Limoneira Company (NASDAQ:LMNR) Q1 2024 Earnings Conference Call March 7, 2024 4:30 PM ET Company Participants John Mills - IR, ICR Harold Edwards - President & CEO Mark Palamountain - CFO Conference Call Participants Ben Bienvenu - Stephens Benjamin Klieve - Lake Street Capital Markets Rajiv Sharma - B. Riley Securities Operator Greetings, and welcome to the Limoneira First Quarter 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended January 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From To Commission File Number: 001-34755 LIMONEIRA COMPANY (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

Exhibit 99.1 Limoneira Company Announces First Quarter Fiscal Year 2024 Financial Results Net Revenues Grew 5% to $39.7 Million in First Quarter of Fiscal Year 2024 Compared to Prior Year Strategic Shift Toward Higher Margin "Asset-Lighter" Business Model Reflected in First Quarter of Fiscal Year 2024 Results; Agribusiness Operating Loss Improved 84% and Agribusiness Costs and Expenses Decreased 5% in First Quarter of Fiscal Year 2024 Compared to Prior Year Brokered Lemons and Other Lemon Sales Increased to ...

Limoneira Company (NASDAQ:LMNR) Q4 2023 Results Conference Call December 21, 2023 4:30 PM ET Company Participants John Mills - IR, ICR Harold Edwards - President & CEO Mark Palamountain - CFO Conference Call Participants Ben Bienvenu - Stephens Ben Klieve - Lake Street Capital Markets Raj Sharma - B. Riley Securities Operator Greetings, and welcome to Limoneira's Fourth Quarter Fiscal Year 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended October 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From To Commission File Number: 001-34755 LIMONEIRA COMPANY (Exact name of registrant as specified in its charter) Delaware 77-0260692 (State or other jurisdiction of in ...

Financial Data and Key Metrics Changes - Total net revenue for Q3 FY2023 was $52.5 million, down from $58.9 million in Q3 FY2022 [27] - Adjusted EBITDA decreased to $2.8 million in Q3 FY2023 from $14.8 million in the same period last year [80] - Net loss applicable to common stock was $1.3 million in Q3 FY2023 compared to net income of $7.3 million in Q3 FY2022 [29] - Adjusted net income for diluted EPS was $400,000 in Q3 FY2023, down from $7.9 million in Q3 FY2022 [29] Business Line Data and Key Metrics Changes - Agribusiness revenue was $51.1 million in Q3 FY2023, down from $57.6 million in Q3 FY2022 [27] - Brokered lemons and other lemon sales grew 76% year-over-year to $8.8 million [28] - Fresh lemon sales decreased to $24.2 million in Q3 FY2023 from $27.8 million in Q3 FY2022 due to adverse weather conditions [8] - Avocado revenue fell to $3.5 million in Q3 FY2023 from $12.6 million in Q3 FY2022, with a significant drop in volume sold [28] Market Data and Key Metrics Changes - Fresh lemon production in the desert region is expected to be down about 15% from last year due to weather impacts [24] - Lemon pricing has increased significantly since August, reaching the highest levels since 2018 [90] - The avocado market faced oversupply pressures from imports, affecting pricing [9] Company Strategy and Development Direction - The company is transitioning to an asset-lighter business model, focusing on monetizing non-strategic assets and improving margins [4][26] - A fallowing program in Yuma, Arizona is expected to generate annual proceeds of $1.3 million [6] - The company aims to enhance shareholder value through improved farming management and strategic asset utilization [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about higher lemon pricing in FY2024 due to improved supply-demand dynamics [5][24] - The company anticipates significant improvements in profitability and EBITDA in FY2024 as a result of strategic changes [32][99] - Management noted challenges in the current operating environment due to weather-related impacts on production and pricing [90] Other Important Information - The company has reduced its long-term debt to $40.7 million as of July 31, 2023, down from $104.1 million at the end of FY2022 [10] - The company expects to monetize an additional $50 million in non-strategic assets over the next nine months [96] Q&A Session Summary Question: What are the expected improvements in margins and profitability for FY2024? - Management indicated that improvements will ramp up throughout FY2024 due to asset monetization and restructuring efforts [13] Question: Have interest rate increases impacted the value of potential asset sales? - Management noted that they have not seen significant deterioration in asset values despite rising interest rates [14][33] Question: What is the outlook for lemon pricing and production? - Management expects lemon pricing to remain elevated, with production anticipated to increase significantly in FY2024 [36][45] Question: How is the company managing its water rights and fallowing programs? - Management emphasized the attractiveness of long-term fallowing programs for monetizing water rights [55] Question: What is the status of the company's Chilean production assets? - Management reported ongoing interest in Chilean assets and is optimistic about future monetization opportunities [49][78]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended July 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From To Commission File Number: 001-34755 LIMONEIRA COMPANY (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or ...

Financial Data and Key Metrics Changes - Total net revenue for Q2 FY2023 was $48.1 million, compared to $46.8 million in Q2 FY2022, reflecting a year-over-year increase [61] - Operating loss for Q2 FY2023 was $3.9 million, compared to operating income of $2.6 million in the same period last year [3] - Net loss applicable to common stock for Q2 FY2023 was $1.7 million, compared to net income of $1.4 million in Q2 FY2022 [3] - Adjusted net income for diluted earnings per share for Q2 FY2023 was $3.9 million, or $0.21 per diluted share, compared to $1.9 million, or $0.11 per diluted share in Q2 FY2022 [4][5] - Adjusted EBITDA for Q2 FY2023 was $6.2 million, similar to the same period in FY2022 [6] Business Line Data and Key Metrics Changes - Approximately 88,000 cartons of oranges were sold in Q2 FY2023 at an average price of $15.72 per carton, down from 328,000 cartons sold at $7.98 per carton in Q2 FY2022 [1] - Specialty citrus and other revenue increased to $2.4 million in Q2 FY2023 from $1.4 million in Q2 FY2022 [1] - Agribusiness revenue for Q2 FY2023 was $46.7 million, compared to $45.4 million in the same period last year [61] - Lemon revenues in Q2 FY2023 included $26.6 million from fresh lemon sales, down from $27.3 million in Q2 FY2022 [64] Market Data and Key Metrics Changes - The company expects total lemon sales volume for FY2023 to be between 5 million and 5.4 million cartons, up from 4.9 million cartons in FY2022 [9] - Avocado revenue in Q2 FY2023 was $3.6 million, with approximately 900,000 pounds sold at an average price of $1.30 per pound, down from 1.9 million pounds at $1.90 per pound in Q2 FY2022 [68] - The avocado market is currently oversupplied, with significant pressure on prices due to increased imports from Mexico and Peru [69] Company Strategy and Development Direction - The company is transitioning to an asset lighter business model, aiming to streamline operations and sell non-strategic assets, with $180 million identified for sale [82][87] - The strategic plan includes leveraging grower partner fruit to reduce capital outlay and improve margins, targeting $2 to $2.50 per carton of margin [85] - The company has entered into an exclusive licensing relationship with Apeel Sciences to enhance lemon quality and shelf life through innovative coating technology [91][92] Management's Comments on Operating Environment and Future Outlook - Management noted that heavy rains in California delayed some lemon harvests but still expects to meet full fiscal year 2023 lemon volume guidance [80] - The company anticipates a slow rise in lemon prices in the second half of FY2023 due to industry-wide lower production [9][66] - Management expressed confidence in the long-term recovery of lemon pricing despite current oversupply conditions [23] Other Important Information - The company recorded a non-cash loss on the disposal of Cadiz Ranch assets amounting to $9 million, ceasing farming operations in that area [2][90] - A settlement agreement with Southern California Edison resulted in a total settlement of $9 million, with $6.1 million received net of legal costs [62][89] Q&A Session Summary Question: View on lemon markets and path to normalized earnings - Management discussed the challenges in the lemon market and the steps taken to improve profitability, particularly in unprofitable areas like Yuma, Arizona [18][20][22] Question: Avocado supply and demand dynamics - Management explained that the current oversupply is primarily driven by increased supply from Mexico, leading to lower prices and a lag in demand recovery [24][26] Question: Monetization of water rights - Management indicated potential for significant revenue from water rights, with discussions ongoing regarding the sale or leasing of water rights [27][29][31] Question: Asset light outlook and growth targets - Management outlined a target of 15 million cartons over the next three to five years, with a focus on third-party grower partnerships for growth [40][41] Question: Cadiz Ranch asset disposal impact - Management clarified that the $9 million loss from Cadiz Ranch was non-cash and part of a strategic decision to eliminate unprofitable operations [47][49]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-34755 LIMONEIRA COMPANY (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizati ...

May 2023 Disclosure. This presentation contains forward-looking statements, including guidance for fiscal years 2023 and beyond, 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 "expect," "may," "anticipate," "intend," "should be," "will be," "is likely to," "strive to," and si ...