Limoneira Company (LMNR) Q3 2026 Financial Results Summary
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Limoneira Company (LMNR) Q3 2026: Revenue Decline, Adjusted EBITDA Growth — Mixed Results
In the third quarter of fiscal year 2026, Limoneira Company reported total net revenues of $43.8 million, a decrease of $3.7 million or -7.8% compared to $47.5 million in the same quarter of the previous fiscal year. This decline was primarily attributed to lower lemon sales volume, despite an increase in fresh lemon carton sales prices.
Overall, this quarter presents a mixed bag for shareholders. While the revenue decline is disappointing, the company achieved an adjusted EBITDA of $3.9 million, up from $3.0 million in Q3 2025, indicating improved operational efficiency and cost management. However, the operating loss of $3.0 million compared to a loss of $0.6 million in the prior year raises concerns about profitability.
Key Financial Metrics:
- Total Net Revenues: $43.8 million (Q3 2026) vs. $47.5 million (Q3 2025)
- Agribusiness Revenues: $42.2 million (Q3 2026) vs. $45.9 million (Q3 2025)
- Adjusted EBITDA: $3.9 million (Q3 2026) vs. $3.0 million (Q3 2025)
- Operating Loss: $3.0 million (Q3 2026) vs. $0.6 million (Q3 2025)
- Net Loss Applicable to Common Stock: $3.0 million (Q3 2026) vs. $1.0 million (Q3 2025)
- Net Loss per Diluted Share: $0.17 (Q3 2026) vs. $0.06 (Q3 2025)
Dividend and Share Buyback:
There were no announcements regarding dividends or share buybacks in this quarter's report.
Guidance and Future Outlook:
Limoneira has raised its avocado volume guidance for fiscal year 2026 to a range of 7.0 million to 7.25 million pounds, up from the previous range of 5.5 million to 6.5 million pounds. The company expects to produce more than 10 million pounds of avocados in fiscal year 2027, representing an increase of approximately 30% over fiscal year 2026. This growth is driven by the planting of 400 acres of avocados in 2023 and 2024.
Additionally, the company is set to close the sale of Windfall Farms for $15.0 million on September 14, 2026, which is part of its strategy to monetize non-strategic assets and strengthen its balance sheet.
Forward Catalysts:
Investors should watch for the upcoming monetization events related to the company's water rights and the anticipated growth in avocado production. The fourth quarter is expected to yield another quarter of positive adjusted EBITDA, which could signal a turnaround in operational performance.
In summary, while the revenue decline in Q3 2026 is concerning, the growth in adjusted EBITDA and the strategic initiatives in place provide a cautiously optimistic outlook for Limoneira's future performance.
Note: The following tables are in thousands.
| Three Months Ended July 31, 2026 | Three Months Ended July 31, 2025 | Nine Months Ended July 31, 2026 | Nine Months Ended July 31, 2025 |
|---|---|---|---|
| Agribusiness: $42,165 | $45,942 | $81,451 | $112,300 |
| Other operations: $1,644 | $1,536 | $4,489 | $4,526 |
| Total net revenues: $43,809 | $47,478 | $85,940 | $116,900 |
| Agribusiness costs: $37,252 | $42,050 | $83,429 | $107,200 |
| Other operations costs: $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 expense (loss on disposal of assets, net): $335 | $15 | $8,229 | $27 |
| Other operating income: $0 | $0 | -$1,114 | $0 |
| Selling, general and administrative costs: $4,015 | $4,957 | $14,028 | $17,165 |
| Total costs and expenses: $46,769 | $48,108 | $121,145 | $126,200 |
| Operating loss: -$2,960 | -$630 | -$35,205 | -$9,321 |
| 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: -$0.17 | -$0.06 | -$1.91 | -$0.43 |
| Diluted net loss per common share: -$0.17 | -$0.06 | -$1.91 | -$0.43 |
| Weighted-average common shares outstanding: 17,962 | 17,854 | 17,932 | 17,823 |
| Weighted-average common shares outstanding, assuming dilution: 17,962 | 17,854 | 17,932 | 17,823 |
Note: The following table is in thousands.
| July 31, 2026 | October 31, 2025 |
|---|---|
| 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 |
| 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 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 |
| Series B Convertible Preferred Stock: $1,331 | $1,479 |
| Series B-2 Convertible Preferred Stock: $9,331 | $9,331 |
| Common Stock: $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: -$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 |
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