Origin Agritech Ltd (NASDAQ: SEED) is trading significantly higher Monday after the company said it expects full-year 2022 revenue to exceed 150 million RMB ($23.58 million).
Origin Agritech expects revenues to grow in excess of 300% in 2022, which should result in the company reaching profitability. Origin attributed the anticipated revenue growth to growth in its existing hybrid seed business and the addition of a new revenue stream of selling nutritionally enhanced crops to feedstock companies.
Origin noted that it’s already sold out of its hybrid seeds for this year’s planting season. The company plans to increase its production capabilities for next season as it expects demand to continue to increase as climate change continues to pose increasingly significant challenges to farmers.
Origin is a Chinese agricultural technology company.
SEED Price Action: Origin has traded as low as $4.21 and as high as $28.28 over a 52-week period.
The stock was up 38.2% at $6.60 at time of publication.
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