Limoneira Company, a diversified agribusiness and real estate development firm based in Santa Paula, California, reported its financial results for the second quarter of fiscal year 2025, ended April 30, 2025. The company also announced a strategic merger of its citrus sales and marketing operations into Sunkist Growers, effective in the first quarter of fiscal 2026. This partnership, re-establishing Limoneira as one of Sunkist's largest lemon growers and private licensed packers, is expected to deliver $5 million in annual selling and marketing cost savings and strengthen access to key food service and retail channels.
Total net revenue for Q2 2025 was $35.1 million, down from $44.6 million in the same period last year. Agribusiness revenue of $33.6 million reflected lower lemon sales—1,357,000 cartons sold at an average price of $14.52 per carton versus 1,446,000 cartons at $17.85 per carton in Q2 2024. Avocado revenue rose to $2.8 million, driven by 1,232,000 pounds sold at $2.26 per pound, compared to $2.3 million for 1,595,000 pounds at $1.47 per pound in the prior year. Orange revenue increased to $1.6 million on 92,000 cartons at $17.07 each, while specialty citrus and wine grape sales totalled $671,000 on 22,000 carton equivalents at $30.77 a piece. Farm management revenues declined to $0.3 million following the termination of an agreement with PGIM Real Estate Finance.
Total costs and expenses decreased to $38.5 million from $49.3 million in Q2 2024, resulting in an operating loss of $3.3 million, an improvement of 28 percent year-over-year. Net loss applicable to common stock was $3.5 million, or $0.20 per diluted share, compared to net income of $6.4 million, or $0.35 per share, in Q2 2024. On a non-GAAP basis, adjusted EBITDA was a loss of $167,000, down from a gain of $16.6 million in the prior year quarter.
For the first six months of fiscal 2025, net revenue was $69.4 million versus $84.3 million in the same period of fiscal 2024. Operating loss narrowed to $8.7 million from $12.4 million, while net loss to common stockholders was $6.7 million, or $0.38 per diluted share, compared to net income of $2.7 million, or $0.15 per share, one year earlier. Adjusted net loss per diluted share was $0.32, against adjusted net income of $0.27 in the prior year period.
Through April 30, 2025, Limoneira's net cash used in operating activities improved to $4.0 million from $13.3 million, and its net debt stood at $52.9 million after receiving a $10.0 million cash distribution from its joint venture, Harvest at Limoneira. In real estate, the joint venture has sold 1,261 residential lots since inception and secured approval to expand Phase 3 by 550 units. Earlier this year, Limoneira sold water pumping rights for $1.7 million, recording a gain of $1.5 million. Moving forward, the company plans to expand avocado production, enhance its citrus go-to-market strategy, and further monetize its land and water assets to build sustainable, long-term shareholder value.
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Limoneira
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