Tejon Ranch (US:TRC)2025-11-06 13:31Financial Performance - GAAP net income attributable to common stockholders for Q3 2025 was $1.7 million, or $0.06 per share, a positive change of $3.5 million compared to a net loss of $1.8 million in Q3 2024[5] - Revenues for Q3 2025 were $14.7 million, slightly up from $14.6 million in Q3 2024, indicating stable performance year-over-year[5] - Year-to-date net loss attributable to common stockholders for the first nine months of 2025 was $1.5 million, an improvement from a loss of $1.8 million in the same period of 2024[8] - Total revenues for the three months ended September 30, 2025, increased to $11,969,000, up from $10,856,000 in the same period of 2024, representing a growth of 10.2%[31] - Net income attributable to common stockholders for the three months ended September 30, 2025, was $1,670,000, compared to a loss of $1,836,000 in the same period of 2024, marking a significant turnaround[31] - The company reported an operating loss of $2,024,000 for the three months ended September 30, 2025, an improvement from a loss of $3,792,000 in the same period of 2024[31] - Basic earnings per share for the three months ended September 30, 2025, was $0.06, compared to a loss of $0.07 in the same period of 2024[55] Revenue Segments - Farming segment revenues increased by $1.1 million, or 34%, to $4.3 million in Q3 2025 compared to $3.2 million in Q3 2024[5] - The company’s farming revenue for the three months ended September 30, 2025, was $4,335,000, up from $3,242,000 in the same period of 2024, indicating an increase of 33.8%[31] - Adjusted Farming EBITDA before fixed water obligations was $425 for the three months ended September 30, 2025, compared to a loss of $1,795 in the same period of 2024[49] Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was $5.3 million, compared to $5.6 million in Q3 2024, while year-to-date Adjusted EBITDA was $13.9 million, up from $12.9 million in the same period of 2024[5][8] - Adjusted EBITDA for the three months ended September 30, 2025, was $5,283,000, slightly down from $5,643,000 in the same period of 2024, reflecting a decrease of 6.4%[38] - For the TTM ended September 30, 2025, the total EBITDA was $19,674, with an adjusted EBITDA of $24,326[41] Assets and Liabilities - Total assets as of September 30, 2025, amounted to $629,587,000, an increase from $607,998,000 as of December 31, 2024, indicating a growth of 3.4%[29] - Total liabilities increased to $140,997,000 as of September 30, 2025, compared to $119,042,000 as of December 31, 2024, representing a rise of 18.4%[29] - The company’s net investment in water assets increased to $63,847,000 as of September 30, 2025, compared to $55,091,000 as of December 31, 2024, reflecting a growth of 15.8%[29] - The company’s total current assets decreased to $36,552,000 as of September 30, 2025, from $69,402,000 as of December 31, 2024, a decline of 47.4%[29] - The total debt as of September 30, 2025, was $201,851, representing 32.0% of total capitalization[53] Workforce and Cost Management - The Company reduced its workforce by approximately 20%, resulting in estimated annual savings of $2 million across all segments[5] Liquidity and Market Capitalization - As of September 30, 2025, total liquidity was $89.1 million, consisting of $21 million in cash and securities and $68.1 million available on its line of credit[11] - The company’s market capitalization as of the reporting date was $429,750[53] Future Outlook - The Company anticipates fluctuations in net income driven by the timing of land sales, leasing activity, and commodity price movements over the next several years[14] - The company’s net debt to TTM adjusted EBITDA ratio was 6.9[58] - The total outstanding shares as of September 30, 2025, were 26,893,955[53]