Core Insights - Alico, Inc. (Nasdaq: ALCO) has successfully transitioned from a citrus-focused model to a land-centric operating model, resulting in a strong start to the year with significant earnings improvement [1] Financial Performance - In the first quarter, ALCO generated $7.7 million from land sales and improved adjusted EBITDA from negative $6.7 million a year earlier to $2.7 million [2] - Year-to-date land monetization reached $34.5 million through January 2026, enhancing liquidity and reducing earnings volatility [2] Operational Stability - Approximately 97% of ALCO's 32,500 farmable acres are now leased, contributing to operational stability [3] - Diversified land management programs, including farming leases, grazing, mining royalties, and sod, cover about 89% of total agricultural acreage, providing recurring cash flows with lower capital intensity [3] Development Pipeline - The Corkscrew Grove Villages project has received legislative approval for its stewardship district, with a local county entitlement decision expected in 2026 and potential construction starting in 2028 or 2029 [4] - Four priority development projects, representing about 10% of the land base, are estimated to hold a present value of $335 million to $380 million, indicating significant long-term upside potential [4] Future Outlook - The focus for 2026 is on continued cash generation and balance-sheet flexibility, with adjusted EBITDA expected to reach approximately $14 million and cash balances potentially rising to around $50 million by year-end [5] - Despite potential fluctuations in quarterly results due to episodic land sales, the company's strengthened liquidity and diversified land income streams position it for sustained earnings growth and incremental value recognition [5]