Limoneira CO
For the period ended Jul 31, 2025. Filed Sep 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2025 · Filed Sep 9, 2025
LMNR$10.64+2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-04-30; filed 2025-06-09.
0001342423-25-000019
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-07-31; filed 2025-09-09.
0001342423-25-000027
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 217 previous paragraphs and 222 current paragraphs.
75 unchanged; 111 reworded; 29 added; 23 removed; 8 previous and 7 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (29)
Current report
On June 6, 2025, we entered into a Commercial Packinghouse License Agreement with Sunkist Growers, Inc., a nonprofit marketing cooperative (“Sunkist”), effective as of November 1, 2025. The agreement permits us to grade, label, pack, prepare for marketing by Sunkist and ship Sunkist grower fruit, and to use Sunkist trademarks in these activities. The agreement has an initial term of three years from November 1, 2025 to October 31, 2028, unless terminated earlier per the provisions of the agreement. On November 1, 2026, and on each anniversary of such date thereafter, the agreement will automatically extend for an additional year unless either party gives written notice on or prior to October 31 of each fiscal year.
Current report
The Company is the General Partner of Limco Del Mar, Ltd. (“Del Mar”), a California partnership that produces lemons and avocados and operates certain real property known as the Limco Del Mar Ranch. To enable the Company to determine the strategy for Del Mar to enhance long term financial returns and to provide liquidity for limited partners, on March 21, 2025, the Company made an offer to purchase up to 224,859 limited partnership units of Del Mar from the limited partners (the “Offer”). On August 4, 2025, the Company closed the Offer and purchased 80,608 limited partnership units from 78 limited partners at a price of $70 per unit for approximately $5.6 million (the “Purchase”). The Purchase increased the Company’s ownership from 28.8% to 54.5%.
Current report
•Harvest costs: The decrease for the third quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to decreased volume of avocados harvested.
Current report
Impairment of intangible asset was $0.6 million for the third quarter of fiscal year 2024. There was no impairment of intangible asset for the third quarter of fiscal year 2025.
Current report
•$0.5 million net decrease in selling expenses; and
Current report
Other (Expense) Income
Current report
Nine Months Ended July 31, 2025 Compared to the Nine Months Ended July 31, 2024
Current report
•Harvest costs: The decrease for the first nine months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to decreased volume of lemons and avocados harvested.
Current report
Impairment of intangible asset was $0.6 million for the first nine months of fiscal year 2024. There was no impairment of intangible asset for the first nine months of fiscal year 2025.
Current report
Selling, general and administrative costs and expenses were $17.2 million for the first nine months of fiscal year 2025, compared to $21.7 million for the same period of fiscal year 2024. The 21% decrease of $4.5 million was primarily due to:
Current report
•$0.3 million net decrease in selling expenses; and
Current report
Other Income
Current report
Total other income was immaterial for the first nine months of fiscal year 2025, compared to $16.6 million for the same period of fiscal year 2024. The decrease of $16.6 million was primarily due to:
Current report
•Brokered lemons and other lemon sales decrease of $5.9 million;
Current report
•Fresh packed lemon sales decrease of $2.0 million; and
Current report
•Harvest costs increase of $0.3 million.
Current report
•Harvest costs decrease of $0.7 million; and
Current report
Our other agribusiness segment total net revenues were $3.3 million for the third quarter of fiscal year 2025, compared to $6.0 million for the same period of fiscal year 2024. The 46% decrease of $2.7 million was primarily due to:
Current report
•Specialty citrus revenues increase of $0.1 million.
Current report
•Growing costs decrease of $3.4 million;
Current report
Nine Months Ended July 31, 2025 Compared to the Nine Months Ended July 31, 2024
Current report
The following table shows the segment results of operations for the nine months ended July 31, 2025 (in thousands):
Current report
The following table shows the segment results of operations for the nine months ended July 31, 2024 (in thousands):
Current report
•Third-party grower and supplier costs decrease of $8.8 million;
Current report
•Growing costs increase of $0.7 million.
Current report
•Other revenues decrease of $0.3 million; and
Current report
•Shipping costs decrease of $0.5 million;
Current report
•Brokered fruit costs increase of $0.7 million.
Current report
Net cash used in investing activities was $9.9 million and $6.7 million for the nine months ended July 31, 2025 and 2024, respectively.
Removed paragraphs (23)
Previous report
•Harvest costs: The decrease for the second quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to decreased volume of lemons harvested due to harvest timing.
Previous report
Loss on disposal of assets, net for the second quarter of fiscal year 2025 was similar compared to the same period of fiscal year 2024.
Previous report
Selling, general and administrative costs and expenses were $5.7 million for the second quarter of fiscal year 2025, compared to $7.4 million for the same period of fiscal year 2024. The 22% decrease of $1.7 million was primarily due to:
Previous report
•$2.4 million net decrease in consulting and legal fees primarily associated with our strategic initiatives;
Previous report
Other Income (Expense)
Previous report
Six Months Ended April 30, 2025 Compared to the Six Months Ended April 30, 2024
Previous report
•Harvest costs: The decrease for the first six months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to decreased volume of lemons harvested due to harvest timing.
Previous report
Loss (gain) on disposal of assets, net was an immaterial loss for the first six months of fiscal year 2025, compared to a $(0.1) million gain for the same period of fiscal year 2024.
Previous report
Selling, general and administrative costs and expenses were $12.2 million for the first six months of fiscal year 2025, compared to $14.7 million for the same period of fiscal year 2024. The 17% decrease of $2.5 million was primarily due to:
Previous report
•$2.7 million decrease in legal and consulting fees associated with our strategic initiatives;
Previous report
Other Income (Expense)
Previous report
Total other income was $0.1 million for the first six months of fiscal year 2025, compared to $16.3 million for the same period of fiscal year 2024. The 99% decrease of $16.2 million was primarily due to:
Previous report
•Harvest costs decrease of $1.5 million; and
Previous report
•Growing costs decrease of $2.1 million;
Previous report
•Brokered fruit costs decrease of $0.4 million; and
Previous report
Six Months Ended April 30, 2025 Compared to the Six Months Ended April 30, 2024
Previous report
The following table shows the segment results of operations for the six months ended April 30, 2025 (in thousands):
Previous report
The following table shows the segment results of operations for the six months ended April 30, 2024 (in thousands):
Previous report
•Fresh packed lemon sales decrease of $8.9 million;
Previous report
•Brokered lemons and other lemon sales decrease of $2.1 million; and
Previous report
•Third-party grower and supplier costs decrease of $7.3 million;
Previous report
Our other agribusiness segment total net revenues were $7.9 million for the first six months of fiscal year 2025, compared to $10.5 million for the same period of fiscal year 2024. The 24% decrease of $2.6 million was primarily due to:
Previous report
Net cash used in investing activities was $6.5 million and $2.9 million for the six months ended April 30, 2025 and 2024, respectively.
Reworded paragraphs (111)
Previous wording
Our avocado plantings have been profitable and historically have been pursued to diversify our product line. Since fiscal year 2023, we expanded our avocado production by 500 acres, and we plan to expand an additional 500 acres through fiscal year 2027. This 1,000-acre expansion reflects our strategy to capitalize on robust consumer demand trends for avocados.
Current wording
Our avocado plantings have been profitable and historically were pursued to diversify our product line. Since fiscal year 2023, we expanded our avocado production by 500 acres, and we plan to expand an additional 500 acres through fiscal year 2027. This 1,000-acre expansion reflects our strategy to capitalize on robust consumer demand trends for avocados.
Previous wording
Southern California is experiencing below average precipitation for the 2024 - 2025 rainfall season. As of April 30, 2025, Ventura County was experiencing extreme drought conditions. We continue to assess the impact drought conditions may have on our California orchards.
Current wording
Southern California is experiencing below average precipitation for the 2024 - 2025 rainfall season. As of July 31, 2025, Ventura County was experiencing severe drought conditions. We continue to assess the impact drought conditions may have on our California orchards.
Previous wording
On April 8, 2025, we announced that we are entering into a letter of intent to form a 50%/50% joint venture with Agromin Corporation, the largest organics waste recycler in California, to significantly expand their successful organic waste recycling program. The joint venture plans to expand from the existing 15-acre green waste composting facility at Limoneira Ranch in Santa Paula into a 70-acre, commercial-scale composting facility capable of processing green waste and food waste. We expect to enter into the joint venture and begin construction in the second half of fiscal year 2025.
Current wording
On April 8, 2025, we announced that we are entering into a letter of intent to form a 50%/50% joint venture with Agromin Corporation, the largest organics waste recycler in California, to significantly expand their successful organic waste recycling program. The joint venture plans to expand from the existing 15-acre green waste composting facility at Limoneira Ranch in Santa Paula into a 70-acre, commercial-scale composting facility capable of processing green waste and food waste. We expect to enter into the joint venture and begin construction in fiscal year 2026.
Previous wording
Due to significant depreciable assets associated with the nature of our operations and interest costs associated with our capital structure, management believes that earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA, which excludes stock-based compensation, loss (gain) on disposal of assets, net and severance benefits are important measures to evaluate our results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to us and may not be consistent with methodologies used by other companies.
Current wording
Due to significant depreciable assets associated with the nature of our operations and interest costs associated with our capital structure, management believes that earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA, which excludes stock-based compensation, impairment of intangible asset, loss (gain) on disposal of assets, net and severance benefits are important measures to evaluate our results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to us and may not be consistent with methodologies used by other companies.
Previous wording
Total net revenues were $69.4 million for the six months ended April 30, 2025, compared to $84.3 million for the same period of fiscal year 2024. The 18% decrease of $14.9 million was primarily due to decreased agribusiness revenues from lemons, specialty citrus and wine grapes, and farm management, partially offset by increased agribusiness revenues from avocados and oranges, as detailed below ($ in thousands):
Current wording
Total net revenues were $47.5 million for the three months ended July 31, 2025, compared to $63.3 million for the same period of fiscal year 2024. The 25% decrease of $15.8 million was primarily due to decreased agribusiness revenues from lemons, avocados and farm management as detailed below ($ in thousands):
Previous wording
•Lemons: The decrease for the second quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to decreased volume and lower prices of fresh lemons sold. Fresh packed lemon sales were $19.7 million and $25.8 million, in aggregate, on 1,357,000 and 1,446,000 cartons of lemons sold at average per carton prices of $14.52 and $17.85, for the second quarter of fiscal years 2025 and 2024, respectively. Lemon revenues included brokered lemons and other lemon sales of $2.3 million and $3.8 million, lemon packing of $4.7 million and $5.0 million and lemon by-product sales of $0.6 million and $1.2 million, for the second quarter of fiscal years 2025 and 2024, respectively.
Current wording
•Lemons: The decrease for the third quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to lower prices of fresh and brokered lemons sold and other lemon sales. Fresh packed lemon sales were $23.8 million and $25.8 million, in aggregate, on 1,397,000 and 1,400,000 cartons of lemons sold at average per carton prices of $17.02 and $18.43, for the third quarter of fiscal years 2025 and 2024, respectively. Lemon revenues included brokered lemons and other lemon sales of $3.8 million and $9.8 million, lemon packing of $6.1 million and $5.2 million and lemon by-product sales of $0.5 million and $1.2 million, for the third quarter of fiscal years 2025 and 2024, respectively.
Previous wording
•Avocados: The increase for the second quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to higher prices, partially offset by decreased volume of avocados sold. The California avocado crop typically experiences alternating years of high and low production due to plant physiology. We sold 1,232,000 and 1,595,000 pounds of avocados at average per pound prices of $2.26 and $1.47, for the second quarter of fiscal years 2025 and 2024, respectively.
Current wording
•Avocados: The decrease for the third quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to decreased volume and lower prices of avocados sold. The California avocado crop typically experiences alternating years of high and low production due to plant physiology. We sold 5,654,000 and 8,855,000 pounds of avocados at average per pound prices of $1.50 and $1.57, for the third quarter of fiscal years 2025 and 2024, respectively.
Previous wording
•Oranges: The increase for the second quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to increased volume, partially offset by lower prices of oranges sold. We sold 92,000 and 66,000 cartons of oranges at average per carton prices of $17.07 and $17.58, for the second quarter of fiscal years 2025 and 2024, respectively.
Current wording
•Oranges: The increase for the third quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to increased volume, partially offset by lower prices of oranges sold. We sold 94,000 and 43,000 cartons of oranges at average per carton prices of $18.00 and $26.98, for the third quarter of fiscal years 2025 and 2024, respectively.
Previous wording
•Specialty citrus and wine grapes: The decrease for the second quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to decreased volume, partially offset by higher prices of specialty citrus sold. We sold 22,000 and 29,000 40-pound carton equivalents of specialty citrus at average per carton prices of $30.77 and $29.24, for the second quarter of fiscal years 2025 and 2024, respectively. No wine grapes were sold during the second quarters of fiscal years 2025 and 2024 due to seasonality.
Current wording
•Specialty citrus and wine grapes: The increase for the third quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to higher prices, partially offset by decreased volume of specialty citrus sold. We sold 17,000 and 25,000 40-pound carton equivalents of specialty citrus at average per carton prices of $36.01 and $22.00, for the third quarter of fiscal years 2025 and 2024, respectively.
Previous wording
•Farm management: Farm management revenue, comprised primarily of Northern Properties farming, management and operations services, decreased for the second quarter of fiscal year 2025, compared to the same period of fiscal year 2024, primarily due to the FMA termination effective March 31, 2025.
Current wording
•Farm management: Farm management revenue, comprised primarily of Northern Properties farming, management and operations services, decreased for the third quarter of fiscal year 2025, compared to the same period of fiscal year 2024, due to the FMA termination effective March 31, 2025.
Previous wording
•Other: Other revenue, comprised primarily of fallowing and shipping, decreased for the second quarter of fiscal year 2025, compared to the same period of fiscal year 2024, primarily due to lower shipping revenue, resulting from a decrease in volume of lemons sold.
Current wording
•Other: Other revenue, comprised primarily of fallowing and shipping, decreased for the third quarter of fiscal year 2025, compared to the same period of fiscal year 2024, primarily due to decreased shipping revenue.
Previous wording
Total costs and expenses were $38.5 million for the three months ended April 30, 2025, compared to $49.3 million for the same period of fiscal year 2024. The 22% decrease of $10.8 million was primarily due to decreases in agribusiness costs and expenses and in selling, general and administrative expenses. Agribusiness costs and expenses are detailed below ($ in thousands):
Current wording
Total costs and expenses were $48.1 million for the three months ended July 31, 2025, compared to $54.3 million for the same period of fiscal year 2024. The 11% decrease of $6.2 million was primarily due to a decrease in agribusiness costs and expenses, a decrease in selling, general and administrative expenses and the 2024 impairment of intangible asset. Agribusiness costs and expenses are detailed below ($ in thousands):
Previous wording
•Packing costs: Packing costs consist primarily of the costs to pack lemons for sale such as labor and benefits, cardboard cartons, fruit treatments, packing and shipping supplies, subcontracted costs and facility operating costs. We packed and sold 1,357,000 and 1,446,000 cartons of lemons at average per carton costs of $8.94 and $9.39, for the second quarter of fiscal years 2025 and 2024, respectively. The decrease in per carton packing costs was primarily due to decreased subcontracted costs.
Current wording
•Packing costs: Packing costs consist primarily of the costs to pack lemons for sale such as labor and benefits, cardboard cartons, fruit treatments, packing and shipping supplies, subcontracted costs and facility operating costs. We packed and sold 1,397,000 and 1,400,000 cartons of lemons at average per carton costs of $9.11 and $7.96, for the third quarter of fiscal years 2025 and 2024, respectively. The increase in per carton packing costs was primarily due to higher labor costs.
Previous wording
•Growing costs: Growing costs, also referred to as cultural costs, consist of orchard maintenance costs such as cultivation, fertilization and soil amendments, pest control, pruning and irrigation. The decrease for the second quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to the decrease in farm management growing costs related to the FMA termination and farm management decisions made in response to weather, harvest timing and crop conditions.
Current wording
•Growing costs: Growing costs, also referred to as cultural costs, consist of orchard maintenance costs such as cultivation, fertilization and soil amendments, pest control, pruning and irrigation. The decrease for the third quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to the decrease in farm management growing costs related to the FMA termination and farm management decisions made in response to weather, harvest timing and crop conditions.
Previous wording
•Third-party grower and supplier costs: We sell fruit that we grow and fruit that we procure from other growers and suppliers. The cost of procuring fruit from other growers and suppliers is referred to as third-party grower and supplier costs. The decrease for the second quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to lower prices, partially offset by increased volume of third-party grower fruit sold. We incurred costs for third-party grower fruit of $10.1 million and $12.4 million, for the second quarter of fiscal years 2025 and 2024, respectively. Of the 1,357,000 and 1,446,000 cartons of lemons packed and sold, 1,250,000 (92%) and 1,099,000 (76%) were procured from third-party growers at average per carton prices of $8.12 and $11.36, for the second quarter of fiscal years 2025 and 2024, respectively. Additionally, we incurred $2.3 million and $3.5 million of costs for brokered fruit, for the second quarter of fiscal years 2025 and 2024, respectively.
Current wording
•Third-party grower and supplier costs: We sell fruit that we grow and fruit that we procure from other growers and suppliers. The cost of procuring fruit from other growers and suppliers is referred to as third-party grower and supplier costs. The decrease for the third quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to decreased costs for brokered fruit, partially offset by increased costs of third-party grower fruit. We incurred costs for brokered fruit of $7.2 million and $9.4 million, for the third quarter of fiscal years 2025 and 2024, respectively. Additionally, we incurred costs for third-party grower fruit of $11.5 million and $10.5 million, for the third quarter of fiscal years 2025 and 2024, respectively. Of the 1,397,000 and 1,400,000 cartons of lemons packed and sold, 1,012,000 (72%) and 869,000 (62%) were procured from third-party growers at average per carton prices of $11.35 and $12.06, for the third quarter of fiscal years 2025 and 2024, respectively.
Previous wording
•Other costs: The decrease in the second quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was due to decreased freight costs, primarily related to a decrease in volume of lemons sold.
Current wording
•Other costs: The decrease in the third quarter of fiscal year 2025, compared to the same period of fiscal year 2024, was due to decreased freight costs.
Previous wording
•Depreciation and amortization: Depreciation and amortization expense for the second quarter of fiscal year 2025 was similar compared to the same period of fiscal year 2024.
Current wording
•Depreciation and amortization: Depreciation and amortization was $2.2 million in the third quarter of fiscal year 2025, compared to $1.8 million in the same period of fiscal year 2024.
Previous wording
Other operations revenue was $1.5 million for the second quarter of fiscal year 2025, compared to $1.3 million for the same period of fiscal year 2024.
Current wording
Other operations expenses were $1.1 million for the third quarter of fiscal year 2025, compared to $1.3 million for the same period of fiscal year 2024.
Previous wording
Other operations expenses were $1.0 million for the second quarter of fiscal year 2025, compared to $1.4 million for the same period of fiscal year 2024. The 29% decrease of $0.4 million was primarily due to severance benefits in the second quarter of fiscal year 2024.
Current wording
Selling, general and administrative costs and expenses were $5.0 million for the third quarter of fiscal year 2025, compared to $7.0 million for the same period of fiscal year 2024. The 29% decrease of $2.0 million was primarily due to:
Previous wording
•$0.3 million net decrease in salaries, benefits and incentive compensation; and
Current wording
•$2.2 million net decrease in salaries, benefits and incentive compensation;
Previous wording
•$0.7 million net increase in other selling, general and administrative expenses.
Current wording
•$0.7 million net increase in other general and administrative expenses.
Previous wording
•Growing costs decrease of $0.3 million.
Current wording
Total other (expense) income was $(0.1) million for the third quarter of fiscal year 2025, compared to $0.2 million for the same period of fiscal year 2024. The decrease of $0.3 million was primarily due to:
Previous wording
•$16.1 million decrease of equity in earnings of investments, net, mainly due to Limoneira Lewis Community Builders, LLC (“LLCB”) closing 554 residential homesites in the second quarter of fiscal year 2024;
Current wording
•$0.2 million decrease of equity in earnings of investments, net; and
Previous wording
•$0.1 million decrease of interest expense, net of patronage dividends.
Current wording
•$0.1 million increase of interest expense, net of patronage dividends.
Previous wording
We recorded an estimated income tax provision of $0.3 million and $5.2 million on pre-tax loss of $3.1 million and income of $11.8 million, for the second quarter of fiscal years 2025 and 2024, respectively. The tax provision recorded for the second quarter of fiscal year 2025 differs from the U.S. federal statutory tax rate of 21.0% primarily due to foreign jurisdictions that are taxed at different rates, state taxes, tax impact of stock-based compensation, executive compensation, nondeductible tax items and valuation allowances on certain deferred tax assets of foreign subsidiaries. Our projected annual effective blended tax rate for fiscal year 2025, excluding discrete items, is approximately 24.0%.
Current wording
We recorded an estimated income tax provision expense of $0.2 million and $3.0 million on pre-tax (loss) income of $(0.7) million and $9.2 million, for the third quarter of fiscal years 2025 and 2024, respectively. The tax provision recorded for the third quarter of fiscal year 2025 differs from the U.S. federal statutory tax rate of 21.0% primarily due to foreign jurisdictions that are taxed at different rates, state taxes, tax impact of stock-based compensation, executive compensation, nondeductible tax items and valuation allowances on certain deferred tax assets of foreign subsidiaries. Our projected annual effective blended tax rate for fiscal year 2025, excluding discrete items, is approximately 23.2%.
Previous wording
Net loss attributable to noncontrolling interest reflects 10% of PDA’s net income and 49% of Trapani Fresh’s net loss for the second quarter of fiscal years 2025 and 2024, respectively.
Current wording
Net loss attributable to noncontrolling interest reflects 10% of PDA’s net loss and 49% of Trapani Fresh’s net loss for the third quarter of fiscal years 2025 and 2024, respectively.
Previous wording
Total net revenues were $35.1 million for the three months ended April 30, 2025, compared to $44.6 million for the same period of fiscal year 2024. The 21% decrease of $9.5 million was primarily due to decreased agribusiness revenues from lemons and farm management, partially offset by increased agribusiness revenues from avocados and oranges as detailed below ($ in thousands):
Current wording
Total net revenues were $116.9 million for the nine months ended July 31, 2025, compared to $147.6 million for the same period of fiscal year 2024. The 21% decrease of $30.7 million was primarily due to decreased agribusiness revenues from lemons, avocados and farm management, partially offset by increased agribusiness revenues from oranges, as detailed below ($ in thousands):
Previous wording
•Lemons: The decrease for the first six months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to decreased volume and lower prices of fresh lemons sold. Fresh packed lemon sales were $40.9 million and $49.8 million, in aggregate, on 2,504,000 and 2,583,000 cartons of lemons sold at average per carton prices of $16.31 and $19.27, for the first six months of fiscal years 2025 and 2024, respectively. Lemon revenues included brokered lemons and other lemon sales of $4.6 million and $6.8 million, lemon packing of $9.2 million and $10.6 million and lemon by-product sales of $0.9 million and $1.7 million, for the first six months of fiscal years 2025 and 2024, respectively.
Current wording
•Lemons: The decrease for the first nine months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to lower prices and decreased volume of fresh and brokered lemons sold and other lemon sales. Fresh packed lemon sales were $64.6 million and $75.6 million, in aggregate, on 3,901,000 and 3,983,000 cartons of lemons sold at average per carton prices of $16.57 and $18.98, for the first nine months of fiscal years 2025 and 2024, respectively. Lemon revenues included brokered lemons and other lemon sales of $8.5 million and $16.5 million, lemon packing of $15.3 million and $15.8 million and lemon by-product sales of $1.4 million and $2.9 million, for the first nine months of fiscal years 2025 and 2024, respectively.
Previous wording
•Avocados: The increase for the first six months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to higher prices, partially offset by decreased volume of avocados sold. The California avocado crop typically experiences alternating years of high and low production due to plant physiology. We sold 1,305,000 and 1,595,000 pounds of avocados at average per pound prices of $2.25 and $1.47, for the first six months of fiscal years 2025 and 2024, respectively.
Current wording
•Avocados: The decrease for the first nine months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to decreased volume, partially offset by higher prices of avocados sold. The California avocado crop typically experiences alternating years of high and low production due to plant physiology. We sold 6,959,000 and 10,450,000 pounds of avocados at average per pound prices of $1.64 and $1.55, for the first nine months of fiscal years 2025 and 2024, respectively.
Previous wording
•Oranges: The increase for the first six months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to increased volume and higher prices of oranges sold. We sold 167,000 and 146,000 cartons of oranges at average per carton prices of $18.79 and $15.76, for the first six months of fiscal years 2025 and 2024, respectively.
Current wording
•Oranges: The increase for the first nine months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to increased volume and higher prices of oranges sold. We sold 261,000 and 189,000 cartons of oranges at average per carton prices of $18.50 and $18.31, for the first nine months of fiscal years 2025 and 2024, respectively.
Previous wording
•Specialty citrus and wine grapes: The decrease for the first six months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to a decrease in wine grape revenues. Due to harvest timing, no wine grape revenue was recorded for the first six months of fiscal year 2025, compared to $0.6 million for the first six months of fiscal year 2024.
Current wording
•Specialty citrus and wine grapes: The decrease for the first nine months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to a decrease in wine grape revenues. Due to harvest timing, no wine grape revenue was recorded for the first nine months of fiscal year 2025, compared to $0.6 million for the first nine months of fiscal year 2024.
Previous wording
•Farm management: Farm management revenue, comprised primarily of Northern Properties farming, management and operations services, decreased for the first six months of fiscal year 2025, compared to the same period of fiscal year 2024, primarily due to the FMA termination effective March 31, 2025.
Current wording
•Farm management: Farm management revenue, comprised primarily of Northern Properties farming, management and operations services, decreased for the first nine months of fiscal year 2025, compared to the same period of fiscal year 2024, primarily due to the FMA termination effective March 31, 2025.
Previous wording
•Other: Other revenue, comprised primarily of fallowing and shipping, for the first six months of fiscal year 2025 was similar compared to the same period of fiscal year 2024.
Current wording
•Other: Other revenue, comprised primarily of fallowing and shipping, decreased for the first nine months of fiscal year 2025, compared to the same period of fiscal year 2024, primarily due to decreased shipping revenue.
Previous wording
Other operations revenue was $3.0 million for the first six months of fiscal year 2025, compared to $2.7 million for the same period of fiscal year 2024.
Current wording
Other operations revenue was $4.5 million for the first nine months of fiscal year 2025, compared to $4.2 million for the same period of fiscal year 2024. The 7% increase of $0.3 million was primarily due to increased rental operations revenue.
Previous wording
Total costs and expenses were $78.1 million for the first six months of fiscal year 2025, compared to $96.8 million for the same period of fiscal year 2024. The 19% decrease of $18.7 million was primarily due to decreases in agribusiness costs and expenses, decreases in selling, general and administrative expenses and gains on sales of water rights. Agribusiness costs and expenses are detailed below ($ in thousands):
Current wording
Total costs and expenses were $126.2 million for the first nine months of fiscal year 2025, compared to $151.1 million for the same period of fiscal year 2024. The 16% decrease of $24.9 million was primarily due to decreases in agribusiness costs and expenses, decreases in selling, general and administrative expenses and gains on sales of water rights. Agribusiness costs and expenses are detailed below ($ in thousands):
Previous wording
•Packing costs: Packing costs consist primarily of the costs to pack lemons for sale such as labor and benefits, cardboard cartons, fruit treatments, packing and shipping supplies, subcontracted costs and facility operating costs. We packed and sold 2,504,000 and 2,583,000 cartons of lemons at average per carton costs of $9.07 and $9.41, for the first six months of fiscal years 2025 and 2024, respectively. The decrease in per carton packing costs was primarily due to decreased subcontracted costs.
Current wording
•Packing costs: Packing costs consist primarily of the costs to pack lemons for sale such as labor and benefits, cardboard cartons, fruit treatments, packing and shipping supplies, subcontracted costs and facility operating costs. We packed and sold 3,901,000 and 3,983,000 cartons of lemons at average per carton costs of $9.09 and $8.90, for the first nine months of fiscal years 2025 and 2024, respectively. The increase in per carton packing costs was primarily due to higher labor costs.
Previous wording
•Growing costs: Growing costs, also referred to as cultural costs, consist of orchard maintenance costs such as cultivation, fertilization and soil amendments, pest control, pruning and irrigation. The decrease for the first six months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to the decrease in farm management growing costs related to the FMA termination, and farm management decisions made in response to weather, harvest timing and crop conditions.
Current wording
•Growing costs: Growing costs, also referred to as cultural costs, consist of orchard maintenance costs such as cultivation, fertilization and soil amendments, pest control, pruning and irrigation. The decrease for the first nine months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to the decrease in farm management growing costs related to the FMA termination and farm management decisions made in response to weather, harvest timing and crop conditions.
Previous wording
•Third-party grower and supplier costs: We sell fruit that we grow and fruit that we procure from other growers and suppliers. The cost of procuring fruit from other growers and suppliers is referred to as third-party grower and supplier costs. The decrease for the first six months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to lower prices, partially offset by increased volume of third-party grower fruit sold. We incurred costs for third-party grower fruit of $21.8 million and $27.2 million, for the first six months of fiscal years 2025 and 2024, respectively. Of the 2,504,000 and 2,583,000 cartons of lemons packed and sold, 2,203,000 (88%) and 2,052,000 (79%) were procured from third-party growers at average per carton prices of $9.91 and $13.24, for the first six months of fiscal years 2025 and 2024, respectively. Additionally, we incurred $5.0 million and $6.5 million of costs for brokered fruit, for the first six months of fiscal years 2025 and 2024, respectively.
Current wording
•Third-party grower and supplier costs: We sell fruit that we grow and fruit that we procure from other growers and suppliers. The cost of procuring fruit from other growers and suppliers is referred to as third-party grower and supplier costs. The decrease for the first nine months of fiscal year 2025, compared to the same period of fiscal year 2024, was primarily due to lower prices of third-party grower fruit sold and decreased costs of brokered fruit. We incurred costs for third-party grower fruit of $33.3 million and $37.6 million, for the first nine months of fiscal years 2025 and 2024, respectively. Of the 3,901,000 and 3,983,000 cartons of lemons packed and sold, 3,215,000 (82%) and 2,921,000 (73%) were procured from third-party growers at average per carton prices of $10.36 and $12.89, for the first nine months of fiscal years 2025 and 2024, respectively. Additionally, we incurred $12.2 million and $15.9 million of costs for brokered fruit, for the first nine months of fiscal years 2025 and 2024, respectively.
Previous wording
•Other costs: The decrease for the first six months of fiscal year 2025, compared to the same period of fiscal year 2024, was due to decreased freight costs, primarily related to a decrease in volume of lemons sold.
Current wording
•Other costs: The decrease for the first nine months of fiscal year 2025, compared to the same period of fiscal year 2024, was due to decreased freight costs.
Previous wording
•Depreciation and amortization: Depreciation and amortization expense for the first six months of fiscal year 2025 was similar compared to the same period of fiscal year 2024.
Current wording
•Depreciation and amortization: Depreciation and amortization was $5.9 million for the first nine months of fiscal year 2025, compared to $5.3 million in the same period of fiscal year 2024.
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Current report — wording carried from elsewhere
On June 26, 2025, the Company entered into a Master Loan Agreement (the “MLA”) with AgWest Farm Credit, PCA (the “Lender”), dated June 26, 2025, together with a revolving credit facility supplement (the “Revolving Credit Supplement”) and a non-revolving credit facility supplement (the “Non-Revolving Credit Supplement” and together with the Revolving Credit Supplement, the “Supplements”). The MLA amends and restates the previous Master Loan Agreement between the Company and the Lender, dated June 1, 2021, and extends the principal repayment to July 1, 2030.
Current report — wording carried from elsewhere
•Other operations revenue was $1.5 million for the third quarter of fiscal years 2025 and 2024.
Current report — wording carried from elsewhere
•Growing costs decrease of $0.6 million; and
Current report — wording carried from elsewhere
•Brokered fruit costs increase of $0.2 million.
Current report — wording carried from elsewhere
•Fresh packed lemon sales decrease of $11.0 million;
Current report — wording carried from elsewhere
•Brokered lemons and other lemon sales decrease of $8.1 million; and
Current report — wording carried from elsewhere
•Growing costs decrease of $6.6 million;
Rearranged previous paragraphs (8)
Previous report — wording carried elsewhere
•$0.2 million decrease of other income, net; and
Previous report — wording carried elsewhere
•Fresh packed lemon sales decrease of $6.1 million;
Previous report — wording carried elsewhere
•Third-party grower and supplier costs decrease of $3.1 million;
Previous report — wording carried elsewhere
•Harvest costs decrease of $0.1 million.
Previous report — wording carried elsewhere
•Harvest costs decrease of $1.4 million;
Previous report — wording carried elsewhere
•Growing costs decrease of $3.2 million; and
Previous report — wording carried elsewhere
•Shipping costs decrease of $0.3 million;
Previous report — wording carried elsewhere
•Brokered fruit costs increase of $0.4 million;