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01/11 16:22
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents mixed signals. Strong revenue growth from land management and increased cash reserves are positive, but high operating expenses and net loss are concerning. The strategic transformation and land sales guidance are promising, yet uncertainties in land sales timing and Corkscrew project milestones create ambiguity. The Q&A session reveals management's lack of clarity on key issues, which could unsettle investors. Overall, these factors balance out to a neutral sentiment.
Revenue for Q3 2025 $8.4 million, a decrease of 38% year-over-year from $13.6 million. The decline was attributed to lower harvest volumes caused by Hurricane Milton in October 2024.
Revenue for 9 months ended June 30, 2025 $43.3 million, a decrease of 5% year-over-year from $45.7 million. The decline was due to lower harvest volumes caused by Hurricane Milton.
Alico Citrus Harvest Volumes for Q3 2025 2.1 million pound solids, a decrease from 4.3 million pound solids year-over-year. The reduction was driven by the impact of Hurricane Milton.
Alico Citrus Harvest Volumes for 9 months ended June 30, 2025 10.8 million pound solids, a decrease from 14.7 million pound solids year-over-year. The reduction was driven by the impact of Hurricane Milton.
Blended Price Per Pound Solid for Q3 2025 Increased by $0.81 year-over-year due to more favorable pricing in a contract with Tropicana.
Blended Price Per Pound Solid for 9 months ended June 30, 2025 Increased by $0.85 year-over-year due to more favorable pricing in a contract with Tropicana.
Land Management and Other Operations Revenue for Q3 2025 Increased by 57% year-over-year due to higher rock and sand royalty income and sat sales, partially offset by lower farming, grazing, and hunting lease revenues.
Land Management and Other Operations Revenue for 9 months ended June 30, 2025 Increased by 68% year-over-year due to higher rock and sand royalty income and sat sales, partially offset by lower farming, grazing, and hunting lease revenues.
Operating Expenses for Q3 2025 $36.4 million, an increase from $17.9 million year-over-year. The increase was driven by the decision to wind down citrus operations and impairment of young trees.
Operating Expenses for 9 months ended June 30, 2025 $229.3 million, an increase from $82.4 million year-over-year. The increase was driven by the decision to wind down citrus operations and impairment of young trees.
General and Administrative Expenses for Q3 2025 Increased by $0.4 million year-over-year due to accelerated depreciation on administrative assets and higher legal fees related to strategic transformation.
General and Administrative Expenses for 9 months ended June 30, 2025 Increased by $0.8 million year-over-year due to accelerated depreciation on administrative assets and higher legal fees related to strategic transformation.
Net Loss for Q3 2025 $18.3 million, an increase from $2 million year-over-year. The increase was due to accelerated depreciation of citrus trees, lower revenue from Hurricane Milton, partially offset by $16 million in crop insurance proceeds.
Net Loss Per Diluted Common Share for Q3 2025 $2.39, compared to $0.27 year-over-year. The increase was due to the same factors affecting net loss.
EBITDA for Q3 2025 $19.2 million, an increase from $1.3 million year-over-year. The increase was driven by crop insurance proceeds and gains from land and equipment sales.
Adjusted EBITDA for Q3 2025 $19.3 million, an increase from $1.3 million year-over-year. The increase was driven by crop insurance proceeds and gains from land and equipment sales.
Cash and Cash Equivalents as of June 30, 2025 $42.1 million, an increase from $3.2 million at the end of fiscal year 2024. The increase was due to land sales and crop insurance proceeds.
Net Cash Provided by Operating Activities for 9 months ended June 30, 2025 $22.8 million, compared to net cash used of $18.7 million year-over-year. The improvement was due to land sales and crop insurance proceeds.
Total Debt as of June 30, 2025 $85.2 million, compared to $92.1 million at the end of fiscal year 2024. The decrease was due to debt repayments.
Net Debt as of June 30, 2025 $43.2 million, compared to $89 million at the end of fiscal year 2024. The decrease was due to increased cash position and debt repayments.
Final major citrus harvest: Successfully completed the last major citrus harvest, marking the end of capital-intensive citrus production operations.
Land sales: Generated $9.3 million from land and equipment sales in Q3, with year-to-date land sales reaching $23.5 million, exceeding the $20 million guidance for fiscal 2025.
Corkscrew Grove Villages development: Achieved a major regulatory milestone with the approval of House Bill 4041, creating the Corkscrew Grove stewardship district, facilitating infrastructure financing and community development.
Leasing agreements: Negotiated agreements to lease 5,250 acres to third-party citrus growers and discussions with vegetable and fruit growers for land use.
Revenue from diversified operations: Land management and other operations revenue increased by 57% and 68% for the 3 and 9 months ended June 30, 2025, respectively, driven by rock and sand royalty income and sales.
Strategic transformation: Transitioned from citrus production to a diversified land company model, focusing on land monetization and development.
Financial position: Strengthened financial position with $42.1 million in cash and $92.5 million available on the line of credit, ensuring liquidity for operations through fiscal 2027.
Hurricane Milton Impact: The hurricane in October 2024 significantly reduced harvest volumes in 2025 compared to 2024, leading to lower revenue from citrus operations.
Strategic Transformation Costs: The decision to wind down citrus operations resulted in accelerated depreciation of $40.7 million on citrus trees and increased operating expenses.
Revenue Decline: Revenue decreased by 38% in Q3 2025 compared to the prior year, driven by lower harvest volumes and the transition away from citrus production.
Regulatory and Development Risks: The Corkscrew Grove Villages development project is subject to regulatory approvals and feedback from agencies, which could delay or complicate the entitlement process.
Economic Uncertainty: The company’s reliance on land sales and crop insurance proceeds to strengthen its financial position highlights potential vulnerabilities to market conditions and economic fluctuations.
Operational Transition Challenges: The shift from citrus production to a diversified land company model involves risks related to maintaining productive use of agricultural lands and securing revenue during the transition.
Fiscal Year 2025 Adjusted EBITDA: The company continues to expect approximately $20 million in adjusted EBITDA for fiscal 2025.
Land Sales Guidance: Year-to-date land sales have reached $23.5 million, exceeding the original $20 million guidance. The company believes there is potential to achieve another $25 million in land sales before year-end.
Cash Position and Liquidity: The company is positioned to end the fiscal year with at least $25 million in cash and sufficient liquidity to fund operations through fiscal year 2027.
Corkscrew Grove Stewardship District Development: The company has achieved a significant regulatory milestone with the establishment of the Corkscrew Grove Stewardship District. The entitlement process is progressing as expected, with a final decision anticipated in 2026.
Diversified Agricultural Partnerships: Leasing arrangements with citrus growers and discussions with vegetable and fruit growers are generating revenue while maintaining productive use of land during the transition.
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The earnings call presents mixed signals. While financial performance exceeds guidance and liquidity is strong, revenue declines due to the exit from citrus operations. The company's strategic transformation shows potential, but uncertainties in land sales guidance and regulatory risks remain. The Q&A section highlights management's reluctance to provide future land sales guidance, which could concern investors. Overall, the combination of positive financial metrics and strategic risks results in a neutral sentiment.
The earnings call presents mixed signals. Strong revenue growth from land management and increased cash reserves are positive, but high operating expenses and net loss are concerning. The strategic transformation and land sales guidance are promising, yet uncertainties in land sales timing and Corkscrew project milestones create ambiguity. The Q&A session reveals management's lack of clarity on key issues, which could unsettle investors. Overall, these factors balance out to a neutral sentiment.
The earnings call presents mixed signals. The strategic transformation and land sales offer potential, but the financial performance shows significant losses due to non-cash charges. The share repurchase program is a positive indicator, but the unclear management responses on land sales and financial risks cause uncertainty. The Q&A section did not provide additional clarity, maintaining a neutral sentiment. Given the lack of market cap data, the stock's reaction might be muted, resulting in a neutral prediction for the stock price movement over the next two weeks.
Despite an increase in revenue and improved EBITDA, significant concerns remain due to ongoing citrus challenges, a substantial net loss, and increased debt. The absence of land sales compared to the prior year and lower harvest volumes expected in 2025 further add to the negative sentiment. While the company has a plan for shareholder returns, the risks associated with citrus operations and weather-related impacts overshadow positive aspects. The lack of Q&A insights also leaves uncertainties unaddressed, contributing to a negative outlook.
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