ,969 5,762,838 (486,166) 5,276,672 2,772,711 Research and development expenses 230, ,570 43, , , ,523 Depreciation and amortization 320, ,023 71, , , ,855 Total operating expenses 3,217,428 (300,881) 2,916, ,063 6,963,305 (486,166) 6,477,139 3,288,089 Income (loss) from operations (816,571) 493,795 (322,776) (953,989) (3,368,268) 2,819,289 (548,979) 619,614 Other expense Loss on disposal of fixed assets ,532 Foreign currency loss 263, , , ,973 - Interest expense, net 196, ,008 8, , ,909 20,937 Income (loss) before income tax expense (benefit) (1,276,552) (782,757) (962,141) (3,859,150) (1,039,861) 574,145 Income tax expense (benefit) (397,534) 153,774 (243,760) (350,506) (1,343,123) 981,214 (361,909) 199,310 Net income (loss) $ (879,018) 340,021 $ (538,997) $ (611,635) $ (2,516,027) 1,838,075 $ (677,952) $ 374,835 Net income (loss) per common share: Basic $ (0.08) $ (0.05) $ (0.10) $ (0.29) $ (0.08) $ 0.06 Diluted $ (0.08) $ (0.05) $ (0.10) $ (0.29) $ (0.08) $ 0.06 Weighted average number of common shares outstanding: Basic 11,405,120 11,405,120 6,222,222 8,770,975 8,770,975 5,904,110 Diluted 11,405,120 11,405,120 6,330,390 8,770,975 8,770,975 5,906,899 S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 35

36 FY15 & Q415 Non-GAAP Adjustments S&W SEED COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Years Ended June 30, June 30, NON-GAAP Non-GAAP GAAP Adjustments Adjusted GAAP GAAP Adjustments Adjusted GAAP Revenue $ 28,723,104 - $ 28,723,104 $ 19,564,134 $ 81,208,903 - $ 81,208,903 $ 51,533,643 Cost of revenue 22,514,457-22,514,457 15,925,669 64,607,502 (265,890) 64,341,612 41,561,736 Gross profit 6,208,647-6,208,647 3,638,465 16,601,401 (265,890) 16,867,291 9,971,907 Operating expenses Selling, general and administrative expenses 2,579,901 (34,756) 2,545,145 2,026,624 9,620,807 (1,290,926) 8,329,881 6,815,576 Research and development expenses 838, , ,633 1,890,234-1,890, ,578 Depreciation and amortization 968, , ,570 2,179,638-2,179,638 1,265,739 Impairment charges ,198 (500,198) - - Disposal of property, plant and equipment loss (gain) (5,024) 24,646-24,646 (11,921) Total operating expenses 4,386,871 (34,756) 4,352,115 2,534,803 14,215,523 (1,791,124) 12,424,399 8,909,972 Income from operations 1,821,776 (34,756) 1,856,532 1,103,662 2,385,878 (2,057,014) 4,442,892 1,061,935 Other expense Foreign currency loss (gain) 43,371-43,371 (10,157) 159, ,763 (51,571) Change in derivative warrant liabilities 314,000 (314,000) - - 1,396,000 (1,396,000) - - Change in contingent consideration liabilities 74,000 (74,000) ,000 (74,000) - - Interest expense - amortization of debt discount 887,549 (887,549) - 12,965 2,934,164 (2,934,164) - 52,550 Interest expense - convertible debt and other 693, , ,947 1,831,057-1,831, ,740 (Loss) income before income taxes (190,993) (1,310,305) 1,119, ,907 (4,009,106) (6,461,178) 2,452, ,216 (Benefit) provision for income taxes 79,073 (426,124) 505, ,552 (845,979) (1,748,341) 902,362 87,116 Net (loss) income $ (270,066) (884,181) $ 614,115 $ 620,355 (3,163,127) (4,712,837) $ 1,549,710 $ 373,100 Net (loss) income per common share: Basic $ (0.02) $ 0.05 $ 0.05 $ (0.24) $ 0.12 $ 0.03 Diluted $ (0.02) $ 0.05 $ 0.05 $ (0.24) $ 0.12 $ 0.03 Weighted average number of common shares outstanding: Basic 13,443,331 13,443,331 11,606,103 13,333,398 13,333,398 11,572,406 Diluted 13,443,331 13,443,331 11,740,919 13,333,398 13,333,398 11,733,621 S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 36

37 Q415 Adjusted EBITDA Reconciliation Three Months Ended Years Ended June 30, June 30, Net loss $ (270,066) $ 620,355 $ (3,163,127) $ 373,100 Non-recurring cost of revenue charges ,890 - Non-recurring acquisition related expenses 34,756-1,290,926 - Depreciation and amortization 968, ,570 2,179,638 1,265,739 Impairment charges ,198 - Non-cash stock based compensation 215, , , ,711 Foreign currency (gain) loss 43,371 (10,157) 159,763 (51,571) Change in derivative warrant liabilities 314,000-1,396,000 - Change in contingent consideration liabilities 74,000-74,000 - Interest expense - amortization of debt discount 887,549 12,965 2,934,164 52,550 Interest expense - convertible debt and other 693, ,947 1,831, ,740 Provision (benefit) for income taxes 79, ,552 (845,979) 87,116 Non-GAAP Adjusted EBITDA $ 3,041,454 $ 1,642,340 $ 7,519,412 $ 3,200,385 S&W Seed Company Expertise in Agricultural Breeding, Production, Processing and Marketing 37