$LMNR

Limoneira CO

CIK:0001342423|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Net revenues:
Agribusiness	$ 42,165	$ 45,942	$ 81,451	$ 112,376
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Agribusiness	Agribusiness	Agribusiness	Agribusiness
Other operations	$ 1,644	$ 1,536	$ 4,489	$ 4,526
Total net revenues	43,809	47,478	85,940	116,902
Costs and expenses:
Agribusiness	$ 37,252	$ 42,050	$ 83,429	$ 107,253
Cost, Product and Service [Extensible List]	Agribusiness	Agribusiness	Agribusiness	Agribusiness
Other operations	$ 1,038	$ 1,086	$ 3,120	$ 3,266
Impairment of assets	4,129	0	13,453	0
Gain on sales of water rights	0	0	0	(1,488)
Loss and expected loss on disposal of assets, net	335	15	8,229	27
Other operating income	0	0	(1,114)	0
Selling, general and administrative	4,015	4,957	14,028	17,165
Total costs and expenses	46,769	48,108	121,145	126,223
Operating loss	(2,960)	(630)	(35,205)	(9,321)
Other (expense) income:
Interest income	28	22	152	50
Interest expense, net of patronage dividends	(1,114)	(410)	(2,453)	(898)
Equity in earnings (losses) of investments, net	62	274	(149)	867
Other income (expense), net	8	10	(5,935)	26
Total other (expense) income	(1,016)	(104)	(8,385)	45
Loss before income tax benefit (provision)	(3,976)	(734)	(43,590)	(9,276)
Income tax benefit (provision)	1,025	(182)	9,002	1,924
Net loss	(2,951)	(916)	(34,588)	(7,352)
Net (income) loss attributable to noncontrolling interests, net	(42)	61	748	62
Net loss attributable to Limoneira Company	(2,993)	(855)	(33,840)	(7,290)
Preferred dividends	0	(125)	(125)	(376)
Net loss applicable to common stock	$ (2,993)	$ (980)	$ (33,965)	$ (7,666)
Basic net loss per common share (in dollars per share)	$ (0.17)	$ (0.06)	$ (1.91)	$ (0.43)
Diluted net loss per common share (in dollars per share)	$ (0.17)	$ (0.06)	$ (1.91)	$ (0.43)
Weighted-average common shares outstanding-basic (in shares)	17,962	17,854	17,932	17,823
Weighted-average common shares outstanding-diluted (in shares)	17,962	17,854	17,932	17,823

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Operating activities
Net loss	$ (34,588)	$ (7,352)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,120	6,607
Impairment of assets	13,453	0
Loss and expected loss on disposal of assets, net	8,229	27
Accumulated other comprehensive loss reclassified to earnings	5,744	0
Gain on sales of water rights	0	(1,488)
Stock compensation expense	1,034	2,245
Non-cash lease expense	607	1,468
Equity in losses (earnings) of investments, net	149	(867)
Cash distributions from equity investments	0	10,092
Deferred income taxes	(9,293)	(1,924)
Other, net	2	(11)
Changes in operating assets and liabilities:
Accounts receivable and receivables/other from related parties	1,070	(4,837)
Cultural costs	567	(1,523)
Prepaid expenses and other current assets	433	197
Other assets	(1,924)	53
Accounts payable and growers and suppliers payable	(1,954)	(3,238)
Accrued liabilities and payables to related parties	(4,810)	(5,811)
Income taxes receivable (payable)	103	(680)
Other long-term liabilities	(832)	91
Net cash used in operating activities	(15,890)	(6,951)
Investing activities
Capital expenditures	(12,174)	(9,617)
Net proceeds from sales of assets	6,305	404
Proceeds from sales of water rights	0	1,740
Cash distributions from Trapani Fresh	102	41
Cash paid to acquire additional shares of Limco Del Mar	(67)	0
Collection on notes receivable	0	68
Equity investment contributions and capitalized interest	(2,834)	(2,283)
Cash distributions from equity investment	0	297
Investments in mutual water companies and water rights	(801)	(507)
Net cash used in investing activities	(9,469)	(9,857)
Financing activities
Borrowings of long-term debt	112,518	118,852
Repayments of long-term debt	(83,487)	(96,077)
Principal paid on finance leases and equipment financings	(951)	(809)
Dividends paid – common	(1,358)	(4,060)
Dividends paid – preferred	(125)	(376)
Exchange of common stock	(423)	(1,639)
Other	(5)	0
Net cash provided by financing activities	26,169	15,891
Effect of exchange rate changes on cash	(109)	32
Net increase (decrease) in cash	701	(885)
Cash at beginning of period	1,509	2,996
Cash at end of period	2,210	2,111
Supplemental disclosures of cash flow information
Cash paid during the period for interest (net of amounts capitalized)	2,347	638
Cash paid during the period for income taxes, net	188	694
Non-cash investing and financing activities:
Capital expenditures accrued but not paid at period-end	518	782
Notes receivable in exchange for sale of assets	$ 7,800	$ 0

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jul. 31, 2026	Oct. 31, 2025
Current assets:
Cash	$ 2,210	$ 1,509
Accounts receivable, net	15,341	15,432
Cultural costs	1,586	2,406
Prepaid expenses and other current assets	4,177	4,444
Receivables/other from related parties, net	1,795	2,973
Assets held for sale	14,164	13,718
Total current assets	39,273	40,482
Property, plant and equipment, net	142,516	172,645
Real estate development	11,896	10,628
Equity in investments	74,852	72,167
Goodwill	1,373	1,506
Intangible assets, net	2,185	2,621
Other assets	27,259	11,088
Total assets	299,354	311,137
Current liabilities:
Accounts payable	5,743	7,896
Growers and suppliers payable	6,976	6,885
Accrued liabilities	7,457	9,290
Payables to related parties	5,072	5,989
Current portion of long-term debt	837	31
Total current liabilities	26,085	30,091
Long-term liabilities:
Long-term debt, less current portion	100,677	72,450
Deferred income taxes	6,085	15,378
Other long-term liabilities	5,337	2,381
Total liabilities	138,184	120,300
Commitments and contingencies	0	0
Stockholders’ equity:
Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at July 31, 2026 and October 31, 2025)	0	0
Common Stock – $0.01 par value (39,000,000 shares authorized: 18,382,984 and 18,287,868 shares issued and 18,132,007 and 18,036,891 shares outstanding at July 31, 2026 and October 31, 2025, respectively)	181	180
Additional paid-in capital	172,123	171,365
Accumulated deficit	(36,393)	(1,070)
Accumulated other comprehensive loss	(309)	(6,270)
Treasury stock, at cost, 250,977 shares at July 31, 2026 and October 31, 2025	(3,493)	(3,493)
Noncontrolling interests	18,399	19,315
Total stockholders’ equity	150,508	180,027
Total liabilities, convertible preferred stock and stockholders’ equity	299,354	311,137
Series B Convertible Preferred Stock
Long-term liabilities:
Convertible preferred stock	$ 1,331	$ 1,479
Stockholders’ equity:
Convertible preferred stock, shares outstanding (in shares)	13,311	14,790
Convertible preferred stock, shares issued (in shares)	13,311	14,790
Series B-2 Convertible Preferred Stock
Long-term liabilities:
Convertible preferred stock	$ 9,331	$ 9,331
Stockholders’ equity:
Convertible preferred stock, shares outstanding (in shares)	9,300	9,300
Convertible preferred stock, shares issued (in shares)	9,300	9,300