DivestmentJun 9, 2026, 04:07 PM
Limoneira Q2 Net Loss $(21.4M) on Major Asset Divestments & Impairments
AI Summary
Limoneira reported a net loss of $21.4 million for the second quarter of fiscal year 2026, significantly wider than the prior year, primarily due to strategic asset divestments and related impairment charges. The company sold its Chilean orchards for $14.97 million, recognized an impairment of $9.32 million on its Windfall Farms property, and recorded a $7.17 million loss from ceasing citrus farming operations in Arizona. These actions are part of a strategic plan to monetize water rights and focus on core operations.
Key Highlights
- Net loss attributable to Limoneira Company was $(21.4) million for Q2 2026, compared to $(3.36) million in Q2 2025.
- Basic net loss per common share was $(1.20) for Q2 2026, versus $(0.20) in Q2 2025.
- Total net revenues decreased to $23.93 million in Q2 2026 from $35.12 million in Q2 2025.
- Recorded an impairment of $9.32 million on the Windfall Farms property in Q2 2026.
- Recognized a $7.17 million loss on disposal from ceasing citrus farming operations in Arizona in Q2 2026.
- Sold Chilean orchards (Pan de Azucar and San Pablo) for $14.97 million, reclassifying $5.74 million in foreign currency translation losses to earnings.
- Net cash used in operating activities increased to $(16.21) million for the six months ended April 30, 2026, from $(3.98) million in the prior year.
- Long-term debt, less current portion, increased to $93.71 million as of April 30, 2026, from $72.45 million as of October 31, 2025.
Price Impact
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