Alico Inc (NASDAQ: ALCO) is an agribusiness company that grows and sells citrus fruit from company-owned and managed groves in Florida. Revenue comes primarily from selling oranges to the processed citrus market under fixed-price contracts, with a secondary segment covering land management activities including grazing, hunting, and rock mining royalties. Alico Citrus generated $41.3 million, or 93.8% of total operating revenues for FY2025 (year ended September 30, 2025), while Land Management and Other Operations contributed $2.7 million, or 6.2%. Tropicana was the dominant customer, representing 87.2% of consolidated revenue in FY2025 under two fixed-price agreements, both of which were terminated in May 2025. The company reported a net loss of $147.5 million in FY2025, against a gross loss of $192.2 million in the Alico Citrus segment. As of September 30, 2025, total assets stood at $201.5 million, with $85.95 million in term loans and lines of credit secured by approximately 40,428 gross acres of land.

Revenue model

Transactional sales of citrus fruit to processed and fresh markets under fixed-price contracts; supplementary revenue from land leasing, grazing and hunting leases, and rock mining royalties. Grove management services were also offered to third parties but the primary agreement covering approximately 3,300 acres was terminated as of December 31, 2024.

Products and services

Fresh and processed oranges (Early/Mid varieties and Valencia oranges); citrus grove caretaking and management services (terminated as of December 31, 2024); land leasing for farming, grazing, and hunting; rock mining royalties; improved farmland leasing.

Customers and end markets

Tropicana was the single dominant customer at 87.2% of consolidated revenue in FY2025 and 86.8% in FY2024, purchasing citrus for the processed orange juice market. No other single customer exceeded 10% of consolidated revenue in FY2025 or FY2024. The Tropicana agreements were terminated in May 2025.

Value-chain role

Upstream citrus grower and grove operator; sells harvested fruit to processors and the fresh market. Also provides land management services to third-party landowners and leases native pasture and improved farmland.

Geographic exposure

Operations concentrated in Florida, with land holdings including approximately 40,428 gross acres securing the company's credit facilities as of September 30, 2025.

Source: SEC 10-K, filed 2025-11-24

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