Limoneira Company reported financial results for the first quarter of fiscal year 2026, which ended January 31, 2026.
Total net revenue for the quarter was US$18.2 million, compared with US$34.3 million in the same period of the previous fiscal year. Agribusiness revenue totaled US$16.8 million, compared with US$32.9 million in the prior year period. Other operations revenue remained consistent with the same quarter of the previous year.
The decrease in revenue was linked to the company's transition to Sunkist for lemon sales and marketing. Under this structure, the first and second fiscal quarters are expected to record lower lemon sales volumes, while higher volumes are expected in the third and fourth quarters. Revenue was also affected by the company's exit from its brokerage business in the first quarter of fiscal year 2026 and the earlier exit from its farm management business during fiscal year 2025.
© Limoneira
Agribusiness revenue included US$11.9 million in fresh-packed lemon sales, compared with US$21.2 million in the same period of fiscal year 2025. About 681,000 cartons of U.S.-packed fresh lemons were sold during the quarter at an average price of US$17.41 per carton, compared with about 1,147,000 cartons at US$18.44 per carton in the previous year.
Brokered lemons and other lemon sales totaled US$1.0 million in the first quarter of fiscal year 2026, compared with US$2.2 million in the same period of fiscal year 2025.
Orange revenue totaled US$10,000 in the first quarter of fiscal year 2026, compared with US$1.6 million in the same period of the previous year. The change reflects the sale of the company's Chilean agricultural properties and the transition of brokerage operations to Sunkist.
Specialty citrus and wine grape revenue was US$0.7 million, compared with US$0.5 million in the same quarter last year.
There was no farm management revenue in the first quarter of fiscal year 2026 following the termination of the farm management agreement with PGIM Real Estate Finance, LLC on March 31, 2025. Farm management revenue totaled US$1.2 million in the same period of fiscal year 2025.
Total costs and expenses for the quarter were US$28.8 million, compared with US$39.7 million in the prior year period.
Operating loss for the first quarter of fiscal year 2026 was US$10.6 million, compared with US$5.3 million in the same period of the previous fiscal year.
Net loss applicable to common stock was US$9.6 million, or US$0.53 per diluted share, compared with a net loss of US$3.2 million, or US$0.18 per diluted share, in the same period of fiscal year 2025.
Adjusted EBITDA was a loss of US$7.7 million for the quarter, compared with a loss of US$2.3 million in the same period last year.
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© LimoneiraFor more information:
John Mills
Limoneira Company
Tel: +1 646 277 1254
Email: [email protected]
www.investor.limoneira.com
