Financial Data and Key Metrics Changes - For Q4 FY2025, total net revenue was $42.8 million, a decrease from $43.9 million in Q4 FY2024 [15] - Agribusiness revenue was $41.3 million compared to $42.5 million in the same quarter last year [15] - Operating loss for Q4 FY2025 was $11.1 million, compared to an operating loss of $2.8 million in Q4 FY2024 [18] - Net loss applicable to common stock for Q4 FY2025 was $8.8 million, compared to a net loss of $2 million in Q4 FY2024 [18] - For FY2025, total net revenue was $159.7 million, down from $191.5 million in FY2024 [20] - Adjusted EBITDA for FY2025 was a loss of $6.5 million compared to income of $26.7 million in FY2024 [22] Business Line Data and Key Metrics Changes - Fresh packed lemon sales in Q4 FY2025 were $19.2 million, up from $8.4 million in Q4 FY2024, with 821,000 cartons sold at an average price of $23.33 per carton [15] - Avocado revenue in Q4 FY2025 was $300,000, down from $8.9 million in Q4 FY2024, with 396,000 pounds sold at an average price of $0.79 per pound [16] - Orange revenue in Q4 FY2025 was $2.9 million, compared to $1.7 million in Q4 FY2024 [17] - Specialty citrus and other revenues were $2.9 million in Q4 FY2025, down from $3.5 million in Q4 FY2024 [17] Market Data and Key Metrics Changes - The California avocado crop typically experiences alternate years of high and low production, impacting revenue [16] - The company expects fresh lemon volumes of 4-4.5 million cartons and avocado volumes of 5-6 million pounds for FY2026 [24] Company Strategy and Development Direction - The company is transforming its business model by reducing exposure to volatile lemon pricing and expanding into avocados and organic recycling [5][10] - A partnership with Sunkist is expected to generate $10 million in cost savings for FY2026 [6][24] - The company is also focusing on real estate development projects, expecting $155 million in distributions over the next five fiscal years [8] Management's Comments on Operating Environment and Future Outlook - Management highlighted a significant transformation in the business model, moving from a commodity lemon producer to a diversified agricultural and real estate company [11] - The company anticipates improved financial performance in FY2026 due to cost savings and enhanced customer access through the Sunkist partnership [11][24] Other Important Information - The company completed the sale of its Chilean assets for $15 million and is advancing the monetization of other non-strategic assets [9] - Long-term debt as of October 31, 2025, was $72.5 million, up from $40 million at the end of FY2024 [22] Q&A Session Summary Question: Can you provide more details on the $10 million cost savings from the Sunkist partnership? - Management explained that the savings come from reduced sales and marketing costs and improved operational efficiencies, including renegotiated storage contracts [29][30] Question: How does the company plan to monetize its water rights? - Management discussed the complexities of water rights in water-scarce areas and the potential for monetization through conservation and fallowing programs [39][40] Question: What is the outlook for lemon pricing? - Management indicated that lemon prices are expected to stabilize, with a potential average price in the $20 range, depending on market conditions [76][77] Question: What is the company's strategy regarding debt management? - Management emphasized the goal of reducing debt while increasing EBITDA through core operations and asset monetization [80][81]

Financial Data and Key Metrics Changes - For the fourth quarter of fiscal year 2025, total net revenue was $42.8 million, a decrease from $43.9 million in the same quarter of the previous year [15] - Agribusiness revenue was $41.3 million compared to $42.5 million in the fourth quarter last year, while other operations revenue increased slightly to $1.5 million from $1.4 million [15] - The operating loss for the fourth quarter of fiscal year 2025 was $11.1 million, compared to an operating loss of $2.8 million in the fourth quarter of fiscal year 2024 [18] - Net loss applicable to common stock after preferred dividends was $8.8 million for the fourth quarter of fiscal year 2025, compared to a net loss of $2 million in the same period of fiscal year 2024 [18] - For the fiscal year ended October 31, 2025, total net revenue was $159.7 million, down from $191.5 million the previous year, primarily due to decreased agribusiness revenues [20] Business Line Data and Key Metrics Changes - Agribusiness revenue for the fourth quarter included $19.2 million in fresh packed lemon sales, significantly up from $8.4 million during the same period of fiscal year 2024 [15] - Brokered lemons and other lemon sales were $12.5 million in the fourth quarter of fiscal year 2025, down from $14.7 million in the previous year [16] - Avocado revenue dropped to $300,000 in the fourth quarter of fiscal year 2025 from $8.9 million in the same period of fiscal year 2024, attributed to lower production [16] - Orange revenue increased to $2.9 million in the fourth quarter of fiscal year 2025 from $1.7 million in the same period of fiscal year 2024 [17] Market Data and Key Metrics Changes - The California avocado crop typically experiences alternate years of high and low production, which impacted the volume sold in fiscal year 2025 [16] - The average price per carton for U.S. packed fresh lemons was $23.33 in the fourth quarter of fiscal year 2025, compared to $17.95 in the same period of fiscal year 2024 [15] Company Strategy and Development Direction - The company is transforming its business model by reducing exposure to volatile lemon pricing and expanding into avocados, with a goal of generating $10 million in cost savings in fiscal year 2026 [5][6] - The return to Sunkist is expected to enhance customer access and improve packing margins, while the avocado production capacity is set to increase significantly over the next few years [7][10] - The company is also pursuing a 50/50 organic recycling joint venture and real estate development projects, with expected distributions totaling $155 million over the next five fiscal years [8] Management Comments on Operating Environment and Future Outlook - Management expressed confidence that fiscal year 2026 will mark the beginning of the financial impact from the transformation, with expectations for improved financial performance [11] - The company anticipates a 50% reduction in SG&A expenses, approximately $10 million in savings, and expects avocado production to contribute meaningfully starting in fiscal year 2027 [10][24] - Management highlighted the importance of diversifying revenue streams and optimizing the asset base to create a more resilient business model [10] Other Important Information - The company successfully completed the sale of its Chilean assets for $15 million and is advancing the monetization of its Windfall Farms vineyard and other agricultural assets valued at approximately $40 million [9] - Long-term debt as of October 31, 2025, was $72.5 million, up from $40 million at the end of fiscal year 2024, with a net debt position of $71 million [22] Q&A Session Summary Question: Can you provide more details on the $10 million cost savings and customer relationships? - Management explained that the cost savings come from transitioning to Sunkist and renegotiating storage contracts, with a significant reduction in sales and marketing costs per carton [29][32] Question: What is the outlook for lemon pricing? - Management indicated that lemon prices are expected to stabilize, with a potential average price in the $20 range, depending on market conditions [75] Question: Can you elaborate on the water rights strategy? - Management discussed the complexities of water rights in water-scarce areas and the potential for monetizing conserved water rights, particularly in California and Arizona [39][40] Question: What is the development strategy for Limco Del Mar? - Management outlined the entitlement process for the Limco Del Mar project, emphasizing community engagement and the potential increase in land value upon successful entitlement [55][60]

Financial Data and Key Metrics Changes - For Q4 FY 2025, total net revenue was $42.8 million, a decrease from $43.9 million in Q4 FY 2024. Agribusiness revenue was $41.3 million compared to $42.5 million in the previous year [13][19] - The operating loss for Q4 FY 2025 was $11.1 million, compared to a loss of $2.8 million in Q4 FY 2024. The net loss applicable to common stock was $8.8 million, compared to a loss of $2 million in the same period last year [17][20] - For FY 2025, total net revenue was $159.7 million, down from $191.5 million in FY 2024, primarily due to decreased agribusiness revenues [19][20] Business Line Data and Key Metrics Changes - Agribusiness revenue for Q4 FY 2025 included $19.2 million in fresh packed lemon sales, significantly up from $8.4 million in Q4 FY 2024. Approximately 821,000 cartons of U.S. packed fresh lemons were sold at an average price of $23.33 per carton [13][14] - Avocado revenue was $300,000 in Q4 FY 2025, down from $8.9 million in Q4 FY 2024, with approximately 396,000 pounds sold at an average price of $0.79 per pound [15] - Orange revenue increased to $2.9 million in Q4 FY 2025 from $1.7 million in Q4 FY 2024, with 148,000 cartons sold at an average price of $19.67 per carton [16] Market Data and Key Metrics Changes - The company expects fresh lemon volumes of 4-4.5 million cartons and avocado volumes of 5-6 million pounds for FY 2026, indicating a strategic shift towards higher-demand products [24] - The transition to Sunkist is anticipated to enhance customer access and pricing stability, with a focus on contracted sales rather than open market sales [32] Company Strategy and Development Direction - The company is transforming its business model by reducing reliance on volatile lemon pricing and expanding into avocados and real estate development [5][9] - A planned organic recycling joint venture is expected to generate $4-$5 million in additional EBITDA starting in FY 2027 [7] - The company aims to achieve $10 million in cost savings in FY 2026, driven by operational restructuring and the Sunkist partnership [5][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of the Sunkist partnership in improving cost structure and customer relationships, which is expected to yield financial benefits in FY 2026 [24] - The company anticipates a significant increase in avocado production capacity over the next few years, contributing to revenue growth [6][24] - Management expressed confidence in the long-term value of water rights and the potential for monetization through fallowing programs [39][46] Other Important Information - The company completed the sale of its Chilean assets for $15 million and is advancing the monetization of other non-strategic assets valued at approximately $40 million [8] - Long-term debt increased to $72.5 million as of October 31, 2025, compared to $40 million at the end of FY 2024 [22] Q&A Session Summary Question: Can you provide more details on the $10 million cost savings from the Sunkist partnership? - Management explained that the savings come from reduced sales and marketing costs and improved operational efficiencies, including renegotiated storage contracts [28][29] Question: How does the company plan to monetize its water rights? - Management discussed the complexities of water rights in water-scarce areas and the potential for monetization through conservation and fallowing programs [36][39] Question: What is the outlook for lemon pricing in the near term? - Management indicated that lemon prices are expected to stabilize, with a potential average price in the $20 range, depending on market conditions [72]

Trade Policy Adjustment - The US government rolled back tariffs on various everyday staples, including coffee, tea, tropical fruits, cocoa, spices, bananas, oranges, tomatoes, certain beef types, and fertilizers [1] - The US government exempted these items due to limited domestic production [2][3] - Critics question the initial imposition of tariffs on these items [3] Revenue and Rebate Program - The President touted billions of dollars in revenue generated from tariffs [4] - A proposed $2,000 rebate check program for Americans requires congressional approval [4] - The timing for the distribution of these checks is projected for sometime next year [4]

Financial Data and Key Metrics Changes - Total net revenue for Q3 FY2025 was $47.5 million, down from $63.3 million in Q3 FY2024 [11] - Agribusiness revenue decreased to $45.9 million from $61.8 million year-over-year [11] - Operating loss for Q3 FY2025 was $600,000 compared to operating income of $9 million in Q3 FY2024 [15] - Net loss applicable to common stock for Q3 FY2025 was $1 million, down from net income of $6.5 million in Q3 FY2024 [15] - Adjusted net loss for diluted EPS was $400,000 or $0.02 per diluted share, compared to adjusted net income of $7.8 million or $0.42 per diluted share in Q3 FY2024 [16] - Non-GAAP adjusted EBITDA for Q3 FY2025 was $3 million, down from $13.8 million in Q3 FY2024 [16] Business Line Data and Key Metrics Changes - Fresh-packed lemon sales were $23.8 million in Q3 FY2025, down from $25.8 million in Q3 FY2024, with 1.4 million cartons sold at an average price of $17.02 per carton compared to $18.43 in the prior year [12] - Avocado revenue was $8.5 million in Q3 FY2025, down from $13.9 million in Q3 FY2024, with 5.7 million pounds sold at an average price of $1.50 per pound compared to $1.57 in the previous year [13] - Orange revenue increased to $1.7 million in Q3 FY2025 from $1.2 million in Q3 FY2024, with 94,000 cartons sold at an average price of $18 per carton [14] - Farm management revenues dropped to $100,000 in Q3 FY2025 from $3.2 million in Q3 FY2024 due to the termination of a farm management agreement [14] Market Data and Key Metrics Changes - The company experienced pricing pressures in the lemon market during the first two months of Q3 FY2025, but saw improvements in July [5] - The California avocado crop typically experiences alternating years of high and low production, impacting volumes [13] - The company expects fresh lemon volumes for FY2025 to be in the range of 4.5 million to 5 million cartons, while avocado volume is anticipated to be approximately 7 million pounds [18] Company Strategy and Development Direction - The company is focused on a two-part value creation strategy: agriculture production optimization and land and water value creation [5] - A strategic partnership with Sunkist is expected to drive $5 million in annual cost savings and EBITDA enhancements starting in FY2026 [6] - The company is exploring development options for the Linco del Mar property to address housing shortages in Ventura County [8] - The company anticipates significant increases in avocado production as newly planted acreage matures in FY2027 and beyond [7] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving volume goals for both lemons and avocados in FY2025 despite current challenges [5] - The company expects pricing to improve in FY2026 due to anticipated shortages in several international areas [5] - Management highlighted the importance of the Sunkist partnership in enhancing resilience to market volatility [12] - The company is optimistic about long-term growth opportunities through real estate development and agricultural production [19] Other Important Information - Long-term debt as of July 31, 2025, was $63.3 million, up from $40 million at the end of FY2024 [17] - The company expects future distributions from real estate projects to total approximately $155 million over the next five fiscal years [8] Q&A Session Summary Question: Expectations of costs associated with Linco del Mar development - Management indicated that costs would be similar to previous developments, estimating $3 million to $5 million over three to five years, with most costs capitalized [24][25] Question: Vision for Linco del Mar development - Management stated that Limoneira is currently leading the project and is open to partnerships similar to the Lewis Group for future development [25][27] Question: Normalized pricing for lemons and supply constraints - Management noted that lemon prices rebounded in August and expect supply constraints from Spain and Turkey to support pricing in the upcoming year [30][31] Question: Expectations for avocado volumes in 2026 - Management indicated it is too early to predict avocado volumes for 2026 but expects a significant breakout year in 2027 [33]

Financial Data and Key Metrics Changes - For the third quarter of fiscal year 2025, total net revenue was $47.5 million, down from $63.3 million in the same quarter of the previous fiscal year [11] - Agribusiness revenue decreased to $45.9 million from $61.8 million year-over-year, primarily due to pricing pressure in the lemon market [11][12] - Operating loss for the third quarter was $600,000 compared to operating income of $9 million in the previous year [15] - Net loss applicable to common stock was $1 million, down from net income of $6.5 million in the same quarter of fiscal year 2024 [15] - Adjusted net loss for diluted EPS was $400,000 or $0.02 per diluted share, compared to adjusted net income of $7.8 million or $0.42 per diluted share in the same period of fiscal year 2024 [16] Business Line Data and Key Metrics Changes - Fresh-packed lemon sales were $23.8 million, down from $25.8 million year-over-year, with 1.4 million cartons sold at an average price of $17.02 per carton compared to $18.43 in the previous year [12] - Avocado revenue was $8.5 million, down from $13.9 million, with approximately 5.7 million pounds sold at an average price of $1.50 per pound compared to $1.57 in the previous year [13] - Orange revenue increased to $1.7 million from $1.2 million, with 94,000 cartons sold at an average price of $18 per carton [14] - Farm management revenues significantly declined to $100,000 from $3.2 million due to the termination of a farm management agreement [14] Market Data and Key Metrics Changes - The company experienced pricing pressures in the lemon market during the first two months of the quarter but saw improvements in July [5] - The California avocado crop typically experiences alternating years of high and low production, impacting volume this year compared to last year [13] - The company anticipates shortages in several international areas, which may lead to improved pricing in fiscal year 2026 [5] Company Strategy and Development Direction - The company is focused on a two-part value creation strategy: agriculture production optimization and land and water value creation [5] - A strategic partnership with Sunkist is expected to drive $5 million in annual cost savings and EBITDA enhancements starting in fiscal year 2026 [6] - The company is exploring development options for the Linco del Mar property to address housing shortages in Ventura County [8][9] - The company aims to divest additional real estate assets in fiscal year 2026 and expects to receive $155 million from real estate projects over the next five fiscal years [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving volume goals for both lemons and avocados in fiscal year 2025 despite current challenges [5] - The company expects lemons to return to profitability with normalized pricing and fresh utilization levels in fiscal year 2026 [19] - Management highlighted the importance of community-based planning for the Linco del Mar property to stimulate economic growth and create jobs [9] Other Important Information - Long-term debt increased to $63.3 million from $40 million at the end of fiscal year 2024, resulting in a net debt position of $61.3 million [17] - The company recorded $1.7 million in proceeds from selling water pumping rights, generating $1.5 million in gains [9] Q&A Session Summary Question: Expectations of costs associated with Linco del Mar development - Management indicated that costs would be similar to previous developments, estimating $3 to $5 million over three to five years, with most costs capitalized [24][25] Question: Vision for long-term development of Linco del Mar - Management stated that they are currently leading the project and may consider partnerships similar to the Lewis Group in the future [25][26] Question: Normalized pricing expectations for lemons - Management noted that lemon prices rebounded in August and expect supply constraints from Spain and Turkey to support pricing in the upcoming year [30][31] Question: Expectations for avocado volumes in 2026 - Management indicated it is premature to provide specific expectations but noted that significant volume improvement is anticipated in 2027 [33]

Financial Data and Key Metrics Changes - For Q2 FY2025, total net revenue was $35.1 million, down from $44.6 million in Q2 FY2024, reflecting a decline in agribusiness revenue due to market oversupply and pricing pressure [14][15] - Adjusted EBITDA for Q2 FY2025 was a loss of $167,000 compared to a gain of $16.6 million in the same period last year [19] - Net loss applicable to common stock for Q2 FY2025 was $3.5 million, compared to net income of $6.4 million in Q2 FY2024 [18] Business Line Data and Key Metrics Changes - Agribusiness revenue for Q2 FY2025 was $33.6 million, down from $43.3 million in the same period last year, primarily due to lower fresh lemon sales [14][15] - Fresh packed lemon sales were $19.7 million in Q2 FY2025, compared to $25.8 million in Q2 FY2024, with an average price per carton dropping from $17.85 to $14.52 [15] - Avocado revenue increased to $2.8 million in Q2 FY2025 from $2.3 million in Q2 FY2024, with an average price per pound rising from $1.47 to $2.26 [16] Market Data and Key Metrics Changes - The company expects relief from current market conditions in the second half of the year as it gains market share and benefits from seasonal pricing improvements [15] - The citrus sales and marketing plan with Sunkist is anticipated to enhance resilience to market volatility and improve cost structure [15][23] Company Strategy and Development Direction - The company is merging its citrus sales and marketing operations with Sunkist Growers, which is expected to save approximately $5 million annually in selling and marketing expenses and improve EBITDA by the same amount [6][7] - The partnership with Sunkist aims to enhance operational capabilities and create a unified system to serve food service and retail customers more effectively [9][10] - The company remains committed to growing its citrus business and expanding avocado production while advancing real estate development and water monetization initiatives [12][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational enhancements and strategic initiatives that will contribute to sustainable long-term shareholder value [12][25] - The company anticipates fresh lemon volumes for FY2025 to be between 4.5 million to 5 million cartons, down from previous estimates, while avocado volumes are expected to remain stable [22][23] - Management highlighted the importance of the partnership with Sunkist in strengthening the citrus business model and improving operational foundations [23][24] Other Important Information - Total costs and expenses for Q2 FY2025 decreased by 22% to $38.5 million compared to $49.3 million in the same period last year [17] - Long-term debt as of April 30, 2025, was $54.9 million, up from $40 million at the end of FY2024 [20] Q&A Session Summary Question: Can you elaborate on the Sunkist deal and its impact on revenue? - Management confirmed that the brokered fruit business will be phased out, but party cartons will continue to run through their facility [26][27] Question: What are the per box economics of the Sunkist partnership? - The partnership will transition to a fixed cost model for sales and marketing, reducing costs and improving margins due to streamlined operations [28][29] Question: How is the avocado harvest expected to perform this year? - Management indicated favorable weather conditions and a strategy to delay harvest for better fruit size and pricing [34][35] Question: Will there be an increase in avocado yield from recent plantings? - Early plantings are ahead of schedule, with expectations for increased yield by FY2026 [38]