Limoneira Company, a diversified citrus growing, packing, marketing, and agribusiness company with real estate development operations, reported financial results for the first quarter ended January 31, 2025.
Management comments
President and CEO Harold Edwards stated that the company's transition to an asset-lighter model and optimized revenue mix resulted in decreased operating expenses and year-over-year financial improvements, despite a temporarily oversupplied lemon market. The company's diversified strategy—land and water monetization, avocado production expansion, and citrus growth via multiple channels—continues to strengthen its financial structure.
Edwards highlighted progress from evaluating strategic alternatives, leading to operational improvements. The farm management services division is being repositioned as a technology-driven partner to expand market reach. Land use conversion and water monetization initiatives are advancing, including three January water rights transactions. Further growth is anticipated from third-party lemon sourcing and avocado production expansion.
First quarter results
Total net revenue was $34.3 million, compared to $39.7 million in Q1 FY2024. Agribusiness revenue was $32.9 million, down from $38.3 million, while other operations revenue increased slightly to $1.5 million.
Fresh-packed lemon sales were $21.2 million versus $23.9 million a year earlier. Approximately 1,147,000 cartons were sold at an average price of $18.44 per carton, compared to 1,137,000 cartons at $21.06 per carton last year. Brokered and other lemon sales were $2.2 million and $2.9 million in FY2025 and FY2024, respectively.
Avocado revenue was $162,000 (73,000 pounds sold at $2.25/lb), compared to no avocado revenue in Q1 FY2024 due to harvest timing. Orange revenue rose to $1.6 million from $1.1 million, with 75,000 cartons sold at $20.91 per carton compared to 80,000 cartons at $14.26 last year.
Specialty citrus and wine grape revenue was $0.5 million, down from $1.1 million. No wine grape revenue was recorded this quarter versus $0.6 million last year due to harvest timing.
Farm management revenue was $1.2 million, down from $2.0 million, primarily due to weather- and crop-related decisions.
Total costs and expenses were $39.7 million, compared to $47.5 million. Operating loss improved to $5.3 million from $7.7 million. Net loss applicable to common stock was $3.2 million, versus $3.7 million last year. Net loss per diluted share was $0.18, compared to $0.21. Adjusted net loss was $2.5 million ($0.14 per share) versus $3.2 million ($0.18 per share). Adjusted EBITDA loss was $2.3 million, compared to $4.8 million last year.
Balance sheet and liquidity
Net cash used in operations was $12.9 million, up from $10.3 million. Investing cash use was $3.5 million, up from $1.6 million. Financing activities provided $14.5 million, up from $8.8 million. Long-term debt rose to $57.9 million, with net debt at $56.8 million. The Lewis joint venture had $62.4 million in unaudited cash.
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For more information:
John Mills
Limoneira Company
Tel: +1 646 277 1254
Email: info@limoneira.com
www.investor.limoneira.com