LMNRMEDIUM SIGNALFINANCIAL10-K

LMNR completed strategic restructuring with substantially higher debt and equity positions while experiencing declining revenue and completing water rights sales.

The company has undergone significant balance sheet restructuring with debt increasing substantially to $72.5M and stockholders' equity growing meaningfully to $219.1M, suggesting either major financing activities or asset revaluations. The termination of the Farm Management Agreement with PGIM and completion of $1.7M in water rights sales indicate active portfolio optimization efforts during a period of operational transition.

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

LMNR's balance sheet expanded considerably with debt rising substantially to $72.5M and stockholders' equity growing meaningfully to $219.1M, while current assets increased notably to $40.5M. Revenue declined 16.6% to $159.7M, though this was partially offset by lower operating expenses including reduced SG&A costs and decreased interest expense despite higher debt levels. The overall picture suggests a company in strategic transition, actively managing its asset base while navigating revenue headwinds in its core agricultural operations.

FINANCIAL STATEMENT CHANGES
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.

SG&A Expense
P&L
-10.9%
$27.5M→$24.5M

SG&A reduced 10.9% — improved cost efficiency or headcount reduction improving operating margins.

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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