THE MEDICI LIST

by Mike Gee

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Disclaimer: This is a simplified summary of a public company filing. See full disclaimer here.

Limoneira CO

CIK: 13424232 Annual ReportsLatest: 2025-12-23

10-K / December 23, 2025

Revenue:$159,723,000
Income:-$15,981,000

10-K / December 23, 2024

Revenue:$191,500,000
Income:$7,200,000

10-K / December 23, 2025

  • Company overview

    • Limoneira Company is an agribusiness and real estate development company (headquartered in Santa Paula, California) that grows, packs, markets and sells citrus and avocados, operates packinghouses and rental properties, and pursues real‑estate development and capital investments. Its agribusiness is organized into four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness (primarily oranges, specialty citrus, wine grapes and farm management services).

  • Operations & assets (selected)

    • Total land controlled: ~10,500 acres (U.S., Chile and Argentina).
      • Lemons: ~3,100 acres
      • Avocados: ~1,500 acres
      • Oranges: ~100 acres
      • Wine grapes: ~400 acres
    • Packinghouses: owned packing / processing facilities in Santa Paula, CA and Yuma, AZ.
    • Water resources: ~11,100 acre‑feet of water affiliated with owned California properties (≈8,500 acre‑feet adjudicated in the Santa Paula Basin) and ~11,500 acre‑feet of Class 3 Colorado River water rights in Yuma, AZ.
    • Solar: a 5.5‑acre, 1 MW ground array and a 1 MW roof array that provide most power for the Santa Paula packing/cold‑storage facility.
    • Rental assets: owns and maintains 238 residential housing units (Ventura County) plus several commercial office buildings; leases ~300 acres to third‑party agricultural tenants.
    • Real‑estate development:
      • East Area I (Santa Paula): ~500 acres; joint venture (50/50) with Lewis Group — approved plans ~1,750 residential units; 1,261 residential units closed through Oct 31, 2025.
      • East Area I Retained Property (LLCB II): 17 acres; approved plans ~300 residential units.
      • East Area II: ~30 acres (adjacent parcel), plans under review.
    • International holdings: farming operations historically in La Serena, Chile and Jujuy, Argentina (note: Pan de Azucar and San Pablo farmland were classified as assets held for sale as of Oct 31, 2025 and sold Nov 7, 2025).

  • Customers, employees and brands

    • Customers: sold lemons and other citrus to 179 U.S. and international customers during fiscal year 2025.
    • Employees: 191 employees as of Oct 31, 2025 (69 salaried, 122 hourly). None of the employees are covered by a collective bargaining agreement.
    • Brands / trademarks: One World of Citrus®, Santa®, Paula®, Bridal Veil®, Fountain®, Golden Bowl®, Level®, Compass®, Pitcher®, Kiva®, Kachina®, Oxnard Lemon, Trapani Fresh (trademarks registered with the U.S. PTO). Beginning Nov 1, 2025, lemon products may be branded with Limoneira and Sunkist.

  • Key fiscal‑year 2025 financials (GAAP)

    • Fiscal year end: October 31, 2025.
    • Net revenues (FY2025): $159,723,000
      • Agribusiness revenue: $153,685,000
      • Other operations: $6,038,000
    • Operating (loss): $(20,405,000)
    • Net (loss) income (consolidated): $(16,356,000)
    • Net (loss) income attributable to Limoneira Company: $(15,981,000)
    • Basic net (loss) per common share: $(0.93)
    • EBITDA (non‑GAAP): $(9,930,000)
    • Adjusted EBITDA (non‑GAAP): $(6,452,000)
    • Total assets (Oct 31, 2025): $311,137,000
    • Total liabilities (Oct 31, 2025): $120,300,000
    • Stockholders’ equity (Oct 31, 2025): $180,027,000

  • Selected segment & operational metrics (FY2025)

    • Lemons (FY2025):
      • Fresh lemon cartons packed/sold: 4.7 million cartons
      • Average fresh lemon price (per carton): $17.74
      • Lemon revenue components included brokered lemons & other lemon sales, packing & handling, and by‑product sales.
    • Avocados (FY2025):
      • Pounds sold: 7.4 million pounds
      • Average price per pound: $1.60
    • Oranges (FY2025):
      • Cartons sold: ~409,000 cartons
      • Average price per carton: $18.93

  • Capital structure & liquidity (selected)

    • AgWest Farm Credit (credit facility / MLA): supplements and a Master Loan Agreement dated June 26, 2025; borrowing capacity (Revolving + Non‑Revolving) $115.0 million (Revolving $114.0M; Non‑Revolving $1.0M used for letters of credit).
      • Outstanding borrowings under the Revolving Credit Supplement (Oct 31, 2025): $72.5 million
      • Availability to borrow (Oct 31, 2025): $41.6 million
      • MLA extends principal repayment to July 1, 2030; facility contains customary affirmative and restrictive covenants (including financial covenants with scheduled measurement deferrals/adjustments described in the filings).
    • Current portion of long‑term debt (Oct 31, 2025): $31,000
    • Long‑term debt, less current portion (Oct 31, 2025): $72,450,000
    • Total liabilities (Oct 31, 2025): $120,300,000

  • Recent notable corporate developments (fiscal year 2025 and later items disclosed)

    • Sales / dispositions:
      • Sold three separate Santa Paula Basin water pumping rights transactions in Jan 2025 for $30,000/acre‑ft totaling $1.7 million; recorded $1.5 million gain on sale of water rights (FY2025).
      • Pan de Azucar and San Pablo farmland (Chile) sold under agreements executed Nov 7, 2025 (approx. 500 acres of lemons and 100 acres of oranges), with $15.0 million aggregate purchase price and a structured payment plan (closing and payments described in the filing).
    • Corporate / operating:
      • Entered into Commercial Packinghouse License Agreement with Sunkist (June 6, 2025), effective Nov 1, 2025 — Sunkist assumed citrus sales & marketing on that date; as a Sunkist‑licensed packinghouse Limoneira is required to purchase most packing supplies from Fruit Growers Supply Co. (FGS).
      • Received $10.0 million cash distribution from Harvest at Limoneira (LLCB) joint venture in April 2025 (LLCB previously distributed $15.0M in June 2024).
      • Entered into Master Loan Agreement (AgWest) June 26, 2025 (see Capital section).
      • Made an offer and closed the purchase of limited partner units in Limco Del Mar (closed Aug 4, 2025): purchased 80,608 limited partnership units for ~$5.6M; increased ownership from 28.8% to 54.5% and Del Mar became a consolidated subsidiary; recognized a ~$2.9M gain on the purchase.
      • Entered into LOI (April 2025) to form a 50/50 joint venture with Agromin Corporation to expand an organic waste recycling / composting facility at Limoneira Ranch (expected construction in FY2026).
      • Terminated certain farm/packing management agreements with PGIM: FMA terminated effective Mar 31, 2025; Grower Packing & Marketing Agreement (GPMA) terminated Oct 13, 2025.
      • Declared quarterly cash dividend: $0.075 per common share (declared Dec 16, 2025; payable Jan 16, 2026); common dividends totaled $0.30 per share in FY2025 (approximately $5.4M paid).
      • Board authorized share repurchase program (Mar 17, 2025): up to $30.0 million (no mandatory repurchases; may be modified, suspended or discontinued).
    • Corporate financing / equity:
      • As of Nov 30, 2025 there were 18,119,117 shares of common stock outstanding.
      • Based on April 30, 2025 closing price, aggregate market value of common stock held by non‑affiliates ≈ $245.6 million (disclosed in the Form 10‑K).

  • Risk / regulatory highlights (selected disclosures)

    • The Company’s agribusiness operations are affected by weather, natural disasters (wildfires, earthquakes), crop disease and pest risks (e.g., Asian Citrus Psyllid and Huanglongbing / HLB), water availability and regulatory matters (environmental and food safety).
    • In Sept 2023 and July 2024 HLB‑positive citrus trees were detected in Santa Paula residential properties; a mandatory quarantine area was established and expanded; the Company disclosed estimated spraying costs of $0.3M–$0.4M for fiscal 2026 to address quarantine area spraying.
    • The Company is subject to extensive environmental, food‑safety and other federal, state and local regulation and has disclosed associated compliance and cost risks.

  • Miscellaneous corporate facts

    • Number of customers (FY2025): 179 U.S. and international customers purchased lemons / citrus from the Company.
    • Number of employees (Oct 31, 2025): 191 total (69 salaried, 122 hourly).
    • Housing units owned and leased: 238 residential units (Ventura County).
    • Packing volumes (FY2025): 4.7 million lemon cartons packed/sold; 7.4 million pounds of avocados sold.
    • Financial reporting: fiscal year end October 31; consolidated financial results and notes are reported in the Company’s Form 10‑K (filed Dec 23, 2025).
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