Revenue: As of FY2025 Q3, the actual value is USD 17.79 M.

EPS: As of FY2025 Q3, the actual value is USD -0.108.

Segment Revenue

• Total operating revenues for the third quarter of 2025 were $17.8 million, a decrease of 21.2% from $22.6 million in the same quarter of 2024.

Operational Metrics

• Net income for the quarter was $2.1 million, compared to $6,000 in the prior-year quarter, marking a significant increase.
• Net loss attributable to common stockholders was - $3.9 million, or - $0.11 per share, compared to - $5.8 million, or - $0.16 per share, in the prior-year quarter.
• Adjusted Funds from Operations (AFFO) for the quarter was $1.4 million, or $0.04 per share, compared to $4.5 million, or $0.13 per share, in the prior-year quarter.

Cash Flow

• Cash flows from operations for the current quarter were - $12.0 million, a decrease from - $1.4 million in the prior-year quarter, primarily due to lower cash receipts from fixed lease payments and increased costs associated with direct farming operations.

Unique Metrics

• Participation rents increased by approximately $1.9 million, driven by accelerated recognition of certain revenue amounts and improved pistachio pricing.

Outlook / Guidance

• The company expects the majority of its revenue and annual earnings for 2025 to be recognized in the fourth quarter due to the timing shift in earnings recognition from modified lease agreements. The company is also considering selling certain farms if satisfactory lease terms cannot be reached with tenants. Additionally, the company is focused on enhancing long-term farm viability by acquiring additional water resources at below-market prices.