Limoneira Co (NASDAQ: LMNR) is an agribusiness company that grows, packs, and sells fresh lemons and avocados, with supplementary real estate and rental operations. Revenue is transactional, generated primarily through the sale of fresh fruit grown on company-owned farms and sourced from third-party growers. Agribusiness accounted for 96% of total net revenues in FY2025 ($153.7M of $159.7M total) and 97% in FY2024 ($185.9M of $191.5M total). Fresh lemons are the dominant product, generating $125.0M in FY2025 and $136.2M in FY2024, with avocados contributing $11.7M in FY2025 versus $25.1M in FY2024. The company operates four reportable segments: fresh lemons, lemon packing, avocados, and other agribusiness. Limoneira packs lemons under a Commercial Packinghouse License Agreement with Sunkist, packing 4.7 million cartons at an average cost of $10.03 per carton in FY2025. Farming operations span Ventura County and San Luis Obispo County in California, Yuma Arizona, and international operations in Chile and Argentina. The company pays a quarterly dividend of $0.075 per share as of December 2025.

Revenue model

Transactional revenue from selling fresh lemons and avocados grown on company-owned land and sourced from third-party growers, supplemented by lemon packing fees and other agribusiness and rental income. Agribusiness was 96% of FY2025 net revenues; other operations (rental and related) were 4%.

Products and services

Fresh lemons ($125.0M FY2025, $136.2M FY2024), avocados ($11.7M FY2025, $25.1M FY2024), lemon packing services (4.7M cartons packed in FY2025), other agribusiness products, and rental/real estate operations ($6.0M FY2025).

Customers and end markets

Fresh fruit buyers in grocery retail and foodservice channels. The company also has equity investment exposure to residential real estate development through the Limoneira Lewis Community Builders (LLCB) joint venture, which closed 554 residential homesites in FY2024. Customer concentration details are not disclosed in the filing excerpts.

Value-chain role

Vertically integrated grower-packer-seller. Limoneira grows fruit on owned land, packs lemons through its own facilities under license with Sunkist, and sources additional volume from third-party growers. The company holds water rights in California and Arizona to support farming operations.

Geographic exposure

United States (Ventura County and San Luis Obispo County, California; Yuma, Arizona), Chile (La Serena, PDA and San Pablo operations), and Argentina (Trapani Fresh operations).

Source: SEC 10-K, filed 2025-12-23

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