# EDGAR Filing Document

**Accession Number:** 0001342423
**File Stem:** 0001342423-25-000038
**Filing Date:** 2025-12
**Character Count:** 39078
**Document Hash:** 12f7d062a24ed285800726640857ff93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001342423-25-000038.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001342423-25-000038

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251223

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Limoneira CO
- **CENTRAL INDEX KEY:** 0001342423
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - CROPS [0100]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 770260692
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34755
- **FILM NUMBER:** 251600436

**BUSINESS ADDRESS:**
- **STREET 1:** 1141 CUMMINGS ROAD
- **CITY:** SANTA PAULA
- **STATE:** CA
- **ZIP:** 93060
- **BUSINESS PHONE:** (805) 525-5541

**MAIL ADDRESS:**
- **STREET 1:** 1141 CUMMINGS ROAD
- **CITY:** SANTA PAULA
- **STATE:** CA
- **ZIP:** 93060

?xml version='1.0' encoding='ASCII'? lmnr-20251223

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**December 23, 2025** 

**Date of Report (Date of earliest event reported)** 

**LIMONEIRA COMPANY**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34755** | **77-0260692** |
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer Identification No.) |
| of incorporation) | | |

---

**1141 Cummings Road**

**Santa Paula, CA 93060**

(Address of Principal Executive Offices) (Zip code)

**(805) 525-5541**

(Registrant's Telephone Number, Including area code)

**Not Applicable**<br>(Former Name or Former Address, if Changed Since Last Report)<br>

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol (s)** | **Name of Each Exchange on Which Registered** |
| Common Stock, par value $0.01 per share | LMNR | The NASDAQ Stock Market LLC (NASDAQ Global Select Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

------

**Item 2.02 &nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition** 

On December 23, 2025, Limoneira Company (NASDAQ: LMNR) issued a press release announcing its financial results for the quarter ended October 31, 2025. A copy of the press release is furnished within this report as Exhibit 99.1.

**Item 9.01 &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

---

| | |
|:---|:---|
| Exhibit Number | Description |
| <u>[99.1](lmnr103125erex991.htm)</u> | Limoneira Company Press Release dated December 23, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: | LIMONEIRA COMPANY | LIMONEIRA COMPANY |
| December 23, 2025 | By: | /s/ Mark Palamountain |
|  |  | Mark Palamountain |
|  |  | *Executive Vice President, Chief Financial Officer and Treasurer* |
|  |  | *(Principal Financial and Accounting Officer)* |

---

## Exhibit 99.1

**Exhibit 99.1**

![limoneira03.jpg](limoneira03.jpg)

**Limoneira Company Announces Fourth Quarter and Full Fiscal Year 2025 Financial Results**

*Company Achieved Avocado and Lemon Volume Guidance for Fiscal Year 2025*

*Strategic Investments and Transformation Costs Initiatives in Fiscal Year 2025 Position Company for Anticipated $10 Million in Savings and Enhanced Operational Efficiency in Fiscal Year 2026*

*Avocado Production Capacity Set to Nearly Double with 700 Acres of Non-Bearing Trees Maturing Over Next Three to Four Years*

SANTA PAULA, Calif.-- (BUSINESS WIRE) – December 23, 2025 -- Limoneira Company (the "Company" or "Limoneira") (Nasdaq: LMNR), a diversified lemon and avocado growing and lemon packing company with related agribusiness activities and real estate development operations, today reported financial results for the fiscal fourth quarter and full year ended October 31, 2025.

The Company continues to execute on its value creation strategy of growing agriculture income and monetizing land and water assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agriculture initiatives include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Streamlining operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanding avocado production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Optimizing lemon packing with recently announced Sunkist partnership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanding organic recycling facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Land and water assets initiatives include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selling non-strategic land assets (remaining near-term pipeline valued at approximately $40 million); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selling certain water rights (valued at approximately $50 to $70 million).

**Management Comments**

Harold Edwards, President and Chief Executive Officer of the Company, stated, "Fiscal 2025 represents a transformational year in Limoneira's strategic evolution from moving our primary focus away from an oversupplied lemon offering to avocados, which provide much greater demand and stronger long-term consumption growth potential. The fourth quarter included strategic transformation costs totaling approximately $7 million, and these decisions are expected to yield approximately $10 million in savings and enhanced operational efficiencies in fiscal year 2026. We systematically took steps to address the fundamental oversupply in global lemon markets by repositioning around what we believe to be sustainable competitive advantages, including our new partnership with Sunkist. The partnership is expected to deliver concrete benefits starting in fiscal 2026 by achieving meaningful annual cost savings and operational improvements. It is also intended to remove pricing pressure while strengthening our packing margins and providing access to premium Sunkist customers.

------

Beyond our Sunkist partnership and recent cost restructuring initiatives, our strategy is focused on creating measurable value across multiple growth engines. Our 700 acres of non-bearing avocado trees are expected to nearly double our production capacity over the next three to four years; our planned organic recycling joint venture is expected to deliver approximately $4 to $5 million in additional EBITDA beginning in fiscal 2027; and our real estate pipeline provides $155 million in expected distributions over the next five fiscal years. We are also advancing asset optimization through the planned sale of our Windfall and Argentina properties, while accelerating our water monetization efforts with $50 to $70 million in anticipated value creation through fiscal 2027."

Mr. Edwards continued, "We believe the strategic initiatives and investments implemented over the past three years resulted in a more resilient business model with reduced commodity exposure, enhanced operational efficiency, and multiple profit centers. As cash generation improves, we will evaluate capital allocation opportunities including share repurchases, dividend enhancements and debt reduction."

**Fiscal Year 2025 Fourth Quarter Results**

For the fourth quarter of fiscal year 2025, total net revenues were $42.8 million, compared to total net revenues of $43.9 million in the fourth quarter of the previous fiscal year. Agribusiness revenues were $41.3 million, compared to $42.5 million in the fourth quarter of last fiscal year. Other operations revenue was $1.5 million, compared to $1.4 million in the fourth quarter of last fiscal year.

Agribusiness revenues in the fourth quarter of fiscal year 2025 includes $19.2 million in fresh packed lemon sales, compared to $8.4 million of fresh packed lemon sales during the same period of fiscal year 2024. Approximately 821,000 cartons of U.S. packed fresh lemons were sold in aggregate during the fourth quarter of fiscal year 2025 at a $23.33 average price per carton, compared to approximately 470,000 cartons sold at a $17.95 average price per carton during the fourth quarter of fiscal year 2024. Brokered lemons and other lemon sales were $12.5 million and $14.7 million in the fourth quarter of fiscal years 2025 and 2024, respectively.

The Company recognized $0.3 million of avocado revenue in the fourth quarter of fiscal year 2025, compared to $8.9 million of avocado revenue in the fourth quarter of last fiscal year. Approximately 396,000 pounds of avocados were sold in aggregate during the fourth quarter of fiscal year 2025 at a $0.79 average price per pound, compared to approximately 4.6 million pounds sold at a $1.92 average price per pound during the fourth quarter of fiscal year 2024.

The Company recognized $2.9 million of orange revenue in the fourth quarter of fiscal year 2025, compared to $1.7 million in the same period of fiscal year 2024. Approximately 148,000 cartons of oranges were sold during the fourth quarter of fiscal year 2025 at a $19.67 average price per carton, compared to approximately 91,000 cartons sold at an $18.99 average price per carton during the fourth quarter of fiscal year 2024.

Specialty citrus, wine grape and other revenues were $2.9 million, compared to $3.5 million in the fourth quarter of fiscal year 2024.

Due to the termination of the farm management agreement with PGIM Real Estate Finance, LLC effective March 31, 2025, there was no farm management revenue in the fourth quarter of fiscal year 2025, compared to $2.9 million in the same period of fiscal year 2024.

Total costs and expenses in the fourth quarter of fiscal year 2025 were $53.9 million, compared to $46.6 million in the fourth quarter of last fiscal year.

Operating loss for the fourth quarter of fiscal year 2025 was $11.1 million, compared to operating loss of $2.8 million in the fourth quarter of the previous fiscal year.

------

Net loss applicable to common stock, after preferred dividends, for the fourth quarter of fiscal year 2025 was $8.8 million, compared to net loss applicable to common stock of $2.0 million in the fourth quarter of fiscal year 2024. Net loss per diluted share for the fourth quarter of fiscal year 2025 was $0.49, compared to net loss per diluted share of $0.11 for the same period of fiscal year 2024. The increase in net loss and net loss per share compared to the prior year period reflects $6.7 million in strategic transformation costs including expenses related to the Sunkist transition, tree disposals for the expansion of avocado production and other non-recurring costs and expenses.

Adjusted net loss for diluted EPS in the fourth quarter of fiscal year 2025 was $8.0 million or $0.45 per diluted share, compared to the fourth quarter of fiscal year 2024 adjusted net loss for diluted EPS of $1.6 million or $0.09 per diluted share. A reconciliation of net income or loss attributable to Limoneira Company to adjusted net income or loss for diluted EPS is provided at the end of this release.

Non-GAAP adjusted EBITDA was a loss of $7.0 million in the fourth quarter of fiscal year 2025, compared to income of $1.2 million in the same period of fiscal year 2024. A reconciliation of net income or loss attributable to Limoneira Company to non-GAAP adjusted EBITDA is provided at the end of this release.

**Fiscal Year 2025 Results**

For the fiscal year ended October 31, 2025, total net revenues were $159.7 million, compared to $191.5 million in fiscal year 2024. The decrease was primarily due to decreased agribusiness revenues from lemons, avocados, wine grapes and farm management, partially offset by increased agribusiness revenue from oranges. Operating loss for fiscal year 2025 was $20.4 million, compared to operating loss of $6.2 million last fiscal year. Net loss applicable to common stock, after preferred dividends, was $16.5 million for fiscal year 2025, compared to net income of $7.2 million last fiscal year. Net loss per diluted share for fiscal year 2025 was $0.93, compared to net income per diluted share of $0.40 in fiscal year 2024.

For fiscal year 2025, adjusted net loss for diluted EPS was $14.0 million compared to adjusted net income for diluted EPS of $11.0 million for fiscal year 2024. In fiscal year 2025, adjusted net loss per diluted share was $0.79 compared to adjusted net income per diluted share of $0.62 for fiscal year 2024, based on approximately 17.8 million and 17.7 million, respectively, adjusted weighted average diluted common shares outstanding.

**Balance Sheet and Liquidity**

During the fiscal year ended October 31, 2025, net cash used in operating activities was $6.0 million, compared to net cash provided by operating activities of $17.9 million in the prior fiscal year. Net cash used in investing activities was $18.3 million for fiscal year 2025, compared to net cash used in investing activities of $9.2 million in fiscal year 2024. For fiscal year 2025, net cash provided by financing activities was $22.8 million, compared to net cash used in financing activities of $9.3 million in the prior fiscal year.

Long-term debt as of October 31, 2025, was $72.5 million, compared to $40.0 million at the end of fiscal year 2024. Debt levels as of October 31, 2025, less $1.5 million of cash on hand, resulted in a net debt position of $71.0 million at the end of fiscal year 2025. In April 2025, the Company received a cash distribution of $10.0 million of its share of a $20.0 million cash distribution from its 50%/50% real estate development joint venture, *Harvest at Limoneira*, with The Lewis Group of Companies ("Lewis"). The distribution came from the joint venture's available cash and cash equivalents, which as of October 31, 2025, totaled $31.2 million.

------

**Real Estate Development and Water Transactions**

Limoneira is the general partner of Limco Del Mar, Ltd. ("Del Mar"), a California partnership that produces lemons and avocados and operates certain real property known as the Limco Del Mar ranch. To enable Limoneira to determine the strategy for Del Mar to enhance long term financial returns and provide liquidity for Del Mar's limited partners, on March 21, 2025, the Company made an offer to purchase up to 224,859 limited partner units of Del Mar from the limited partners (the "Offer"). On August 4, 2025, the Company closed the Offer and purchased 80,608 limited partnership units from 78 limited partners at a price of $70 per unit for approximately $5.6 million (the "Purchase"). The Purchase increased Limoneira's ownership from 28.8% to 54.5% and the Company recognized a gain of approximately $2.9 million.

In September 2025, Limoneira announced a plan to explore providing housing on the Limco Del Mar ranch to address Ventura County's housing needs. Limoneira believes that infill development, such as the Limco Del Mar project, offers the opportunity for efficient, balanced, and well-planned development that has the potential to stimulate economic growth, create jobs, and contribute to vibrant livable communities.

In April 2024, *Harvest at Limoneira* closed on lot sales representing 554 residential units, thus completing the sell-out of Phase 2 of the development. Total lot sales of 1,261 residential units closed since the project's inception. In May 2024, the Company announced that the Santa Paula City Council approved the proposal brought by the joint venture to increase the total number of residential units for the project from 1,500 to 2,050 units. The 550-unit increase will provide 250 additional single family for-sale homesites within Phase 3 of *Harvest at Limoneira*. A separate joint venture with Lewis plans to construct 300 multi-family rental homes on a mixed-use portion of the project.

In January 2025, the Company sold water pumping rights in the Santa Paula Basin for $30,000 per-acre foot in three separate transactions. The total selling price was $1.7 million, and the Company recorded a gain on sales of water rights of $1.5 million.

In November 2025, the Company sold its Chilean ranches, Pan de Azucar and San Pablo, for a sales price of approximately $15 million, with $6.8 million expected to be received in 60-90 days, of which approximately $0.7 million will be deferred until certain requirements have been fulfilled. The Company expects to shield the majority of the proceeds from Chilean tax liabilities associated with the sale. As part of the transaction, Limoneira maintains its 47% interest in a citrus packing, selling and marketing business in Chile. The two ranches consist of approximately 500 acres of lemons, 100 acres of oranges and other unplanted land.

**Fiscal Year 2026 Guidance and Longer-Term Outlook**

The Company expects fresh lemon volumes to be in the range of 4.0 million to 4.5 million cartons for fiscal year 2026. Avocado volumes are expected to be in the range of 5.0 million to 6.0 million pounds for fiscal year 2026.

The Company expects to receive total proceeds of approximately $180 million from Harvest, LLCB II, LLC and East Area II spread out over seven fiscal years, of which $10 million was received in April 2025 and $15 million was received in fiscal year 2024.

***Harvest at Limoneira Cash Flow Projections (in millions)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fiscal Year | **2024 Actual** | **2025 Actual** | **2026** | **2027** | **2028** | **2029** | **2030** |
| Projected Distributions | *$15* | *$10* | *$5* | *$35* | *$41* | *$32* | *$42* |

---

The Company has 700 acres of non-bearing avocados estimated to become full bearing over the next three to four years, which the Company expects will enable strong organic growth in the coming years. Additionally, the Company plans to continue expanding its plantings of avocados over the next two fiscal years. The foregoing describes organic growth opportunities and does not include potential acquisition opportunities for the Company in its highly fragmented industry.

------

**Conference Call Information**

The Company will host a conference call to discuss its financial results on December 23, 2025, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors interested in participating in the live call can dial (877) 407-0789 from the U.S. International callers can dial (201) 689-8562. A telephone replay will be available approximately three hours after the call concludes and will be available through January 6, 2026, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations; the passcode is 13756964.

**About Limoneira Company**

Limoneira Company, a 132-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lē moñ âra) is a dedicated sustainability company with 7,000 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona and Argentina. The Company is a leading producer of lemons and avocados that are enjoyed throughout the world. For more about Limoneira Company, visit <u>www.limoneira.com.</u>

**Investors**

John Mills

Managing Partner

ICR 646-277-1254

**Forward-Looking Statements**

*This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Limoneira's current expectations about future events and can be identified by terms such as "could," "expect," "may," "anticipate," "outlook," "plans," "intend," "should," "will," "likely," "strive," and similar expressions referring to future periods.*

*Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company's business plans and strategies, including the merger of the Company's citrus sales and marketing into Sunkist Growers Inc. and managing the risks involved in the foregoing; the ability of the merger to improve efficiency and reduce cost; changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh produce; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; inability to pay debt obligations; ability to maintain compliance with debt covenants under our loan agreements or obtain modifications, waivers or deferrals of such covenants; changes in interest rates and the impact of inflation; availability of financing for land development activities; general economic conditions for residential and commercial real estate development; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; government restrictions on land use; the impact of foreign exchange rate movements; loss of important intellectual property rights; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira's SEC filings that are available on the SEC's website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.*

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**LIMONEIRA COMPANY**

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
| | **October 31,** | **October 31,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $1509 | $2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 15432 | 14734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cultural costs | 2406 | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 4444 | 3849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables/other from related parties, net | 2973 | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 13718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 40482 | 25846 |
| Property, plant and equipment, net | 172645 | 162046 |
| Real estate development | 10628 | 10201 |
| Equity in investments | 72167 | 81546 |
| Goodwill | 1506 | 1504 |
| Intangible assets, net | 2621 | 5221 |
| Other assets | 11088 | 12451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $311137 | $298815 |
| **Liabilities, Convertible Preferred Stock and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $7896 | $7260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growers and suppliers payable | 6885 | 8960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 9290 | 12483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables to related parties | 5989 | 5542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 31 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 30091 | 34804 |
| Long-term liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, less current portion | 72450 | 40031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 15378 | 20084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 2381 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 120300 | 96314 |
| Commitments and contingencies |  |  |
| Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at October 31, 2025 and October 31, 2024) (8.75% coupon rate) | 1479 | 1479 |
| Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at October 31, 2025 and October 31, 2024) (4% dividend rate on liquidation value of $1,000 per share) | 9331 | 9331 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at October 31, 2025 and October 31, 2024) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock – $0.01 par value (39,000,000 shares authorized: 18,287,868 and 18,284,148 shares issued and 18,036,891 and 18,033,171 shares outstanding at October 31, 2025 and October 31, 2024, respectively) | 180 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 171365 | 170243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | (1070) | 20826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (6270) | (6614) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost, 250,977 shares at October 31, 2025 and October 31, 2024 | (3493) | (3493) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 19315 | 10549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 180027 | 191691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, convertible preferred stock and stockholders' equity | $311137 | $298815 |

---

------

**LIMONEIRA COMPANY**

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>October 31,** | **Three Months Ended<br>October 31,** | **Fiscal Year Ended<br>October 31,** | **Fiscal Year Ended<br>October 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agribusiness | $41309 | $42478 | $153685 | $185923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operations | 1512 | 1383 | 6038 | 5580 |
| Total net revenues | 42821 | 43861 | 159723 | 191503 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agribusiness | 47557 | 39820 | 154810 | 164807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operations | 1211 | 1413 | 4477 | 5274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible asset |  |  |  | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of water rights |  |  | (1488) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposal of assets, net | 679 | (378) | 706 | (507) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on remeasurement of previously held equity method investment | (2852) |  | (2852) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 7310 | 5757 | 24475 | 27464 |
| Total costs and expenses | 53905 | 46612 | 180128 | 197681 |
| Operating loss | (11084) | (2751) | (20405) | (6178) |
| Other (expense) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 12 | 55 | 62 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of patronage dividends | (655) | (130) | (1553) | (961) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of investments, net | (69) | 1240 | 798 | 18356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 67 | (12) | 93 | 212 |
| Total other (expense) income | (645) | 1153 | (600) | 17725 |
| (Loss) income before income tax benefit (provision) | (11729) | (1598) | (21005) | 11547 |
| Income tax benefit (provision) | 2725 | (322) | 4649 | (4373) |
| Net (loss) income | (9004) | (1920) | (16356) | 7174 |
| Net loss attributable to noncontrolling interests, net | 313 | 61 | 375 | 542 |
| Net (loss) income attributable to Limoneira Company | (8691) | (1859) | (15981) | 7716 |
| Preferred dividends | (125) | (125) | (501) | (501) |
| Net (loss) income applicable to common stock | $(8816) | $(1984) | $(16482) | $7215 |
| Basic net (loss) income per common share | $(0.49) | $(0.11) | $(0.93) | $0.40 |
| Diluted net (loss) income per common share | $(0.49) | $(0.11) | $(0.93) | $0.40 |
| Weighted-average common shares outstanding-basic | 17871 | 17760 | 17834 | 17715 |
| Weighted-average common shares outstanding-diluted | 17871 | 17760 | 17834 | 17715 |

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**Non-GAAP Financial Measures**

Due to significant depreciable assets associated with the nature of the Company's operations and interest costs associated with the Company's capital structure, management believes that earnings before interest, income taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA, which excludes stock-based compensation, impairment of intangible asset, loss (gain) on disposal of assets, net, cash severance benefits, contract termination fee and gain on remeasurement of previously held equity method investment are important measures to evaluate the Company's results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to the Company and may not be consistent with methodologies used by other companies.

EBITDA and adjusted EBITDA are summarized and reconciled to net (loss) income attributable to Limoneira Company, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP, as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>October 31,** | **Three Months Ended<br>October 31,** | **Fiscal Year Ended<br>October 31,** | **Fiscal Year Ended<br>October 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income attributable to Limoneira Company | $(8691) | $(1859) | $(15981) | $7716 |
| Interest income | (12) | (55) | (62) | (118) |
| Interest expense, net of patronage dividends | 655 | 130 | 1553 | 961 |
| Income tax (benefit) provision | (2725) | 322 | (4649) | 4373 |
| Depreciation and amortization | 2602 | 2101 | 9209 | 8374 |
| EBITDA | (8171) | 639 | (9930) | 21306 |
| Stock-based compensation | 832 | 977 | 3077 | 4116 |
| Impairment of intangible asset |  |  |  | 643 |
| Loss (gain) on disposal of assets, net | 679 | (378) | 706 | (507) |
| Cash severance benefits | 447 | (38) | 447 | 1160 |
| Contract termination fee | 2100 |  | 2100 |  |
| Gain on remeasurement of previously held equity method investment | (2852) |  | (2852) |  |
| Adjusted EBITDA | $(6965) | $1200 | $(6452) | $26718 |

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The following is a reconciliation of net (loss) income attributable to Limoneira Company to adjusted net (loss) income for diluted EPS (in thousands, except per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>October 31,** | **Three Months Ended<br>October 31,** | **Fiscal Year Ended<br>October 31,** | **Fiscal Year Ended<br>October 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income attributable to Limoneira Company | $(8691) | $(1859) | $(15981) | $7716 |
| Effect of preferred stock and unvested, restricted stock | (138) | (147) | (566) | (685) |
| Stock-based compensation | 832 | 977 | 3077 | 4116 |
| Impairment of intangible asset |  |  |  | 643 |
| Loss (gain) on disposal of assets, net | 679 | (378) | 706 | (507) |
| Cash severance benefits | 447 | (38) | 447 | 1160 |
| Contract termination fee | 2100 |  | 2100 |  |
| Gain on remeasurement of previously held equity method investment | (2852) |  | (2852) |  |
| Tax effect of adjustments at federal and state rates | (332) | (154) | (957) | (1489) |
| Adjusted net (loss) income for diluted EPS | $(7955) | $(1599) | $(14026) | $10954 |
| Diluted net (loss) income per common share | $(0.49) | $(0.11) | $(0.93) | $0.40 |
| Adjusted diluted net (loss) income per common share | $(0.45) | $(0.09) | $(0.79) | $0.62 |
| Weighted-average common shares outstanding - diluted | 17871 | 17760 | 17834 | 17715 |
| Adjusted weighted-average common shares outstanding - diluted | 17871 | 17760 | 17834 | 17715 |

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**Supplemental Information**

(in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Agribusiness Segment Information for the Three Months Ended October 31, 2025** | **Agribusiness Segment Information for the Three Months Ended October 31, 2025** | **Agribusiness Segment Information for the Three Months Ended October 31, 2025** | **Agribusiness Segment Information for the Three Months Ended October 31, 2025** | **Agribusiness Segment Information for the Three Months Ended October 31, 2025** |
| | **Fresh<br>Lemons** | **Lemon<br>Packing** | **<br>Avocados** | **Other<br>Agribusiness** | **Total<br>Agribusiness** |
| Revenues from external customers | $26279 | $8928 | $311 | $5791 | $41309 |
| Costs and expenses, excluding depreciation and amortization: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Labor and benefits |  | 5053 |  |  | 5053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Packing supplies and fruit treatments |  | 4057 |  |  | 4057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvest costs | 2091 |  | 60 | 257 | 2408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growing costs | 2955 |  | 553 | 2318 | 5826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third party grower and supplier costs | 21496 |  |  | 3112 | 24608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items |  | 2830 |  | 414 | 3244 |
| Total costs and expenses, excluding depreciation and amortization | 26542 | 11940 | 613 | 6101 | 45196 |
| Depreciation and amortization |  |  |  |  | 2361 |
| Operating loss | $(263) | $(3012) | $(302) | $(310) | $(6248) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Agribusiness Segment Information for the Three Months Ended October 31, 2024** | **Agribusiness Segment Information for the Three Months Ended October 31, 2024** | **Agribusiness Segment Information for the Three Months Ended October 31, 2024** | **Agribusiness Segment Information for the Three Months Ended October 31, 2024** | **Agribusiness Segment Information for the Three Months Ended October 31, 2024** |
| | **Fresh<br>Lemons** | **Lemon<br>Packing** | **<br>Avocados** | **Other<br>Agribusiness** | **Total<br>Agribusiness** |
| Revenues from external customers | $20075 | $5373 | $8869 | $8161 | $42478 |
| Costs and expenses, excluding depreciation and amortization: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Labor and benefits |  | 3410 |  |  | 3410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Packing supplies and fruit treatments |  | 1428 |  |  | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvest costs | 2080 |  | 967 | 397 | 3444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growing costs | 2698 |  | 838 | 4737 | 8273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third party grower and supplier costs | 16845 |  |  | 1809 | 18654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items |  | 2463 |  | 362 | 2825 |
| Total costs and expenses, excluding depreciation and amortization | 21623 | 7301 | 1805 | 7305 | 38034 |
| Depreciation and amortization |  |  |  |  | 1786 |
| Operating income (loss) | $(1548) | $(1928) | $7064 | $856 | $2658 |

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**Supplemental Information (continued)**

(in thousands, except acres and average price amounts):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Lemons** | **Q4 2025** | **Q4 2024** | **Lemon Packing** | **Q4 2025** | **Q4 2024** |
| United States: |  |  | Cartons packed and sold | 821 | 470 |
| Acres harvested | 1600 | 1900 | Revenue | $8928 | $5373 |
| Limoneira cartons sold | 355 | 186 | Direct costs | $11940 | $7301 |
| Third-party grower cartons sold | 466 | 284 | Operating loss | $(3012) | $(1928) |
| Average price per carton | $23.33 | $17.95 |  |  |  |
|  |  |  | **Avocados** | **Q4 2025** | **Q4 2024** |
| Chile: |  |  | Pounds sold | 396 | 4622 |
| Lemon revenue | $663 | $876 | Average price per pound | $0.79 | $1.92 |
| 40-pound carton equivalents | 270 | 279 |  |  |  |
|  |  |  | **Other Agribusiness** | **Q4 2025** | **Q4 2024** |
| Other: |  |  | Orange cartons sold | 148 | 91 |
| Packing and handling | $2680 | $1375 | Average price per carton | $19.67 | $18.99 |
| Lemon by-product sales | $246 | $92 | Specialty citrus cartons sold | 12 | 8 |
| Brokered lemons and other lemon sales | $12468 | $14661 | Average price per carton | $30.74 | $42.63 |
|  |  |  | Farm management | $— | $2916 |
| **Agribusiness costs and expenses** | **Q4 2025** | **Q4 2024** | Other | $2502 | $3176 |
| Packing costs | $11940 | $7301 |  |  |  |
| Harvest costs | 2408 | 3444 |  |  |  |
| Growing costs | 5826 | 8273 |  |  |  |
| Third-party grower and supplier costs | 24608 | 18654 |  |  |  |
| Other costs | 414 | 362 |  |  |  |
| Depreciation and amortization | 2361 | 1786 |  |  |  |
| Agribusiness costs and expenses | $47557 | $39820 |  |  |  |

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