LMNRHIGH SIGNALFINANCIAL10-K

LMNR experienced a dramatic financial deterioration with net income swinging from $7.7M profit to $16M loss while debt nearly doubled to $72.5M.

The company's core operations are severely stressed, as evidenced by the $23.7M negative swing in net income and the shift from positive $17.9M to negative $6M operating cash flow. The termination of the Farm Management Agreement by PGIM in March 2025 suggests operational challenges, while the $1.7M water rights sale may indicate asset monetization to address liquidity needs.

Comparing 2025-12-23 vs 2024-12-23View on EDGAR →
FINANCIAL ANALYSIS

LMNR's financial position deteriorated significantly with revenue declining 16.6% to $159.7M while operating losses deepened to $20.4M, creating a massive $23.7M negative swing in net income from profit to loss. The company's debt burden increased 78.6% to $72.5M while operating cash flow turned negative at $6M, indicating severe operational stress. Despite stockholders' equity increasing 60.2% to $219.1M (likely from asset revaluations or capital infusions), the combination of declining revenues, massive operating losses, and negative cash flow signals fundamental business challenges that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-307.1%
$7.7M→-$16.0M

Net income declined 307.1% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-230.3%
-$6.2M→-$20.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Operating Cash Flow
Cash Flow
-133.7%
$17.9M→-$6.0M

Operating cash flow fell 133.7% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Debt
Balance Sheet
+78.6%
$40.6M→$72.5M

Debt increased 78.6% — substantial leverage increase; assess whether deployed for growth or covering losses.

Stockholders Equity
Balance Sheet
+60.2%
$136.8M→$219.1M

Equity base grew 60.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+56.6%
$25.8M→$40.5M

Current assets grew 56.6% — improving short-term liquidity or inventory/receivables build.

Interest Expense
P&L
-26.7%
$2.0M→$1.5M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Liabilities
Balance Sheet
+24.9%
$96.3M→$120.3M

Liabilities increased 24.9% — monitor debt-to-equity ratio and interest coverage.

Revenue
P&L
-16.6%
$191.5M→$159.7M

Revenue softened 16.6% — monitor whether this is cyclical or structural.

Current Liabilities
Balance Sheet
-13.5%
$34.8M→$30.1M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2025-12-23
PRIOR — 2024-12-23
ADDED
The number of outstanding shares of the registrant s Common Stock as of November 30, 2025 was 18,119,117 .
These statements can be identified by the fact that they do not relate strictly to historical or current facts and may include the words may, might, will, would, should, expect, plan, anticipate, could, intend, target, project, contemplate, believe, estimate, predict, likely, potential , remain or continue or other words or expressions of similar meaning.
The potential risks and uncertainties that could cause our actual financial condition, results of operations and future performance to differ materially from those expressed or implied in this Annual Report include, but are not limited to: success in executing the Company s business plans and strategies, including the merger of the Company s citrus sales and marketing operations into Sunkist Growers, Inc.
Agribusiness activities are performed through these four reporting segments: We are one of California s oldest citrus growers and according to the California Avocado Commission, we are one of the largest growers of avocados in the United States.
6 Fiscal Year 2025 Highlights and Recent Developments Recent Developments In January 2025, we completed three separate sale transactions of Santa Paula Basin water pumping rights at a selling price of $30,000 per acre-foot, totaling $1.7 million and recorded a gain on sales of water rights of $1.5 million.
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REMOVED
The number of outstanding shares of the registrant s Common Stock as of November 30, 2024 was 18,083,092 .
These statements can be identified by the fact that they do not relate strictly to historical or current facts and may include the words may, will, could, should, would, believe, expect, anticipate, estimate, intend, plan or other words or expressions of similar meaning.
Agribusiness activities are performed through these four reporting segments: We are one of California s oldest citrus growers and are one of the largest growers of lemons in the United States.
According to the California Avocado Commission, we are one of the largest growers of avocados in the United States.
5 Fiscal Year 2024 Highlights and Recent Developments On December 1, 2023, we announced the commencement of a strategic review process to explore potential alternatives aimed at maximizing stockholder value.
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