ALICO, INC. (ALCO)

CIK: 0000003545. SIC: 0100 Agricultural Production-Crops. Latest 10-K as of: 2025-11-24.

SIC breadcrumb: Agriculture, Forestry, And Fishing > SIC Major Group 01 > SIC 0100 Agricultural Production-Crops

SEC company page: https://www.sec.gov/edgar/browse/?CIK=3545. Latest filing source: 0000003545-25-000140.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000003545.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000003545.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0000003545-26-000026.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-05-11. Report date: 2026-03-31.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and related Notes thereto and other information included elsewhere in this Quarterly Report, our 2025 Annual Report on Form 10-K, and in our other filings with the SEC. Our actual results of operations may differ materially from those discussed in forward-looking statements as a result of various factors, including, but not limited to, those included our 2025 Annual Report on Form 10-K and other portions of this Quarterly Report. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. In the following discussion and analysis, dollars are in thousands, except per share and per acre amounts.

Business Overview

Business Description

Alico, Inc., together with its subsidiaries (collectively, “Alico”, the “Company”, “we”, “us” or “our”) currently generates operating revenues primarily from the sale of our citrus products, and through leases of citrus groves, as well as farming, grazing and hunting leases, activities related to rock and sand mining royalties, sod sales, leases of oil extraction rights to third parties, and other miscellaneous operations generating income. We operate as two business segments, and all of our operating revenues are generated in the United States. While Alico Citrus, which holds the Company’s citrus production operations, has substantially wound down operations after the 2024/2025 harvest due to environmental and financial challenges, Alico remains committed to Florida’s agriculture industry, and will focus on its long-term diversified land usage and real estate development strategy.

For the three months ended March 31, 2026 and 2025, we generated operating revenue of $5,340 and $17,980, respectively, net income (loss) from operations of $7,821 and $(153,085), respectively, and net income (loss) attributable to common stockholders of $11,381 and $(111,385), respectively. Net cash used in operating activities was $4,809 and $571 for the six months ended March 31, 2026 and 2025, respectively.

Business Segments

Operating segments are defined in the criteria established under FASB ASC Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by our CODM in deciding how to assess performance and allocate resources. Our CODM assesses performance and allocates resources based on its reportable segments.

Our two segments are as follows:

•Alico Citrus includes activities related to planting, owning, cultivating and/or managing citrus groves to produce fruit for sale to fresh and processed citrus markets, including activities related to the purchase and resale of fruit and value-added services, which include contracting for the harvesting, marketing and hauling of citrus; and

•Land Management and Other Operations includes activities related to the leasing of our citrus groves, farming, grazing and hunting leasing, management and/or conservation of unimproved native pastureland and activities related to rock mining royalties and other insignificant lines of business. Also included are activities related to owning and/or leasing improved farmland. Improved farmland is acreage that has been converted, or is permitted to be converted, from native pasture and which may have various improvements including irrigation, drainage and roads.

For the three months ended March 31, 2026 and 2025, the Alico Citrus segment generated 71.0% and 96.0%, respectively, of our consolidated revenues and the Land Management and Other Operations segment generated 29.0% and 4.0%, respectively, of our consolidated revenues.

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Recent Developments

Corkscrew Grove Villages

In March 2026, the Company received a recommendation of approval of the creation of the East Village Stewardship Receiving Area from the Collier County Staff and the unanimous recommendation of approval from the Planning Commission. On April 28, 2026, and consistent with Alico’s project schedule for the Corkscrew Grove property, the Collier County Board of County Commissioners voted unanimously to approve the Stewardship Receiving Area (SRA) for the Corkscrew Grove East Village, as well as the companion Stewardship Sending Area (SSA) 22. This significant local approval includes the following:

1. The SRA meets the Suitability Criteria of the Collier County Land Development Code

2. That the East Village is 1,446.59 acres

3. That future development may include up to:

a.238,606 gross square feet of neighborhood scaled retail and office uses

b.A maximum of 100,000 square feet of indoor self-storage,

c.A minimum of 45,000 gross square feet of civic, government, and institution uses

d.A maximum of 4,502 dwelling units, which include 362 affordable housing units

e.The dwelling units will include a diversity of housing types, with a minimum of 10% of units being multi-family

4. That a Stewardship Sending Area Agreement is approved for SSA 22, containing 1,295.4 acres.

Consistent with our entitlement program for the Corkscrew Grove property in Collier County, the Corkscrew Grove Villages development plan continues progressing towards the issuance of a Conceptual Environmental Resource Permit by South Florida Water Management District (SFWMD), and a 404/Dredge and Fill permit by the US Army Corps of Engineers (ACOE). Information regarding the project and its progress towards key milestones will be documented in future SEC filings, and reflected on our project website - https://corkscrewgrovecollier.com/.

Land Sales

During the three months ended March 31, 2026, we sold approximately 2,950 acres of land for $26,859 ($9,110 per acre) in gross proceeds.

Purchases of Common Stock

During the three months ended March 31, 2026, the Company repurchased 207,340 shares of stock, at a weighted average price per share of $40.38, for $8,372. In April 2026, the Company repurchased 38,059 shares of stock at a weighted average price of $42.87 for $1,631, bringing its Fiscal Year 2026 repurchases to 245,399 shares at a weighted average price of $40.76, for $10,003.

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Condensed Consolidated Results of Operations

The following discussion provides an analysis of our results of operations for the three and six months ended March 31, 2026, as compared to 2025:

(in thousands)

Three Months Ended March 31,

Change

Six Months Ended March 31,

Change

2026

2025

$

%

2026

2025

$

%

Operating revenues:

Alico Citrus

$

3,791 

$

17,253 

$

(13,462)

(78.0)

%

$

4,674 

$

33,579 

$

(28,905)

(86.1)

%

Land Management and Other Operations

1,549 

727 

822 

113.1 

%

2,553 

1,295 

1,258 

97.1 

%

Total operating revenues

5,340 

17,980 

(12,640)

(70.3)

%

7,227 

34,874 

(27,647)

(79.3)

%

Gross (loss) income

Alico Citrus

(5,103)

(150,354)

145,251 

(96.6)

%

(11,612)

(159,139)

147,527 

(92.7)

%

Land Management and Other Operations

515 

657 

(142)

(21.6)

%

1,470 

1,204 

266 

22.1 

%

Total gross loss

(4,588)

(149,697)

145,109 

(96.9)

%

(10,142)

(157,935)

147,793 

(93.6)

%

General and administrative expenses

3,233 

3,388 

(155)

(4.6)

%

6,234 

5,974 

260 

4.4

%

Loss from operations

(7,821)

(153,085)

145,264 

(94.9)

%

(16,376)

(163,909)

147,533 

(90.0)

%

Total other income, net

19,318 

14,758 

4,560 

30.9 

%

23,680 

14,151 

9,529 

67.3

%

Income (loss) before income taxes

11,497 

(138,327)

149,824 

(108.3)

%

7,304 

(149,758)

157,062 

(104.9)

%

Income tax provision (benefit)

215 

(26,894)

27,109 

(100.8)

%

(383)

(29,074)

28,691 

(98.7)

%

Net income (loss)

11,282 

(111,433)

122,715 

(110.1)

%

7,687 

(120,684)

128,371 

(106.4)

%

Net loss attributable to noncontrolling interests

99 

48 

51 

106.3 

%

213 

132 

81 

61.4 

%

Net income (loss) attributable to Alico, Inc. common stockholders

$

11,381 

$

(111,385)

$

122,766 

(110.2)

%

$

7,900 

$

(120,552)

$

128,452 

(106.6)

%

Operating Revenue

The 70.3% and 79.3% decrease in revenue for the three and six months ended March 31, 2026, respectively, as compared to the three and six months ended March 31, 2025, was primarily due to our Strategic Transformation and decision to wind down our Citrus division to focus on a long-term diversified land usage and real estate development strategy, partially offset by an increase in farming lease and sod revenue.

Operating Expenses

The 94.1% and 91.0% decrease in operating expenses for the three and six months ended March 31, 2026, as compared to the three and six months ended March 31, 2025, was primarily driven by our Strategic Transformation and decision to wind down our Citrus division.

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General and Administrative Expense

General and administrative expense decreased $155 for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 due to lower depreciation expense due to the acceleration of depreciation in the prior year, partially offset by an increase in contract labor costs and the provision for credit losses on certain citrus receivables.

General and administrative expense increased $260 for the six months ended March 31, 2026, compared to the six months ended March 31, 2025 due to an increase in contract labor costs and the provision for credit losses on certain citrus receivables, partially offset by lower depreciation expense.

Other Income (Expense), net

Other income (expense), net for the three months ended March 31, 2026 increased $4,560 compared to the three months ended March 31, 2025, driven by the sale of approximately 2,950 acres of citrus land for $26,859 ($9,110 per acre) during the three months ended March 31, 2026 as compared to the sale of approximately 2,100 acres of land for $17,872 ($8,526 per acre) during the quarter ended March 31, 2025.

Other income (expense), net for the six months ended March 31, 2026 increased $9,529, compared to the six months ended March 31, 2025, principally as a result of the sale of approximately 3,546 acres of land for $34,611 ($9,761 per acre) in gross proceeds, as compared to the sale of approximately 2,100 acres of land for $17,872 ($8,526 per acre) in gross proceeds during the six months ended March 31, 2025.

Income Taxes

The change in the income tax provision of $27,109 for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was principally due to the effects of permanent tax adjustments as well as changes in the valuation allowance as a result of movement in temporary tax items. Based upon both positive and negative evidence, management determined that it was not "more likely than not" that a portion of deferred tax assets will be realized. This conclusion is based upon an analysis of the Company's cumulative three-year loss position as of March 31, 2026.

The decrease in the income tax benefit for the six months ended March 31, 2026, as compared to the six months ended March 31, 2025, of $28,691 was principally due to the pre-tax gain, as opposed to a pre-tax loss in the prior period, and a change in the valuation allowance. Based upon both positive and negative evidence, management determined that it was not "more likely than not" that a portion of deferred tax assets will be realized. This conclusion is based upon an analysis of the Company's deferred tax assets and liabilities due to the cumulative three-year loss position at March 31, 2026.

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The following discussion provides an analysis of our operating segments:

Alico Citrus

(in thousands, except per box and per pound solids data)

Three Months Ended March 31,

Chan

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high. Filing date: 2025-11-24. Report date: 2025-09-30.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with Part I, Item 1, “Business”, Item 1A, “Risk Factors” and the accompanying Consolidated Financial Statements and related Notes thereto included in this Annual Report commencing on page 44. Our actual results of operations may differ materially from those discussed in forward-looking statements as a result of various factors, including, but not limited to, those included in Part I, Item 1A, “Risk Factors” and other portions of this Annual Report. In the following discussion and analysis, dollars are in thousands, except per share and per acre amounts.

Business Overview

Business Description

Alico, Inc., together with its subsidiaries (collectively, “Alico”, the “Company”, “we”, “us” or “our”) currently generates operating revenues primarily from the sale of our citrus products, and through leases of citrus groves, as well as farming, grazing and hunting leases, activities related to rock and sand mining royalties, sod sales, leases of oil extraction rights to third parties, and other miscellaneous operations generating income. We operate as two business segments, and all of our operating revenues are generated in the United States. While Alico Citrus, which holds the Company’s citrus production operations, has substantially wound down operations after the 2024/2025 harvest due to environmental and financial challenges, Alico remains committed to Florida’s agriculture industry, and will focus on its long-term diversified land usage and real estate development strategy.

For the years ended September 30, 2025 and 2024 we generated operating revenues of $44,066 and $46,643, respectively, a loss from operations of $203,901 and $67,454, respectively, and net (loss) income attributable to common stockholders of $(147,334) and $6,973, respectively. Net cash provided by (used in) operating activities was $20,126 and $(30,497), respectively, for the years ended September 30, 2025 and 2024, respectively. See Part I, Item 1, Business, included in this Annual Report for a discussion of our year highlights and our evolving business strategy.

Business Segments

Operating segments are defined in the criteria established under FASB ASC Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by our CODM in deciding how to assess performance and allocate resources. Our CODM assesses performance and allocates resources based on its reportable segments.

Our two segments are as follows:

•Alico Citrus includes activities related to planting, owning, cultivating and/or managing citrus groves to produce fruit for sale to fresh and processed citrus markets, including activities related to the purchase and resale of fruit and value-added services, which include contracting for the harvesting, marketing and hauling of citrus; and

•Land Management and Other Operations includes activities related to the leasing of citrus groves, farming, grazing and hunting leasing, management and/or conservation of unimproved native pastureland and activities related to rock mining royalties and other insignificant lines of business. Also included are activities related to owning and/or leasing improved farmland. Improved farmland is acreage that has been converted, or is permitted to be converted, from native pasture and which may have various improvements including irrigation, drainage and roads.

Revenues from Alico Citrus operations were 93.8% and 96.6%, of our total operating revenues for the years ended September 30, 2025 and 2024, respectively. Revenues from Land Management and Other Operations were 6.2% and 3.4% of total operating revenues for the years ended September 30, 2025 and 2024, respectively. This shift reflects our migration away from growing our own citrus and toward a land management-focused model as part of the Strategic Transformation.

Recent Developments

Amended Credit Agreement with Metropolitan Life Insurance Company

On September 29, 2025, we entered into an Eighth Amendment (the “Eighth Amendment”) to our Amended and Restated Credit Agreement dated as of December 1, 2014, as amended to date, by and among the Company, Alico Land

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Development Inc., Alico Fruit Company, LLC and Met (as amended, restated, supplemented or otherwise modified from time to time, the “MetLife Credit Agreement”), which, among other things: provided for a new $10,000 fixed-rate term loan ("Met Fixed-Rate Term Loan II"), with a maturity date of May 1, 2034; amended certain mortgages to add additional real property as collateral; added parties as mortgagors; and modified the loan-to-value ratio covenant to require that the LTV Ratio (as defined in the MetLife Credit Agreement) be at all times less than 50%. The proceeds from the Met Fixed‑Rate Term Loan II were used to repay all outstanding borrowings under our Loan Agreement with Prudential Mortgage Capital Company, LLC, dated December 31, 2012 (as amended to date, the “Prudential Credit Agreement”). As a result of such repayment, the Prudential Credit Agreement was terminated in accordance with its terms.

Corkscrew Grove Villages Wildlife Underpass

In advance of future development of Corkscrew Grove Villages, Alico Inc. is coordinating with the Florida Department of Transportation to design and construct a wildlife underpass as part of FDOT’s ongoing widening of State Road 82 in Collier County. This collaboration reflects Alico’s commitment to environmental stewardship and conservation by creating a critical regional link that supports wildlife movement throughout Southwest Florida.

After informal consultation with Florida Fish and Wildlife Conservation Commission and the US Fish and Wildlife Service, Alico is taking initial steps to implement a 1,295-acre wildlife corridor planned as part of the Corkscrew Grove Villages project in eastern Collier County. The wildlife underpass proposed as part of this corridor will help advance the panther recovery plan by providing a permanent regional connection to the Caloosahatchee dispersal zone at no additional cost to taxpayers.

On October 27, 2025, the Corkscrew Grove Stewardship District (the “CGSD”), a special district formed to facilitate financing and development of community infrastructure within its boundaries, entered into a Locally Funded Agreement (the “CGSD Funding Agreement”) with FDOT. The CGSD was established in June 2025 and it will assist the Company in its efforts to effectively finance infrastructure, help restore and manage natural areas, and oversee the administration of master planned communities and lands. Our Chief Executive Officer, John Kiernan, is the Board Chairman of the CGSD. Through the CGSD Funding Agreement, we will provide funding to FDOT to support the construction of a wildlife‑crossing planned as part of the Corkscrew Villages project and on November 14, 2025, we deposited $5,071 with FDOT to fund the project. The payment to the CGSD is reimbursable to the Company under the CGSD Funding Agreement.

Subject to final permitting and approval, this underpass may commence construction within the next six months.

Sale of Lily Grove

On November 4, 2025, we sold 579 acres of citrus land for $6,077.

Sale of Office and Shop in Frostproof

On November 19, 2025, sold our office and shop in Frostproof for $1,675.

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Consolidated Results of Operations

The following discussion provides an analysis of our results of operations for the year ended September 30, 2025, as compared to the year ended September 30, 2024.

(in thousands)

 September 30,

Change

2025

2024

$

%

Operating revenues:

Alico Citrus

$

41,337 

$

45,059 

$

(3,722)

(8.3)

%

Land Management and Other Operations

2,729 

1,584 

1,145 

72.3 

%

Total operating revenues

44,066 

46,643 

(2,577)

(5.5)

%

Gross profit (loss):

Alico Citrus

(194,504)

(57,569)

(136,935)

NM

Land Management and Other Operations

2,310 

1,186 

1,124 

94.8 

%

Total gross loss

(192,194)

(56,383)

(135,811)

240.9 

%

General and administrative expenses

11,707 

11,071 

636 

5.7 

%

Loss from operations

(203,901)

(67,454)

(136,447)

202.3 

%

Total other income, net

17,970 

78,406 

(60,436)

(77.1)

%

(Loss) income before income taxes

(185,931)

10,952 

(196,883)

NM

Income tax (benefit) provision

(38,423)

4,597 

(43,020)

NM

Net (loss) income

(147,508)

6,355 

(153,863)

NM

Net loss attributable to noncontrolling interests

174 

618 

(444)

(71.8)

%

Net (loss) income attributable to Alico, Inc. common stockholders

$

(147,334)

$

6,973 

$

(154,307)

NM

NM - Not Meaningful

The following table presents our operating revenues, by segment, as a percentage of total operating revenues for the years ended September 30, 2025 and 2024:

 September 30,

2025

2024

Operating revenues:

Alico Citrus

93.8

%

96.6

%

Land Management and Other Operations

6.2

%

3.4

%

Total operating revenues

100.0

%

100.0

%

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The following discussion provides an analysis of our reportable segments:

Alico Citrus

(in thousands, except per box and per pound solids data)

 September 30,

Change

2025

2024

Unit

%

Operating Revenues:

Early and Mid-Season

$

15,577 

$

14,534 

$

1,043 

7.2 

%

Valencias

24,089 

26,925 

(2,836)

(10.5)

%

Fresh Fruit and other

777 

774 

3 

0.4 

%

Grove Management Services

894 

2,826 

(1,932)

(68.4)

%

Total

$

41,337 

$

45,059 

$

(3,722)

(8.3)

%

Boxes Harvested:

Early and Mid-Season

944 

1,194 

(250)

(20.9)

%

Valencias

1,305 

1,855 

(550)

(29.6)

%

Total Processed

2,249 

3,049 

(800)

(26.2)

%

Fresh Fruit

37 

35 

2 

5.7 

%

Total

2,286 

3,084 

(798)

(25.9)

%

Pound Solids Produced:

Early and Mid-Season

4,224 

5,364 

(1,140)

(21.3)

%

Valencias

6,622 

9,365 

(2,743)

(29.3)

%

Total

10,846 

14,729 

(3,883)

(26.4)

%

Pound Solids per Box:

Early and Mid-Season

4.47 

4.49 

(0.02)

(0.4)

%

Valencias

5.07 

5.05 

0.02 

0.4 

%

Price per Pound Solids:

Early and Mid-Season

$

3.69 

$

2.71 

$

0.98 

36.2 

%

Valencias

$

3.64 

$

2.88 

$

0.76 

26.4 

%

Price per Box:

Fresh Fruit

$

15.51 

$

15.89 

$

(0.38)

(2.4)

%

Operating Expenses:

Cost of Sales

$

245,123 

$

89,420 

$

155,703 

174.1 

%

Harvesting and Hauling

10,743 

11,843 

(1,100)

(9.3)

%

Fresh Fruit and other

(20,193)

(228)

(19,965)

NM

Grove Management Services

168 

1,593 

(1,425)

(89.5)

%

Total

$

235,841 

$

102,628 

$

133,213 

129.8 

%

Components of Results of Operations for Alico Citrus Segment

Our citrus groves have historically produced the majority of our annual operating revenues and the citrus grove business is seasonal because it is tied to the growing and harvest season. For the years ended September 30, 2025 and 2024, in light of the Strategic Transformation, the first and second quarters of Alico’s year produce most of the Company’s annual revenue.

We sell our Early and Mid-Season and Valencia oranges to orange juice processors. The processors generally buy the citrus crop on a pound solids basis, which is the measure of the soluble solids (sugars and acids) contained in one box of fruit. Our Fresh Fruit revenue is derived from sales to packing houses that purchase the citrus on a per box basis. We also provide citrus grove caretaking and harvest and haul management services to third parties from which revenues recorded as Grove Management Services are generated, including a management fee. Other revenues principally consist of the purchase and reselling of fruit.

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Operating expenses for our Alico Citrus segment consist primarily of Cost of Sales, Harvesting and Hauling costs and Grove Management Services costs. Cost of sales represents the cost of maintaining the citrus groves for the preceding calendar year and does not vary in relation to production. Harvesting and Hauling costs represent the costs of bringing citrus product to processors and vary, based upon the number of boxes produced. Grove Management Services include those costs associated with citrus grove caretaking and harvest and haul management services provided to third parties. Other expenses include the period costs of third-party grove caretaking, the purchase and reselling of third-party fruit and insurance proceeds for crop claims, which are shown as a reduction to operating expenses in the period the claims are received.

Comparison of the year ended September 30, 2025 and 2024 for the Alico Citrus Segment

The decrease in revenue for the year ended September 30, 2025, as compared to the year ended September 30, 2024, was primarily due to a 26.4% decrease in pound solids produced, driven by fruit drop as a result of Hurricane Milton, partially offset by an increase in the blended price per pound solids of 29.9% for the Early and Mid-season and Valencia crops as a result of more favorable pricing in one of our then-existing contracts with Tropicana.

We recognized a decrease in Grove Management Services revenues for the year ended September 30, 2025, as compared to the year ended September 30, 2024 of $1,932, which was due to the termination of the Grove Management Agreement reducing Grove Management revenues in the year ended September 30, 2025.

Revenue from sales of Fresh Fruit and other was relatively flat compared to the same period in the prior year.

The increase in Operating expenses for the year ended September 30, 2025, as compared to the year ended September 30, 2024, primarily relates to the accelerated depreciation of approximately $162,095 principally on our Citrus trees during the year ended September 30, 2025, as a result of the decision to wind down our citrus operations, as part of the Strategic Transformation, the impairment of our young trees, which were not yet being depreciated and the impairment of our long lived assets at one of our groves of $24,966. Partially offsetting the increase in cost of sales were lower inventory adjustments of $9,895 during the year ended September 30, 2025, compared to $48,099 for the year ended September 30, 2024 and $20,381 of crop insurance proceeds received in connection with Hurricane Milton during the year ended September 30, 2025, which was recorded within Fresh Fruit and Other in the table above (see Note 3. Inventories to the Consolidated Financial Statements included in this Annual Report for further information).

Furthermore, our Harvesting and Hauling expenses decreased 9.3% as compared to the year ended September 30, 2024, driven by a decrease in the total number of boxes harvested and our Grove Management Services expenses decreased $1,425, as compared to the prior year as a result of the termination of the Grove Management Agreement.

Land Management and Other Operations

The table below presents key operating measures for the years ended September 30, 2025 and 2024 for the Land Management and Other Operations segment:

(in thousands)

 September 30,

Change

2025

2024

$

%

Revenue From:

Leasing and Royalties

$

2,393 

$

1,284 

$

1,109 

86.4 

%

Other

336 

300 

36 

12.0 

%

Total

$

2,729 

$

1,584 

$

1,145 

72.3 

%

Operating Expenses:

Land and Other Leasing

$

414 

$

393 

$

21 

5.3 

%

Other

5 

5 

— 

— 

%

Total

$

419 

$

398 

$

21 

5.3 

%

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Components of Results of Operations for Land Management and Other Operations Segment

Land Management and Other Operations includes lease income from farm leases (including leases of our citrus groves), grazing rights and hunting, as well as royalties received for mining and oil extraction rights, and other miscellaneous income.

Land and Other Leasing operating expenses includes real estate, property taxes, and general and administrative expenses, including legal and professional fees.

Comparison of the year ended September 30, 2025 and 2024 for the Land Management and Other Operations Segment

The increase in revenues from Land Management and Other Operations for the year ended September 30, 2025, as compared to the prior year, was primarily due to an increase in rock and sand royalty income, sod sales and farm lease revenue, partially offset by lower grazing and hunting lease revenues due to the sale of the Alico Ranch.

The increase in operating expenses from Land Management and Other Operations for the year ended September 30, 2025, as compared to the prior year, was primarily due to cost of sales associated with sod sales and depreciation on trees in citrus groves leased to third parties, partially offset by lower ad valorem taxes.

The following discussion provides an analysis of our results of operation, as a whole:

General and Administrative

General and administrative expenses increased $636 for the year ended September 30, 2025 as compared to the year ended September 30, 2024, driven by the acceleration of depreciation on certain administrative assets and an increase in personnel and legal costs, as a result of our Strategic Transformation, partially offset by lower employee costs associated with our reduced workforce.

Other Income, net

Other income, net, for the years ended September 30, 2025 and 2024 was $17,970 and $78,406, respectively. The decrease in other income, net was primarily due to the sale of 2,796 acres of land for approximately $23,807 which resulted in a gain of $20,319, as compared to the year ended September 30, 2024, when we sold approximately 18,354 acres of land for $86,217 and recognized a gain of $81,416 (including the sale of 17,229 acres of the Alico Ranch to the State of Florida).

Income Taxes

For the years ended September 30, 2025 and 2024, the (benefit) provision for income taxes was $(38,423) and $4,597, respectively, and the related effective income tax rates were 20.6% and 42.0%, respectively. The effective tax rate for the year ended September 30, 2025 is different than the statutory tax rate principally due to an increase in the valuation allowance on our charitable deduction carryforward, disallowed interest carryforward, and loss carryforwards, as well as state income taxes. The effective tax rate for the year ended September 30, 2024 is higher than the statutory tax rate principally due to an increase in the valuation allowance on our charitable deduction carryforward and state income taxes. During the year ended September 30, 2022, a bargain sale of land to the State of Florida, at a price below market value, resulted in a charitable contribution carryover for tax purposes and generated a tax benefit of $6,300, of which $500 was utilized immediately, $8 was recognized during the year ended September 30, 2024 and nothing was recognized in 2023. We do not anticipate that we will be able to recognize the majority of the charitable deduction carryover before it expires in 2027. As of September 30, 2025 and 2024, the valuation allowance was $14,094 and $5,757, respectively, resulting in a provision of $8,336 and $1,588, respectively.

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Liquidity and Capital Resources

A comparative balance sheet summary is presented in the following table:

(in thousands)

September 30,

2025

2024

Change

Cash and cash equivalents

$

38,128 

$

3,150 

$

34,978 

Total current assets

$

54,919 

$

40,627 

$

14,292 

Total current liabilities

$

5,743 

$

10,651 

$

(4,908)

Working capital

$

49,176 

$

29,976 

$

19,200 

Total assets

$

201,527 

$

398,719 

$

(197,192)

Principal amount of term loans and lines of credit

$

85,950 

$

92,551 

$

(6,601)

Current ratio

9.56 to 1

3.81 to 1

NM

Minimum Liquidity Requirement

$

5,858 

N/A

NM

Sources and Uses of Liquidity and Capital

Our business has historically generated positive net cash flows from operating activities. On January 6, 2025, we announced a Strategic Transformation in the Company’s business focus, to wind down its Alico Citrus division, which holds the Company’s citrus production operations, to focus on a long-term diversified land usage and real estate development strategy. Due to increasing financial challenges from citrus greening disease and environmental factors for many seasons, the Company has decided to not spend further material capital on its citrus operations and to wind down substantially all of its Citrus’ primary operations after completion of the current harvest in April 2025. Sources of cash primarily include cash flows from operations, sales of under-performing land and other assets, amounts available under our credit facilities and access to capital markets. Access to additional borrowings under revolving lines of credit is subject to the satisfaction of customary borrowing conditions. As a public company, we may have access to other sources of capital. However, access to, and availability of, financing on acceptable terms in the future will be affected by many factors, including (i) financial condition, prospects, and credit rating; (ii) liquidity of the overall capital markets; and (iii) the state of the economy. There can be no assurance that we will continue to have access to the capital markets on acceptable terms, or at all.

The principal uses of cash that affect our liquidity position include the following: operating expenses including employee costs, the cost of maintaining the citrus groves, harvesting and hauling of citrus products, capital expenditures, entitlement and development costs, stock repurchases, dividends, debt service costs including interest and principal payments on term loans and other credit facilities and acquisitions. Our expected principal uses of cash that affect our liquidity position, in light of the Strategic Transformation and the workforce reduction, are expected to include lower employee costs, lower costs of maintaining citrus groves and lower capital expenditures. In addition, on March 25, 2025, our Board approved a stock repurchase program authorizing us to repurchase up to $50,000 shares of common stock, with the amount and timing of repurchases depending on market conditions and corporate needs.

During the year ended September 30, 2025, we recorded an additional valuation allowance against our deferred tax assets, which is recorded in the annual effective tax rate. We are required to assess the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss expected to be incurred over a three-year period during the year ending September 30, 2025. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as our projections for growth.

Management believes that a combination of cash-on-hand, cash generated from operations, asset sales and availability under our RLOC will provide sufficient liquidity to service the principal and interest payments on our indebtedness and will satisfy working capital requirements and capital expenditures for at least the next twelve months and over the long term.

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Borrowing Facilities and Long-term Debt

We have a $95,000 revolving line of credit ("RLOC"), of which $92,500 is available for general corporate purposes as of September 30, 2025 (see Note 8. Long-Term Debt and Lines of Credit to the Consolidated Financial Statements included in this Annual Report for further information).

On September 29, 2025, we entered into an Eighth Amendment (the “Eighth Amendment”) to the credit agreement with Met (the "Eighth Amendment"). Among other things, the Eighth Amendment provided for a new $10,000 fixed rate term loan bearing interest at 6.21% ("Met Fixed-Rate Term Loan II") with a maturity date of May 1, 2034; amended certain mortgages to add additional real property as collateral and add additional mortgagors; and modified the loan-to-value ratio covenant to require that the LTV Ratio be at all times less than 50%. The proceeds from the Met Fixed-Rate Term Loan II were used to repay all outstanding borrowings under our loan agreement with Prudential Mortgage Capital Company, LLC, dated December 31, 2012 (as amended to date, the "Prudential Credit Agreement") consisting of Pru loans A & B with aggregate principal of $9,297, plus a prepayment premium of $649 and accrued interest. As a result of such repayment, the Prudential Credit Agreement was terminated in accordance with its terms. The Met Fixed-Rate Term Loan II is interest-only, with a balloon payment due at maturity on May 1, 2034 and reduces our total required annual principal repayments by $1,160 per year.

Subsequent to the Eighth Amendment, our credit facilities are subject to a Minimum Liquidity Requirement of $5,858 and an LTV Cap of 50%. As of September 30, 2025, we were in compliance with all of the financial covenants and were able to draw the entire amount of the RLOC, less current borrowings, and remain under the LTV Cap.

The term loans and RLOC are secured by real property. The security for the term loans and RLOC as of the most recent amendment, consists of approximately 40,428 gross acres of land.

We may utilize available cash and proceeds from asset sales to pay down indebtedness and for other corporate purposes, subject to market conditions and Board discretion. Any decision regarding share repurchases or dividends will depend on our cash flows, liquidity, credit facility covenants, and other factors, and there can be no assurance that additional financing will be available on acceptable terms, or at all.

The level of debt could have important consequences on our business, including, but not limited to, increasing our vulnerability to general adverse economic and industry conditions, limiting the availability of cash flow to fund future investments, capital expenditures, working capital, business activities and other general corporate requirements, and limiting flexibility in planning for, or reacting to, changes in our business and industry.

Consolidated Statements of Cash Flows

The following table details the items contributing to the changes in cash and cash equivalents and restricted cash for the years ended September 30, 2025 and 2024:

(in thousands)

 September 30,

2025

2024

Net cash provided by (used in) operating activities

$

20,126 

$

(30,497)

Net cash provided by investing activities

$

24,144 

68,178 

Net cash used in financing activities

$

(8,778)

(37,975)

Net increase (decrease) in cash and cash equivalents and restricted cash

$

35,492 

$

(294)

Net cash provided by (used in) operating activities

Cash provided by (used in) operating activities for the year ended September 30, 2025, was primarily due to $20,381 in crop insurance proceeds as a result of Hurricane Milton and a $15,969 decrease in inventory as we wind down our Citrus operations in connection with our Strategic Transformation, partially offset by lower cash generated from our citrus operations, as a result of fruit drop caused by Hurricane Milton. The decrease in cash provided by (used in) operating activities for the year ended September 30, 2024 was driven by a $26,258 increase in inventory.

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Net cash provided by investing activities

The decrease in net cash provided by investing activities for the year ended September 30, 2025, as compared to the year ended September 30, 2024, was driven by the sale of 2,796 acres of land for approximately $23,807 for the year ended September 30, 2025 as compared to the sale of 18,354 acres of land for $86,217 in the prior year period.

Net cash used in financing activities

The decrease in net cash used in financing activities for the year ended September 30, 2025, as compared to the year ended September 30, 2024, was primarily due to a decrease in the amount of borrowings which were repaid during the year ended September 30, 2025, principally as a result of the repayment of the $19,094 Met Variable-Rate Term Loans of on December 26, 2023.

Contractual Obligations

Our material cash requirements from known contractual and other obligations are described in the accompanying notes to the financial statements within Item 8. Financial Statements and Supplementary Data. These include principal and interest payments on long-term debt as described in Note 8. Long-Term Debt and Lines of Credit and operating leases as described in Note 12. Leases to our Consolidated Financial Statements included in this Annual Report.

Critical Accounting Policies and Estimates

Our Consolidated Financial Statements are prepared in accordance with U.S. GAAP, which requires management to make estimates, judgments and assumptions that affect the amounts reported in those financial statements and accompanying notes. Management considers an accounting policy to be critical if it is important to our financial condition and results of operations and if it requires significant judgment and estimates on the part of management in its application. Management considers an accounting estimate to be critical if it is made in accordance with generally accepted accounting principles, involves a significant level of estimation uncertainty, and has had, or is reasonably likely to have, a material impact on our financial condition or results of operations. We consider policies and estimates relating to the following matters to be critical accounting policies:

Revenue Recognition

We recognize revenue at the amount we expect to be entitled to be paid, determined when control of the products or services is transferred to our customers, which occurs upon delivery of and acceptance of the fruit by the customer and we have a right to payment. For grove management services, we recognize operating revenue, including a management fee, when services are rendered and consumed. Management reviews the reasonableness of the revenue accruals quarterly based on buyers’ and processors’ advances to growers, cash and futures markets and experience in the industry. Adjustments are made throughout the year to these estimates as more current relevant industry information becomes available. Differences between the estimates and the final realization of revenues can be significant and can be either positive or negative. During the periods presented in this Annual Report, no material adjustments were made to the reported revenues from our crops.

Inventories

The costs of growing crops, including, but not limited to, labor, fertilization, fuel, crop nutrition and irrigation, are capitalized into inventory throughout the respective crop year. Such costs are expensed as cost of sales when the crops are harvested and are recorded as operating expenses in the Consolidated Statements of Operations. Inventories are stated at the lower of cost or net realizable value. The cost for unharvested citrus crops is based on accumulated production costs incurred during the period from January 1 through the balance sheet date. In the event that there is a casualty loss due to severe weather or other significant incident which negatively impacts inventory, we will undertake a process to estimate the amount of casualty loss. The process includes a number of factors, including touring all of the citrus groves by operational personnel, to assess the estimated fruit drop by grove and estimate the amount of fruit we expect to produce for the respective harvest season. As a result of this process, we would estimate the amount of casualty loss, if any, to reduce the carrying value of unharvested fruit crop on trees inventory.

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Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Costs related to the development of citrus groves, through planting of trees, are capitalized. Such costs include land clearing, excavation and construction of ditches, dikes, roads and reservoirs among other costs. After the planting, caretaking costs or pre-productive maintenance costs are capitalized for 4 years. After 4 years, a grove is considered to have reached maturity and the accumulated costs were historically depreciated over 25 years, except for land clearing and excavation, which are considered costs of land and not depreciated. Refer to Note 5. Property and Equipment, Net to our Consolidated Financial Statements included in this Annual Report for a discussion of a change in the estimated useful life of the Company’s citrus trees, certain equipment (principally irrigation related), and the Buildings and improvements within its citrus groves.

Income Taxes

We use the asset and liability method of accounting for deferred income taxes. The provision for income taxes includes income taxes currently payable and those deferred as a result of temporary differences between the financial statements and the income tax basis of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income or loss in the period that includes the enactment date. A valuation allowance is provided to reduce deferred tax assets to the amount of future tax benefit when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Projected future taxable income and ongoing tax planning strategies are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse or beneficial impact on our income tax provision and net income or loss in the period the determination is made. For the years ended September 30, 2025 and September 30, 2024, we recorded a valuation allowance of $14,094 and $5,757, respectively. We recognize interest and/or penalties related to income tax matters in income tax expense.

We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. We record interest related to unrecognized tax benefits in income tax expense.

Impairment of Long-Lived Assets

We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. We record impairment losses on long-lived assets used in operations, or asset group, when events and circumstances indicate that the assets might be impaired and the estimated cash flows (undiscounted and without interest charges) to be generated by those assets or asset group over the remaining lives of the assets or asset group are less than the carrying amounts of those assets. In calculating impairments and the estimated cash flows, we assign our asset groups by determining the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of the other Company assets. The net carrying values of assets or asset group not recoverable are reduced to their fair values. Alico’s cash flow estimates are based on historical results adjusted to reflect best estimates of future market conditions and operating conditions. We have determined that the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of the other Company assets is the Grove level and includes, its Citrus Trees, Land, certain equipment (principally irrigation related) and the Buildings and improvements within its citrus groves, which are used together to generate cash flows from fruit for sales to its customers. For the year ended September 30, 2025, we recognized an impairment of its long-lived assets at one of our groves, as well as our young trees, which were not yet being depreciated, of $24,966, which was recorded within Operating expenses in its Alico Citrus Segment. The fair value of the assets which were determined to be impaired were based primarily on consideration of comparable land sales and recent appraisals which considered comparable land sales, as well as any cash flows expected to be received from, or related to its operations (such as the fruit harvest and crop insurance proceeds) through the third quarter ended June 30, 2025. No impairment of long-lived assets was recognized during the year ended September 30, 2024. As of September 30, 2025 and 2024, long-lived assets were comprised of property, including citrus trees, and equipment.

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Fair Value Measurements

We categorize our financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability into a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:

•Level 1 – Observable inputs such as quoted market prices for identical assets and liabilities in active markets;

•Level 2 – Inputs, other than the quoted prices for identical assets and liabilities in active markets, for which significant other observable market inputs are readily available; and

•Level 3 – Unobservable inputs in which there is little or no market data, such as internally developed valuation models which require the reporting entity to develop its own assumptions.

The carrying amounts of our financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short term and immediate nature of these financial instruments. See Note 2. Summary of Significant Accounting Policies to our Consolidated Financial Statements included in this Annual Report for additional information about the fair value of our debt.

Impact of Accounting Pronouncements

See Note 1. Description of Business and Basis of Presentation to our Consolidated Financial Statements included in this Annual Report for additional information about the impact of accounting pronouncements.

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