The revenue beat and raised avocado guidance provide a positive narrative, but the GAAP loss and debt increase are material headwinds. Watch for Q3/Q4 lemon volume ramp under Sunkist and any water monetization announcement. The $16M vineyard sale closing in Q4 is a near-term cash catalyst.
Price Chart
Executive Summary
Limoneira reported Q2 FY2026 revenue of $23.9M, exceeding the $21.4M consensus, but GAAP net loss widened to -$1.20/share from -$0.20 YoY due to $9.3M impairment and $7.8M loss on asset disposals. Avocado volume guidance was raised to 5.5M-6.5M lbs, and the company signed a $16M partial sale of its Paso Robles vineyard and an Agromin JV, but the headline GAAP loss and $93.7M debt overhang cap the bullish read-through.
Key Financial Metrics
Key Facts
- Q2 FY2026 revenue $23.9M vs consensus $21.4M (beat); YoY revenue declined from $35.1M due to Sunkist transition and exited businesses.
- GAAP net loss per diluted share -$1.20 vs -$0.20 YoY; adjusted net loss per share -$0.29 vs -$0.17 YoY.
- Avocado volume guidance raised to 5.5M-6.5M lbs from 5.0M-6.0M lbs; lemon volume guidance maintained at 4.0M-4.5M cartons.
- Non-cash impairment of $9.3M on Windfall Farms and $7.8M loss on disposal of Yuma lemon orchards drove operating loss to -$21.7M.
- Long-term debt rose to $93.7M from $72.5M at FY2025 year-end; net cash used in operations was $16.1M in H1 FY2026 vs $4.0M in H1 FY2025.
- Agromin JV (50/50) and $16M partial sale of Paso Robles vineyard signed; water monetization still expected in FY2026.
Financial Impact
Revenue beat of ~$2.5M vs consensus but GAAP loss widened by ~$17.9M YoY; adjusted EBITDA loss of -$1.7M vs -$0.2M YoY.
Risk Factors
- Debt increased to $93.7M with negative operating cash flow; liquidity risk if asset sales delay.
- Sunkist transition depresses H1 revenue; H2 volume ramp is unproven and subject to weather/pricing.
- Impairments and asset disposals signal ongoing portfolio restructuring; further write-downs possible.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001342423-26-000022 |
| Document: lmnr-20260609.htm | 0001342423-26-000022 |
| Document: 0001342423-26-000022-index-headers.html | 0001342423-26-000022 |
| Document: 0001342423-26-000022-index.html | 0001342423-26-000022 |
| Document: 0001342423-26-000022.txt | 0001342423-26-000022 |
| 8-K Data (Synthetic) | 0001342423-26-000022 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 3d ago | 8-K | $10.96 | awaiting T+60 | — | $10.77 (−1.73%) |
Jun 9, 2026 19w ago | 8-K | $13.18 $15.00 | ▲ +13.81% | ▲ +7.23% | $10.77 (−18.29%) |
Apr 20, 2026 26w ago | 8-K | $12.56 $14.00 | ▼ −11.46% | ▼ −4.57% | $10.77 (+14.25%) |
US Market Status
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