Limoneira(LMNR) - 2025 Q1 - Quarterly Results

Financial Performance - Total net revenue for the first quarter of fiscal year 2025 was $34.3 million, down 13.7$39.7 million in the same period last year[3] - Total net revenues for the three months ended January 31, 2025, were $34.305 million, a decrease of 13.1$39.731 million in the same period of 2024[28] - Agribusiness revenue decreased to $32.9 million from$38.3 million year-over-year, with fresh packed lemon sales dropping to $21.2 million from$23.9 million[4][3] - Agribusiness segment revenues decreased to $32.852 million from$38.339 million, reflecting a decline of 14.3% year-over-year[32] Loss and Improvement - Operating loss improved by 31% to $5.3 million compared to a loss of$7.7 million in the first quarter of fiscal year 2024[10] - Operating loss for the three months ended January 31, 2025, was $5.346 million, an improvement from a loss of$7.745 million in the prior year[28] - Net loss applicable to common stock was $3.2 million, a slight improvement from$3.7 million in the prior year, resulting in a net loss per diluted share of $0.18 compared to$0.21[11] - Adjusted net loss for diluted EPS was $2.5 million or$0.14 per diluted share, compared to $3.2 million or$0.18 per diluted share in the same period last year[12] - Net loss attributable to Limoneira Company for the three months ended January 31, 2025, was $3.074 million, compared to a net loss of$3.585 million in the same period of 2024[31] - Basic net loss per common share for the three months ended January 31, 2025, was $0.18, an improvement from$0.21 in the same period of 2024[28] - Adjusted EBITDA for the three months ended January 31, 2025, was a loss of $2.294 million, compared to a loss of$4.833 million in the same period of 2024, indicating a 52.6% improvement[30] Assets and Liabilities - Total current assets increased to $28.469 million as of January 31, 2025, from$25.846 million as of October 31, 2024, representing an increase of 10.1%[26] - Total liabilities increased to $104.016 million as of January 31, 2025, compared to$96.314 million as of October 31, 2024, reflecting an increase of 7.1%[26] - Cash decreased significantly to $1.133 million as of January 31, 2025, from$2.996 million as of October 31, 2024, a decline of 62.3%[26] Future Expectations - The company expects fresh lemon volumes to be between 5.0 million and 5.5 million cartons and avocado volumes to be between 7.0 million and 8.0 million pounds for fiscal year 2025[18] - The company plans to expand avocado production by 1,000 acres through fiscal year 2027 to meet expected consumer demand[20] - The company anticipates total proceeds of $180 million from Harvest, LLCB II, LLC, and East Area II over seven fiscal years, with approximately$15 million expected in fiscal year 2024[18] Other Transactions - The company sold water pumping rights for total proceeds of $1.7 million, recording a gain of$1.5 million from these transactions[17] - The company reported a total of 17,791 weighted-average common shares outstanding for diluted EPS for the three months ended January 31, 2025, compared to 17,627 in the same period of 2024[31]