S&W Seed Company is a small, publicly traded agricultural seed company that breeds, develops, and sells seeds primarily for sorghum and alfalfa across more than 30 countries. S&W sells roughly 200 sorghum products and 75 alfalfa products through a network of dealers and distributors, who in turn sell to farmers. S&W also licenses its germplasm and trait technology to independent seed companies that sell under their own brands — a capital-light channel that accounts for roughly 40-50% of U.S. Double Team volume. The company's core business is organized into an Americas segment (sorghum and U.S. alfalfa) and an International segment, though its Australian subsidiary entered voluntary administration in mid-2024 following disruptions in Saudi Arabia's forage seed import permits and will no longer be consolidated. S&W's key growth driver is its Double Team trait technology — a proprietary, non-GMO herbicide tolerance trait for sorghum that lets farmers spray over-the-top grass herbicides without damaging the crop. Double Team carries gross margins of roughly 60-65%, well above company-wide margins in the mid-to-high 20s, and S&W's profitability strategy centers on growing Double Team's share of revenue. S&W is also developing a Prussic Acid Free trait for forage sorghum and plans to stack both traits on the same hybrid by around 2028. S&W holds a 34% stake in Vision Bioenergy Oilseeds, a JV with Shell developing camelina as a sustainable aviation fuel feedstock, which S&W views as a long-term value driver.