Limoneira Company (LMNR)

Limoneira Company Announces Second Quarter Fiscal Year 2026 Financial ResultsJune 9, 2026 4:05 PM
Business Wire Reports Second Quarter Revenue of $23.9 Million, Exceeding Expectations Full Year Fiscal 2026 Avocado Volume Guidance Increased to 5.5 Million to 6.5 Million Pounds from Previous 5 Million to 6 Million Range Agromin Joint Venture Agreement Executed, Creating Potential High-Return Platform Expected to Generate Substantial Shared Earnings While Optimizing Underutilized Land and Conserved Water Expected Fiscal Year 2026 Monetization of Paso Robles Vineyard Asset Through $16 Million Partial Sale Agreement Water Monetization Strategy on Track for Fiscal Year 2026 Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified lemon and avocado growing and lemon packing company with related agribusiness activities and real estate development operations, today reported financial results for the second quarter ended April 30, 2026. The Company continues to execute on its value creation strategy of growing agriculture income and monetizing land and water assets. Agriculture initiatives include: Streamlining operations; Expanding avocado production; Optimizing lemon packing with recently announced Sunkist partnership; and Expanding organic recycling facility. Land and water assets initiatives include: Selling non-strategic land assets (remaining near-term pipeline); and Selling certain water rights (near and medium-term pipeline). Management Comments Harold Edwards, President and Chief Executive Officer of the Company, stated, “Our second quarter results demonstrate our continued efforts to execute our strategic transformation to position Limoneira for long-term value creation. We exceeded expectations for revenue and adjusted EBITDA in the second quarter, reinforcing our confidence in the strategic decisions we are implementing. The fundamentals of our business are strengthening as we track toward our targeted $10 million in annual selling, general and administrative savings, excluding a second quarter allowance on foreign receivables, and benefiting from improved operational efficiency through our Sunkist partnership. Our avocado production capacity continues to expand with 800 non-bearing acres maturing over the next two to four years, and we’ve increased our full-year avocado volume guidance to 5.5 to 6.5 million pounds, reflecting the strength of our growing operations. The 400 acres of avocados we planted in 2023 and 2024 are expected to set a crop this year and be additive to volume in fiscal year 2027. Additionally, continued high levels of fresh lemon utilization are optimizing our product mix and revenue per acre. Beyond our core agricultural business, we continue to unlock value from our diversified asset base. This quarter, we completed two strategic initiatives: our Agromin joint venture, which we expect to create a new high-return platform generating substantial shared earnings while optimizing underutilized land and conserved water, and the partial sale of our Paso Robles vineyard for $16 million. We also made the decision to cease citrus farming operations on 600 acres of lemons in Arizona to focus on water monetization, which we anticipate will make this asset significantly more profitable. Our water monetization strategy is advancing on track, and we still expect a monetization event from our Colorado River water rights in fiscal year 2026. We expect the second half of fiscal year 2026 to be our seasonally strongest period. Our third and fourth quarters should benefit from higher lemon volumes under the Sunkist agreement, increased avocado volumes as we strategically delayed harvest timing to capture expected better pricing, and continued operational efficiency. We expect to achieve positive adjusted EBITDA in the third and fourth quarters of fiscal year 2026. We are building a more focused, more efficient Limoneira, and we believe the full impact of that transformation will be increasingly visible in the quarters ahead,” concluded Mr. Edwards. Fiscal Year 2026 Second Quarter Results For the second quarter of fiscal year 2026, total net revenues were $23.9 million, compared to total net revenues of $35.1 million in the second quarter of the previous fiscal year. Agribusiness revenues were $22.5 million, compared to $33.6 million in the second quarter of last fiscal year. Other operations revenue was $1.4 million in the second quarter of fiscal year 2026, compared to $1.5 million in the second quarter of last fiscal year. The year-over-year decrease in total net revenues was driven by the Company's strategic transition to Sunkist for lemon sales and marketing. This partnership resulted in a significant shift in the quarterly sales cadence for lemons compared to historical patterns. Under the new Sunkist structure, the first and second quarters are expected to have lower lemon sales volumes, while the third and fourth quarters are expected to have higher lemon sales volumes. Additionally, the Company exited its brokerage business and Chilean farming operations in the first quarter of fiscal year 2026 and its farm management business during fiscal year 2025, which further contributed to the year-over-year revenue decrease. Agribusiness revenues in the second quarter of fiscal year 2026 include $17.1 million in fresh lemon carton sales, compared to $19.7 million of fresh lemon carton sales during the same period of fiscal year 2025. Approximately 1,028,000 cartons of fresh lemons were sold during the second quarter of fiscal year 2026 at a $16.63 average price per carton, compared to approximately 1,357,000 cartons sold at a $14.52 average price per carton during the second quarter of fiscal year 2025. The decrease in fresh carton volume was related to the shift in cadence as a result of the Sunkist agreement. Fresh lemon carton sales and per carton prices for the second quarter of fiscal year 2026 are net of the Sunkist marketing fee. Brokered lemons and other lemon sales were immaterial in the second quarter of fiscal year 2026, compared to $2.3 million in the second quarter of fiscal year 2025. The decrease compared to the same period of fiscal year 2025 was primarily due to the sale of the Company’s Chilean farms in the first quarter of fiscal year 2026. The Company recognized nominal avocado revenue in the second quarter of fiscal year 2026, compared to $2.8 million of avocado revenue in the second quarter of last fiscal year due to the timing of harvest. Approximately 1,232,000 pounds were sold at a $2.26 average price per pound during the second quarter of fiscal year 2025. The Company recognized nominal orange revenue in the second quarter of fiscal year 2026, compared to $1.6 million in the same period of fiscal year 2025. The decrease was primarily related to the transition of the Company’s citrus brokerage operations to Sunkist. The Company recognized nominal specialty citrus and wine grape revenues in the second quarter of fiscal year 2026, compared to $0.7 million in the second quarter of fiscal year 2025. The decrease was related to the transition of the Company’s citrus brokerage operations to Sunkist. Due to the termination of the Farm Management Agreement with PGIM Real Estate Finance, LLC effective March 31, 2025, there was no farm management revenue in the second quarter of fiscal year 2026, compared to $0.3 million in the same period of fiscal year 2025. Total costs and expenses in the second quarter of fiscal year 2026 were $45.6 million, compared to $38.5 million in the second quarter of last fiscal year. The increase was primarily due to a $9.3 million impairment of the Windfall Farms property assets and $7.8 million loss and expected loss on disposal of assets, primarily the lemon orchards in Yuma, Arizona, partially offset by a decrease in agribusiness costs, a $1.1 million increase in other operating income from insurance proceeds and a decrease in selling, general and administrative expenses. Operating loss for the second quarter of fiscal year 2026 was $21.7 million, compared to operating loss of $3.3 million in the second quarter of the previous fiscal year. The increase in operating loss was primarily due to decreased agribusiness revenues and net increased costs and expenses described above. Additionally, total other expense for fiscal year 2026 includes $5.1 million in net accumulated foreign exchange losses recognized on the Chilean farming entities recorded over approximately eight years since the entities were acquired. In March 2026, the Company received aggregate insurance proceeds of $2.3 million related to an incident at its packinghouse. Of the total insurance proceeds received, $1.2 million was recognized as a reduction of agribusiness costs and $1.1 million was recognized in other operating income during the second quarter of fiscal year 2026. Net loss applicable to common stock, after preferred dividends, for the second quarter of fiscal year 2026 was $21.4 million, compared to net loss applicable to common stock of $3.5 million in the second quarter of fiscal year 2025. Net loss per diluted share for the second quarter of fiscal year 2026 was $1.20 compared to net loss per diluted share of $0.20 for the same period of fiscal year 2025. The increase in net loss reflects the same factors impacting total costs and expenses and operating loss noted above. Adjusted net loss for diluted EPS in the second quarter of fiscal year 2026 was $5.2 million or $0.29 per diluted share, compared to the second quarter of fiscal year 2025 adjusted net loss for diluted EPS of $3.1 million or $0.17 per diluted share. A reconciliation of net loss attributable to Limoneira Company to adjusted net loss for diluted EPS is provided at the end of this release. Non-GAAP adjusted EBITDA was a loss of $1.7 million in the second quarter of fiscal year 2026, compared to a loss of $0.2 million in the same period of fiscal year 2025. A reconciliation of net loss attributable to Limoneira Company to non-GAAP adjusted EBITDA is provided at the end of this release. Fiscal Year 2026 First Six Months Results For the six months ended April 30, 2026, total net revenue was $42.1 million, compared to $69.4 million for the same period in fiscal year 2025. The decrease was primarily due to decreased agribusiness revenues from lemons, avocados, oranges and farm management. Operating loss for the first six months of fiscal year 2026 was $32.2 million, compared to operating loss of $8.7 million in the same period last fiscal year. The increase in operating loss was primarily due to the second quarter factors described previously. Additionally, total other expense for the first six months of fiscal year 2026 includes $6.1 million in accumulated foreign exchange losses recognized on the Chilean farming entities. Net loss applicable to common stock, after preferred dividends, was $31.0 million for the first six months of fiscal year 2026, compared to net loss of $6.7 million in the same period last fiscal year. Net loss per diluted share for the first six months of fiscal year 2026 was $1.74, compared to net loss per diluted share of $0.38 in the same period of fiscal year 2025. The increase in net loss reflects the same factors impacting operating loss and other total expense noted above. For the first six months of fiscal year 2026, adjusted net loss for diluted EPS was $13.7 million compared to adjusted net loss for diluted EPS of $5.6 million for the same period in fiscal year 2025. In the first six months of fiscal year 2026, adjusted net loss per diluted share was $0.77 compared to adjusted net loss per diluted share of $0.32 for the same period in fiscal year 2025, based on approximately 17.9 million and 17.8 million, respectively, adjusted weighted average diluted common shares outstanding. Balance Sheet and Liquidity During the first six months of fiscal year 2026, net cash used in operating activities was $16.1 million, compared to net cash used in operating activities of $4.0 million in the same period of the prior fiscal year. For the first six months of fiscal year 2026, net cash used in investing activities was $3.5 million, compared to net cash used in investing activities of $6.5 million in the same period last fiscal year. Net cash provided by financing activities was $19.1 million for the first six months of fiscal year 2026, compared to net cash provided by financing activities of $9.6 million in the same period of the prior fiscal year. Long-term debt as of April 30, 2026, was $93.7 million, compared to $72.5 million at the end of fiscal year 2025. In April 2025, the Company received a cash distribution of $10.0 million of its share of a $20.0 million cash distribution from its 50%/50% real estate development joint venture, Harvest at Limoneira, with The Lewis Group of Companies. The distribution came from the joint venture’s available cash and cash equivalents, which as of April 30, 2026, totaled $19.3 million. Land and Water Asset Monetization In April 2024, Harvest at Limoneira closed on lot sales representing 554 residential units, thus completing the sell-out of Phase 2 of the development. In February 2026, Harvest at Limoneira celebrated the grand opening of five new neighborhoods in Phase 2 and home sales are underway. In September 2025, Limoneira announced a plan to explore providing housing on the Limco Del Mar Ranch to address Ventura County’s housing needs. Limoneira believes that infill development, such as the Limco Del Mar project, offers the opportunity for efficient, balanced, and well-planned development that has the potential to stimulate economic growth, create jobs, and contribute to vibrant livable communities. In April 2026, Limoneira completed the formation of a 50%/50% joint venture with California Wood Recycling, Inc. dba Agromin, California's largest organics waste recycler. The joint venture will develop a 70-acre commercial composting center on Limoneira’s property in Santa Paula, CA. Limoneira will lease the site to the joint venture for approximately $560,000 annually, with the lease including 89 acre-feet of annual water supply to the facility. The joint venture is expected to become operational in the second half of fiscal year 2027 and is projected to generate significant earnings, shared equally between Limoneira and Agromin. In April 2026, one of Limoneira's subsidiaries, Windfall Investors, LLC, entered into a Purchase and Sale Agreement to sell an 80% undivided tenant-in-common interest in the Company’s Windfall Farms property. The property is located in Paso Robles, California and consists of approximately 724 acres of land, including approximately 400 acres of wine grapes and related improvements and infrastructure. The aggregate purchase price is $16 million, consisting of $10 million in cash and a $6 million promissory note secured by a deed of trust. The transaction is expected to close in the fourth quarter of fiscal year 2026. In April 2026, Limoneira made the decision to cease citrus farming operations on the remaining 600 acres of lemons located at the Company’s Associated Citrus Packers property in Yuma, Arizona. The decision aligns with the Company’s strategic plan to monetize Class 3 Colorado River water rights by conserving water via crop substitution to low water use crops. Several reservoir and water management agreements that govern the management of the Colorado River are scheduled to expire at the end of 2026, and the Company believes there may be near-term opportunities for monetization of its water rights. Fiscal Year 2026 Guidance and Longer-Term Outlook The Company continues to expect fresh lemon volumes to be in the range of 4.0 million to 4.5 million cartons for fiscal year 2026. The Company now expects avocado volumes to be in the range of 5.5 million to 6.5 million pounds for fiscal year 2026, compared to the prior expectation of 5.0 million to 6.0 million pounds. The Company expects to receive total proceeds of approximately $180 million from Harvest, LLCB II, LLC and East Area II spread out over seven fiscal years, of which $10 million was received in fiscal year 2025 and $15 million was received in fiscal year 2024. Harvest at Limoneira Cash Flow Projections (in millions) Fiscal Year   2024 Actual   2025 Actual   2026   2027   2028   2029   2030 Projected Distributions   $15   $10   $5   $35   $41   $32   $42 The Company has 800 acres of non-bearing avocados estimated to become full bearing over the next two to four years, which the Company expects will enable strong organic growth in the coming years. Additionally, the Company plans to continue expanding its plantings of avocados over the next two fiscal years. The foregoing describes organic growth opportunities and does not include potential acquisition opportunities for the Company in its highly fragmented industry. Conference Call Information The Company will host a conference call to discuss its financial results on June 9, 2026, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors interested in participating in the live call can dial (877) 407-0789 from the U.S. International callers can dial (201) 689-8562. A telephone replay will be available approximately three hours after the call concludes and will be available through June 23, 2026, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations; the passcode is 13760558. About Limoneira Company Limoneira Company, a 133-year-old international agribusiness headquartered in Santa Paula, California, has become one of the premier integrated agribusinesses in the world. Limoneira (le moñ âra) is a dedicated sustainability company with 7,000 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona and Argentina. The Company is a leading producer of lemons and avocados that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com. Forward-Looking Statements This press 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. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “could,” “expect,” “may,” “anticipate,” “outlook,” “plans,” “project,” “potential,” “believe,” “intend,” “should,” “will,” “likely,” “strive,” “estimate,” and similar expressions referring to future periods. Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company’s business plans and strategies, including the transition of the Company's lemon sales and marketing to Sunkist Growers Inc. and the earnings of the newly formed joint venture with Agromin and managing the risks involved in the foregoing; the ability of the transition to Sunkist to improve efficiency and reduce cost; changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh produce; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; inability to pay debt obligations; ability to maintain compliance with debt covenants under our loan agreements or obtain modifications, waivers or deferrals of such covenants; changes in interest rates and the impact of inflation; availability of financing for land development activities; general economic conditions for residential and commercial real estate development; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; government restrictions on land use; the impact of foreign exchange rate movements; loss of important intellectual property rights; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include, among others, those that are described in Limoneira’s SEC filings that are available on the SEC’s website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law. LIMONEIRA COMPANY CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data)     April 30, 2026   October 31, 2025 Assets       Current assets:       Cash $ 891     $ 1,509   Accounts receivable, net   12,310       15,432   Cultural costs   3,530       2,406   Prepaid expenses and other current assets   4,961       4,444   Receivables/other from related parties, net   1,446       2,973   Assets held for sale   18,249       13,718   Total current assets   41,387       40,482   Property, plant and equipment, net   140,861       172,645   Real estate development   11,497       10,628   Equity in investments   73,638       72,167   Goodwill   1,373       1,506   Intangible assets, net   2,326       2,621   Other assets   22,766       11,088   Total assets $ 293,848     $ 311,137           Liabilities, Convertible Preferred Stock and Stockholders’ Equity       Current liabilities:       Accounts payable $ 7,068     $ 7,896   Growers and suppliers payable   4,428       6,885   Accrued liabilities   7,434       9,290   Payables to related parties   5,341       5,989   Current portion of long-term debt   408       31   Total current liabilities   24,679       30,091   Long-term liabilities:       Long-term debt, less current portion   93,712       72,450   Deferred income taxes   7,111       15,378   Other long-term liabilities   4,613       2,381   Total liabilities   130,115       120,300   Commitments and contingencies   —       —   Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at April 30, 2026 and October 31, 2025) (8.75% coupon rate)   1,479       1,479   Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at April 30, 2026 and October 31, 2025) (4% dividend rate on liquidation value of $1,000 per share)   9,331       9,331   Stockholders’ equity:       Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at April 30, 2026 and October 31, 2025)   —       —   Common Stock – $0.01 par value (39,000,000 shares authorized: 18,364,496 and 18,287,868 shares issued and 18,113,519 and 18,036,891 shares outstanding at April 30, 2026 and October 31, 2025, respectively)   181       180   Additional paid-in capital   171,587       171,365   Accumulated deficit   (33,400 )     (1,070 ) Accumulated other comprehensive loss   (309 )     (6,270 ) Treasury stock, at cost, 250,977 shares at April 30, 2026 and October 31, 2025   (3,493 )     (3,493 ) Noncontrolling interests   18,357       19,315   Total stockholders' equity   152,923       180,027   Total liabilities, convertible preferred stock and stockholders’ equity $ 293,848     $ 311,137   LIMONEIRA COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data)     Three Months Ended April 30,   Six Months Ended April 30,     2026       2025       2026       2025   Net revenues:               Agribusiness $ 22,530     $ 33,582     $ 39,286     $ 66,434   Other operations   1,396       1,537       2,845       2,990   Total net revenues   23,926       35,119       42,131       69,424   Costs and expenses:               Agribusiness   23,158       31,704       46,177       65,203   Other operations   1,011       1,009       2,082       2,180   Impairment of assets   9,324       —       9,324       —   Gain on sales of water rights   —       —       —       (1,488 ) Loss and expected loss on disposal of assets, net   7,821       18       7,894       12   Other operating income   (1,114 )     —       (1,114 )     —   Selling, general and administrative   5,420       5,733       10,013       12,208   Total costs and expenses   45,620       38,464       74,376       78,115   Operating loss   (21,694 )     (3,345 )     (32,245 )     (8,691 ) Other (expense) income:               Interest income   116       13       124       28   Interest expense, net of patronage dividends   (560 )     (228 )     (1,339 )     (488 ) Equity in (losses) earnings of investments, net   (387 )     491       (211 )     593   Other (expense) income, net   (5,080 )     5       (5,943 )     16   Total other (expense) income   (5,911 )     281       (7,369 )     149   Loss before income tax benefit (provision)   (27,605 )     (3,064 )     (39,614 )     (8,542 ) Income tax benefit (provision)   5,281       (301 )     7,977       2,106   Net loss   (22,324 )     (3,365 )     (31,637 )     (6,436 ) Net loss attributable to noncontrolling interests, net   904       4       790       1   Net loss attributable to Limoneira Company   (21,420 )     (3,361 )     (30,847 )     (6,435 ) Preferred dividends   —       (126 )     (125 )     (251 ) Net loss applicable to common stock $ (21,420 )   $ (3,487 )   $ (30,972 )   $ (6,686 )                 Basic net loss per common share $ (1.20 )   $ (0.20 )   $ (1.74 )   $ (0.38 )                 Diluted net loss per common share $ (1.20 )   $ (0.20 )   $ (1.74 )   $ (0.38 )                 Weighted-average common shares outstanding-basic   17,925       17,825       17,917       17,808   Weighted-average common shares outstanding-diluted   17,925       17,825       17,917       17,808   Non-GAAP Financial Measures Due to significant depreciable assets associated with the nature of the Company’s operations and interest costs associated with the Company's capital structure, management believes that earnings before interest, income taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA, which excludes stock-based compensation, impairment of assets, loss and expected loss on disposal of assets, net and foreign currency losses, are important measures to evaluate the Company's results of operations between periods on a more comparable basis. Beginning in fiscal year 2026, adjusted EBITDA excludes foreign currency losses, as management believes this is a better representation of cash generated by operations. Foreign currency losses were immaterial in fiscal year 2025 and, therefore, were not separately adjusted. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to the Company and may not be consistent with methodologies used by other companies. EBITDA and adjusted EBITDA are summarized and reconciled to net loss attributable to Limoneira Company, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP, as follows (in thousands):   Three Months Ended April 30,   Six Months Ended April 30,     2026       2025       2026       2025   Net loss attributable to Limoneira Company $ (21,420 )   $ (3,361 )   $ (30,847 )   $ (6,435 ) Interest income   (116 )     (13 )     (124 )     (28 ) Interest expense, net of patronage dividends   560       228       1,339       488   Income tax (benefit) provision   (5,281 )     301       (7,977 )     (2,106 ) Depreciation and amortization   2,014       2,109       4,172       4,125   EBITDA   (24,243 )     (736 )     (33,437 )     (3,956 ) Stock-based compensation   302       551       646       1,483   Impairment of assets   9,324       —       9,324       —   Loss and expected loss on disposal of assets, net   7,821       18       7,894       12   Foreign currency losses   5,078       —       6,121       —   Adjusted EBITDA $ (1,718 )   $ (167 )   $ (9,452 )   $ (2,461 ) The following is a reconciliation of net loss attributable to Limoneira Company to adjusted net loss for diluted EPS (in thousands, except per share data):   Three Months Ended April 30,   Six Months Ended April 30,     2026       2025       2026       2025   Net loss attributable to Limoneira Company $ (21,420 )   $ (3,361 )   $ (30,847 )   $ (6,435 ) Effect of preferred stock and unvested, restricted stock   (125 )     (142 )     (264 )     (287 ) Stock-based compensation   302       551       646       1,483   Impairment of assets   9,324       —       9,324       —   Loss and expected loss on disposal of assets, net   7,821       18       7,894       12   Foreign currency losses   5,078       —       6,121       —   Tax effect of adjustments at federal and state rates   (6,203 )     (156 )     (6,605 )     (411 ) Adjusted net loss for diluted EPS $ (5,223 )   $ (3,090 )   $ (13,731 )   $ (5,638 )                 Diluted net loss per common share $ (1.20 )   $ (0.20 )   $ (1.74 )   $ (0.38 ) Adjusted diluted net loss per common share $ (0.29 )   $ (0.17 )   $ (0.77 )   $ (0.32 )                 Weighted-average common shares outstanding - diluted   17,925       17,825       17,917       17,808   Adjusted weighted-average common shares outstanding - diluted   17,925       17,825       17,917       17,808   Supplemental Information (in thousands):     Agribusiness Segment Information for the Three Months Ended April 30, 2026   Fresh Lemons Lemon Packing   Avocados Other Agribusiness Total Agribusiness Revenues from external customers $ 10,512   $ 11,339 $ 273 $ 406   $ 22,530   Costs and expenses, excluding depreciation and amortization:           Labor and benefits   —     4,305   —   —     4,305   Packing supplies and fruit treatments   —     2,452   —   —     2,452   Harvest costs   1,011     —   53   (54 )   1,010   Growing costs   948     —   157   67     1,172   Third party grower and supplier costs   9,450     —   —   2     9,452   Other segment items   —     2,990   —   —     2,990   Total costs and expenses, excluding depreciation and amortization   11,409     9,747   210   15     21,381   Depreciation and amortization   —     —   —   —     1,777   Operating (loss) income $ (897 ) $ 1,592 $ 63 $ 391   $ (628 )   Agribusiness Segment Information for the Three Months Ended April 30, 2025   Fresh Lemons Lemon Packing   Avocados Other Agribusiness Total Agribusiness Revenues from external customers $ 13,456 $ 13,848 $ 2,780 $ 3,498 $ 33,582 Costs and expenses, excluding depreciation and amortization:           Labor and benefits   —   4,544   —   —   4,544 Packing supplies and fruit treatments   —   2,830   —   —   2,830 Harvest costs   1,110   —   237   10   1,357 Growing costs   1,523   —   1,386   457   3,366 Third party grower and supplier costs   10,450   —   —   1,988   12,438 Other segment items   —   4,752   —   551   5,303 Total costs and expenses, excluding depreciation and amortization   13,083   12,126   1,623   3,006   29,838 Depreciation and amortization   —   —   —   —   1,866 Operating income $ 373 $ 1,722 $ 1,157 $ 492 $ 1,878 Supplemental Information (continued) (in thousands, except acres and average price amounts):   Lemons Q2 2026 Q2 2025   Lemon Packing Q2 2026 Q2 2025 United States:       Cartons packed and sold   1,028   1,357 Acres harvested   1,300     1,600   Revenue $ 11,339 $ 13,848 Limoneira cartons sold   103     108   Direct costs $ 9,747 $ 12,126 Third-party grower cartons sold   925     1,249   Operating income $ 1,592 $ 1,722 Average price per carton $ 16.63   $ 14.52                 Avocados Q2 2026 Q2 2025 Chile:       Pounds sold   285   1,232 Lemon revenue $ (33 ) $ 1,677   Average price per pound $ 0.96 $ 2.26 40-pound carton equivalents   —     220                       Other:             Pack handling $ 4,358   $ 4,652         Lemon by-product sales $ 327   $ 573         Brokered lemons and other lemon sales $ 102   $ 704                       Agribusiness Costs and Expenses Q2 2026 Q2 2025         Packing costs $ 9,747   $ 12,126         Harvest costs   1,010     1,357         Growing costs   1,172     3,366         Third-party grower and supplier costs   9,452     12,438         Other costs   —     551         Depreciation and amortization   1,777     1,866         Agribusiness costs and expenses $ 23,158   $ 31,704           View source version on businesswire.com: https://www.businesswire.com/news/home/20260609904614/en/ Investors
John Mills
Managing Partner
ICR 646-277-1254 Original: Limoneira Company Announces Second Quarter Fiscal Year 2026 Financial Results

Limoneira to Announce Second Quarter 2026 Financial Results on June 9, 2026May 26, 2026 4:05 PM
Business Wire Company to Host Conference Call at 1:30 pm Pacific Time Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified lemon and avocado growing and lemon packing company with related agribusiness activities and real estate development operations, announced today it will release financial results for the second quarter ended April 30, 2026, on Tuesday, June 9, 2026, after the market close. The Company will host a conference call to discuss its financial results on June 9, 2026, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors interested in participating in the live call can dial (877) 407-0789 from the U.S. International callers can dial (201) 689-8562. A telephone replay will be available approximately three hours after the call concludes and will be available through Tuesday, June 23, 2026, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations; passcode is 13760558. There also will be a simultaneous, live webcast available on the Investor Relations section of the Company's web site at www.limoneira.com. The webcast will be archived for 30 days. About Limoneira Company Limoneira Company, a 133-year-old international agribusiness headquartered in Santa Paula, California, has become one of the premier integrated agribusinesses in the world. Limoneira (le moñ âra) is a dedicated sustainability company with 7,000 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona and Argentina. The Company is a leading producer of lemons and avocados that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260526949205/en/ Investors:
John Mills
Managing Partner
ICR 646-277-1254 Original: Limoneira to Announce Second Quarter 2026 Financial Results on June 9, 2026

Limoneira Pauses Regular Common Stock Dividend as it Makes Strategic Investments in Expanding Avocado Production, Increasing Organic Recycling and Pursuing New HousingMarch 23, 2026 4:05 PM
Business Wire
Tracking Toward $10 Million in Targeted Annual Selling, General and Administrative Savings


Company Reiterates Avocado and Lemon Volume Guidance for Full Year Fiscal 2026


Near-Term Water Monetization Expected in Fiscal Year 2026 as Company Advances Water Value Creation Strategy


Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified lemon and avocado growing and lemon packing company with related agribusiness activities and real estate development operations, today announced that its Board of Directors paused its regular cash dividends on its outstanding common stock to support the Company’s capital strategic investments including transitioning a portion of its agriculture lands to higher value avocado production and providing much needed new housing in one of the nation’s most unaffordable markets – initiatives that are designed to maximize sustainable long-term stockholder returns.


The Company continues to execute on its planned value creation strategy of growing agriculture income and monetizing land and water assets.



Agriculture initiatives include:


Streamlining operations;



Expanding avocado production - The Company has 800 acres of non-bearing avocados estimated to become full bearing over the next few years, which will make it one of the largest producers of avocados in the United States;



Optimizing lemon production and packing with recently announced Sunkist partnership; and



Expanding the existing organic recycling facility.






Land and water assets initiatives include:


Selling non-strategic land assets (remaining near-term pipeline); and



Selling certain water rights (near and medium-term pipeline).






Management Comments


“Our Board and management team are committed to deploying capital in ways that generate the highest returns for shareholders,” said Harold Edwards, President and Chief Executive Officer of the Company. “The goal of this updated dividend policy is to provide Limoneira with enhanced financial flexibility to reduce debt and pursue the highest return-generating opportunities as it pursues its strategic investments in enhanced avocado production, expanded organic recycling and new housing. The Board will monitor the incremental increases in cash flow to the Company attributable to these strategic investments and it expects to resume dividends aligned with historical practice as soon as it is prudent to do so.”


“We are reiterating our volume guidance for both lemons and avocados in fiscal year 2026 and our decision to partner with Sunkist remains on track to achieve our goal of approximately $10 million in selling, general and administrative savings for fiscal year 2026 and our planned organic recycling joint venture with Agromin is expected to process 300,000 tons of organic waste annually and contribute to EBITDA when the facility becomes operational in fiscal year 2027.”


Reiterating Fiscal Year 2026 Guidance and Longer-Term Outlook


The Company continues to expect fresh lemon volumes to be in the range of 4.0 million to 4.5 million cartons for fiscal year 2026. The Company continues to expect avocado volumes to be in the range of 5.0 million to 6.0 million pounds for fiscal year 2026.


The Company expects to receive total proceeds of approximately $180 million from Harvest, LLCB II, LLC and East Area II spread out over seven fiscal years, of which $10 million was received in fiscal year 2025 and $15 million was received in fiscal year 2024.


Harvest at Limoneira Cash Flow Projections (in millions)




Fiscal Year






 






2024 Actual






 






2025 Actual






 






2026






 






2027






 






2028






 






2029






 






2030








Projected Distributions






 






$15






 






$10






 






$5






 






$35






 






$41






 






$32






 






$42







The Company has 800 acres of non-bearing avocados estimated to become full bearing over the next two to four years, which the Company expects will enable strong organic growth in the coming years. Additionally, the Company plans to continue expanding its plantings of avocados over the next two fiscal years. The foregoing describes organic growth opportunities and does not include potential acquisition opportunities for the Company in its highly fragmented industry.


About Limoneira Company


Limoneira Company, a 133-year-old international agribusiness headquartered in Santa Paula, California, has become one of the premier integrated agribusinesses in the world. Limoneira (le moñ âra) is a dedicated sustainability company with 7,000 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona and Argentina. The Company is a leading producer of lemons and avocados that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.


Forward-Looking Statements


This press 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. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “could,” “expect,” “may,” “anticipate,” “outlook,” “plans,” “intend,” “should,” “will,” “likely,” “strive,” and similar expressions referring to future periods.


Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company’s business plans and strategies, including the plans to develop new housing and to transition a portion of the Company’s agriculture lands to avocado production and, the merger of the Company's citrus sales and marketing into Sunkist Growers Inc. and managing the risks involved in the foregoing; the ability of the Company’s strategies to improve efficiency and reduce cost; changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh produce; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; inability to pay debt obligations; ability to maintain compliance with debt covenants under our loan agreements or obtain modifications, waivers or deferrals of such covenants; changes in interest rates and the impact of inflation; availability of financing for land development activities; general economic conditions for residential and commercial real estate development; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; government restrictions on land use; the impact of foreign exchange rate movements; loss of important intellectual property rights; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira’s SEC filings that are available on the SEC’s website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260323474725/en/
Investors

John Mills

Managing Partner

ICR 646-277-1254


Original: Limoneira Pauses Regular Common Stock Dividend as it Makes Strategic Investments in Expanding Avocado Production, Increasing Organic Recycling and Pursuing New Housing

Limoneira Company Announces First Quarter Fiscal Year 2026 Financial ResultsMarch 12, 2026 4:27 PM
Business Wire
Total Costs and Expenses Decline 27% Year-Over-Year Reflecting Disciplined Execution of Operational Transformation; Tracking Toward $10 Million in Targeted Annual Selling, General and Administrative Savings


Company Reiterates Avocado and Lemon Volume Guidance for Full Year Fiscal 2026


Near-Term Water Monetization Expected in Fiscal Year 2026 as Company Advances Water Value Creation Strategy


Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified lemon and avocado growing and lemon packing company with related agribusiness activities and real estate development operations, today reported financial results for the first quarter ended January 31, 2026.


The Company continues to execute on its value creation strategy of growing agriculture income and monetizing land and water assets.



Agriculture initiatives include:


Streamlining operations;



Expanding avocado production;



Optimizing lemon packing with recently announced Sunkist partnership; and



Expanding organic recycling facility.






Land and water assets initiatives include:


Selling non-strategic land assets (remaining near-term pipeline); and



Selling certain water rights (near and medium-term pipeline).






Management Comments


Harold Edwards, President and Chief Executive Officer of the Company, stated, “Our first quarter results reflect the strategic transformation we are executing to position Limoneira for sustainable, long term value creation. While the cadence of lemon sales will shift due to our return to Sunkist, with the first and second quarters expected to have lower sales and the third and fourth quarters higher, we’re pleased that fresh utilization improved in the first quarter and we remain on track with our volume guidance for both lemons and avocados in fiscal 2026. While we experienced $2.5 million of specific expenses in the quarter, including packinghouse repairs recovered from insurance proceeds received in the second quarter and expenses related to the sale of our Chilean farms, the operational improvements we implemented are already delivering results, with operating costs down 27% versus the prior year period. Our decision to partner with Sunkist remains on track to achieve our goal of approximately $10 million in selling, general and administrative savings for fiscal 2026.”


Mr. Edwards continued, “Beyond our core agricultural operations, our diversified value creation strategy continues to advance. Harvest at Limoneira Phase 2 home sales are underway with robust demand, and we expect to receive an additional $155 million from Harvest, LLCB II and East Area II over the next five fiscal years. Our 800 acres of non-bearing avocados are on schedule to become full bearing over the next two to four years, which would nearly double our avocado production capacity. Additionally, we anticipate near term water monetization this fiscal year. We are executing a comprehensive strategy across agricultural production optimization and asset monetization intended to position us for both near term resilience and long-term growth. We believe that we have the asset base, strategic partnerships, and operational improvements in place to deliver sustainable value creation.”


Fiscal Year 2026 First Quarter Results


For the first quarter of fiscal year 2026, total net revenues were $18.2 million, compared to total net revenues of $34.3 million in the first quarter of the previous fiscal year. Agribusiness revenues were $16.8 million, compared to $32.9 million in the first quarter of last fiscal year. Other operations revenue was consistent in the first quarters of the current and prior fiscal years. The year-over-year decrease in total net revenues was driven by the Company's strategic transition to Sunkist for lemon sales and marketing. This partnership resulted in a significant shift in the quarterly sales cadence for lemons compared to historical patterns. Under the new Sunkist structure, the first and second quarters are expected to have lower lemon sales volumes, while the third and fourth quarters are expected to have higher lemon sales volumes. Additionally, the Company exited its brokerage business in the first quarter of fiscal year 2026 and its farm management business during fiscal year 2025, which further contributed to the year-over-year revenue decrease.


Agribusiness revenues in the first quarter of fiscal year 2026 include $11.9 million in fresh packed lemon sales, compared to $21.2 million of fresh packed lemon sales during the same period of fiscal year 2025. Approximately 681,000 cartons of U.S. packed fresh lemons were sold in aggregate during the first quarter of fiscal year 2026 at a $17.41 average price per carton, compared to approximately 1,147,000 cartons sold at an $18.44 average price per carton during the first quarter of fiscal year 2025. The decrease in fresh carton volume was related to the shift in cadence as a result of the Sunkist agreement. Per carton prices for the first quarter of fiscal year 2026 are net of the Sunkist marketing fee. Brokered lemons and other lemon sales were $1.0 million and $2.2 million in the first quarter of fiscal years 2026 and 2025, respectively. The decrease compared to the same period of fiscal year 2025 was due to the transition of our brokerage operations to Sunkist.


The Company recognized no avocado revenue in the first quarter of fiscal year 2026, compared to $162,000 of avocado revenue in the first quarter of last fiscal year due to the timing of harvest. Approximately 73,000 pounds of avocados were sold in aggregate during the first quarter of fiscal year 2025 at a $2.25 average price per pound.


The Company recognized $10,000 of orange revenue in the first quarter of fiscal year 2026, compared to $1.6 million in the same period of fiscal year 2025. The decrease compared to the same period of fiscal year 2025 was related to the sale of the Company’s Chilean agricultural properties and the transition of our brokerage operations to Sunkist.


Specialty citrus and wine grape revenues were $0.7 million in the first quarter of fiscal year 2026, compared to $0.5 million in the first quarter of fiscal year 2025. The increase compared to the same period of fiscal year 2025, was primarily due to no wine grape revenue recorded in the first quarter of fiscal year 2025 due to the timing of harvest, partially offset by a decrease in specialty citrus due to the transition of our brokerage operations to Sunkist.


Due to the termination of the farm management agreement with PGIM Real Estate Finance, LLC effective March 31, 2025, there was no farm management revenue in the first quarter of fiscal year 2026, compared to $1.2 million in the same period of fiscal year 2025.


Total costs and expenses in the first quarter of fiscal year 2026 were $28.8 million, compared to $39.7 million in the first quarter of last fiscal year. The 27% decrease was primarily due to reduced agribusiness volumes and the elimination of citrus sales and marketing costs following the transition of these operations to Sunkist, which resulted in lower agribusiness costs and expenses and a decrease in selling, general and administrative expenses related to the Sunkist agreement.


Operating loss for the first quarter of fiscal year 2026 was $10.6 million, compared to operating loss of $5.3 million in the first quarter of the previous fiscal year. The increase in operating loss was primarily due to decreased agribusiness revenues, as well as $1.0 million in packinghouse repairs which the Company recovered through insurance proceeds received in the second quarter, $0.5 million in costs related to closing the Chilean farming operations, and $1.5 million of gain on sales of water rights in fiscal year 2025. Additionally, total other expense for fiscal year 2026 includes $1.0 million in foreign exchange fluctuation on the receivables from the sale of the Chilean farming assets.


On March 10, 2026, the Company received $0.9 million in insurance proceeds related to an incident which occurred at its packinghouse and for which repair costs were incurred during the first quarter of fiscal year 2026. On March 12, 2026, the Company received confirmation from its insurance company that an additional $1.4 million of insurance proceeds is anticipated to be received in the second quarter of fiscal year 2026. These insurance proceeds are anticipated to be recorded during the second quarter of fiscal year 2026.


Net loss applicable to common stock, after preferred dividends, for the first quarter of fiscal year 2026 was $9.6 million, compared to net loss applicable to common stock of $3.2 million in the first quarter of fiscal year 2025. Net loss per diluted share for the first quarter of fiscal year 2026 was $0.53, compared to net loss per diluted share of $0.18 for the same period of fiscal year 2025.


Adjusted net loss for diluted EPS in the first quarter of fiscal year 2026 was $8.5 million or $0.48 per diluted share, compared to the first quarter of fiscal year 2025 adjusted net loss for diluted EPS of $2.5 million or $0.14 per diluted share. A reconciliation of loss attributable to Limoneira Company to adjusted net loss for diluted EPS is provided at the end of this release.


Non-GAAP adjusted EBITDA was a loss of $7.7 million in the first quarter of fiscal year 2026, compared to a loss of $2.3 million in the same period of fiscal year 2025. A reconciliation of net income or loss attributable to Limoneira Company to non-GAAP adjusted EBITDA is provided at the end of this release.


Balance Sheet and Liquidity


During the first quarter of fiscal year 2026, net cash used in operating activities was $11.7 million, compared to net cash used in operating activities of $12.9 million in the same period of the prior fiscal year. For the first quarter of fiscal year 2026, net cash used in investing activities was $3.4 million, compared to net cash used in investing activities of $3.5 million in the same period last fiscal year. Net cash provided by financing activities was $15.3 million for the first quarter of fiscal year 2026, compared to net cash provided by financing activities of $14.5 million in the same period of the prior fiscal year.


Long-term debt as of January 31, 2026, was $89.9 million, compared to $72.5 million at the end of fiscal year 2025. Debt levels as of January 31, 2026, less $1.3 million of cash on hand, resulted in a net debt position of $88.6 million at quarter end. In April 2025, the Company received a cash distribution of $10.0 million of its share of a $20.0 million cash distribution from its 50%/50% real estate development joint venture, Harvest at Limoneira, with The Lewis Group of Companies. The distribution came from the joint venture’s available cash and cash equivalents, which as of January 31, 2026, totaled $27.6 million.


Real Estate Development and Water Transactions


In April 2024, Harvest at Limoneira closed on lot sales representing 554 residential units, thus completing the sell-out of Phase 2 of the development. In February 2026, Harvest at Limoneira celebrated the grand opening of five new neighborhoods in Phase 2 and home sales are underway.


In September 2025, Limoneira announced a plan to explore providing housing on the Limco Del Mar Ranch to address Ventura County’s housing needs. Limoneira believes that infill development, such as the Limco Del Mar project, offers the opportunity for efficient, balanced, and well-planned development that has the potential to stimulate economic growth, create jobs, and contribute to vibrant livable communities.


The Company’s farming operations in Yuma, Arizona source water from the Colorado River, where it has access to approximately 11,500 acre-feet of Class 3 Colorado River water rights. Several reservoir and water management agreements that govern the management of the Colorado River are scheduled to expire at the end of 2026 and the Company believes there may be near-term opportunities for monetization of its water rights.


Fiscal Year 2026 Guidance and Longer-Term Outlook


The Company continues to expect fresh lemon volumes to be in the range of 4.0 million to 4.5 million cartons for fiscal year 2026. The Company continues to expect avocado volumes to be in the range of 5.0 million to 6.0 million pounds for fiscal year 2026.


The Company expects to receive total proceeds of approximately $180 million from Harvest, LLCB II, LLC and East Area II spread out over seven fiscal years, of which $10 million was received in fiscal year 2025 and $15 million was received in fiscal year 2024.


Harvest at Limoneira Cash Flow Projections (in millions)




Fiscal Year






 






2024 Actual






 






2025 Actual







2026






 






2027






 






2028






 






2029






 






2030








Projected Distributions






 






$15






 






$10






 






$5






 






$35






 






$41






 






$32






 






$42







The Company has 800 acres of non-bearing avocados estimated to become full bearing over the next two to four years, which the Company expects will enable strong organic growth in the coming years. Additionally, the Company plans to continue expanding its plantings of avocados over the next two fiscal years. The foregoing describes organic growth opportunities and does not include potential acquisition opportunities for the Company in its highly fragmented industry.


Conference Call Information


The Company will host a conference call to discuss its financial results on March 12, 2026, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors interested in participating in the live call can dial (877) 407-0789 from the U.S. International callers can dial (201) 689-8562. A telephone replay will be available approximately three hours after the call concludes and will be available through March 26, 2026, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations; the passcode is 13759137.


About Limoneira Company


Limoneira Company, a 133-year-old international agribusiness headquartered in Santa Paula, California, has become one of the premier integrated agribusinesses in the world. Limoneira (le moñ âra) is a dedicated sustainability company with 7,000 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona and Argentina. The Company is a leading producer of lemons and avocados that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.


Forward-Looking Statements


This press 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. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “could,” “expect,” “may,” “anticipate,” “outlook,” “plans,” “intend,” “should,” “will,” “likely,” “strive,” and similar expressions referring to future periods.


Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company’s business plans and strategies, including the transition of the Company's lemon sales and marketing to Sunkist Growers Inc. and managing the risks involved in the foregoing; the ability of the transition to Sunkist to improve efficiency and reduce cost; changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh produce; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; inability to pay debt obligations; ability to maintain compliance with debt covenants under our loan agreements or obtain modifications, waivers or deferrals of such covenants; changes in interest rates and the impact of inflation; availability of financing for land development activities; general economic conditions for residential and commercial real estate development; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; government restrictions on land use; the impact of foreign exchange rate movements; loss of important intellectual property rights; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira’s SEC filings that are available on the SEC’s website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.




LIMONEIRA COMPANY








CONSOLIDATED BALANCE SHEETS (UNAUDITED)








(in thousands, except share and per share data)










 



 






January 31, 2026






 






October 31, 2025








Assets






 






 






 








Current assets:






 






 






 








Cash






$






1,267






 






 






$






1,509






 








Accounts receivable, net






 






10,282






 






 






 






15,432






 








Cultural costs






 






1,784






 






 






 






2,406






 








Prepaid expenses and other current assets






 






9,722






 






 






 






4,444






 








Receivables/other from related parties, net






 






2,934






 






 






 






2,973






 








Assets held for sale






 






—






 






 






 






13,718






 








Total current assets






 






25,989






 






 






 






40,482






 








Property, plant and equipment, net






 






173,549






 






 






 






172,645






 








Real estate development






 






11,133






 






 






 






10,628






 








Equity in investments






 






72,660






 






 






 






72,167






 








Goodwill






 






1,373






 






 






 






1,506






 








Intangible assets, net






 






2,441






 






 






 






2,621






 








Other assets






 






20,385






 






 






 






11,088






 








Total assets






$






307,530






 






 






$






311,137






 








 






 






 






 








Liabilities, Convertible Preferred Stock and Stockholders’ Equity






 






 






 








Current liabilities:






 






 






 








Accounts payable






$






6,517






 






 






$






7,896






 








Growers and suppliers payable






 






2,461






 






 






 






6,885






 








Accrued liabilities






 






6,629






 






 






 






9,290






 








Payables to related parties






 






6,749






 






 






 






5,989






 








Current portion of long-term debt






 






25






 






 






 






31






 








Total current liabilities






 






22,381






 






 






 






30,091






 








Long-term liabilities:






 






 






 








Long-term debt, less current portion






 






89,918






 






 






 






72,450






 








Deferred income taxes






 






12,563






 






 






 






15,378






 








Other long-term liabilities






 






2,018






 






 






 






2,381






 








Total liabilities






 






126,880






 






 






 






120,300






 








Commitments and contingencies






 






—






 






 






 






—






 








Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at January 31, 2026 and October 31, 2025) (8.75% coupon rate)






 






1,479






 






 






 






1,479






 








Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at January 31, 2026 and October 31, 2025) (4% dividend rate on liquidation value of $1,000 per share)






 






9,331






 






 






 






9,331






 








Stockholders’ equity:






 






 






 








Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at January 31, 2026 and October 31, 2025)






 






—






 






 






 






—






 








Common Stock – $0.01 par value (39,000,000 shares authorized: 18,357,854 and 18,287,868 shares issued and 18,106,877 and 18,036,891 shares outstanding at January 31, 2026 and October 31, 2025, respectively)






 






181






 






 






 






180






 








Additional paid-in capital






 






171,285






 






 






 






171,365






 








Accumulated deficit






 






(11,980






)






 






 






(1,070






)








Accumulated other comprehensive loss






 






(5,494






)






 






 






(6,270






)








Treasury stock, at cost, 250,977 shares at January 31, 2026 and October 31, 2025






 






(3,493






)






 






 






(3,493






)








Noncontrolling interests






 






19,341






 






 






 






19,315






 








Total stockholders' equity






 






169,840






 






 






 






180,027






 








Total liabilities, convertible preferred stock and stockholders’ equity






$






307,530






 






 






$






311,137






 









LIMONEIRA COMPANY








CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)








(in thousands, except per share data)








 



 






Three Months Ended




January 31,








 






 






2026






 






 






 






2025






 








Net revenues:






 






 






 








Agribusiness






$






16,756






 






 






$






32,852






 








Other operations






 






1,449






 






 






 






1,453






 








Total net revenues






 






18,205






 






 






 






34,305






 








Costs and expenses:






 






 






 








Agribusiness






 






23,019






 






 






 






33,499






 








Other operations






 






1,071






 






 






 






1,171






 








Gain on sales of water rights






 






—






 






 






 






(1,488






)








Loss (gain) on disposal of assets, net






 






73






 






 






 






(6






)








Selling, general and administrative






 






4,593






 






 






 






6,475






 








Total costs and expenses






 






28,756






 






 






 






39,651






 








Operating loss






 






(10,551






)






 






 






(5,346






)








Other (expense) income:






 






 






 








Interest income






 






8






 






 






 






15






 








Interest expense, net of patronage dividends






 






(779






)






 






 






(260






)








Equity in earnings of investments, net






 






176






 






 






 






102






 








Other (expense) income, net






 






(863






)






 






 






11






 








Total other expense






 






(1,458






)






 






 






(132






)








Loss before income tax benefit






 






(12,009






)






 






 






(5,478






)








Income tax benefit






 






2,696






 






 






 






2,407






 








Net loss






 






(9,313






)






 






 






(3,071






)








Net income attributable to noncontrolling interests, net






 






(114






)






 






 






(3






)








Net loss attributable to Limoneira Company






 






(9,427






)






 






 






(3,074






)








Preferred dividends






 






(125






)






 






 






(125






)








Net loss applicable to common stock






$






(9,552






)






 






$






(3,199






)








 






 






 






 








Basic net loss per common share






$






(0.53






)






 






$






(0.18






)








 






 






 






 








Diluted net loss per common share






$






(0.53






)






 






$






(0.18






)








 






 






 






 








Weighted-average common shares outstanding-basic






 






17,909






 






 






 






17,791






 








Weighted-average common shares outstanding-diluted






 






17,909






 






 






 






17,791






 







Non-GAAP Financial Measures


Due to significant depreciable assets associated with the nature of the Company’s operations and interest costs associated with the Company's capital structure, management believes that earnings before interest, income taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA, which excludes stock-based compensation, loss (gain) on disposal of assets, net and foreign currency transaction losses, are important measures to evaluate the Company's results of operations between periods on a more comparable basis. Adjusted EBITDA in fiscal year 2025 did not exclude foreign currency transaction losses which has now been excluded as management believes this is a better representation of cash generated by operations. Foreign currency transaction losses were immaterial in fiscal year 2025. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to the Company and may not be consistent with methodologies used by other companies.


EBITDA and adjusted EBITDA are summarized and reconciled to net loss attributable to Limoneira Company, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP, as follows (in thousands):




 






Three Months Ended




January 31,








 






 






2026






 






 






 






2025






 








Net loss attributable to Limoneira Company






$






(9,427






)






 






$






(3,074






)








Interest income






 






(8






)






 






 






(15






)








Interest expense, net of patronage dividends






 






779






 






 






 






260






 








Income tax benefit






 






(2,696






)






 






 






(2,407






)








Depreciation and amortization






 






2,158






 






 






 






2,016






 








EBITDA






 






(9,194






)






 






 






(3,220






)








Stock-based compensation






 






344






 






 






 






932






 








Loss (gain) on disposal of assets, net






 






73






 






 






 






(6






)








Foreign currency transaction losses






 






1,043






 






 






 






—






 








Adjusted EBITDA






$






(7,734






)






 






$






(2,294






)







The following is a reconciliation of net loss attributable to Limoneira Company to adjusted net loss for diluted EPS (in thousands, except per share data):




 






Three Months Ended




January 31,








 






 






2026






 






 






 






2025






 








Net loss attributable to Limoneira Company






$






(9,427






)






 






$






(3,074






)








Effect of preferred stock and unvested, restricted stock






 






(139






)






 






 






(144






)








Stock-based compensation






 






344






 






 






 






932






 








Loss (gain) on disposal of assets, net






 






73






 






 






 






(6






)








Foreign currency transaction losses






 






1,043






 






 






 






—






 








Tax effect of adjustments at federal and state rates






 






(402






)






 






 






(255






)








Adjusted net loss for diluted EPS






$






(8,508






)






 






$






(2,547






)








 






 






 






 








Diluted net loss per common share






$






(0.53






)






 






$






(0.18






)








Adjusted diluted net loss per common share






$






(0.48






)






 






$






(0.14






)








 






 






 






 








Weighted-average common shares outstanding - diluted






 






17,909






 






 






 






17,791






 








Adjusted weighted-average common shares outstanding - diluted






 






17,909






 






 






 






17,791






 









Supplemental Information








(in thousands):








 



 






Agribusiness Segment Information for the Three Months Ended January 31, 2026








 






Fresh




Lemons







Lemon




Packing







 




Avocados







Other




Agribusiness







Total




Agribusiness








Revenues from external customers






$






8,718






 







$






6,958






 







$






—






 







$






1,080







$






16,756






 








Costs and expenses, excluding depreciation and amortization:






 







 







 







 







 








Labor and benefits






 






—






 







 






3,801






 







 






—






 







 






—







 






3,801






 








Packing supplies and fruit treatments






 






—






 







 






2,047






 







 






—






 







 






—







 






2,047






 








Harvest costs






 






998






 







 






—






 







 






—






 







 






169







 






1,167






 








Growing costs






 






2,548






 







 






—






 







 






29






 







 






807







 






3,384






 








Third party grower and supplier costs






 






7,492






 







 






—






 







 






—






 







 






30







 






7,522






 








Other segment items






 






—






 







 






3,152






 







 






—






 







 






24







 






3,176






 








Total costs and expenses, excluding depreciation and amortization






 






11,038






 







 






9,000






 







 






29






 







 






1,030







 






21,097






 








Depreciation and amortization






 






—






 







 






—






 







 






—






 







 






—







 






1,922






 








Operating (loss) income






$






(2,320






)







$






(2,042






)







$






(29






)







$






50







$






(6,263






)








 



 






Agribusiness Segment Information for the Three Months Ended January 31, 2025








 






Fresh




Lemons







Lemon




Packing







 




Avocados







Other




Agribusiness







Total




Agribusiness








Revenues from external customers






$






16,446






 







$






11,815






 







$






162






 







$






4,429







$






32,852






 








Costs and expenses, excluding depreciation and amortization:






 







 







 







 







 








Labor and benefits






 






—






 







 






4,215






 







 






—






 







 






—







 






4,215






 








Packing supplies and fruit treatments






 






—






 







 






3,111






 







 






—






 







 






—







 






3,111






 








Harvest costs






 






1,761






 







 






—






 







 






15






 







 






45







 






1,821






 








Growing costs






 






2,926






 







 






—






 







 






22






 







 






1,314







 






4,262






 








Third party grower and supplier costs






 






12,472






 







 






—






 







 






—






 







 






1,880







 






14,352






 








Other segment items






 






—






 







 






3,265






 







 






—






 







 






699







 






3,964






 








Total costs and expenses, excluding depreciation and amortization






 






17,159






 







 






10,591






 







 






37






 







 






3,938







 






31,725






 








Depreciation and amortization






 






—






 







 






—






 







 






—






 







 






—







 






1,774






 








Operating (loss) income






$






(713






)







$






1,224






 







$






125






 







$






491







$






(647






)









Supplemental Information (continued)








(in thousands, except acres and average price amounts):















 



Lemons






Q1 2026







Q1 2025






 






Lemon Packing






Q1 2026







Q1 2025








United States:






 







 






 






Cartons packed and sold






 






681






 







 






1,147








Acres harvested






 






1,400







 






1,600






 






Revenue






$






6,958






 







$






11,815








Limoneira cartons sold






 






147







 






194






 






Direct costs






$






9,000






 







$






10,591








Third-party grower cartons sold






 






534







 






953






 






Operating (loss) income






$






(2,042






)







$






1,224








Average price per carton






$






17.41







$






18.44






 






 






 







 








 






 







 






 






Avocados






Q1 2026







Q1 2025








Chile:






 







 






 






Pounds sold






 






—






 







 






73








Lemon revenue






$






37







$






1,263






 






Average price per pound






$






—






 







$






2.25








40-pound carton equivalents






 






—







 






113






 






 






 







 








 






 







 






 






 






 







 








Other:






 







 






 






 






 







 








Packing and handling






$






2,857







$






4,545






 






 






 







 








Lemon by-product sales






$






—







$






356






 






 






 







 








Brokered lemons and other lemon sales






$






928







$






945






 






 






 







 








 






 







 






 






 






 







 








Agribusiness costs and expenses






Q1 2026







Q1 2025






 






 






 







 








Packing costs






$






9,000







$






10,591






 






 






 







 








Harvest costs






 






1,167







 






1,821






 






 






 







 








Growing costs






 






3,384







 






4,262






 






 






 







 








Third-party grower and supplier costs






 






7,522







 






14,352






 






 






 







 








Other costs






 






24







 






699






 






 






 







 








Depreciation and amortization






 






1,922







 






1,774






 






 






 







 








Agribusiness costs and expenses






$






23,019







$






33,499






 






 






 







 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312786886/en/
Investors

John Mills

Managing Partner

ICR 646-277-1254


Original: Limoneira Company Announces First Quarter Fiscal Year 2026 Financial Results