<div id="readability-page-1"><div>Limoneira Company, a leading agribusiness firm specializing in the production, sales, and marketing of lemons and avocados, has released its annual Form 10-K report. The report provides a comprehensive overview of the company's financial performance, business operations, strategic initiatives, and the challenges it faces in the current market environment. Financial Highlights Total Net Revenues: $159.7 million, reflecting a 17% decrease from the previous fiscal year primarily due to decreased agribusiness revenue from lemons, avocados, wine grapes, and farm management.Operating (Loss) Income: $(20.4) million, compared to $(6.2) million in the prior year, driven by decreased revenues and increased packing costs.Net (Loss) Income: $(16.4) million, a significant decline from $7.2 million in the previous year, impacted by lower equity in earnings of investments and increased interest expense.Net (Loss) Income Attributable to Limoneira Company: $(16.0) million, compared to $7.7 million in the prior year, reflecting the overall decline in operating performance.Basic Net (Loss) Income Per Common Share: $(0.93), down from $0.40 in the previous year, due to the net loss incurred during the fiscal year. Business Highlights Agribusiness Operations: Limoneira Company is primarily an agribusiness company with operations in fruit production, sales, and marketing. The company is one of the largest growers of lemons and avocados in the United States, with significant agricultural plantings in California, Arizona, Chile, and Argentina.Revenue Segments: The agribusiness division is comprised of four reportable operating segments: fresh lemons, lemon packing, avocados, and other agribusiness, which includes oranges, specialty citrus, wine grapes, and farm management services.Geographical Performance: Limoneira has agricultural plantings throughout Ventura and San Luis Obispo Counties in California, Yuma County in Arizona, La Serena in Chile, and Jujuy in Argentina. The company also operates packinghouses in Santa Paula, California, and Yuma, Arizona.Sales Units: In fiscal year 2025, Limoneira sold 4.7 million cartons of lemons and 7.4 million pounds of avocados. The company also sold 409,000 cartons of oranges.New Production Launches: Limoneira announced a joint venture with Agromin Corporation to expand an organic waste recycling program, planning to expand from a 15-acre to a 70-acre commercial-scale composting facility.Future Outlook: Limoneira plans to expand its avocado production by 1,000 acres through fiscal year 2027, reflecting a strategy to capitalize on robust consumer demand trends for avocados. The company also intends to continue its strategic roadmap to create long-term stockholder value by evaluating potential strategic merger and acquisition opportunities and advancing initiatives to monetize non-core assets. Strategic Initiatives Commercial Packinghouse License Agreement: Limoneira Company has entered into a Commercial Packinghouse License Agreement with Sunkist Growers, Inc., effective November 1, 2025, to enhance its sales and marketing operations.Real Estate Development: The company is focusing on real estate development through joint ventures, such as the Harvest at Limoneira and LLCB II projects, which are expected to generate significant cash distributions over the next five years.Capital Management: The company utilized its revolving credit facility to manage liquidity, with $72.5 million outstanding and $41.6 million available as of October 31, 2025. It also received a $10 million cash distribution from its joint venture, Harvest at Limoneira. Limoneira paid $0.30 per common share in dividends and maintained preferred stock dividends. The company engaged in stock compensation and exchange activities, impacting additional paid-in capital and treasury stock.Future Outlook: Limoneira plans to continue leveraging its credit facilities and joint venture distributions to support capital expenditures and debt service. The company anticipates receiving approximately $155 million from its real estate joint ventures over the next five years, which will support its strategic growth initiatives. Additionally, the company is evaluating the impact of new accounting standards and tax legislation on its financial strategies. Challenges and Risks Agribusiness Operations: The merger of citrus sales and marketing operations into Sunkist Growers, Inc. may not be successful, potentially reducing control over sales and marketing effectiveness. Adverse weather conditions, natural disasters, and climate change pose significant risks to crop size and quality. The presence of pests and diseases, such as the Asian Citrus Psyllid and Huanglongbing, could impose additional costs and losses.Market Risks: The company is sensitive to fluctuations in market supply, prices, and demand for its products. Excess supply and price competition in the lemon market, along with changes in consumer preferences, could adversely affect revenues.Operational Risks: Increases in commodity costs, such as fuel and paper, and labor costs could negatively impact operating results. The company also faces risks related to water availability and costs, which are critical for agricultural operations.Regulatory Risks: Changes in immigration laws and environmental regulations could impact labor availability and increase compliance costs. The company is also subject to extensive regulation in its real estate development activities, which could delay or prevent project completion.Financial Risks: The company may be unable to generate sufficient cash flow to service its debt obligations, and restrictive covenants in debt instruments could limit financial flexibility.Management Strategies: Management is focusing on expanding its One World of Citrus asset-lighter business model to mitigate risks by increasing third-party grower fruit sourcing and reducing investment risk. Additionally, management is addressing water scarcity issues by investing in irrigation improvements and fallowing agreements.SEC Filing: Limoneira CO [ LMNR ] - 10-K - Dec. 23, 2025</div></div>

LMNR

Limoneira Company released its annual Form 10-K report, highlighting a 17% decrease in total net revenues to $159.7 million, and a net loss of $16.4 million. The company plans to expand avocado production and explore strategic mergers. Challenges include market fluctuations, operational costs, and regulatory risks. Limoneira aims to leverage joint ventures and credit facilities for growth, with a focus on real estate development and strategic initiatives to enhance shareholder value.

Limoneira CO SEC 10-K Report