10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended April 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Transition Period From              To             

Commission File Number: 001-34755

LIMONEIRA COMPANY

(Exact name of registrant as specified in its charter)

Delaware	77-0260692
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

1141 Cummings Road

Santa Paula, CA 93060

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (805) 525-5541

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, par value $0.01	LMNR	The NASDAQ Stock Market LLC (NASDAQ Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting
company ☐ Emerging growth
company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 31, 2024, there were 18,010,975 shares outstanding of the registrant’s common stock.

LIMONEIRA COMPANY

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION	4
Item 1. Financial Statements (Unaudited)	4
Consolidated Balance Sheets – April 30, 2024 and October 31, 2023	4
Consolidated Statements of Operations – three and six months ended April 30, 2024 and 2023	5
Consolidated Statements of Comprehensive Income (Loss) – three and six months ended April 30, 2024 and 2023	6
Consolidated Statements of Stockholders' Equity and Temporary Equity – three and six months ended April 30, 2024 and 2023	7
Consolidated Statements of Cash Flows – six months ended April 30, 2024 and 2023	8
Notes to Consolidated Financial Statements	10
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3. Quantitative and Qualitative Disclosures about Market Risk	44
Item 4. Controls and Procedures	44
PART II. OTHER INFORMATION	45
Item 1. Legal Proceedings	45
Item 1A. Risk Factors	45
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3. Defaults Upon Senior Securities	45
Item 4. Mine Safety Disclosures	45
Item 5. Other Information	45
Item 6. Exhibits	46
SIGNATURES	48

2

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains both historical and forward-looking statements. Forward-looking statements in this Quarterly Report are subject to a number of risks and uncertainties, some of which are beyond the Company’s control. 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 Quarterly Report include:

•success in executing the Company's business plans and strategies and managing the risks involved in the foregoing;

•changes in laws, regulations, rules, quotas, tariffs and import laws;

•adverse weather conditions, natural disasters and other adverse natural conditions, including freezes, rains, fires, winds and droughts that affect the production, transportation, storage, import and export of fresh produce;

•market responses to industry volume pressures;

•increased pressure from disease, insects and other pests;

•disruption of water supplies or changes in water allocations;

•disruption in the global supply chain;

•negative impacts related to the COVID-19 pandemic and our Company's responses to the pandemic;

•product and raw materials supplies and pricing;

•energy supply and pricing;

•changes in interest rates and the impact of inflation;

•availability of financing for development activities;

•general economic conditions for residential and commercial real estate development;

•political changes and economic crises;

•international conflict;

•acts of terrorism;

•labor disruptions, strikes, shortages or work stoppages;

•the impact of foreign exchange rate movements;

•ability to maintain compliance with covenants under our loan agreements;

•loss of important intellectual property rights; and

•other factors disclosed in our public filings with the Securities and Exchange Commission (the “SEC”).

These forward-looking statements involve risks and uncertainties that we have identified as having the potential to cause actual results to differ materially from those contemplated herein. We have described in Part I, Item 1A Risk Factors in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023 additional factors that could cause our actual results to differ from our projections or estimates.

The Company’s actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which the Company is not currently aware or which the Company currently deems immaterial could also cause the Company’s actual results to differ, including those discussed in the section entitled “Risk Factors” included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. Except as required by law, we undertake no obligation to update these forward-looking statements, even if our situation changes in the future.

All references to “we,” “us,” “our,” “our Company,” “the Company” or “Limoneira” in this Quarterly Report mean Limoneira Company, a Delaware corporation, and its consolidated subsidiaries.

3

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

LIMONEIRA COMPANY

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share and per share data)

	April 30, 2024		October 31, 2023
Assets
Current assets:
Cash	$	1,402	$	3,631
Accounts receivable, net	22,516		14,458
Cultural costs	3,430		2,334
Prepaid expenses and other current assets	4,539		5,588
Receivables/other from related parties	2,943		4,214
Total current assets	34,830		30,225
Property, plant and equipment, net	160,683		160,631
Real estate development	9,995		9,987
Equity in investments	95,669		78,816
Goodwill	1,505		1,512
Intangible assets, net	6,210		6,657
Other assets	13,293		13,382
Total assets	$	322,185	$	301,210
Liabilities, Convertible Preferred Stock and Stockholders' Equity
Current liabilities:
Accounts payable	$	9,934	$	9,892
Growers and suppliers payable	10,566		9,629
Accrued liabilities	11,258		8,651
Payables to related parties	5,139		4,805
Current portion of long-term debt	626		381
Total current liabilities	37,523		33,358
Long-term liabilities:
Long-term debt, less current portion	59,503		40,628
Deferred income taxes	21,378		22,172
Other long-term liabilities	4,019		4,555
Total liabilities	122,423		100,713
Commitments and contingencies	—		—
Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at April 30, 2024 and October 31, 2023) (8.75% coupon rate)	1,479		1,479
Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at April 30, 2024 and October 31, 2023) (4% dividend rate on liquidation value of $1,000 per share)	9,331		9,331
Stockholders' equity:
Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at April 30, 2024 and October 31, 2023)	—		—
Common Stock – $0.01 par value (39,000,000 shares authorized: 18,223,633 and 18,192,009 shares issued and 17,972,656 and 17,941,032 shares outstanding at April 30, 2024 and October 31, 2023, respectively)	180		179
Additional paid-in capital	168,540		168,441
Retained earnings	19,050		19,017
Accumulated other comprehensive loss	(6,370)		(5,666)
Treasury stock, at cost, 250,977 shares at April 30, 2024 and October 31, 2023	(3,493)		(3,493)
Noncontrolling interest	11,045		11,209
Total stockholders' equity	188,952		189,687
Total liabilities, convertible preferred stock and stockholders' equity	$	322,185	$	301,210

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share data)

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Net revenues:
Agribusiness	$	43,257	$	46,676	$	81,596	$	83,204
Other operations	1,349		1,394		2,741		2,767
Total net revenues	44,606		48,070		84,337		85,971
Costs and expenses:
Agribusiness	40,436		38,189		79,550		79,430
Other operations	1,429		1,009		2,611		2,247
Loss (gain) on disposal of assets, net	48		8,998		(117)		(30,744)
Gain on legal settlement	—		(2,269)		—		(2,269)
Selling, general and administrative	7,368		6,005		14,713		15,285
Total costs and expenses	49,281		51,932		96,757		63,949
Operating (loss) income	(4,675)		(3,862)		(12,420)		22,022
Other income (expense):
Interest income	14		62		36		70
Interest (expense), net of patronage dividends	(351)		996		(558)		(176)
Equity in earnings of investments, net	16,592		62		16,633		315
Other income (expense), net	197		200		219		(2,412)
Total other income (expense)	16,452		1,320		16,330		(2,203)
Income (loss) before income tax (provision) benefit	11,777		(2,542)		3,910		19,819
Income tax (provision) benefit	(5,222)		912		(1,032)		(5,915)
Net income (loss)	6,555		(1,630)		2,878		13,904
Net loss attributable to noncontrolling interest	12		17		104		114
Net income (loss) attributable to Limoneira Company	6,567		(1,613)		2,982		14,018
Preferred dividends	(126)		(126)		(251)		(251)
Net income (loss) applicable to common stock	$	6,441	$	(1,739)	$	2,731	$	13,767
Basic net income (loss) per common share	$	0.36	$	(0.10)	$	0.15	$	0.77
Diluted net income (loss) per common share	$	0.35	$	(0.10)	$	0.15	$	0.75
Weighted-average common shares outstanding-basic	17,707		17,597		17,677		17,587
Weighted-average common shares outstanding-diluted	18,362		17,597		17,677		18,328

The accompanying notes are an integral part of these unaudited consolidated financial statements.

5

LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(in thousands)

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Net income (loss)	$	6,555	$	(1,630)	$	2,878	$	13,904
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(237)		(50)		(704)		2,173
Minimum pension liability adjustments, net of tax of $(135) for the six months ended April 30, 2023	—		—		—		(220)
Pension settlement cost, net of tax of $756 for the six months ended April 30, 2023	—		—		—		1,944
Total other comprehensive (loss) income, net of tax	(237)		(50)		(704)		3,897
Comprehensive income (loss)	6,318		(1,680)		2,174		17,801
Comprehensive loss attributable to noncontrolling interest	12		17		104		114
Comprehensive income (loss) attributable to Limoneira Company	$	6,330	$	(1,663)	$	2,278	$	17,915

The accompanying notes are an integral part of these unaudited consolidated financial statements.

6

LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY (UNAUDITED)

(in thousands, except share and per share data)

	Stockholders' Equity															Temporary Equity
	Common Stock			Additional Paid-In		Retained		Accumulated Other Comprehensive		Treasury		Non- controlling		Total		Series B Preferred		Series B-2 Preferred
	Shares	Amount		Capital		Earnings		Loss		Stock		Interest		Equity		Stock		Stock
Balance at October 31, 2023	17,941,032	$	179	$	168,441	$	19,017	$	(5,666)	$	(3,493)	$	11,209	$	189,687	$	1,479	$	9,331
Dividends Common ($0.075 per share)	—	—		—		(1,350)		—		—		—		(1,350)		—		—
Dividends Series B ($2.19 per share)	—	—		—		(32)		—		—		—		(32)		—		—
Dividends Series B-2 ($10 per share)	—	—		—		(93)		—		—		—		(93)		—		—
Stock compensation	99,983	1		863		—		—		—		—		864		—		—
Exchange of common stock	(36,097)	—		(684)		—		—		—		—		(684)		—		—
Noncontrolling interest adjustment	—	—		—		—		—		—		(60)		(60)		—		—
Net loss	—	—		—		(3,585)		—		—		(92)		(3,677)		—		—
Other comprehensive loss, net of tax	—	—		—		—		(467)		—		—		(467)		—		—
Balance at January 31, 2024	18,004,918	$	180	$	168,620	$	13,957	$	(6,133)	$	(3,493)	$	11,057	$	184,188	$	1,479	$	9,331
Dividends Common ($0.075 per share)	—	—		—		(1,348)		—		—		—		(1,348)		—		—
Dividends Series B ($2.19 per share)	—	—		—		(33)		—		—		—		(33)		—		—
Dividends Series B-2 ($10 per share)	—	—		—		(93)		—		—		—		(93)		—		—
Stock compensation	30,808	1		1,070		—		—		—		—		1,071		—		—
Exchange of common stock	(63,070)	(1)		(1,150)		—		—		—		—		(1,151)		—		—
Net income (loss)	—	—		—		6,567		—		—		(12)		6,555		—		—
Other comprehensive loss, net of tax	—	—		—		—		(237)		—		—		(237)		—		—
Balance at April 30, 2024	17,972,656	$	180	$	168,540	$	19,050	$	(6,370)	$	(3,493)	$	11,045	$	188,952	$	1,479	$	9,331

	Stockholders' Equity															Temporary Equity
	Common Stock			Additional Paid-In		Retained		Accumulated Other Comprehensive		Treasury		Non- controlling		Total		Series B Preferred		Series B-2 Preferred
	Shares	Amount		Capital		Earnings		(Loss) Income		Stock		Interest		Equity		Stock		Stock
Balance at October 31, 2022	17,684,315	$	177	$	165,169	$	15,500	$	(7,908)	$	(3,493)	$	11,609	$	181,054	$	1,479	$	9,331
Dividends Common ($0.075 per share)	—	—		—		(1,337)		—		—		—		(1,337)		—		—
Dividends Series B ($2.19 per share)	—	—		—		(32)		—		—		—		(32)		—		—
Dividends Series B-2 ($10 per share)	—	—		—		(93)		—		—		—		(93)		—		—
Stock compensation	146,289	1		1,063		—		—		—		—		1,064		—		—
Noncontrolling interest adjustment	—	—		—		—		—		—		(78)		(78)		—		—
Net income (loss)	—	—		—		15,631		—		—		(97)		15,534		—		—
Other comprehensive income, net of tax	—	—		—		—		3,947		—		—		3,947		—		—
Balance at January 31, 2023	17,830,604	$	178	$	166,232	$	29,669	$	(3,961)	$	(3,493)	$	11,434	$	200,059	$	1,479	$	9,331
Dividends Common ($0.075 per share)	—	—		—		(1,348)		—		—		—		(1,348)		—		—
Dividends Series B ($2.19 per share)	—	—		—		(33)		—		—		—		(33)		—		—
Dividends Series B-2 ($10 per share)	—	—		—		(93)		—		—		—		(93)		—		—
Stock compensation	149,900	2		963		—		—		—		—		965		—		—
Exchange of common stock	(1,594)	—		(26)		—		—		—		—		(26)		—		—
Net loss	—	—		—		(1,613)		—		—		(17)		(1,630)		—		—
Other comprehensive loss, net of tax	—	—		—		—		(50)		—		—		(50)		—		—
Balance at April 30, 2023	17,978,910	$	180	$	167,169	$	26,582	$	(4,011)	$	(3,493)	$	11,417	$	197,844	$	1,479	$	9,331

The accompanying notes are an integral part of these unaudited consolidated financial statements.

7

LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

	Six Months Ended April 30,
	2024		2023
Operating activities
Net income	$	2,878	$	13,904
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	4,158		4,491
Gain on disposal of assets, net	(117)		(30,744)
Gain on legal settlement	—		(853)
Stock compensation expense	1,935		2,029
Non-cash lease expense	896		802
Equity in earnings of investments, net	(16,633)		(315)
Deferred income taxes	1,032		5,915
Other, net	12		162
Changes in operating assets and liabilities:
Accounts receivable and receivables/other from related parties	(7,157)		(1,583)
Cultural costs	(1,099)		2,051
Prepaid expenses and other current assets	(325)		(5,105)
Other assets	(106)		21
Accounts payable and growers and suppliers payable	467		(5,340)
Accrued liabilities and payables to related parties	1,923		(2,708)
Income taxes payable	(259)		(330)
Other long-term liabilities	(900)		(840)
Net cash used in operating activities	(13,295)		(18,443)
Investing activities
Capital expenditures	(3,714)		(5,417)
Net proceeds from sales of assets	935		98,506
Net proceeds from sale of real estate development assets	—		2,577
Cash distribution from Trapani Fresh	61		82
Collection on notes receivable	66		—
Equity investment contributions and capitalized interest	(221)		(275)
Investments in mutual water companies and water rights	(47)		(51)
Net cash (used in) provided by investing activities	(2,920)		95,422
Financing activities
Borrowings of long-term debt	71,529		57,940
Repayments of long-term debt	(52,367)		(122,775)
Principal paid on finance leases and equipment financings	(362)		(215)
Dividends paid – common	(2,698)		(2,685)
Dividends paid – preferred	(251)		(251)
Exchange of common stock	(1,835)		(26)
Net cash provided by (used in) financing activities	14,016		(68,012)
Effect of exchange rate changes on cash	(30)		9
Net (decrease) increase in cash	(2,229)		8,976
Cash at beginning of period	3,631		857
Cash at end of period	$	1,402	$	9,833

8

LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)

(in thousands)

	Six Months Ended April 30,
	2024		2023
Supplemental disclosures of cash flow information
Cash paid during the period for interest (net of amounts capitalized)	$	451	$	397
Cash paid during the period for income taxes, net	$	259	$	330
Non-cash investing and financing activities:
Capital expenditures accrued but not paid at period-end	$	390	$	325
Accrued contribution obligation of investment in water company	$	450	$	450

The accompanying notes are an integral part of these unaudited consolidated financial statements.

9

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Organization and Basis of Presentation

Business

Limoneira Company (together with its consolidated subsidiaries, the “Company”) engages primarily in growing citrus and avocados, harvesting citrus, and packing, marketing and selling citrus. The Company is also engaged in residential rentals and other rental operations and real estate development activities.

The Company markets and sells citrus directly to food service, wholesale and retail customers throughout the United States, Canada, Asia, Australia and other international markets. Through fiscal year 2023, the Company was a member of Sunkist Growers, Inc., an agricultural marketing cooperative, and sold a portion of its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses.

Basis of Presentation and Preparation

The accompanying unaudited interim consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which the Company holds a controlling interest. Intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company, the unaudited interim consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these unaudited interim consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. Because the consolidated financial statements do not include all of the information and notes required by GAAP for a complete set of consolidated financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K.

2. Summary of Significant Accounting Policies

Comprehensive Income (Loss)

Comprehensive income (loss) represents all changes in a company’s net assets, except changes resulting from transactions with stockholders. Other comprehensive income or loss includes foreign currency translation items and defined benefit pension items. Accumulated other comprehensive loss is reported as a component of the Company's stockholders' equity.

The following table summarizes other comprehensive (loss) income by component (in thousands):

	Three Months Ended April 30,
	2024						2023
	Pre-tax Amount		Tax Expense		Net Amount		Pre-tax Amount		Tax Expense		Net Amount
Foreign currency translation adjustments	$	(237)	$	—	$	(237)	$	(50)	$	—	$	(50)
Other comprehensive loss	$	(237)	$	—	$	(237)	$	(50)	$	—	$	(50)

	Six Months Ended April 30,
	2024						2023
	Pre-tax Amount		Tax Expense		Net Amount		Pre-tax Amount		Tax Benefit (Expense)		Net Amount
Foreign currency translation adjustments	$	(704)	$	—	$	(704)	$	2,173	$	—	$	2,173
Minimum pension liability adjustments:
Other comprehensive (loss) income before reclassifications	—		—		—		(355)		135		(220)
Amounts reclassified to earnings included in “Other income (expense), net”	—		—		—		2,700		(756)		1,944
Other comprehensive (loss) income	$	(704)	$	—	$	(704)	$	4,518	$	(621)	$	3,897

10

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

2. Summary of Significant Accounting Policies (continued)

Comprehensive Income (Loss) (continued)

The following table summarizes the changes in accumulated other comprehensive loss by component (in thousands):

	Foreign Currency Translation Loss		Defined Benefit Pension Plan		Accumulated Other Comprehensive Loss
Balance at October 31, 2023	$	(5,666)	$	—	$	(5,666)
Other comprehensive loss	(704)		—		(704)
Balance at April 30, 2024	$	(6,370)	$	—	$	(6,370)

	Foreign Currency Translation (Loss) Gain		Defined Benefit Pension Plan		Accumulated Other Comprehensive Loss
Balance at October 31, 2022	$	(6,184)	$	(1,724)	$	(7,908)
Other comprehensive income	2,173		1,724		3,897
Balance at April 30, 2023	$	(4,011)	$	—	$	(4,011)

COVID-19 Pandemic

The decline in demand for the Company's products as a result of the COVID-19 pandemic negatively impacted the Company's sales and profitability beginning in the second quarter of fiscal year 2020. The export market for fresh produce continues to experience decreased demand and the COVID-19 pandemic may continue to impact the Company's sales and profitability in future periods. The duration of these trends and the magnitude of such impacts are uncertain and therefore cannot be estimated at this time, as they are influenced by a number of factors, many of which are outside management’s control.

Recent Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses, the chief operating decision maker (“CODM”), and how the CODM uses the reported measure(s) of segment profit or loss. This amendment also requires that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB Accounting Standards Codification Topic 280, Segment Reporting, in interim periods.

The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

SEC Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors

In March 2024, the SEC adopted final rules under SEC Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. These requirements are effective for the Company in various fiscal years, starting with its fiscal year beginning November 1, 2026. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the impact of these final rules on its consolidated financial statements and disclosures.

11

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

2. Summary of Significant Accounting Policies (continued)

Concentrations

Concentrations of credit risk with respect to revenues and accounts receivable are limited due to a large, diverse customer base. One individual customer represented 14% of revenue for the six months ended April 30, 2024. Two individual customers represented 20% and 11% of accounts receivable, net as of April 30, 2024.

One individual vendor represented 26% of accounts payable as of April 30, 2024.

Lemons procured from third-party growers were 79% and 57% of the Company's lemon supply for the six months ended April 30, 2024 and 2023, respectively. One third-party grower was 20% of the Company's lemon supply for the six months ended April 30, 2024.

The Company maintains its cash in federally insured financial institutions. The account balances at these institutions periodically exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of risk related to amounts on deposit in excess of FDIC insurance coverage.

3. Asset Sales and Disposals

Northern Properties

In October 2022, the Company entered into a Purchase and Sale Agreement, as amended, (the “Agreement”) with PGIM Real Estate Finance, LLC (“PGIM”) to sell 3,537 acres of land and citrus orchards in Tulare County, California (the “Northern Properties”) for a purchase price of approximately $100,405,000. On January 25, 2023, the Board approved the Agreement creating a binding agreement of the Company to sell the Northern Properties and the transaction closed on January 31, 2023. During the quarter ended April 30, 2023, the purchase price was decreased by $397,000 for reimbursement of certain cultural costs and prepaid expenses, resulting in a final purchase price of $100,008,000. After transaction costs the Company received net proceeds of $98,411,000.

The following is a summary of the transaction (in thousands):

Net cash proceeds received	$	85,494
Debt directly repaid through the transaction	12,917
Total net proceeds received	98,411
Less: net book value of assets sold
Cultural costs	3,853
Prepaid expenses and other current assets	155
Property, plant and equipment, net	53,144
Intangible assets, net	12
Other assets	1,320
Accrued liabilities	(68)
	58,416
Gain on disposal of assets	$	39,995

The proceeds were used to pay down all of the Company’s domestic debt except the AgWest Farm Credit $40,000,000 non-revolving line of credit.

On January 31, 2023, the Company entered into a Farm Management Agreement (“FMA”) with an affiliate of PGIM to provide farming, management and operations services related to the Northern Properties. The FMA had an initial term expiring March 31, 2024, and thereafter continues from year to year unless earlier terminated under the terms of the FMA. Further, on January 31, 2023, the Company entered into a Grower Packing and Marketing Agreement to provide packing, marketing and selling services for lemons harvested on the Northern Properties for a minimum five-year term, subject to certain benchmarking standards.

12

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

3. Asset Sales and Disposals (continued)

Yuma Property

In December 2023, the Company sold 12 acres of real property located in Yuma, Arizona for a sales price of $775,000. After transaction and closing costs, the Company recorded a gain on disposal of assets of approximately $187,000 during the quarter ended January 31, 2024.

Cadiz Ranch

In April 2023, the Company determined that citrus farming operations were economically unviable on 670 acres of leased agricultural land at the Cadiz Ranch. As a result, the Company ceased farming operations at the Cadiz Ranch, disposed of the related property, plant and equipment and recorded a loss on disposal of assets of $9,012,000 during the quarter ended April 30, 2023.

4. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):

	April 30, 2024		October 31, 2023
Prepaid supplies and insurance	$	2,660	$	1,667
Assets held for sale	—		535
Sales tax receivable	166		490
Income taxes receivable	—		816
Lemon supplier advances	472		791
Other	1,241		1,289
	$	4,539	$	5,588

5. Real Estate Development

Real estate development assets are comprised primarily of land and land development costs for the East Area II property in the amount of $9,995,000 and $9,987,000 as of April 30, 2024 and October 31, 2023, respectively.

East Area I, Retained Property and East Area II

In fiscal year 2005, the Company began capitalizing the costs of two real estate development projects east of Santa Paula, California, for the development of 550 acres of land into residential units, commercial buildings and civic facilities. In November 2015 (the “Transaction Date”), the Company entered into a joint venture with The Lewis Group of Companies (“Lewis”) for the residential development of its East Area I real estate development project. To consummate the transaction, the Company formed Limoneira Lewis Community Builders, LLC (“LLCB”) as the development entity, contributed its East Area I property to LLCB, and sold a 50% interest to Lewis for $20,000,000.

The Company and LLCB also entered into a Retained Property Development Agreement on the Transaction Date (the “Retained Property Agreement”). Under the terms of the Retained Property Agreement, LLCB transferred certain contributed East Area I property, which is entitled for commercial development, back to the Company (the “Retained Property”) and arranged for the design and construction of certain improvements to the Retained Property and East Area II, subject to certain reimbursements by the Company. The balance in East Area II includes estimated costs incurred by and reimbursable to LLCB of $3,444,000 as of April 30, 2024 and October 31, 2023, which is included in payables to related parties.

In January 2018, LLCB entered into a $45,000,000 unsecured Line of Credit Loan Agreement and Promissory Note (the “Loan”) with Bank of America, N.A. to fund early development activities. Effective as of February 22, 2023, the Loan maturity date was extended to February 22, 2024, and the maximum borrowing amount was reduced to $35,000,000. As of February 1, 2023, the interest rate on the Loan transitioned from the London Interbank Offered Rate (“LIBOR”) to the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus 2.85% and is payable monthly. Effective as of February 22, 2024, the loan maturity date was extended to August 22, 2024 and the interest rate transitioned from the BSBY to the Secured Overnight Financing Rate ("SOFR") plus 2.85%. The Loan contains certain customary default provisions and LLCB may prepay any amounts outstanding under the Loan without penalty. As of April 30, 2024, the Loan had no outstanding balance and LLCB had unaudited cash and cash equivalents of $102,078,000.

13

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

5. Real Estate Development (continued)

East Area I, Retained Property and East Area II (continued)

In February 2018, the Company and certain principals from Lewis guaranteed the obligations under the Loan. The guarantors are jointly and severally liable for all Loan obligations in the event of default by LLCB. The guarantee continues in effect until all of the Loan obligations are fully paid and the Loan terminates. The $1,080,000 estimated value of the guarantee was recorded in the Company’s consolidated balance sheets and is included in other long-term liabilities with a corresponding value in equity in investments. Additionally, a Reimbursement Agreement was executed between the Lewis guarantors and the Company, which provides for unpaid liabilities of LLCB to be shared pro-rata by the Lewis guarantors and the Company in proportion to their percentage interest in LLCB.

In October 2022, the Company entered into a joint venture with Lewis for the development of the Retained Property. The Company formed LLCB II, LLC (“LLCB II”) as the development entity, contributed the Retained Property to the joint venture and sold a 50% interest to Lewis for $7,975,000. The Company recorded a deferred gain of $465,000 on the transaction, which is included in other long-term liabilities as of April 30, 2024 and October 31, 2023. The joint venture partners will share in the capital contributions to fund project costs until loan proceeds and/or revenues are sufficient to fund the project. The Company made contributions of $200,000 and $275,000 to LLCB II during the six months ended April 30, 2024 and 2023, respectively.

Through April 30, 2024, LLCB closed on lot sales representing 1,261 residential units since inception, including 554 residential units in the second quarter of fiscal year 2024. In June 2024, the Company received a cash distribution of $15,005,000 from LLCB.

Other Real Estate Development Projects

In fiscal year 2020, the Company entered into an agreement to sell its Sevilla property for $2,700,000, which closed in November 2022. After transaction and other costs, the Company received cash proceeds of approximately $2,577,000 and recorded an immaterial loss on disposal of assets during the six months ended April 30, 2023.

6. Equity in Investments

Equity in investments consist of the following (in thousands):

	April 30, 2024		October 31, 2023
Limoneira Lewis Community Builders, LLC	$	82,953	$	66,288
LLCB II, LLC	9,089		8,869
Limco Del Mar, Ltd.	1,759		1,832
Rosales	1,366		1,325
Romney Property Partnership	502		502
	$	95,669	$	78,816

Unconsolidated Significant Subsidiary

In accordance with Rule 10-01(b)(1) of Regulation S-X, which applies to interim reports on Form 10-Q, the Company must determine if its equity method investees are considered “significant subsidiaries.” In evaluating its investments, there are two tests utilized to determine if equity method investees are considered significant subsidiaries: the income test and the investment test. Summarized income statement information of an equity method investee is required in an interim report if either of the two tests exceed 20% in the interim periods presented. During the year-to-date interim period for the six months ended April 30, 2024, this threshold was met for LLCB and thus summarized income statement information is presented in this Quarterly Report on Form 10-Q. The full audited financial statements of LLCB for the years ended October 31, 2023, 2022 and 2021 were provided as exhibits to the Annual Report on Form 10-K for the fiscal year ended October 31, 2023.

14

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

6. Equity in Investments (continued)

Unconsolidated Significant Subsidiary (continued)

The following is unaudited summarized financial information for LLCB (in thousands):

	Six Months Ended April 30,
	2024		2023
Revenues	$	94,540	$	678
Cost of land sold	54,089		19
Operating expenses	135		322
Net income	$	40,316	$	337
Net income attributable to Limoneira Company	$	19,455	$	270
	April 30, 2024		October 31, 2023
Cash and cash equivalents	$	102,078	$	12,863
Unsecured line of credit	$	—	$	—

7. Goodwill and Intangible Assets, Net

A summary of the change in the carrying amount of goodwill is as follows (in thousands):

	Goodwill Carrying Amount
Balance at October 31, 2023	$	1,512
Foreign currency translation adjustment	(7)
Balance at April 30, 2024	$	1,505

Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. There have been no impairment charges recorded against goodwill as of April 30, 2024.

Intangible assets consist of the following (in thousands):

	April 30, 2024							October 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years
Trade names and trademarks	$	2,108	(1,207)		901		8	$	2,108	$	(1,104)	$	1,004	8
Customer relationships	4,037		(2,337)		1,700		9	4,037		(2,111)		1,926		9
Non-competition agreement	437		(159)		278		8	437		(132)		305		8
Acquired water and mineral rights	3,331		—		3,331		Indefinite	3,422		—		3,422		Indefinite
	$	9,913	$	(3,703)	$	6,210		$	10,004	$	(3,347)	$	6,657

Amortization expense totaled $177,000 and $178,000 for the three months ended April 30, 2024 and 2023, respectively. Amortization expense totaled $356,000 and $375,000 for the six months ended April 30, 2024 and 2023, respectively.

15

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

7. Goodwill and Intangible Assets, Net (continued)

Estimated future amortization expense of intangible assets as of April 30, 2024 is as follows (in thousands):

2024 (remaining six months)	$	355
2025	711
2026	711
2027	427
2028	427
Thereafter	248
	$	2,879

8. Other Assets

Investments in Mutual Water Companies

The Company’s investments in various not-for-profit mutual water companies provide it with the right to receive a proportionate share of water from each of the not-for-profit mutual water companies that have been invested in and do not constitute voting shares and/or rights. In January 2023, the Company sold an investment in a mutual water company with a net book value of $1,320,000 as part of the Northern Properties sale described in Note 3 - Asset Sales and Disposals. Amounts included in other assets in the consolidated balance sheets as of April 30, 2024 and October 31, 2023 were $6,200,000 and $5,703,000, respectively.

9. Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	April 30, 2024		October 31, 2023
Compensation	$	3,549	$	2,858
Property taxes	38		548
Operating expenses	3,372		2,223
Leases	2,237		2,150
Income taxes payable	761		—
Other	1,301		872
	$	11,258	$	8,651

10. Long-Term Debt

Long-term debt is comprised of the following (in thousands):

	April 30, 2024		October 31, 2023
AgWest Farm Credit revolving and non-revolving lines of credit: the interest rate of the revolving line of credit is variable based on the one-month SOFR, which was 5.33% at April 30, 2024, plus 1.78%. The interest rate for the $40.0 million outstanding balance of the non-revolving line of credit is fixed at 3.57% through July 1, 2025 and variable thereafter. Interest is payable monthly and the principal is due in full on July 1, 2026.	$	59,417	$	40,000
Banco de Chile term loan: The interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025.	439		583
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48%. The loans are payable in monthly installments through September 2024.	43		112
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48% and 4.26%. The loans are payable in monthly installments through September 2026.	230		314
Total long-term debt	60,129		41,009
Less current portion	626		381
Long-term debt, less current portion	$	59,503	$	40,628

16

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

10. Long-Term Debt (continued)

The Company entered into a Master Loan Agreement (the “MLA”) with AgWest Farm Credit, formerly known as Farm Credit West, (the “Lender”) dated June 1, 2021, together with a revolving credit facility supplement (the “Revolving Credit Supplement”), a non-revolving credit facility supplement (the “Non-Revolving Credit Supplement,” and together with the Revolving Credit Supplement, the “Supplements”) and an agreement to convert to a fixed interest rate for a period of time as described in the table above (“Fixed Interest Rate Agreement”). The MLA governs the terms of the Supplements.

In March 2020, the Company entered into a revolving equity line of credit promissory note and loan agreement with the Lender for a $15,000,000 Revolving Equity Line of Credit (the “RELOC”) secured by a first lien on the Windfall Investors, LLC property. The RELOC featured a 3-year draw period followed by 20 years of fully amortized loan payments. On March 31, 2023, the draw period expired and the RELOC was closed as there was no balance outstanding.

The Supplements provide aggregate borrowing capacity of $115,000,000 comprised of $75,000,000 under the Revolving Credit Supplement, and $40,000,000 under the Non-Revolving Credit Supplement. As of April 30, 2024, the Company's outstanding borrowings under the Supplements were $59,417,000 and it had $55,583,000 available to borrow.

In January 2023, the Company used the proceeds from the Northern Properties sale as described in Note 3 - Asset Sales and Disposals to reduce the Company's long-term debt.

The interest rate in effect under the Revolving Credit Supplement automatically adjusts on the first day of each month. The interest rate for any amount outstanding under the Revolving Credit Supplement was based on the one-month LIBOR plus or minus an applicable margin. As of January 1, 2023, the rate transitioned from LIBOR to SOFR. The applicable margin ranges from 1.68% to 2.28% depending on the ratio of current assets, plus the remaining available commitment divided by current liabilities. On each anniversary of July 1, the Company has the option to convert the interest rate in use under the Revolving Credit Supplement from the preceding SOFR-based calculation to a variable interest rate. The Company may prepay any amounts outstanding under the Revolving Credit Supplement without penalty.

The interest rate in effect under the Non-Revolving Credit Supplement is a fixed interest rate of 3.57% per year until July 1, 2025 (the “Fixed Rate Term”). Thereafter, the interest rate will convert to a variable interest rate established by the Lender corresponding to the applicable interest rate group. The Company may not prepay any amounts under the outstanding Non-Revolving Credit Supplement during the Fixed Rate Term. Thereafter, the Company may prepay any amounts outstanding under the Non-Revolving Credit Supplement, provided that a fee equal to 0.50% of the amount prepaid and any other cost or loss suffered by the Lender must be paid with any prepayment.

All indebtedness under the MLA, including any indebtedness under the Supplements, is secured by a first lien on Company-owned stock or participation certificates, Company funds maintained with the Lender, the Lender’s unallocated surplus, certain of the Company’s agricultural properties, certain of the Company’s building fixtures and improvements, and investments in mutual water companies associated with the pledged agricultural properties. The MLA includes customary default provisions. Should an event of default occur, the Lender, at its option, may declare all or any portion of the indebtedness under the MLA to be immediately due and payable without demand, notice of nonpayment, protest or prior recourse to collateral, and terminate or suspend the Company’s right to draw or request funds on any loan or line of credit.

The MLA subjects the Company to affirmative and restrictive covenants including, among other customary covenants, financial reporting requirements, requirements to maintain and repair any collateral, restrictions on the sale of assets, restrictions on the use of proceeds, prohibitions on the incurrence of additional debt and restrictions on the purchase or sale of major assets of the Company’s business. The Company is also subject to a financial covenant that requires it to maintain compliance with a specific debt service coverage ratio on an annual basis. In September 2023, the Lender modified the covenant to defer measurement as of October 31, 2023 and resume a debt service coverage ratio of 1.25:1.0 measured as of October 31, 2024.

In December 2023, the Lender declared an annual cash patronage dividend of 1.25% of average eligible loan balances and the Company received $558,000 in the second quarter of fiscal year 2024. In February 2023, the Lender declared an annual cash patronage dividend of 1.25% of average eligible loan balances and the Company received $1,413,000 in the second quarter of fiscal year 2023.

Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of $98,000 and zero during the three months ended April 30, 2024 and 2023, and $154,000 and $306,000 for the six months ended April 30, 2024 and 2023, respectively. Capitalized interest is included in property, plant and equipment, real estate development assets and equity in investments in the Company’s consolidated balance sheets.

17

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

11. Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):

	April 30, 2024		October 31, 2023
Loan guarantee	1,080		1,080
Leases	1,658		2,316
Other	1,281		1,159
	$	4,019	$	4,555

12. Leases

Lessor Arrangements

The Company enters into leasing transactions in which it rents certain of its assets and the Company is the lessor. These lease contracts are typically classified as operating leases with remaining terms ranging from one month to 19 years with various renewal terms available. All of the residential rentals have month-to-month lease terms.

The Company's rental operations revenue consists of the following (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Operating lease revenue	$	1,274	$	1,274	$	2,566	$	2,564
Variable lease revenue	75		120		175		203
Total lease revenue	$	1,349	$	1,394	$	2,741	$	2,767

Lessee Arrangements

The Company enters into leasing transactions in which the Company is the lessee. These lease contracts are classified as either operating or finance leases. The Company’s lease contracts are generally for agricultural land, packinghouse facilities, equipment and vehicles with remaining lease terms ranging from one to four years, with various term extensions available. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Lease costs are primarily included in agribusiness costs and expenses in the Company's consolidated statements of operations.

Lease costs consist of the following (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Operating lease costs	$	519	$	491	$	1,018	$	982
Finance lease costs:
Amortization of lease assets	63		33		110		66
Interest on lease liabilities	12		8		21		16
Variable lease costs	(13)		(235)		(32)		(90)
Short-term lease costs	31		175		100		338
Total lease costs	$	612	$	472	$	1,217	$	1,312

18

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

12. Leases (continued)

Lessee Arrangements (continued)

Supplemental balance sheet information related to leases consists of the following (in thousands):

	Classification	April 30, 2024		October 31, 2023
Assets
Operating lease ROU assets	Other assets	$	3,274	$	3,484
Finance lease assets	Other assets	702		1,182
		$	3,976	$	4,666
Liabilities
Current operating lease liabilities	Accrued liabilities	$	2,058	$	1,831
Current finance lease liabilities	Accrued liabilities	179		319
Non-current operating lease liabilities	Other long-term liabilities	1,265		1,714
Non-current finance lease liabilities	Other long-term liabilities	393		602
		$	3,895	$	4,466

Supplemental cash flow information related to leases consists of the following (in thousands):

	Six Months Ended April 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	1,023	$	961
Operating cash outflows from finance leases	$	21	$	16
Financing cash outflows from finance leases	$	243	$	118
ROU assets obtained in exchange for new operating lease liabilities	$	689	$	114
Leased assets obtained in exchange for new finance lease liabilities	$	494	$	—

19

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

13. Basic and Diluted Net Income (Loss) Per Share

Basic net income (loss) per common share is calculated using the weighted-average number of common shares outstanding during the period without consideration of the dilutive effect of conversion of preferred stock. Diluted net income (loss) per common share is calculated using the weighted-average number of common shares outstanding during the period plus the dilutive effect of unvested, restricted stock and conversion of preferred stock. The computations for basic and diluted net income (loss) per common share are as follows (in thousands, except per share data):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Basic net income (loss) per common share:
Net income (loss) applicable to common stock	$	6,441	$	(1,739)	$	2,731	$	13,767
Effect of unvested, restricted stock	(101)		(23)		(47)		(188)
Numerator: Net income (loss) for basic EPS	6,340		(1,762)		2,684		13,579
Denominator: Weighted average common shares–basic	17,707		17,597		17,677		17,587
Basic net income (loss) per common share	$	0.36	$	(0.10)	$	0.15	$	0.77
Diluted net income (loss) per common share:
Net income (loss) for basic EPS	$	6,340	$	(1,762)	$	2,684	$	13,579
Effect of dilutive preferred stock	126		—		—		251
Numerator: Net income (loss) for diluted EPS	6,466		(1,762)		2,684		13,830
Weighted average common shares–basic	17,707		17,597		17,677		17,587
Effect of dilutive preferred stock	655		—		—		741
Denominator: Weighted average common shares–diluted	18,362		17,597		17,677		18,328
Diluted net income (loss) per common share	$	0.35	$	(0.10)	$	0.15	$	0.75

Diluted net income (loss) per common share is computed using the more dilutive method of either the two-class method or the treasury stock method. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends as participating shares are included in computing earnings per share. The Company’s unvested, restricted stock awards qualify as participating shares. Diluted net income (loss) per common share was calculated under the two-class method for the three and six months ended April 30, 2024 and 2023.

20

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

14. Related-Party Transactions

The Company has transactions with equity method investments and various related parties summarized in Note 6 - Equity in Investments and in the tables below (in thousands):

		April 30, 2024						October 31, 2023
		Balance Sheet						Balance Sheet
Ref	Related-Party	Receivables/Other from Related Parties		Other Assets		Payables to Related Parties		Receivables/Other from Related Parties		Other Assets		Payables to Related Parties
2	Mutual water companies	$	—	$	497	$	652	$	—	$	523	$	48
5	Cadiz / Fenner / WAM	$	—	$	—	$	206	$	—	$	—	$	206
6	YMIDD	$	230	$	—	$	—	$	571	$	—	$	—
7	FGF	$	2,263	$	2,519	$	837	$	2,681	$	2,519	$	837
8	LLCB	$	—	$	—	$	3,444	$	66	$	—	$	3,444
10	Rosales	$	450	$	—	$	—	$	896	$	—	$	270

		Three Months Ended April 30, 2024								Three Months Ended April 30, 2023
		Consolidated Statement of Operations								Consolidated Statement of Operations
Ref	Related-Party	Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid		Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid
1	Employees	$	—	$	234	$	—	$	—	$	—	$	221	$	—	$	—
2	Mutual water companies	$	—	$	—	$	25	$	—	$	—	$	—	$	406	$	—
3	Cooperative association	$	—	$	—	$	70	$	—	$	—	$	—	$	473	$	—
5	Cadiz / Fenner / WAM	$	—	$	—	$	—	$	93	$	—	$	—	$	417	$	—
6	YMIDD	$	311	$	—	$	62	$	—	$	135	$	—	$	62	$	—
7	FGF	$	82	$	50	$	—	$	—	$	33	$	50	$	—	$	—
9	Principal Owner	$	—	$	—	$	—	$	226	$	—	$	—	$	—	$	222
10	Rosales	$	1,861	$	—	$	—	$	—	$	—	$	—	$	—	$	—

		Six Months Ended April 30, 2024								Six Months Ended April 30, 2023
		Consolidated Statement of Operations								Consolidated Statement of Operations
Ref	Related-Party	Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid		Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid
1	Employees	$	—	$	455	$	—	$	—	$	—	$	444	$	—	$	—
2	Mutual water companies	$	—	$	—	$	574	$	—	$	—	$	—	$	778	$	—
3	Cooperative association	$	—	$	—	$	559	$	—	$	—	$	—	$	866	$	—
5	Cadiz / Fenner / WAM	$	—	$	—	$	—	$	186	$	—	$	—	$	1,555	$	—
6	YMIDD	$	629	$	—	$	62	$	—	$	270	$	—	$	72	$	—
7	FGF	$	165	$	100	$	—	$	—	$	116	$	124	$	—	$	—
9	Principal Owner	$	—	$	—	$	—	$	450	$	—	$	—	$	—	$	431
10	Rosales	$	3,184	$	—	$	49	$	—	$	—	$	—	$	—	$	—

(1) Employees - The Company rents certain of its residential housing assets to employees on a month-to-month basis and recorded rental income from employees.

(2) Mutual water companies - The Company has representation on the boards of directors of the mutual water companies in which the Company has investments, as well as other water districts. Refer to Note 8 - Other Assets. The Company recorded capital contributions, purchased water and water delivery services and had water payments due to the mutual water companies and districts.

(3) Cooperative association - The Company has representation on the board of directors of a non-profit cooperative association that provides pest control services for the agricultural industry. The Company purchased services and supplies from and had immaterial payments due to the cooperative association.

21

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

14. Related-Party Transactions (continued)

(5) Cadiz / Fenner / WAM - A member of the Company’s board of directors served as the CEO, President and a member of the board of directors of Cadiz, Inc. through December 31, 2023. As of January 1, 2024, Cadiz, Inc. is no longer a related-party. In 2013, the Company entered a long-term lease agreement (the “Lease”) with Cadiz Real Estate, LLC (“Cadiz”), a wholly owned subsidiary of Cadiz, Inc., and leased 670 acres located in eastern San Bernardino County, California. In 2016, Cadiz assigned this lease to Fenner Valley Farms, LLC (“Fenner”), a subsidiary of Water Asset Management, LLC (“WAM”). As of the date of the lease assignment, the Company no longer had any related-party transactions with Cadiz. An affiliate of WAM is the holder of 9,300 shares of the Company's Series B-2 convertible preferred stock and the Company paid dividends to such affiliate. The annual base rent was equal to the sum of $200 per planted acre and 20% of gross revenues from the sale of harvested lemons (less operating expenses), not to exceed $1,200 per acre per year. Upon the adoption of ASC 842, the Company recorded a ROU asset and corresponding lease liability, which were written off in fiscal year 2023 upon cessation of farming operations.

(6) Yuma Mesa Irrigation and Drainage District (“YMIDD”) - The Company has representation on the board of directors of YMIDD. The Company purchased water from YMIDD and had no amounts payable to them for such purchases. Additionally, the Company received fallowing revenue from YMIDD and has a receivable outstanding.

(7) FGF - The Company advances funds to FGF for fruit purchases, which are recorded as an asset until the sales occur and the remaining proceeds become due to FGF. The Company has a receivable from FGF for lemon sales and the sale of packing supplies and a payable due to FGF for fruit purchases and services. The Company records revenue related to the licensing of intangible assets to FGF. The Company leases the Santa Clara ranch to FGF and records rental revenue related to the leased land.

(8) LLCB - Refer to Note 5 - Real Estate Development.

(9) Principal owner - The Company has one principal owner with ownership shares over 10% and paid dividends to such owner.

(10) Rosales - The Company has an equity interest in Rosales as further described in Note 6 - Equity in Investments. The Company recognizes lemon sales to Rosales, procures lemons and oranges from Rosales and has amounts due to and due from Rosales for such sales and consignments.

15. Income Taxes

The effective tax rate for the six months ended April 30, 2024 was higher than the federal statutory tax rate of 21% mainly due to foreign jurisdictions that are taxed at different rates, state taxes, tax impact of executive compensation, nondeductible tax items and valuation allowances on certain deferred tax assets of foreign subsidiaries. The Company has no material uncertain tax positions as of April 30, 2024. The Company recognizes interest expense and penalties related to income tax matters as a component of income tax expense. There was no accrued interest or penalties associated with uncertain tax positions as of April 30, 2024.

16. Retirement Plans

The Limoneira Company Retirement Plan (the “Plan”) was a noncontributory, defined benefit, single employer pension plan, which provided retirement benefits for all eligible employees. Benefits paid by the Plan were calculated based on years of service, highest five-year average earnings, primary Social Security benefit and retirement age. Effective June 2004, the Company froze the Plan and no additional benefits accrued to participants subsequent to that date. The Plan was administered by Principal Bank and Mercer Human Resource Consulting. In fiscal year 2021, the Company terminated the Plan effective December 31, 2021.

During the six months ended April 30, 2023, the Company made funding contributions of $2,500,000 to fully fund and settle the plan obligations. Lump sum payments were made to a portion of the active and vested terminated participants and annuities were purchased for all remaining participants from an insurance company. There are no remaining benefit obligations or plan assets and the remaining accumulated other comprehensive loss was fully recognized.

The Plan was funded consistent with the funding requirements of federal law and regulations. Plan assets were invested in a group trust consisting primarily of pooled funds, mutual funds, cash and cash equivalents.

22

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

16. Retirement Plans (continued)

The components of net periodic pension cost for the Plan were as follows (in thousands):

	Six Months Ended April 30,
	2024		2023
Administrative expenses	$	—	$	20
Interest cost	—		34
Expected return on plan assets	—		(17)
Prior service cost	—		4
Settlement loss recognized	—		2,700
Net periodic benefit cost	$	—	$	2,741

17. Commitments and Contingencies

The Company is from time to time involved in various lawsuits and legal proceedings that arise in the ordinary course of business. At this time, the Company is not aware of any pending or threatened litigation against it that it expects will have a material adverse effect on its business, financial condition, liquidity or operating results. Legal claims are inherently uncertain, however, and it is possible that the Company’s business, financial condition, liquidity and/or operating results could be adversely affected in the future by legal proceedings.

The Company was party to a lawsuit, initiated on March 27, 2018, against Southern California Edison in Superior Court of the State of California, County of Los Angeles whereby the Company claimed unspecified damages, attorneys’ fees and other costs, as a result of the Thomas Fire in fiscal year 2018. On April 18, 2023, the Company entered into a Confidential Settlement Agreement and Release (the “Settlement Agreement”) with Southern California Edison Company and Edison International to formally resolve any and all claims related to the fire. Under the terms of the Settlement Agreement, the Company was awarded a total settlement of $9,000,000. On May 19, 2023, the Company received $6,109,000, net of legal and related costs, of which $3,840,000 was recorded in agribusiness revenues and $2,269,000 was recorded in gain on legal settlement as of April 30, 2023.

18. Stock-based Compensation

The Company has a stock-based compensation plan (the “Stock Plan”) that allows for the grant of common stock of the Company to members of management, key executives and non-employee directors. The fair value of such awards is based on the fair value of the Company’s common stock on the date of grant and all are classified as equity awards.

Performance Awards

Certain restricted stock grants are made to management each December under the Stock Plan based on the achievement of certain annual financial performance and other criteria achieved during the previous fiscal year (“Performance Awards”). These grants are based on a percentage of the employee’s base salary divided by the stock price on the grant date once the performance criteria have been met, and generally vest over a two-year period as service is provided. During December 2023, 36,127 shares of stock with a per share price of $19.57 were granted to management under the Stock Plan for fiscal year 2023 performance, resulting in total compensation expense of approximately $707,000, with $293,000 recognized in the fiscal year ended October 31, 2023, and the balance will be recognized over the next two years as the shares vest. During April 2024, 4,330 shares of stock with a weighted average per share price of $19.49 were granted to management under the Stock Plan and vested upon issuance.

Executive Awards

Certain restricted stock grants are made to key executives under the Stock Plan (“Executive Awards”). These grants generally vest over a three-year period as service is provided. During November 2023, the Company granted 53,078 shares of stock with a per share price of $14.13 to key executives under the Stock Plan. The related compensation expense of approximately $750,000 will be recognized equally over the next three years as the shares vest.

23

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

18. Stock-based Compensation (continued)

Executive Awards (continued)

In fiscal year 2022, the Company entered into Retention Bonus Agreements with key executives (collectively, the “Retention Bonus Agreements”) whereby the executives will be eligible to receive cash and restricted stock grants. During December 2023, the Company granted 12,709 shares of stock with a per share price of $19.57 to key executives related to the Retention Bonus Agreements. The related compensation expense of approximately $249,000 had $115,000 recognized in the fiscal year ended October 31, 2023, and the balance will be recognized over the next year as the shares vest.

In November 2023, the Company entered into Performance Share-Based Award Agreements with key executives whereby the executives may be granted common stock in the future based on the achievement of certain long-term performance goals. The Company recorded $175,000 of stock compensation expense related to these awards during the six months ended April 30, 2024.

Director Awards

Certain restricted stock grants are made to non-employee directors under the Stock Plan on an annual basis that generally vest after a one-year period (“Director Awards”). During January 2024, 609 shares of stock were granted as Director Awards with a per share price of $20.37. During March 2024, an additional 26,478 shares of stock were granted as Director Awards with a per share price of $19.26.

Exchange of Common Stock

During the six months ended April 30, 2024 and 2023, members of management exchanged 99,167 and 1,594 shares of common stock with fair values totaling $1,835,000 and $26,000, respectively, at the dates of the exchanges, for the payment of payroll taxes associated with the vesting of shares under the Stock Plan.

19. Segment Information

The Company operates in four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness. The reportable operating segments of the Company are strategic business units with different products and services, distribution processes and customer bases. The fresh lemons segment includes sales, farming and harvest costs and third-party grower and supplier costs relative to fresh lemons. The lemon packing segment includes packing revenues and lemon packing costs. The lemon packing segment revenues include intersegment revenues between fresh lemons and lemon packing. The intersegment revenues are included gross in the segment note and a separate line item is shown as an elimination. The avocados segment includes sales, farming and harvest costs. The other agribusiness segment primarily includes sales, farm management, farming and harvest costs, brokered fruit costs of oranges and specialty citrus, other crops, fallowing revenue, shipping revenue and shipping costs. During fiscal year 2024, the Company changed its reporting of other revenue and other costs and includes these items in the other agribusiness segment instead of the fresh lemons segment. Prior year's information has been restated to conform to the current year's presentation.

The Company does not separately allocate depreciation and amortization to its fresh lemons, lemon packing, avocados and other agribusiness segments. No asset information is provided for reportable operating segments, as these specified amounts are not included in the measure of segment profit or loss reviewed by the Company’s chief operating decision maker. The Company measures operating performance, including revenues and operating income, of its operating segments and allocates resources based on its evaluation. The Company does not allocate selling, general and administrative expense, gain or loss on disposal of assets, gain on legal settlement, total other income (expense) and income taxes, or specifically identify them to its operating segments. The lemon packing segment earns packing revenue for packing lemons grown on its orchards and lemons procured from third-party growers. Intersegment revenues represent packing revenues related to lemons grown on the Company’s orchards.

24

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

19. Segment Information (continued)

Segment information for the three months ended April 30, 2024 is as follows (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	30,841	$	4,964	$	—	$	2,348	$	5,104	$	43,257	$	1,349	$	44,606
Intersegment revenue	—		10,914		(10,914)		—		—		—		—		—
Total net revenues	30,841		15,878		(10,914)		2,348		5,104		43,257		1,349		44,606
Costs and expenses	28,869		13,588		(10,914)		1,425		5,680		38,648		8,533		47,181
Depreciation and amortization	—		—		—		—		—		1,788		312		2,100
Operating (loss) income	$	1,972	$	2,290	$	—	$	923	$	(576)	$	2,821	$	(7,496)	$	(4,675)

Segment information for the three months ended April 30, 2023 is as follows (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	31,942	$	6,423	$	—	$	3,603	$	4,708	$	46,676	$	1,394	$	48,070
Intersegment revenue	—		10,309		(10,309)		—		—		—		—		—
Total net revenues	31,942		16,732		(10,309)		3,603		4,708		46,676		1,394		48,070
Costs and expenses	29,219		12,075		(10,309)		1,023		4,441		36,449		13,439		49,888
Depreciation and amortization	—		—		—		—		—		1,740		304		2,044
Operating (loss) income	$	2,723	$	4,657	$	—	$	2,580	$	267	$	8,487	$	(12,349)	$	(3,862)

Segment information for the six months ended April 30, 2024 is as follows (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	58,225	$	10,556	$	—	$	2,348	$	10,467	$	81,596	$	2,741	$	84,337
Intersegment revenue	—		17,630		(17,630)		—		—		—		—		—
Total net revenues	58,225		28,186		(17,630)		2,348		10,467		81,596		2,741		84,337
Costs and expenses	57,710		24,306		(17,630)		1,425		10,207		76,018		16,581		92,599
Depreciation and amortization	—		—		—		—		—		3,532		626		4,158
Operating (loss) income	$	515	$	3,880	$	—	$	923	$	260	$	2,046	$	(14,466)	$	(12,420)

Segment information for the six months ended April 30, 2023 is as follows (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	59,263	$	12,071	$	—	$	3,603	$	8,267	$	83,204	$	2,767	$	85,971
Intersegment revenue	—		17,672		(17,672)		—		—		—		—		—
Total net revenues	59,263		29,743		(17,672)		3,603		8,267		83,204		2,767		85,971
Costs and expenses (gains)	61,533		23,428		(17,672)		1,023		7,243		75,555		(16,097)		59,458
Depreciation and amortization	—		—		—		—		—		3,875		616		4,491
Operating income (loss)	$	(2,270)	$	6,315	$	—	$	2,580	$	1,024	$	3,774	$	18,248	$	22,022

Revenues related to rental operations are included in “Corporate and Other.” The detail of other agribusiness revenues is as follows (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Oranges	$	1,160	$	1,383	$	2,301	$	2,535
Specialty citrus and other crops	839		1,016		1,925		2,263
Farm management	2,046		1,404		4,094		1,404
Other	1,059		905		2,147		2,065
Other agribusiness revenues	$	5,104	$	4,708	$	10,467	$	8,267

25

LIMONEIRA COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

20. Subsequent Events

The Company evaluated events subsequent to April 30, 2024 through the date of this filing, to assess the need for potential recognition or disclosure in this Quarterly Report. Based upon this evaluation, except as described in the notes to consolidated financial statements, it was determined that no other subsequent events occurred that require recognition or disclosure in the unaudited consolidated financial statements.

26

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

Overview

Limoneira Company, a Delaware corporation, is the successor to several businesses with operations in California since 1893. We are primarily an agribusiness company founded and based in Santa Paula, California, committed to responsibly using and managing our approximately 10,500 acres of land, water resources and other assets to maximize long-term stockholder value. Our current operations consist of fruit production, sales and marketing, rental operations, real estate and capital investment activities.

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. In addition to growing lemons and avocados, we grow oranges and other crops. We have agricultural plantings throughout Ventura and San Luis Obispo Counties in California, Yuma County in Arizona, La Serena, Chile and Jujuy, Argentina, which collectively consist of approximately 3,400 acres of lemons, 1,200 acres of avocados, 100 acres of oranges and 400 acres of wine grapes. We also operate our own packinghouses in Santa Paula, California and Yuma, Arizona, where we process, pack and sell lemons that we grow, as well as lemons grown by others. We have a 47% interest in Rosales S.A. (“Rosales”), a citrus packing, marketing and sales business, a 90% interest in Fruticola Pan de Azucar S.A. (“PDA”), a lemon and orange orchard and a 100% interest in Agricola San Pablo, SpA (“San Pablo”), a lemon and orange orchard, all of which are located near La Serena, Chile. We have a 51% interest in a joint venture, Trapani Fresh Consorcio de Cooperacion (“Trapani Fresh”), a lemon orchard in Argentina.

Our water resources include water rights, usage rights and pumping rights to the water in aquifers under, and canals that run through, the land we own. Water for our farming operations is sourced from the existing water resources associated with our land, which includes rights to water in the adjudicated Santa Paula Basin (aquifer) and the un-adjudicated Fillmore and Paso Robles Basins (aquifers). We also use surface water in Arizona from the Colorado River through the Yuma Mesa Irrigation and Drainage District (“YMIDD”). We use ground water provided by wells and surface water for our PDA and San Pablo farming operations in Chile and our Trapani Fresh farming operations in Argentina. We use ground water from the San Joaquin Valley Basin and water from local water and irrigation districts in Tulare County, which is in California’s San Joaquin Valley.

For more than 100 years, we have been making strategic investments in California agriculture and real estate. We currently have an interest in three real estate development projects in California. These projects include multi-family housing, single-family homes and apartments of approximately 800 units in various stages of planning and development.

Business Division Summary

We have three business divisions: agribusiness, rental operations and real estate development. The agribusiness division is comprised of four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness, which primarily includes oranges, specialty citrus, other crops and farm management services. The agribusiness division includes our core operations of farming, harvesting, lemon packing and lemon sales operations. The rental operations division includes our residential and commercial rentals, leased land operations and organic recycling. The real estate development division includes our investments in real estate development projects. Financial information and discussion of our four reportable segments are contained in the notes to the accompanying consolidated financial statements of this Quarterly Report.

Agribusiness Summary

We market and sell citrus directly to our food service, wholesale and retail customers throughout the United States, Canada, Asia, Australia, Europe and certain other international markets. We sell our avocados and oranges to third-party packinghouses. Additionally, we sell our wine grapes to various wine producers.

Historically, our agribusiness division has been seasonal in nature with quarterly revenue fluctuating depending on the timing and variety of crops being harvested. Cultural costs in our agribusiness division tend to be higher in the first and second quarters and lower in the third and fourth quarters because of the timing of expensing cultural costs in the current year that were inventoried in the prior year. Our harvest costs generally increase in the second quarter and peak in the third quarter, coinciding with the increasing production and revenue.

27

Fluctuations in price are a function of global supply and demand with weather conditions, such as unusually low temperatures, typically having the most dramatic effect on the amount of lemons supplied in any individual growing season. We believe we have a competitive advantage by maintaining our own lemon packing operations, even though a significant portion of the costs related to these operations are fixed. As a result, cost per carton is a function of fruit throughput. While we regularly monitor our costs for redundancies and opportunities for cost reductions, we also supplement the number of lemons we pack in our packinghouse with additional lemons procured from other growers. Because the fresh utilization rate for our lemons, or percentage of lemons we harvest and pack that are sold to the fresh market, is directly related to the quality of lemons we pack and, consequently, the price we receive per 40-pound box, we only pack lemons from other growers if we determine their lemons are of good quality.

Our avocado producing business is important to us and we are currently assessing all of our farmland in Ventura County for opportunities to expand our plantings of avocados. While avocado production is cyclical as avocados typically bear fruit on a bi-annual basis, the profitability and cash flow realized from our avocados helps to diversify our fruit production base.

In addition to growing lemons and avocados, we grow oranges and other crops. We regularly monitor the demand for the fruit we grow in the current marketplace to identify trends.

Rental Operations Summary

Our rental operations include our residential and commercial rentals, leased land operations and organic recycling. Our residential rental units generate cash flows that we use to partially fund the operating costs of our business and provide affordable housing to many of our employees, including our agribusiness employees. We believe that this unique employment benefit helps us maintain a dependable, long-term employee base. In addition, our leased land business provides us with a typically profitable diversification. Revenue from rental operations is generally level throughout the year.

Real Estate Development Summary

We invest in real estate investment projects and recognize that long-term strategies are required for successful real estate development activities. Our goal is to redeploy real estate earnings and cash flow into the expansion of our agribusiness and other income producing real estate. For real estate development projects and joint ventures, it is not unusual for the timing and amounts of revenues and costs, partner contributions and distributions, project loans, other financing assumptions and project cash flows to be impacted by government approvals, project revenue and cost estimates and assumptions, economic conditions, financing sources and product demand as well as other factors. Such factors could affect our results of operations, cash flows and liquidity.

Water and Mineral Rights

Our water resources include water rights, usage rights and pumping rights to the water in aquifers under, and canals that run through, the land we own. We believe we have adequate supplies of water for our agribusiness segments as well as our rental and real estate development activities. Water for our farming operations located in Ventura County, California is sourced from the existing water resources associated with our land, which includes approximately 8,600 acre-feet of adjudicated water rights in the Santa Paula Basin (aquifer) and the un-adjudicated Fillmore Basin (aquifer). Our Windfall Farms property located in San Luis Obispo County, California obtains water from wells that derive water from the Paso Robles Basin (aquifer). Our farming operations in Yuma, Arizona source water from the Colorado River through the YMIDD, where we have access to approximately 11,700 acre-feet of Class 3 Colorado River water rights. We use ground water provided by wells and surface water for our PDA and San Pablo farming operations in La Serena, Chile and our Trapani Fresh farming operations in Argentina.

California received above average precipitation during the 2022 - 2023 rainfall season and is experiencing above average precipitation for the 2023 - 2024 rainfall season, after experiencing three years of below average precipitation and drought conditions. The above average precipitation helped to alleviate the drought conditions in California. As of April 30, 2024, the state was free from moderate drought conditions and Ventura County was free from any drought conditions. We continue to assess the impact drought conditions may have on our California orchards.

In August 2023, the U.S. Bureau of Reclamation announced that Lake Mead will operate in a Tier 1 shortage in 2024, which requires Arizona to forfeit approximately 18% of the state's yearly allotment of water from Lake Mead. In response to this and prior year water shortages, we entered into fallowing agreements during fiscal years 2023 and 2022 and continue to assess the impact these reductions may have on our Arizona orchards.

28

Recent Developments

On December 1, 2023, we announced the commencement of a strategic review process to explore potential alternatives aimed at maximizing stockholder value. Potential strategic alternatives could include, but not be limited to, a sale of all or parts of the Company and its assets, a merger or other transaction. The Board has not set a timetable for completion of the review and no transaction or other outcome is guaranteed to take place. At this time, we cannot predict the impact that such strategic alternatives might have on our business, operations or financial condition.

In December 2023, we sold 12 acres of real property located in Yuma, Arizona for a sales price of $0.8 million. After transaction and closing costs, we recorded a gain on sale of approximately $0.2 million.

On April 5, 2024, we declared a cash dividend of $0.075 per common share paid on April 12, 2024, in the aggregate amount of approximately $1.3 million to stockholders of record as of April 1, 2024.

In April 2024, the Company conducted an organization restructuring which resulted in severance benefits of approximately $1.2 million.

On April 30, 2024, our real estate development joint venture with The Lewis Group of Companies (“Lewis”) closed an additional 554 residential homesites at the Harvest at Limoneira master planned community in Santa Paula, CA (“Harvest”) and we recorded equity in earnings of investments of $16.6 million in the second quarter of fiscal year 2024. On June 5, 2024, we received a cash distribution of $15.0 million from the joint venture.

On May 7, 2024, we announced that the Santa Paula City Council has approved the proposal brought forward by the Company's real estate development joint venture with Lewis to increase the number of entitled lots at Harvest from 1,500 dwelling units to 2,050 dwelling units. The Santa Paula City Council approved an amendment allowing for the 550-unit increase on April 3, 2024. The 550-unit increase will provide 250 additional single family for-sale homesites within Phase 3 of Harvest. Additionally, the Company in partnership with Lewis plans to construct 300 multi-family rental homes on a mixed-use portion of the project.

COVID-19 Pandemic

The COVID-19 pandemic has had an adverse impact on the industries and markets in which we conduct business. In particular, the export market for fresh produce significantly declined due to the COVID-19 pandemic impacts and continues to experience decreased demand.

The decline in demand for the Company's products negatively impacted our sales and profitability for the last four fiscal years. The COVID-19 pandemic may continue to impact our sales and profitability in future periods. The duration of these trends and the magnitude of such impacts are uncertain and therefore cannot be estimated at this time, as they are influenced by a number of factors, many of which are outside management’s control, including, but not limited, to those presented in Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended October 31, 2023.

Given the economic uncertainty as a result of the COVID-19 pandemic over the past four fiscal years, we have taken actions to improve our current liquidity position, including strategically selling certain assets, temporarily postponing capital expenditures and substantially reducing discretionary spending.

There is continued uncertainty around the breadth and duration of our export market business disruptions related to the COVID-19 pandemic. The ongoing impact of the COVID-19 pandemic on our results of operations, financial condition, or liquidity for fiscal year 2024 and beyond cannot be estimated at this time.

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Results of Operations

The following table shows the results of operations (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Net revenues:
Agribusiness	$	43,257	$	46,676	$	81,596	$	83,204
Other operations	1,349		1,394		2,741		2,767
Total net revenues	44,606		48,070		84,337		85,971
Costs and expenses:
Agribusiness	40,436		38,189		79,550		79,430
Other operations	1,429		1,009		2,611		2,247
Loss (gain) on disposal of assets, net	48		8,998		(117)		(30,744)
Gain on legal settlement	—		(2,269)		—		(2,269)
Selling, general and administrative	7,368		6,005		14,713		15,285
Total costs and expenses	49,281		51,932		96,757		63,949
Operating (loss) income:
Agribusiness	2,821		8,487		2,046		3,774
Other operations	(80)		385		130		520
(Loss) gain on disposal of assets, net	(48)		(8,998)		117		30,744
Gain on legal settlement	—		2,269		—		2,269
Selling, general and administrative	(7,368)		(6,005)		(14,713)		(15,285)
Operating (loss) income	(4,675)		(3,862)		(12,420)		22,022
Other income (expense):
Interest income	14		62		36		70
Interest (expense), net of patronage dividends	(351)		996		(558)		(176)
Equity in earnings of investments, net	16,592		62		16,633		315
Other income (expense), net	197		200		219		(2,412)
Total other income (expense)	16,452		1,320		16,330		(2,203)
Income (loss) before income tax (provision) benefit	11,777		(2,542)		3,910		19,819
Income tax (provision) benefit	(5,222)		912		(1,032)		(5,915)
Net income (loss)	6,555		(1,630)		2,878		13,904
Net loss attributable to noncontrolling interest	12		17		104		114
Net income (loss) attributable to Limoneira Company	$	6,567	$	(1,613)	$	2,982	$	14,018

Non-GAAP Financial Measures

Due to significant depreciable assets associated with the nature of our operations and interest costs associated with our capital structure, management believes that earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA, which excludes stock-based compensation, pension settlement cost, loss (gain) on disposal of assets, net, cash bonus related to sale of assets, gain on legal settlement and severance benefits are important measures to evaluate our results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to us and may not be consistent with methodologies used by other companies.

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EBITDA and adjusted EBITDA are summarized and reconciled to net income (loss) attributable to Limoneira Company which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP, as follows (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Net income (loss) attributable to Limoneira Company	$	6,567	$	(1,613)	$	2,982	$	14,018
Interest income	(14)		(62)		(36)		(70)
Interest expense, (net of patronage dividends)	351		(996)		558		176
Income tax provision (benefit)	5,222		(912)		1,032		5,915
Depreciation and amortization	2,100		2,044		4,158		4,491
EBITDA	$	14,226	$	(1,539)	$	8,694	$	24,530
Stock-based compensation	1,071		965		1,935		2,029
Pension settlement cost	—		—		—		2,741
Loss (gain) on disposal of assets, net	48		8,998		(117)		(30,744)
Cash bonus related to sale of assets	—		—		—		2,000
Gain on legal settlement	—		(2,269)		—		(2,269)
Severance benefits	1,215		—		1,215		—
Adjusted EBITDA	$	16,560	$	6,155	$	11,727	$	(1,713)

Three Months Ended April 30, 2024 Compared to the Three Months Ended April 30, 2023

Revenues

Total net revenues for the three months ended April 30, 2024 were $44.6 million, compared to $48.1 million for the three months ended April 30, 2023. The 7% decrease of $3.5 million was primarily due to decreased lemons and avocados agribusiness revenues as detailed below ($ in thousands):

	Three Months Ended April 30,
	2024		2023		Change
Lemons	$	35,805	$	38,365	$	(2,560)	(7)%
Avocados	2,348		3,603		(1,255)		(35)%
Oranges	1,160		1,383		(223)		(16)%
Specialty citrus and other crops	839		1,016		(177)		(17)%
Farm management	2,046		1,404		642		46%
Other	1,059		905		154		17%
Agribusiness revenues	$	43,257	$	46,676	$	(3,419)	(7)%

•Lemons: The decrease in the second quarter of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to decreased volume, partially offset by higher prices of fresh lemons sold and legal settlement proceeds allocated to lemons in the second quarter of fiscal year 2023. During the second quarter of fiscal years 2024 and 2023, fresh packed lemon sales were $25.8 million and $26.6 million, in aggregate, on 1,446,000 and 1,547,000 cartons of lemons sold at average per carton prices of $17.85 and $17.23, respectively. Lemon revenues in the second quarter of fiscal years 2024 and 2023 included brokered lemons and other lemon sales of $3.8 million and $2.5 million, lemon packing of $5.0 million and $6.4 million and lemon by-product sales of $1.2 million and $1.3 million, respectively, and included legal settlement proceeds of $1.4 million allocated to lemons in the second quarter of fiscal year 2023.

•Avocados: The decrease in the second quarter of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to legal settlement proceeds of $2.4 million allocated to avocados in the second quarter of fiscal year 2023, partially offset by increased volume and higher prices of avocados sold. The California avocado crop typically experiences alternating years of high and low production due to plant physiology. During the second quarter of fiscal years 2024 and 2023, we sold 1,595,000 and 941,000 pounds of avocados at an average per pound price of $1.47 and $1.30, respectively.

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•Oranges: The decrease in the second quarter of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to decreased volume, partially offset by higher prices of oranges sold. During the second quarter of fiscal years 2024 and 2023, we sold 66,000 and 88,000 cartons of oranges at an average per carton price of $17.58 and $15.72, respectively.

•Specialty citrus and other crops: The decrease in the second quarter of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to decreased volume, partially offset by higher prices of specialty citrus sold. During the second quarter of fiscal years 2024 and 2023, we sold 29,000 and 41,000 40-pound carton equivalents of specialty citrus at an average per carton price of $29.24 and $24.78, respectively.

•Farm management: Farm management revenue is comprised primarily of Northern Properties farming, management and operations services. The increase in farm management revenues in the second quarter of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to farm management decisions based on weather and crop conditions.

•Other: Other revenue is comprised primarily of fallowing and freight revenue. Other revenues in the second quarter of fiscal year 2024 were similar to the same period of fiscal year 2023.

Other operations revenue in the second quarters of fiscal years 2024 and 2023 were $1.3 million and $1.4 million, respectively.

Costs and Expenses

Total costs and expenses in the second quarter of fiscal year 2024 were $49.3 million, compared to $51.9 million in the same period of fiscal year 2023. The 5% decrease of $2.6 million was primarily due to the 2023 loss on disposal of Cadiz Ranch assets, partially offset by the 2023 gain on legal settlement and increases in agribusiness costs and expenses and selling, general and administrative expenses. Agribusiness costs and expenses are detailed below ($ in thousands):

	Three Months Ended April 30,
	2024		2023		Change
Packing costs	$	13,588	$	12,075	$	1,513	13%
Harvest costs	2,878		6,307		(3,429)		(54)%
Growing costs	5,462		5,949		(487)		(8)%
Third-party grower and supplier costs	15,939		11,360		4,579		40%
Other costs	781		758		23		3%
Depreciation and amortization	1,788		1,740		48		3%
Agribusiness costs and expenses	$	40,436	$	38,189	$	2,247	6%

•Packing costs: Packing costs consist primarily of the costs to pack lemons for sale such as labor and benefits, cardboard cartons, fruit treatments, packing and shipping supplies, subcontracted costs and facility operating costs. During the second quarter of fiscal years 2024 and 2023, we packed and sold 1,446,000 and 1,547,000 cartons of lemons at average per carton costs of $9.39 and $7.81, respectively. The increase in per carton packing costs was primarily due to decreased volume packed and sold and increased subcontracted costs in the second quarter of fiscal year 2024.

•Harvest costs: The decrease in the second quarter of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to decreased volume of lemons harvested related to the sale of the Northern Properties.

•Growing costs: Growing costs, also referred to as cultural costs, consist of orchard maintenance costs such as cultivation, fertilization and soil amendments, pest control, pruning and irrigation. The decrease in the second quarter of fiscal year 2024, compared to the same period in fiscal year 2023, was primarily due to farm management decisions based on weather, harvest timing and crop conditions.

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•Third-party grower and supplier costs: We sell fruit that we grow and fruit that we procure from other growers and suppliers. The cost of procuring fruit from other growers and suppliers is referred to as third-party grower and supplier costs. The increase in the second quarter of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to increased volume of third-party grower fruit. In the second quarter of fiscal years 2024 and 2023, we incurred costs for third-party grower fruit of $12.4 million and $8.8 million, respectively. Of the 1,446,000 and 1,547,000 cartons of lemons packed and sold during the second quarter of fiscal years 2024 and 2023, 1,099,000 (76%) and 765,000 (49%), were procured from third-party growers at average per carton prices of $11.36 and $11.46, respectively. The increased volume for third-party grower fruit was primarily due to the sale of the Northern Properties. Additionally, in the second quarter of fiscal years 2024 and 2023, we incurred $3.5 million and $2.6 million, respectively, of costs for purchased, packed fruit for resale.

•Other costs: Other costs in the second quarter of fiscal year 2024 were similar to the same period of fiscal year 2023.

•Depreciation and amortization: Depreciation and amortization expense in the second quarter of fiscal year 2024 was similar to the same period of fiscal year 2023.

Other operations expenses were $1.4 million and $1.0 million in the second quarter of fiscal years 2024 and 2023, respectively. The increase in other operations expenses was primarily due to severance benefits in the second quarter of fiscal year 2024.

Loss on disposal of assets, net was immaterial and $9.0 million in the second quarter of fiscal years 2024 and 2023, respectively. The decrease in loss on disposal of assets, net was primarily due to the disposal of Cadiz Ranch assets in the second quarter of fiscal year 2023.

Gain on legal settlement was $2.3 million in the second quarter of fiscal year 2023 due to the Settlement Agreement related to the Thomas fire.

Selling, general and administrative costs and expenses were $7.4 million and $6.0 million in the second quarter of fiscal years 2024 and 2023, respectively. The 23% increase of $1.4 million was primarily due to:

•$1.0 million net increase in salaries, benefits and incentive compensation, primarily due to compensation expense related to the Retention Bonus Agreements; and

•$0.4 million net increase in other selling, general and administrative expenses, primarily associated with our strategic initiatives.

Other Income (Expense)

Total other income was $16.5 million and $1.3 million in the second quarter of fiscal years 2024 and 2023, respectively. The increase of $15.2 million in total other income was primarily due to:

•$16.5 million increase in equity in earnings of investments, net, primarily due to LLCB's closing of 554 residential homesites in the second quarter of fiscal year 2024; and

•$1.3 million increase in interest expense, net of patronage dividends, primarily due to decreased patronage dividends.

Income Taxes

We recorded an estimated income tax (provision) benefit of $(5.2) million and $0.9 million in the second quarter of fiscal years 2024 and 2023 on pre-tax income (loss) of $11.8 million and $(2.5) million, respectively. The tax provision recorded for the second quarter of fiscal year 2024 differs from the U.S. federal statutory tax rate of 21.0% due primarily to foreign jurisdictions which are taxed at different rates, state taxes, tax impact of stock-based compensation, executive compensation and nondeductible tax items. Our projected annual effective blended tax rate for fiscal year 2024, excluding discrete items, is approximately 29.9%.

Net Loss Attributable to Noncontrolling Interest

Net loss attributable to noncontrolling interest represents 10% and 49% of PDA and Trapani Fresh, respectively, of the net income or loss in the second quarter of fiscal years 2024 and 2023.

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Six Months Ended April 30, 2024 Compared to the Six Months Ended April 30, 2023

Revenues

Total net revenues for the six months ended April 30, 2024 were $84.3 million, compared to $86.0 million for the six months ended April 30, 2023. The 2% decrease of $1.7 million was primarily due to decreased lemons and avocados agribusiness revenues, partially offset by increased farm management agribusiness revenues, as detailed below ($ in thousands):

	Six Months Ended April 30,
	2024		2023		Change
Lemons	$	68,781	$	71,334	$	(2,553)	(4)%
Avocados	2,348		3,603		(1,255)		(35)%
Oranges	2,301		2,535		(234)		(9)%
Specialty citrus and other crops	1,925		2,263		(338)		(15)%
Farm management	4,094		1,404		2,690		192%
Other	$	2,147	$	2,065	82		4%
Agribusiness revenues	$	81,596	$	83,204	$	(1,608)	(2)%

•Lemons: The decrease in the first six months of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to decreased volume, partially offset by higher prices of fresh lemons sold and legal settlement proceeds allocated to lemons in fiscal year 2023. During the first six months of fiscal years 2024 and 2023, fresh packed lemon sales were $49.8 million and $51.3 million, in aggregate, on 2,583,000 and 2,855,000 cartons of lemons sold at average per carton prices of $19.27 and $17.98, respectively. Lemon revenues in the first six months of fiscal years 2024 and 2023 included brokered lemons and other lemon sales of $6.8 million and $3.9 million, lemon packing of $10.6 million and $12.1 million, and lemon by-product sales of $1.7 million and $2.6 million, respectively, and included legal settlement proceeds of $1.4 million allocated to lemons in fiscal year 2023.

•Avocados: The decrease in the first six months of fiscal year 2024, compared to the same period in fiscal year 2023, was primarily due to legal settlement proceeds of $2.4 million allocated to avocados in fiscal year 2023, partially offset by increased volume and higher prices of avocados sold. The California avocado crop typically experiences alternating years of high and low production due to plant physiology. During the first six months of fiscal years 2024 and 2023, we sold 1,595,000 and 941,000 pounds of avocados at an average per pound price of $1.47 and $1.30, respectively.

•Oranges: The decrease in the first six months of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to decreased volume and lower prices of oranges sold. During the first six months of fiscal years 2024 and 2023, we sold 146,000 and 152,000 cartons of oranges at an average per carton price of $15.76 and $16.68, respectively.

•Specialty citrus and other crops: The decrease in the first six months of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to decreased volume, partially offset by higher prices of specialty citrus sold. During the first six months of fiscal years 2024 and 2023, we sold 46,000 and 95,000 40-pound carton equivalents of specialty citrus at an average per carton price of $29.11 and $23.82, respectively.

•Farm management: Farm management revenue is comprised primarily of Northern Properties farming, management and operations services. The increase in farm management revenues in the first six months of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to farm management decisions based on weather and crop conditions.

•Other: Other revenue is comprised primarily of fallowing and freight revenue. Other revenues in the first six months of fiscal year 2024 were similar to the same period of fiscal year 2023.

Other operations revenue in the first six months of fiscal years 2024 and 2023 was $2.7 million and $2.8 million, respectively.

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Costs and Expenses

Total costs and expenses in the first six months of fiscal year 2024 were $96.8 million, compared to $63.9 million in the same period of fiscal year 2023. The 51% increase of $32.9 million was primarily due to the 2023 gain on disposal of Northern Properties assets, the 2023 gain on legal settlement, partially offset by the 2023 loss on disposal of Cadiz Ranch assets. Agribusiness costs and expenses in the first six months of fiscal year 2024 were similar compared to the same period of fiscal year 2023, as detailed below ($ in thousands):

	Six Months Ended April 30,
	2024		2023		Change
Packing costs	$	24,306	$	23,428	$	878	4%
Harvest costs	4,811		10,385		(5,574)		(54)%
Growing costs	11,654		13,620		(1,966)		(14)%
Third-party grower and supplier costs	33,662		26,378		7,284		28%
Other costs	1,585		1,744		(159)		(9)%
Depreciation and amortization	3,532		3,875		(343)		(9)%
Agribusiness costs and expenses	$	79,550	$	79,430	$	120	—%

•Packing costs: Packing costs consist primarily of the costs to pack lemons for sale such as labor and benefits, cardboard cartons, fruit treatments, packing and shipping supplies, subcontracted costs and facility operating costs. During the first six months of fiscal years 2024 and 2023, we packed and sold 2,583,000 and 2,855,000 cartons of lemons at average per carton costs of $9.41 and $8.21, respectively. The increase in per carton packing costs was primarily due to decreased volume packed and sold and increased subcontracted costs in fiscal year 2024.

•Harvest costs: The decrease in the first six months of fiscal year 2024, compared to the same period in fiscal year 2023, was primarily due to decreased volume of lemons harvested related to the sale of the Northern Properties.

•Growing costs: Growing costs, also referred to as cultural costs, consist of orchard maintenance costs such as cultivation, fertilization and soil amendments, pest control, pruning and irrigation. The decrease in the first six months of fiscal year 2024, compared to the same period in fiscal year 2023, was primarily due to farm management decisions based on weather, harvest timing and crop conditions.

•Third-party grower and supplier costs: We sell fruit that we grow and fruit that we procure from other growers and suppliers. The cost of procuring fruit from other growers and suppliers is referred to as third-party grower and supplier costs. The increase in the first six months of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to increased volume and higher prices of third-party grower fruit sold. In the first six months of fiscal years 2024 and 2023, we incurred costs for third-party grower fruit of $27.2 million and $20.5 million, respectively. Of the 2,583,000 and 2,855,000 cartons of lemons packed and sold during the first six months of fiscal years 2024 and 2023, 2,052,000 (79%) and 1,630,000 (57%), were procured from third-party growers at average per carton prices of $13.24 and $12.60, respectively. The increased volume for third-party grower fruit was primarily due to the sale of the Northern Properties. Additionally, in the first six months of fiscal years 2024 and 2023, we incurred $6.5 million and $5.8 million, respectively, of costs for purchased, packed fruit for resale.

•Other costs: The decrease in the first six months of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to decreased freight costs.

•Depreciation and amortization: The decrease in the first six months of fiscal year 2024, compared to the same period of fiscal year 2023, was primarily due to the Northern Properties sale in fiscal year 2023.

Other operations expenses were $2.6 million and $2.2 million in the first six months of fiscal years 2024 and 2023, respectively. The increase in other operations expenses was primarily due to severance benefits in fiscal year 2024.

Gain on disposal of assets, net was $0.1 million and $30.7 million in the first six months of fiscal years 2024 and 2023, respectively. The decrease in gain on disposal of assets, net was primarily due to the gain on the sale of the Northern Properties, partially offset by the loss on disposal of Cadiz Ranch assets in fiscal year 2023.

Gain on legal settlement was $2.3 million in the first six months of fiscal year 2023 due to the Settlement Agreement related to the Thomas fire.

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Selling, general and administrative costs and expenses were $14.7 million and $15.3 million in the first six months of fiscal years 2024 and 2023, respectively. The 4% decrease of $0.6 million was primarily due to:

•$1.1 million net decrease in salaries, benefits and incentive compensation, primarily due to compensation expense related to the Retention Bonus Agreements; and

•$0.5 million net increase in other selling, general and administrative expenses, primarily associated with our strategic initiatives.

Other Income (Expense)

Total other income (expense) was $16.3 million and $(2.2) million in the first six months of fiscal years 2024 and 2023, respectively. The increase of $18.5 million in total other income was primarily due to:

•$16.3 million increase of equity in earnings of investments, net, primarily due to LLCB's closing of 554 residential homesites in 2024;

•$2.6 million decrease of other income (expense), net primarily due to pension settlement cost in 2023; and

•$0.4 million increase of interest expense, net of patronage dividends due to decreased patronage dividends.

Income Taxes

We recorded an estimated income tax provision of $1.0 million and $5.9 million in the first six months of fiscal years 2024 and 2023 on pre-tax income of $3.9 million and $19.8 million, respectively. The tax provision recorded for the first six months of fiscal year 2024 differs from the U.S. federal statutory tax rate of 21.0% due primarily to foreign jurisdictions which are taxed at different rates, state taxes, tax impact of stock-based compensation, executive compensation and nondeductible tax items. Our projected annual effective blended tax rate for fiscal year 2024, excluding discrete items, is approximately 29.9%.

Net Loss Attributable to Noncontrolling Interest

Net loss attributable to noncontrolling interest represents 10% and 49% of PDA and Trapani Fresh, respectively, of the net income or loss in the first six months of fiscal years 2024 and 2023.

Segment Results of Operations

We operate in four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness. Our reportable operating segments are strategic business units with different products and services, distribution processes and customer bases. We evaluate the performance of our operating segments separately to monitor the different factors affecting financial results. Each segment is subject to review and evaluations related to current market conditions, market opportunities and available resources. See Note 19 - Segment Information for additional information regarding our operating segments.

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Three Months Ended April 30, 2024 Compared to the Three Months Ended April 30, 2023

The following table shows the segment results of operations for the three months ended April 30, 2024 (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	30,841	$	4,964	$	—	$	2,348	$	5,104	$	43,257	$	1,349	$	44,606
Intersegment revenue	—		10,914		(10,914)		—		—		—		—		—
Total net revenues	30,841		15,878		(10,914)		2,348		5,104		43,257		1,349		44,606
Costs and expenses	28,869		13,588		(10,914)		1,425		5,680		38,648		8,533		47,181
Depreciation and amortization	—		—		—		—		—		1,788		312		2,100
Operating (loss) income	$	1,972	$	2,290	$	—	$	923	$	(576)	$	2,821	$	(7,496)	$	(4,675)

The following table shows the segment results of operations for the three months ended April 30, 2023 (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	31,942	$	6,423	$	—	$	3,603	$	4,708	$	46,676	$	1,394	$	48,070
Intersegment revenue	—		10,309		(10,309)		—		—		—		—		—
Total net revenues	31,942		16,732		(10,309)		3,603		4,708		46,676		1,394		48,070
Costs and expenses	29,219		12,075		(10,309)		1,023		4,441		36,449		13,439		49,888
Depreciation and amortization	—		—		—		—		—		1,740		304		2,044
Operating (loss) income	$	2,723	$	4,657	$	—	$	2,580	$	267	$	8,487	$	(12,349)	$	(3,862)

The following analysis should be read in conjunction with the previous section “Results of Operations.”

Fresh Lemons

Fresh lemons segment revenue is comprised of sales of fresh lemons, lemon by-products, brokered lemons and other lemon revenue. For the second quarter of fiscal years 2024 and 2023, our fresh lemons segment total net revenues were $30.8 million and $31.9 million, respectively. The (3)% decrease of $1.1 million was primarily due to:

•Fresh packed lemon sales decrease of $0.8 million;

•Lemon by-products sales decrease of $0.2 million;

•Brokered lemons and other lemon sales increase of $1.3 million; and

•Legal settlement proceeds of $1.4 million allocated to fresh lemons in the second quarter of fiscal year 2023.

Costs and expenses associated with our fresh lemons segment include growing costs, harvest costs, cost of lemons we procure from third-party growers and suppliers and packing service charges incurred from the lemon packing segment to pack lemons for sale. For the second quarter of fiscal years 2024 and 2023, our fresh lemons segment costs and expenses were $28.9 million and $29.2 million, respectively. The 1% decrease of $0.3 million was primarily due to:

•Harvest costs decrease of $3.4 million;

•Growing costs decrease of $1.8 million;

•Third-party grower and supplier costs increase of $4.3 million; and

•Intersegment costs and expenses increase of $0.6 million.

Lemon Packing

Lemon packing segment revenue is comprised of packing revenue and intersegment packing revenue. For the second quarter of fiscal years 2024 and 2023, our lemon packing segment total net revenues were $15.9 million and $16.7 million, respectively. The 5% decrease of $0.8 million was primarily due to decreased volume of lemons packed and sold.

Costs and expenses associated with our lemon packing segment consist of the costs to pack lemons for sale such as labor and benefits, cardboard cartons, fruit treatments, packing and shipping supplies, subcontracted costs and facility operating costs. For the second quarter of fiscal years 2024 and 2023, our lemon packing costs and expenses were $13.6 million and $12.1 million, respectively. The 13% increase of $1.5 million was primarily due to increased subcontracted costs in the second quarter of fiscal year 2024, partially offset by decreased volume of lemons packed and sold.

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For the second quarter of fiscal years 2024 and 2023, lemon packing segment operating income per carton sold was $1.58 and $3.01, respectively.

The lemon packing segment included $10.9 million and $10.3 million of intersegment revenues for the second quarter of fiscal years 2024 and 2023, respectively, that were charged to the fresh lemons segment to pack lemons for sale. Such intersegment revenues and expenses are eliminated in our consolidated financial statements.

Avocados

For the second quarter of fiscal years 2024 and 2023, our avocados segment revenues were $2.3 million and $3.6 million, respectively.

Costs and expenses associated with our avocados segment include growing and harvest costs. For the second quarter of fiscal years 2024 and 2023, our avocados segment costs and expenses were $1.4 million and $1.0 million, respectively. The increase of $0.4 million was primarily due to the following:

•Harvest costs increase of $0.1 million; and

•Growing costs increase of $0.3 million.

Other Agribusiness

Our other agribusiness segment total net revenues were $5.1 million and $4.7 million for the second quarter of fiscal years 2024 and 2023, respectively. The 8% increase of $0.4 million was primarily due to:

•Farm management revenues increase of $0.6 million; and

•Specialty citrus and other crops revenues decrease of $0.2 million.

Costs and expenses associated with our other agribusiness segment include growing costs, harvest costs, purchased fruit costs and freight costs. Our other agribusiness costs and expenses were $5.7 million and $4.4 million for the second quarter of fiscal years 2024 and 2023, respectively. The 28% increase of $1.3 million was primarily due to:

•Growing costs increase of $1.0 million; and

•Purchased fruit costs increase of $0.3 million.

Total agribusiness depreciation and amortization expenses were $1.8 million and $1.7 million for the second quarter of fiscal years 2024 and 2023, respectively.

Corporate and Other

Our corporate and other operations had revenues of $1.3 million and $1.4 million for the second quarter of fiscal years 2024 and 2023, respectively.

Costs and expenses in our corporate and other operations were approximately $8.5 million and $13.4 million for the second quarter of fiscal years 2024 and 2023, respectively, and include selling, general and administrative costs and expenses, loss on disposal of assets, net and gain on legal settlement not allocated to the operating segments. Depreciation and amortization expenses for the second quarters of fiscal years 2024 and 2023 were similar at $0.3 million.

Six Months Ended April 30, 2024 Compared to the Six Months Ended April 30, 2023

The following table shows the segment results of operations for the six months ended April 30, 2024 (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	58,225	$	10,556	$	—	$	2,348	$	10,467	$	81,596	$	2,741	$	84,337
Intersegment revenue	—		17,630		(17,630)		—		—		—		—		—
Total net revenues	58,225		28,186		(17,630)		2,348		10,467		81,596		2,741		84,337
Costs and expenses	57,710		24,306		(17,630)		1,425		10,207		76,018		16,581		92,599
Depreciation and amortization	—		—		—		—		—		3,532		626		4,158
Operating (loss) income	$	515	$	3,880	$	—	$	923	$	260	$	2,046	$	(14,466)	$	(12,420)

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The following table shows the segment results of operations for the six months ended April 30, 2023 (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	59,263	$	12,071	$	—	$	3,603	$	8,267	$	83,204	$	2,767	$	85,971
Intersegment revenue	—		17,672		(17,672)		—		—		—		—		—
Total net revenues	59,263		29,743		(17,672)		3,603		8,267		83,204		2,767		85,971
Costs and expenses (gains)	61,533		23,428		(17,672)		1,023		7,243		75,555		(16,097)		59,458
Depreciation and amortization	—		—		—		—		—		3,875		616		4,491
Operating income (loss)	$	(2,270)	$	6,315	$	—	$	2,580	$	1,024	$	3,774	$	18,248	$	22,022

The following analysis should be read in conjunction with the previous section “Results of Operations.”

Fresh Lemons

Fresh lemons segment revenue is comprised of sales of fresh lemons, lemon by-products, brokered lemons and other lemon revenue. For the first six months of fiscal years 2024 and 2023, our fresh lemons segment total net revenues were $58.2 million and $59.3 million, respectively. The 2% decrease of $1.1 million was primarily due to:

•Fresh packed lemon sales decrease of $1.6 million;

•Lemon by-products decrease of $0.9 million;

•Brokered lemons and other lemon sales increase of $2.8 million; and

•Legal settlement proceeds of $1.4 million allocated to fresh lemons in the first six months of fiscal year 2023.

Costs and expenses associated with our fresh lemons segment include growing costs, harvest costs, cost of lemons we procure from third-party growers and suppliers and transportation costs. For the first six months of fiscal years 2024 and 2023, our fresh lemons segment costs and expenses were $57.7 million and $61.5 million, respectively. The 6% decrease of $3.8 million was primarily due to:

•Harvest costs decrease of $5.7 million;

•Growing costs decrease of $5.3 million; and

•Third-party grower and supplier costs increase of $7.2 million.

Lemon Packing

Lemon packing segment revenue is comprised of packing revenue and intersegment packing revenue. For the first six months of fiscal years 2024 and 2023, our lemon packing segment total net revenues were $28.2 million and $29.7 million, respectively. The 5% decrease of $1.5 million was primarily due to decreased volume of lemons packed and sold.

Costs and expenses associated with our lemon packing segment consist of the costs to pack lemons for sale such as labor and benefits, cardboard cartons, fruit treatments, packing and shipping supplies, subcontracted and facility operating costs. For the first six months of fiscal years 2024 and 2023, our lemon packing costs and expenses were $24.3 million and $23.4 million, respectively. The 4% increase of $0.9 million was primarily due to increased subcontracted costs in the first six months of fiscal year 2024, partially offset by decreased volume of lemons packed and sold.

For the first six months of fiscal years 2024 and 2023, lemon packing segment operating income per carton sold was $1.50 and $2.21, respectively.

The lemon packing segment included $17.6 million and $17.7 million of intersegment revenues in the first six months of fiscal years 2024 and 2023, respectively, that were charged to the fresh lemons segment to pack lemons for sale. Such intersegment revenues and expenses are eliminated in our consolidated financial statements.

Avocados

For the first six months of fiscal years 2024 and 2023, our avocados segment revenues were $2.3 million and $3.6 million, respectively.

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Costs and expenses associated with our avocados segment include growing and harvest costs. Our avocados segment costs and expenses were $1.4 million and $1.0 million for the first six months of fiscal years 2024 and 2023, respectively. The 39% increase of $0.4 million was primarily due to the following:

•Harvest costs increase of $0.1 million; and

•Growing costs increase of $0.3 million.

Other Agribusiness

Our other agribusiness segment total net revenues were $10.5 million and $8.3 million for the first six months of fiscal years 2024 and 2023, respectively. The 27% increase of $2.2 million was primarily due to:

•Farm management revenues increase of $2.7 million;

•Orange revenues decrease of $0.2 million; and

•Specialty citrus and other crops revenues decrease of $0.3 million.

Costs and expenses associated with our other agribusiness segment include growing costs, harvest costs, purchased fruit costs and freight costs. Our other agribusiness costs and expenses were $10.2 million and $7.2 million for the first six months of fiscal years 2024 and 2023, respectively. The 41% increase of $3.0 million was primarily due to:

•Growing costs increase of $3.1 million;

•Purchased fruit costs increase of $0.1 million; and

•Freight costs decrease of $0.2 million.

Total agribusiness depreciation and amortization expenses were $3.5 million and $3.9 million, for the first six months of fiscal years 2024 and 2023, respectively.

Corporate and Other

Our corporate and other operations revenues were $2.7 million and $2.8 million for the first six months of fiscal years 2024 and 2023, respectively.

Costs and expenses (gains) in our corporate and other operations were $16.6 million and $(16.1) million for the first six months of fiscal years 2024 and 2023, respectively, and include selling, general and administrative costs and expenses, loss (gain) on disposal of assets, net and gain on legal settlement not allocated to the operating segments. Depreciation and amortization expenses for the first six months of fiscal years 2024 and 2023 were similar at $0.6 million.

Seasonal Operations

Historically, our agribusiness operations have been seasonal in nature with quarterly revenue fluctuating depending on the timing and the variety of crops being harvested. Cultural costs in our agribusiness tend to be higher in the first and second quarters and lower in the third and fourth quarters because of the timing of expensing cultural costs in the current year that were inventoried in the prior year. Our harvest costs generally increase in the second quarter and peak in the third quarter coinciding with the increasing production and revenue. Due to this seasonality and to avoid the inference that interim results are indicative of the estimated results for a full fiscal year, we present supplemental information for 12-month periods ended at the interim date for the current and preceding years.

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Results of Operations for the Trailing Twelve Months Ended April 30, 2024 and 2023

The following table shows the unaudited results of operations (in thousands):

	Trailing Twelve Months Ended April 30,
	2024		2023
Net revenues:
Agribusiness	$	172,773	$	179,033
Other operations	5,493		5,519
Total net revenues	178,266		184,552
Costs and expenses:
Agribusiness	169,289		161,238
Other operations	4,976		4,518
Loss (gain) on disposal of assets	1,778		(35,505)
Gain on legal settlement	—		(2,269)
Selling, general and administrative	25,883		25,375
Total costs and expenses	201,926		153,357
Operating (loss) income	(23,660)		31,195
Other income (expense):
Interest income	330		75
Interest expense, net of patronage dividends	(876)		(1,986)
Equity in earnings of investments, net	21,640		1,306
Other income (expense), net	20		(3,460)
Total other income (expense)	21,114		(4,065)
(Loss) income before income tax benefit (provision)	(2,546)		27,130
Income tax benefit (provision)	636		(8,666)
Net (loss) income	(1,910)		18,464
Loss attributable to noncontrolling interest	273		275
Net (loss) income attributable to Limoneira Company	$	(1,637)	$	18,739

The following analysis should be read in conjunction with the previous section “Results of Operations.”

•Total revenues decreased $6.3 million, primarily due to decreased lemons, avocados and oranges agribusiness revenues, partially offset by increased farm management revenues.

•Total costs and expenses increased $48.6 million, primarily due to loss (gain) on disposal of assets, gain on legal settlement and increased agribusiness costs and selling, general and administrative expenses.

•Total other income increased $25.2 million, primarily due to increased equity in earnings of investments, net related to LLCB and decreased other expense related to pension settlement costs.

•Income tax provision decreased $9.3 million, primarily due to decreased pre-tax income of $29.7 million.

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Liquidity and Capital Resources

Overview

Our primary sources of liquidity are cash and cash flows generated from our operations and use of our revolving credit facility. Our liquidity and capital position fluctuates during the year depending on seasonal production cycles, weather events and demand for our products. Typically, our first and last fiscal quarters coincide with the fall and winter months during which we are growing crops that are harvested and sold in the spring and summer, which are our second and third quarters. To meet working capital demand and investment requirements of our agribusiness and real estate development projects and to supplement operating cash flows, we utilize our revolving credit facility to fund agricultural inputs and farm management practices until sufficient returns from crops allow us to repay amounts borrowed. Raw materials needed to propagate the various crops grown by us consist primarily of fertilizer, herbicides, insecticides, fuel and water, all of which are readily available from local sources.

Material contractual obligations arising in the normal course of business consist primarily of purchase obligations, long-term fixed rate and variable rate debt and related interest payments and operating and finance leases. See Note 10 - Long-Term Debt and Note 12 - Leases for amounts outstanding as of April 30, 2024, related to debt and leases. Purchase obligations consist of contracts primarily related to packing supplies, the majority of which are due in the next 5 years.

We believe that the cash flows from operations and available borrowing capacity from our existing credit facilities will be sufficient to satisfy our capital expenditures, debt service, working capital needs and other contractual obligations for the next 12 months. We believe our revenue generating operations, distributions from equity investments and credit facilities will generate sufficient cash needed to operate beyond the next 12 months. In addition, we have the ability to control a portion of our investing cash flows to the extent necessary based on our liquidity demands.

Cash Flows from Operating Activities

Net cash used in operating activities was $13.3 million and $18.4 million for the six months ended April 30, 2024 and 2023, respectively. The significant components of our cash flows used in operating activities were as follows:

•Net income was $2.9 million and $13.9 million for the six months ended April 30, 2024 and 2023, respectively. The components of net income in the six months ended April 30, 2024, compared to the net income in the same period in fiscal year 2023 consist of a decrease in operating income of $34.4 million primarily due to the Northern Properties sale, an increase in total other income of $18.5 million, primarily related to LLCB equity earnings and a decrease in income tax provision of $4.9 million.

•Adjustments to reconcile net income to net cash used in operating activities:

◦Adjustments used $8.7 million and $18.5 million in the six months ended April 30, 2024 and 2023, respectively, primarily related to gain on disposal of assets, net, equity in earnings in investments, net and deferred income taxes.

◦Changes in operating assets and liabilities used $7.5 million and $13.8 million of operating cash in the six months ended April 30, 2024 and 2023, respectively, primarily related to accounts receivables and receivables/other from related parties, cultural costs, prepaid expenses and other current assets, accounts payable and growers and suppliers payable and accrued liabilities and payables to related parties.

Cash Flows from Investing Activities

Net cash (used in) provided by investing activities was $(2.9) million and $95.4 million for the six months ended April 30, 2024 and 2023, respectively.

▪The $2.9 million of cash used in investing activities during the six months ended April 30, 2024 was comprised primarily of capital expenditures of $3.7 million, primarily related to orchard and vineyard development, partially offset by net proceeds from sales of assets of $0.9 million.

▪The $95.4 million of cash provided by investing activities during the six months ended April 30, 2023 was comprised primarily of net proceeds from sales of assets of $98.5 million and net proceeds from the sale of real estate development assets of $2.6 million, partially offset by capital expenditures of $5.4 million, primarily related to orchard and vineyard development.

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Cash Flows from Financing Activities

Net cash provided by (used in) financing activities was $14.0 million and $(68.0) million for the six months ended April 30, 2024 and 2023, respectively.

•The $14.0 million of cash provided by financing activities during the six months ended April 30, 2024 was comprised primarily of net borrowings of long-term debt of $19.2 million, partially offset by common and preferred stock dividends of $2.9 million and exchange of common stock of $1.8 million.

•The $68.0 million of cash used in financing activities during the six months ended April 30, 2023 was comprised primarily of net repayments of long-term debt of $64.8 million and common and preferred dividends of $2.9 million.

Transactions Affecting Liquidity and Capital Resources

Credit Facilities and Long-Term Debt

We finance our working capital and other liquidity requirements primarily through cash from operations and from our Credit Facility with AgWest Farm Credit, formerly know as Farm Credit West, (the "Lender"), which includes the Master Loan Agreement (the “MLA”), a revolving credit facility supplement (the “Revolving Credit Supplement”), a non-revolving credit facility supplement (the “Non-Revolving Credit Supplement” and, together with the Revolving Credit Supplement, the “Supplements”), and a Fixed Interest Rate Agreement, which extends principal repayment to July 1, 2026. The MLA governs the terms of the Supplements. In addition, we have Banco de Chile term loans and COVID-19 loans. Additional information regarding these loans can be found in Note 10 - Long-Term Debt.

The Supplements provide aggregate borrowing capacity of $115.0 million, comprised of $75.0 million under the Revolving Credit Supplement and $40.0 million under the Non-Revolving Credit Supplement. As of April 30, 2024, our outstanding borrowings under the AgWest Farm Credit Facility were $59.4 million and we had $55.6 million of availability.

On January 31, 2023, the Company sold the Northern Properties which resulted in total net proceeds of $98.4 million. The proceeds were used to pay down all of the Company's domestic debt except the Non-Revolving Credit Supplement.

The MLA subjects us to affirmative and restrictive covenants including, among other customary covenants, financial reporting requirements, requirements to maintain and repair any collateral, restrictions on the sale of assets, restrictions on the use of proceeds, prohibitions on the incurrence of additional debt and restrictions on the purchase or sale of major assets of our business. We are also subject to a financial covenant that requires us to maintain compliance with a specific debt service coverage ratio on an annual basis. In September 2023, the Lender modified the covenant to defer measurement as of October 31, 2023 and resume a debt service coverage ratio of 1.25:1.0 measured as of October 31, 2024.

In December 2023, the Lender declared an annual cash patronage dividend of 1.25% of average eligible loan balances and we received $0.6 million in the second quarter of fiscal year 2024. In February 2023, the Lender declared an annual cash patronage dividend of 1.25% of average eligible loan balances and we received $1.4 million in the second quarter of fiscal year 2023.

Real Estate Development Joint Venture

On April 30, 2024, our real estate development joint venture with Lewis closed an additional 554 residential homesites at the Harvest at Limoneira master planned community in Santa Paula, CA, and we recorded equity in earnings of investments of $16.6 million in the second quarter of fiscal year 2024. As of April 30, 2024, the 50%-owned unconsolidated joint venture had $102.1 million of unaudited cash and cash equivalents on hand, and on June 5, 2024, the joint venture made a cash distribution of $30.0 million. We intend to pay down debt with our $15.0 million portion of this cash distribution.

Dividends

The holders of our Series B Convertible Preferred Stock and Series B-2 Preferred Stock are entitled to receive cumulative cash dividends. Such preferred dividends paid were $0.3 million in the six months ended April 30, 2024 and 2023.

Cash dividends declared in the six months ended April 30, 2024 and 2023 were $0.15 per common share and such dividends paid were $2.7 million in the six months ended April 30, 2024 and 2023.

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Critical Accounting Estimates

The preparation of our consolidated financial statements in accordance with GAAP requires us to develop critical accounting policies and make certain estimates, assumptions and judgments that may affect the reported amounts of assets, liabilities, revenues and expenses. We base our estimates and judgments on historical experience, available relevant data and other information that we believe to be reasonable under the circumstances, and we continue to review and evaluate these estimates. Actual results may materially differ from these estimates under different assumptions or conditions as new or additional information become available in future periods. During the six months ended April 30, 2024, our critical accounting policies and estimates have not changed since the filing of our Annual Report on Form 10-K as of October 31, 2023. Please refer to that filing for a description of our critical accounting policies and estimates.

Recent Accounting Pronouncements

See Note 2 - Summary of Significant Accounting Policies of the notes to consolidated financial statements included in this Quarterly Report for information concerning recent accounting pronouncements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes in the disclosures discussed in the section entitled “Quantitative and Qualitative Disclosures about Market Risk” in Part II, Item 7A of our Annual Report on Form 10-K for the fiscal year ended October 31, 2023, as filed with the SEC on December 21, 2023.

Item 4. Controls and Procedures

Disclosure Controls and Procedures. As of April 30, 2024, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) promulgated under the Exchange Act. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report.

Changes in Internal Control over Financial Reporting. There have been no significant changes in our internal control over financial reporting during the quarter ended April 30, 2024, or, to our knowledge, in other factors that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on the Effectiveness of Controls. Control systems, no matter how well conceived and operated, are designed to provide a reasonable, but not an absolute, level of assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we are a party to various lawsuits, arbitrations or mediations that arise in the ordinary course of business. The disclosure called for by Part II, Item 1 regarding our legal proceedings is incorporated by reference herein from Part I, Item 1 Note 17 - Commitments and Contingencies of the Notes to the Consolidated Financial Statements in this Quarterly Report.

Item 1A. Risk Factors

There have been no material changes in the disclosures discussed in the section entitled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended October 31, 2023, as filed with the SEC on December 21, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the second quarter of fiscal year 2024, we purchased shares of our common stock as follows:

Period	Total Number of Shares Purchased (1)	Weighted Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
February 1, 2024 - February 29, 2024	—	$	—	—	—
March 1, 2024 - March 31, 2024	59,736	$	18.18	—	—
April 1, 2024 - April 30, 2024	3,334	$	19.49	—	—
Total	63,070			—	—

(1) Shares were acquired from employees in accordance with our stock-based compensation plan as a result of share withholdings to pay income tax related to the vesting and distribution of restricted stock awards.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

Exhibit Number	Exhibit
3.1	Restated Certificate of Incorporation of Limoneira Company, dated July 5, 1990 (Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10, and amendments thereto, declared effective April 13, 2010 (File No. 000-53885))
3.2	Agreement of Merger Between Ronald Michaelis Ranches, Inc. and Limoneira Company, dated June 24, 1997 (Incorporated by reference to Exhibit 3.6 to the Company’s Registration Statement on Form 10, and amendments thereto, declared effective April 13, 2010 (File No. 000-53885))
3.3	Certificate of Amendment of Certificate of Incorporation of Limoneira Company, dated April 22, 2003 (Incorporated by reference to Exhibit 3.7 to the Company’s Registration Statement on Form 10, and amendments thereto, declared effective April 13, 2010 (File No. 000-53885))
3.4	Certificate of Amendment of Certificate of Incorporation of Limoneira Company, dated March 24, 2010 (Incorporated by reference to Exhibit 3.9 to the Company’s Registration Statement on Form 10, and amendments thereto, declared effective April 13, 2010 (File No. 000-53885))
3.5	Certificate of Amendment of Certificate of Incorporation of Limoneira Company, dated March 29, 2017 (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed March 31, 2017 (File No. 001-34755))
3.6	Certificate of Amendment of Certificate of Incorporation of Limoneira Company, dated March 26, 2024 (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed March 28, 2024)
3.7	Amended and Restated Bylaws of Limoneira Company, dated December 15, 2023 (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed December 18, 2023 (File No. 001-34755))
4.1	Certificate of Designation, Preferences and Rights of $8.75 Voting Preferred Stock, $100.00 Par Value, Series B of Limoneira Company, dated May 21, 1997 (Incorporated by reference to Exhibit 3.4 to the Company’s Registration Statement on Form 10, and amendments thereto, declared effective April 13, 2010 (File No. 000-53885))
4.2	Amended Certificate of Designation, Preferences and Rights of $8.75 Voting Preferred Stock, $100.00 Par Value, Series B of Limoneira Company, dated May 21, 1997 (Incorporated by reference to Exhibit 3.5 to the Company’s Registration Statement on Form 10, and amendments thereto, declared effective April 13, 2010 (File No. 000-53885))
4.3	Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock, $.01 Par Value, of Limoneira Company, dated November 21, 2006 (Incorporated by reference to Exhibit 3.8 to the Company’s Registration Statement on Form 10, and amendments thereto, declared effective April 13, 2010 (File No. 000-53885))
4.4	Certificate of Designation, Preferences and Rights of 4% Voting Preferred Stock, $100.00 Par Value, Series B-2 of Limoneira Company, dated March 20, 2014 (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed March 24, 2014 (File No. 001-34755))

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Exhibit Number	Exhibit
10.1†	Limoneira Company 2022 Omnibus Incentive Plan, as approved by the Stockholders on March 22, 2022 (Incorporated by reference to exhibit 10.2 to the Company’s Current Report on Form 8-K, filed August 1, 2022)
10.2†	Amendment to Limoneira Company 2022 Omnibus Incentive Plan, dated March 26, 2024 (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed March 28, 2024)
31.1*	Certification of the Principal Executive Officer pursuant to Exchange Act Rule 13a-14(a) and 15d-14(a)
31.2*	Certification of the Principal Financial Officer pursuant to Exchange Act Rule 13a-14(a) and 15d-14(a)
32.1*	Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101*	The following information from the Company's Quarterly Report on Form 10-Q for the quarter ended April 30, 2024 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Consolidated Balance Sheets (Unaudited), (ii) the Consolidated Statements of Operations (Unaudited), (iii) the Consolidated Statements of Comprehensive Income (Loss) (Unaudited), (iv) the Consolidated Statements of Stockholders' Equity and Temporary Equity (Unaudited), (v) the Consolidated Statements of Cash Flows (Unaudited), and (vi) the Notes to Consolidated Financial Statements (Unaudited)
104	The cover page for the Company's Quarterly Report on Form 10-Q for the quarter ended April 30, 2024 has been formatted in Inline XBRL

†

Denotes management contracts and compensatory plans or arrangements.

*

Filed or furnished herewith. In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

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LIMONEIRA COMPANY

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	LIMONEIRA COMPANY
June 6, 2024	By:	/s/ HAROLD S. EDWARDS
		Harold S. Edwards
		Director, President and Chief Executive Officer
		(Principal Executive Officer)
June 6, 2024	By:	/s/ MARK PALAMOUNTAIN
		Mark Palamountain
		Executive Vice President, Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)

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EX-31.1

Exhibit 31.1

Certification of the Principal Executive Officer

Pursuant to Exchange Act Rule 13a-14(a) and 15d-14(a)

I, Harold S. Edwards, certify that:

1.    I have reviewed this Quarterly Report on Form 10-Q of Limoneira Company (the “Registrant”);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.    The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the Registrant and have:

(a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)    disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.    The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

June 6, 2024	/s/ Harold S. Edwards
	Harold S. Edwards,
	Director, President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification of the Principal Financial Officer

Pursuant to Exchange Act Rule 13a-14(a) and 15d-14(a)

I, Mark Palamountain, certify that:

1.    I have reviewed this Quarterly Report on Form 10-Q of Limoneira Company (the “Registrant”);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.    The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the Registrant and have:

(a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)    disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.    The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

June 6, 2024	/s/ Mark Palamountain
	Mark Palamountain,
	Executive Vice President, Chief Financial Officer and Treasurer
	(Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

Certification of the Principal Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

In connection with the Quarterly Report on Form 10-Q for the quarter ended April 30, 2024 (the “Report”) of Limoneira Company (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Harold S. Edwards, Director, President and Chief Executive Officer of the Registrant, hereby certify that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

June 6, 2024	/s/ Harold S. Edwards
	Harold S. Edwards,
	Director, President and Chief Executive Officer
	(Principal Executive Officer)

EX-32.2

Exhibit 32.2

Certification of the Principal Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

In connection with the Quarterly Report on Form 10-Q for the quarter ended April 30, 2024 (the “Report”) of Limoneira Company (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Mark Palamountain, Executive Vice President, Chief Financial Officer and Treasurer of the Registrant, hereby certify that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

June 6, 2024	/s/ Mark Palamountain
	Mark Palamountain,
	Executive Vice President, Chief Financial Officer and Treasurer
	(Principal Financial and Accounting Officer)

XML

Cover - shares	6 Months Ended
	Apr. 30, 2024	May 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2024
Document Transition Report	false
Entity File Number	001-34755
Entity Registrant Name	LIMONEIRA COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0260692
Entity Address, Address Line One	1141 Cummings Road
Entity Address, City or Town	Santa Paula
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93060
City Area Code	805
Local Phone Number	525-5541
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	LMNR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		18,010,975
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001342423
Current Fiscal Year End Date	--10-31

XML

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Apr. 30, 2024	Oct. 31, 2023
Current assets:
Cash	$ 1,402	$ 3,631
Accounts receivable, net	22,516	14,458
Cultural costs	3,430	2,334
Prepaid expenses and other current assets	4,539	5,588
Receivables/other from related parties	2,943	4,214
Total current assets	34,830	30,225
Property, plant and equipment, net	160,683	160,631
Real estate development	9,995	9,987
Equity in investments	95,669	78,816
Goodwill	1,505	1,512
Intangible assets, net	6,210	6,657
Other assets	13,293	13,382
Total assets	322,185	301,210
Current liabilities:
Accounts payable	9,934	9,892
Growers and suppliers payable	10,566	9,629
Accrued liabilities	11,258	8,651
Payables to related parties	5,139	4,805
Current portion of long-term debt	626	381
Total current liabilities	37,523	33,358
Long-term liabilities:
Long-term debt, less current portion	59,503	40,628
Deferred income taxes	21,378	22,172
Other long-term liabilities	4,019	4,555
Total liabilities	122,423	100,713
Commitments and contingencies	0	0
Stockholders' equity:
Common Stock – $0.01 par value (39,000,000 shares authorized: 18,223,633 and 18,192,009 shares issued and 17,972,656 and 17,941,032 shares outstanding at April 30, 2024 and October 31, 2023, respectively)	180	179
Additional paid-in capital	168,540	168,441
Retained earnings	19,050	19,017
Accumulated other comprehensive loss	(6,370)	(5,666)
Treasury stock, at cost, 250,977 shares at April 30, 2024 and October 31, 2023	(3,493)	(3,493)
Noncontrolling interest	11,045	11,209
Total stockholders' equity	188,952	189,687
Total liabilities, convertible preferred stock and stockholders' equity	322,185	301,210
Series B Convertible Preferred Stock
Long-term liabilities:
Convertible preferred stock	1,479	1,479
Series B-2 Preferred
Long-term liabilities:
Convertible preferred stock	9,331	9,331
Series A Junior Participating Preferred Stock
Stockholders' equity:
Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at April 30, 2024 and October 31, 2023)	$ 0	$ 0

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CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Apr. 30, 2024	Oct. 31, 2023
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	39,000,000	39,000,000
Common stock, shares issued (in shares)	18,223,633	18,192,009
Common stock, shares outstanding (in shares)	17,972,656	17,941,032
Treasury stock (in shares)	250,977	250,977
Series B Convertible Preferred Stock
Temporary equity, par value per share (in dollars per share)	$ 100.00	$ 100.00
Temporary equity, shares authorized (in shares)	50,000	50,000
Temporary equity, shares issued (in shares)	14,790	14,790
Temporary equity, shares outstanding (in shares)	14,790	14,790
Temporary equity, dividend rate	8.75%	8.75%
Series B-2 Preferred
Temporary equity, par value per share (in dollars per share)	$ 100.00	$ 100.00
Temporary equity, shares authorized (in shares)	10,000	10,000
Temporary equity, shares issued (in shares)	9,300	9,300
Temporary equity, shares outstanding (in shares)	9,300	9,300
Temporary equity, dividend rate	4.00%	4.00%
Liquidation preference per share (in dollars per share)	$ 1,000	$ 1,000
Series A Junior Participating Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Net revenues:
Agribusiness	$ 43,257	$ 46,676	$ 81,596	$ 83,204
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Agribusiness	Agribusiness	Agribusiness	Agribusiness
Other operations	$ 1,349	$ 1,394	$ 2,741	$ 2,767
Total net revenues	44,606	48,070	84,337	85,971
Costs and expenses:
Agribusiness	$ 40,436	$ 38,189	$ 79,550	$ 79,430
Cost, Product and Service [Extensible List]	Agribusiness	Agribusiness	Agribusiness	Agribusiness
Other operations	$ 1,429	$ 1,009	$ 2,611	$ 2,247
Loss (gain) on disposal of assets, net	48	8,998	(117)	(30,744)
Gain on legal settlement	0	(2,269)	0	(2,269)
Selling, general and administrative	7,368	6,005	14,713	15,285
Total costs and expenses	49,281	51,932	96,757	63,949
Operating (loss) income	(4,675)	(3,862)	(12,420)	22,022
Other income (expense):
Interest income	14	62	36	70
Interest (expense), net of patronage dividends	(351)	996	(558)	(176)
Equity in earnings of investments, net	16,592	62	16,633	315
Other income (expense), net	197	200	219	(2,412)
Total other income (expense)	16,452	1,320	16,330	(2,203)
Income (loss) before income tax (provision) benefit	11,777	(2,542)	3,910	19,819
Income tax (provision) benefit	(5,222)	912	(1,032)	(5,915)
Net income (loss)	6,555	(1,630)	2,878	13,904
Net loss attributable to noncontrolling interest	12	17	104	114
Net income (loss) attributable to Limoneira Company	6,567	(1,613)	2,982	14,018
Preferred dividends	(126)	(126)	(251)	(251)
Net income (loss) applicable to common stock	$ 6,441	$ (1,739)	$ 2,731	$ 13,767
Basic net income (loss) per common share (in dollars per share)	$ 0.36	$ (0.10)	$ 0.15	$ 0.77
Diluted net income (loss) per common share (in dollars per share)	$ 0.35	$ (0.10)	$ 0.15	$ 0.75
Weighted-average common shares outstanding-basic (in shares)	17,707	17,597	17,677	17,587
Weighted-average common shares outstanding-diluted (in shares)	18,362	17,597	17,677	18,328

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 6,555	$ (1,630)	$ 2,878	$ 13,904
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(237)	(50)	(704)	2,173
Minimum pension liability adjustments, net of tax of $(135) for the six months ended April 30, 2023	0	0	0	(220)
Pension settlement cost, net of tax of $756 for the six months ended April 30, 2023	0	0	0	1,944
Total other comprehensive (loss) income, net of tax	(237)	(50)	(704)	3,897
Comprehensive income (loss)	6,318	(1,680)	2,174	17,801
Comprehensive loss attributable to noncontrolling interest	12	17	104	114
Comprehensive income (loss) attributable to Limoneira Company	$ 6,330	$ (1,663)	$ 2,278	$ 17,915

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) $ in Thousands	6 Months Ended
	Apr. 30, 2023 USD ($)
Statement of Other Comprehensive Income [Abstract]
Minimum pension liability adjustment, tax	$ (135)
Pension settlement cost, tax	$ 756

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Series B Preferred	Series B-2 Preferred	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Series B Preferred	Retained Earnings Series B-2 Preferred	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Non-controlling Interest
Beginning balance (in shares) at Oct. 31, 2022				17,684,315
Beginning balance at Oct. 31, 2022	$ 181,054			$ 177	$ 165,169	$ 15,500			$ (7,908)	$ (3,493)	$ 11,609
Stockholders' Equity
Dividends Common	(1,337)					(1,337)
Dividends preferred		$ (32)	$ (93)				$ (32)	$ (93)
Stock compensation (in shares)				146,289
Stock compensation	1,064			$ 1	1,063
Noncontrolling interest adjustment	(78)										(78)
Net income (loss)	15,534					15,631					(97)
Other comprehensive income (loss), net of tax	3,947								3,947
Ending balance (in shares) at Jan. 31, 2023				17,830,604
Ending balance at Jan. 31, 2023	200,059			$ 178	166,232	29,669			(3,961)	(3,493)	11,434
Beginning balance, temporary equity at Oct. 31, 2022		1,479	9,331
Ending balance, temporary equity at Jan. 31, 2023		1,479	9,331
Beginning balance (in shares) at Oct. 31, 2022				17,684,315
Beginning balance at Oct. 31, 2022	181,054			$ 177	165,169	15,500			(7,908)	(3,493)	11,609
Stockholders' Equity
Net income (loss)	13,904
Ending balance (in shares) at Apr. 30, 2023				17,978,910
Ending balance at Apr. 30, 2023	197,844			$ 180	167,169	26,582			(4,011)	(3,493)	11,417
Beginning balance, temporary equity at Oct. 31, 2022		1,479	9,331
Ending balance, temporary equity at Apr. 30, 2023		1,479	9,331
Beginning balance (in shares) at Jan. 31, 2023				17,830,604
Beginning balance at Jan. 31, 2023	200,059			$ 178	166,232	29,669			(3,961)	(3,493)	11,434
Stockholders' Equity
Dividends Common	(1,348)					(1,348)
Dividends preferred		(33)	(93)				(33)	(93)
Stock compensation (in shares)				149,900
Stock compensation	965			$ 2	963
Exchange of common stock (in shares)				(1,594)
Exchange of common stock	(26)				(26)
Net income (loss)	(1,630)					(1,613)					(17)
Other comprehensive income (loss), net of tax	(50)								(50)
Ending balance (in shares) at Apr. 30, 2023				17,978,910
Ending balance at Apr. 30, 2023	$ 197,844			$ 180	167,169	26,582			(4,011)	(3,493)	11,417
Beginning balance, temporary equity at Jan. 31, 2023		1,479	9,331
Ending balance, temporary equity at Apr. 30, 2023		1,479	9,331
Beginning balance (in shares) at Oct. 31, 2023	17,941,032			17,941,032
Beginning balance at Oct. 31, 2023	$ 189,687			$ 179	168,441	19,017			(5,666)	(3,493)	11,209
Stockholders' Equity
Dividends Common	(1,350)					(1,350)
Dividends preferred		(32)	(93)				(32)	(93)
Stock compensation (in shares)				99,983
Stock compensation	864			$ 1	863
Exchange of common stock (in shares)				(36,097)
Exchange of common stock	(684)				(684)
Noncontrolling interest adjustment	(60)										(60)
Net income (loss)	(3,677)					(3,585)					(92)
Other comprehensive income (loss), net of tax	(467)								(467)
Ending balance (in shares) at Jan. 31, 2024				18,004,918
Ending balance at Jan. 31, 2024	$ 184,188			$ 180	168,620	13,957			(6,133)	(3,493)	11,057
Beginning balance, temporary equity at Oct. 31, 2023		1,479	9,331
Ending balance, temporary equity at Jan. 31, 2024		1,479	9,331
Beginning balance (in shares) at Oct. 31, 2023	17,941,032			17,941,032
Beginning balance at Oct. 31, 2023	$ 189,687			$ 179	168,441	19,017			(5,666)	(3,493)	11,209
Stockholders' Equity
Net income (loss)	$ 2,878
Ending balance (in shares) at Apr. 30, 2024	17,972,656			17,972,656
Ending balance at Apr. 30, 2024	$ 188,952			$ 180	168,540	19,050			(6,370)	(3,493)	11,045
Beginning balance, temporary equity at Oct. 31, 2023		1,479	9,331
Ending balance, temporary equity at Apr. 30, 2024		1,479	9,331
Beginning balance (in shares) at Jan. 31, 2024				18,004,918
Beginning balance at Jan. 31, 2024	184,188			$ 180	168,620	13,957			(6,133)	(3,493)	11,057
Stockholders' Equity
Dividends Common	(1,348)					(1,348)
Dividends preferred		(33)	(93)				$ (33)	$ (93)
Stock compensation (in shares)				30,808
Stock compensation	1,071			$ 1	1,070
Exchange of common stock (in shares)				(63,070)
Exchange of common stock	(1,151)			$ (1)	(1,150)
Net income (loss)	6,555					6,567					(12)
Other comprehensive income (loss), net of tax	$ (237)								(237)
Ending balance (in shares) at Apr. 30, 2024	17,972,656			17,972,656
Ending balance at Apr. 30, 2024	$ 188,952			$ 180	$ 168,540	$ 19,050			$ (6,370)	$ (3,493)	$ 11,045
Beginning balance, temporary equity at Jan. 31, 2024		1,479	9,331
Ending balance, temporary equity at Apr. 30, 2024		$ 1,479	$ 9,331

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND TEMPORARY EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Apr. 30, 2024	Jan. 31, 2024	Apr. 30, 2023	Jan. 31, 2023
Dividends Common (in dollars per share)	$ 0.075	$ 0.075	$ 0.075	$ 0.075
Series B Preferred
Dividends Series B (in dollars per share)	2.19	2.19	2.19	2.19
Series B-2 Preferred
Dividends Series B (in dollars per share)	$ 10	$ 10	$ 10	$ 10

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Apr. 30, 2024	Jan. 31, 2024	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2024	Apr. 30, 2023	Oct. 31, 2023
Operating activities
Net income (loss)	$ 6,555	$ (3,677)	$ (1,630)	$ 15,534	$ 2,878	$ 13,904
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	2,100		2,044		4,158	4,491
Gain on disposal of assets, net					(117)	(30,744)
Gain on legal settlement					0	(853)
Stock compensation expense					1,935	2,029
Non-cash lease expense					896	802
Equity in earnings of investments, net	(16,592)		(62)		(16,633)	(315)
Deferred income taxes					1,032	5,915
Other, net					12	162
Changes in operating assets and liabilities:
Accounts receivable and receivables/other from related parties					(7,157)	(1,583)
Cultural costs					(1,099)	2,051
Prepaid expenses and other current assets					(325)	(5,105)
Other assets					(106)	21
Accounts payable and growers and suppliers payable					467	(5,340)
Accrued liabilities and payables to related parties					1,923	(2,708)
Income taxes payable					(259)	(330)
Other long-term liabilities					(900)	(840)
Net cash used in operating activities					(13,295)	(18,443)
Investing activities
Capital expenditures					(3,714)	(5,417)
Net proceeds from sales of assets					935	98,506
Net proceeds from sale of real estate development assets					0	2,577
Cash distribution from Trapani Fresh					61	82
Collection on notes receivable					66	0
Equity investment contributions and capitalized interest					(221)	(275)
Investments in mutual water companies and water rights					(47)	(51)
Net cash (used in) provided by investing activities					(2,920)	95,422
Financing activities
Borrowings of long-term debt					71,529	57,940
Repayments of long-term debt					(52,367)	(122,775)
Principal paid on finance leases and equipment financings					(362)	(215)
Dividends paid – common					(2,698)	(2,685)
Dividends paid – preferred					(251)	(251)
Exchange of common stock					(1,835)	(26)
Net cash provided by (used in) financing activities					14,016	(68,012)
Effect of exchange rate changes on cash					(30)	9
Net (decrease) increase in cash					(2,229)	8,976
Cash at beginning of period		$ 3,631		$ 857	3,631	857	$ 857
Cash at end of period	$ 1,402		$ 9,833		1,402	9,833	$ 3,631
Supplemental disclosures of cash flow information
Cash paid during the period for interest (net of amounts capitalized)					451	397
Cash paid during the period for income taxes, net					259	330
Non-cash investing and financing activities:
Capital expenditures accrued but not paid at period-end					390	325
Accrued contribution obligation of investment in water company					$ 450	$ 450

XML

Organization and Basis of Presentation

6 Months Ended

Apr. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

Organization and Basis of Presentation

Business

Limoneira Company (together with its consolidated subsidiaries, the “Company”) engages primarily in growing citrus and avocados, harvesting citrus, and packing, marketing and selling citrus. The Company is also engaged in residential rentals and other rental operations and real estate development activities.

The Company markets and sells citrus directly to food service, wholesale and retail customers throughout the United States, Canada, Asia, Australia and other international markets. Through fiscal year 2023, the Company was a member of Sunkist Growers, Inc., an agricultural marketing cooperative, and sold a portion of its oranges, specialty citrus and other crops to Sunkist-licensed and other third-party packinghouses.

Basis of Presentation and Preparation

The accompanying unaudited interim consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which the Company holds a controlling interest. Intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company, the unaudited interim consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these unaudited interim consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. Because the consolidated financial statements do not include all of the information and notes required by GAAP for a complete set of consolidated financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K.

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Summary of Significant Accounting Policies

6 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Comprehensive Income (Loss)

Comprehensive income (loss) represents all changes in a company’s net assets, except changes resulting from transactions with stockholders. Other comprehensive income or loss includes foreign currency translation items and defined benefit pension items. Accumulated other comprehensive loss is reported as a component of the Company's stockholders' equity.

The following table summarizes other comprehensive (loss) income by component (in thousands):

	Three Months Ended April 30,
	2024						2023
	Pre-tax Amount		Tax Expense		Net Amount		Pre-tax Amount		Tax Expense		Net Amount
Foreign currency translation adjustments	$	(237)	$	—	$	(237)	$	(50)	$	—	$	(50)
Other comprehensive loss	$	(237)	$	—	$	(237)	$	(50)	$	—	$	(50)

	Six Months Ended April 30,
	2024						2023
	Pre-tax Amount		Tax Expense		Net Amount		Pre-tax Amount		Tax Benefit (Expense)		Net Amount
Foreign currency translation adjustments	$	(704)	$	—	$	(704)	$	2,173	$	—	$	2,173
Minimum pension liability adjustments:
Other comprehensive (loss) income before reclassifications	—		—		—		(355)		135		(220)
Amounts reclassified to earnings included in “Other income (expense), net”	—		—		—		2,700		(756)		1,944
Other comprehensive (loss) income	$	(704)	$	—	$	(704)	$	4,518	$	(621)	$	3,897

Summary of Significant Accounting Policies (continued)

Comprehensive Income (Loss) (continued)

The following table summarizes the changes in accumulated other comprehensive loss by component (in thousands):

	Foreign Currency Translation Loss		Defined Benefit Pension Plan		Accumulated Other Comprehensive Loss
Balance at October 31, 2023	$	(5,666)	$	—	$	(5,666)
Other comprehensive loss	(704)		—		(704)
Balance at April 30, 2024	$	(6,370)	$	—	$	(6,370)

	Foreign Currency Translation (Loss) Gain		Defined Benefit Pension Plan		Accumulated Other Comprehensive Loss
Balance at October 31, 2022	$	(6,184)	$	(1,724)	$	(7,908)
Other comprehensive income	2,173		1,724		3,897
Balance at April 30, 2023	$	(4,011)	$	—	$	(4,011)

COVID-19 Pandemic

The decline in demand for the Company's products as a result of the COVID-19 pandemic negatively impacted the Company's sales and profitability beginning in the second quarter of fiscal year 2020. The export market for fresh produce continues to experience decreased demand and the COVID-19 pandemic may continue to impact the Company's sales and profitability in future periods. The duration of these trends and the magnitude of such impacts are uncertain and therefore cannot be estimated at this time, as they are influenced by a number of factors, many of which are outside management’s control.

Recent Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses, the chief operating decision maker (“CODM”), and how the CODM uses the reported measure(s) of segment profit or loss. This amendment also requires that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB Accounting Standards Codification Topic 280, Segment Reporting, in interim periods.

The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

SEC Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors

In March 2024, the SEC adopted final rules under SEC Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. These requirements are effective for the Company in various fiscal years, starting with its fiscal year beginning November 1, 2026. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the impact of these final rules on its consolidated financial statements and disclosures.

Summary of Significant Accounting Policies (continued)

Concentrations

Concentrations of credit risk with respect to revenues and accounts receivable are limited due to a large, diverse customer base. One individual customer represented 14% of revenue for the six months ended April 30, 2024. Two individual customers represented 20% and 11% of accounts receivable, net as of April 30, 2024.

One individual vendor represented 26% of accounts payable as of April 30, 2024.

Lemons procured from third-party growers were 79% and 57% of the Company's lemon supply for the six months ended April 30, 2024 and 2023, respectively. One third-party grower was 20% of the Company's lemon supply for the six months ended April 30, 2024.

The Company maintains its cash in federally insured financial institutions. The account balances at these institutions periodically exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of risk related to amounts on deposit in excess of FDIC insurance coverage.

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Asset Sales and Disposals

6 Months Ended

Apr. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Asset Sales and Disposals

Asset Sales and Disposals

Northern Properties

In October 2022, the Company entered into a Purchase and Sale Agreement, as amended, (the “Agreement”) with PGIM Real Estate Finance, LLC (“PGIM”) to sell 3,537 acres of land and citrus orchards in Tulare County, California (the “Northern Properties”) for a purchase price of approximately $100,405,000. On January 25, 2023, the Board approved the Agreement creating a binding agreement of the Company to sell the Northern Properties and the transaction closed on January 31, 2023. During the quarter ended April 30, 2023, the purchase price was decreased by $397,000 for reimbursement of certain cultural costs and prepaid expenses, resulting in a final purchase price of $100,008,000. After transaction costs the Company received net proceeds of $98,411,000.

The following is a summary of the transaction (in thousands):

Net cash proceeds received	$	85,494
Debt directly repaid through the transaction	12,917
Total net proceeds received	98,411
Less: net book value of assets sold
Cultural costs	3,853
Prepaid expenses and other current assets	155
Property, plant and equipment, net	53,144
Intangible assets, net	12
Other assets	1,320
Accrued liabilities	(68)
	58,416
Gain on disposal of assets	$	39,995

The proceeds were used to pay down all of the Company’s domestic debt except the AgWest Farm Credit $40,000,000 non-revolving line of credit.

On January 31, 2023, the Company entered into a Farm Management Agreement (“FMA”) with an affiliate of PGIM to provide farming, management and operations services related to the Northern Properties. The FMA had an initial term expiring March 31, 2024, and thereafter continues from year to year unless earlier terminated under the terms of the FMA. Further, on January 31, 2023, the Company entered into a Grower Packing and Marketing Agreement to provide packing, marketing and selling services for lemons harvested on the Northern Properties for a minimum five-year term, subject to certain benchmarking standards.

3. Asset Sales and Disposals (continued)

Yuma Property

In December 2023, the Company sold 12 acres of real property located in Yuma, Arizona for a sales price of $775,000. After transaction and closing costs, the Company recorded a gain on disposal of assets of approximately $187,000 during the quarter ended January 31, 2024.

Cadiz Ranch

In April 2023, the Company determined that citrus farming operations were economically unviable on 670 acres of leased agricultural land at the Cadiz Ranch. As a result, the Company ceased farming operations at the Cadiz Ranch, disposed of the related property, plant and equipment and recorded a loss on disposal of assets of $9,012,000 during the quarter ended April 30, 2023.

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Prepaid Expenses and Other Current Assets

6 Months Ended

Apr. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):

	April 30, 2024		October 31, 2023
Prepaid supplies and insurance	$	2,660	$	1,667
Assets held for sale	—		535
Sales tax receivable	166		490
Income taxes receivable	—		816
Lemon supplier advances	472		791
Other	1,241		1,289
	$	4,539	$	5,588

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Real Estate Development

6 Months Ended

Apr. 30, 2024

Real Estate [Abstract]

Real Estate Development

Real Estate Development

Real estate development assets are comprised primarily of land and land development costs for the East Area II property in the amount of $9,995,000 and $9,987,000 as of April 30, 2024 and October 31, 2023, respectively.

East Area I, Retained Property and East Area II

In fiscal year 2005, the Company began capitalizing the costs of two real estate development projects east of Santa Paula, California, for the development of 550 acres of land into residential units, commercial buildings and civic facilities. In November 2015 (the “Transaction Date”), the Company entered into a joint venture with The Lewis Group of Companies (“Lewis”) for the residential development of its East Area I real estate development project. To consummate the transaction, the Company formed Limoneira Lewis Community Builders, LLC (“LLCB”) as the development entity, contributed its East Area I property to LLCB, and sold a 50% interest to Lewis for $20,000,000.

The Company and LLCB also entered into a Retained Property Development Agreement on the Transaction Date (the “Retained Property Agreement”). Under the terms of the Retained Property Agreement, LLCB transferred certain contributed East Area I property, which is entitled for commercial development, back to the Company (the “Retained Property”) and arranged for the design and construction of certain improvements to the Retained Property and East Area II, subject to certain reimbursements by the Company. The balance in East Area II includes estimated costs incurred by and reimbursable to LLCB of $3,444,000 as of April 30, 2024 and October 31, 2023, which is included in payables to related parties.

In January 2018, LLCB entered into a $45,000,000 unsecured Line of Credit Loan Agreement and Promissory Note (the “Loan”) with Bank of America, N.A. to fund early development activities. Effective as of February 22, 2023, the Loan maturity date was extended to February 22, 2024, and the maximum borrowing amount was reduced to $35,000,000. As of February 1, 2023, the interest rate on the Loan transitioned from the London Interbank Offered Rate (“LIBOR”) to the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus 2.85% and is payable monthly. Effective as of February 22, 2024, the loan maturity date was extended to August 22, 2024 and the interest rate transitioned from the BSBY to the Secured Overnight Financing Rate ("SOFR") plus 2.85%. The Loan contains certain customary default provisions and LLCB may prepay any amounts outstanding under the Loan without penalty. As of April 30, 2024, the Loan had no outstanding balance and LLCB had unaudited cash and cash equivalents of $102,078,000.

5. Real Estate Development (continued)

East Area I, Retained Property and East Area II (continued)

In February 2018, the Company and certain principals from Lewis guaranteed the obligations under the Loan. The guarantors are jointly and severally liable for all Loan obligations in the event of default by LLCB. The guarantee continues in effect until all of the Loan obligations are fully paid and the Loan terminates. The $1,080,000 estimated value of the guarantee was recorded in the Company’s consolidated balance sheets and is included in other long-term liabilities with a corresponding value in equity in investments. Additionally, a Reimbursement Agreement was executed between the Lewis guarantors and the Company, which provides for unpaid liabilities of LLCB to be shared pro-rata by the Lewis guarantors and the Company in proportion to their percentage interest in LLCB.

In October 2022, the Company entered into a joint venture with Lewis for the development of the Retained Property. The Company formed LLCB II, LLC (“LLCB II”) as the development entity, contributed the Retained Property to the joint venture and sold a 50% interest to Lewis for $7,975,000. The Company recorded a deferred gain of $465,000 on the transaction, which is included in other long-term liabilities as of April 30, 2024 and October 31, 2023. The joint venture partners will share in the capital contributions to fund project costs until loan proceeds and/or revenues are sufficient to fund the project. The Company made contributions of $200,000 and $275,000 to LLCB II during the six months ended April 30, 2024 and 2023, respectively.

Through April 30, 2024, LLCB closed on lot sales representing 1,261 residential units since inception, including 554 residential units in the second quarter of fiscal year 2024. In June 2024, the Company received a cash distribution of $15,005,000 from LLCB.

Other Real Estate Development Projects

In fiscal year 2020, the Company entered into an agreement to sell its Sevilla property for $2,700,000, which closed in November 2022. After transaction and other costs, the Company received cash proceeds of approximately $2,577,000 and recorded an immaterial loss on disposal of assets during the six months ended April 30, 2023.

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Equity in Investments

6 Months Ended

Apr. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity in Investments

Equity in Investments

Equity in investments consist of the following (in thousands):

	April 30, 2024		October 31, 2023
Limoneira Lewis Community Builders, LLC	$	82,953	$	66,288
LLCB II, LLC	9,089		8,869
Limco Del Mar, Ltd.	1,759		1,832
Rosales	1,366		1,325
Romney Property Partnership	502		502
	$	95,669	$	78,816

Unconsolidated Significant Subsidiary

In accordance with Rule 10-01(b)(1) of Regulation S-X, which applies to interim reports on Form 10-Q, the Company must determine if its equity method investees are considered “significant subsidiaries.” In evaluating its investments, there are two tests utilized to determine if equity method investees are considered significant subsidiaries: the income test and the investment test. Summarized income statement information of an equity method investee is required in an interim report if either of the two tests exceed 20% in the interim periods presented. During the year-to-date interim period for the six months ended April 30, 2024, this threshold was met for LLCB and thus summarized income statement information is presented in this Quarterly Report on Form 10-Q. The full audited financial statements of LLCB for the years ended October 31, 2023, 2022 and 2021 were provided as exhibits to the Annual Report on Form 10-K for the fiscal year ended October 31, 2023.

6. Equity in Investments (continued)

Unconsolidated Significant Subsidiary (continued)

The following is unaudited summarized financial information for LLCB (in thousands):

	Six Months Ended April 30,
	2024		2023
Revenues	$	94,540	$	678
Cost of land sold	54,089		19
Operating expenses	135		322
Net income	$	40,316	$	337
Net income attributable to Limoneira Company	$	19,455	$	270
	April 30, 2024		October 31, 2023
Cash and cash equivalents	$	102,078	$	12,863
Unsecured line of credit	$	—	$	—

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Goodwill and Intangible Assets, Net

6 Months Ended

Apr. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

A summary of the change in the carrying amount of goodwill is as follows (in thousands):

	Goodwill Carrying Amount
Balance at October 31, 2023	$	1,512
Foreign currency translation adjustment	(7)
Balance at April 30, 2024	$	1,505

Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. There have been no impairment charges recorded against goodwill as of April 30, 2024.

Intangible assets consist of the following (in thousands):

	April 30, 2024							October 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years
Trade names and trademarks	$	2,108	(1,207)		901		8	$	2,108	$	(1,104)	$	1,004	8
Customer relationships	4,037		(2,337)		1,700		9	4,037		(2,111)		1,926		9
Non-competition agreement	437		(159)		278		8	437		(132)		305		8
Acquired water and mineral rights	3,331		—		3,331		Indefinite	3,422		—		3,422		Indefinite
	$	9,913	$	(3,703)	$	6,210		$	10,004	$	(3,347)	$	6,657

Amortization expense totaled $177,000 and $178,000 for the three months ended April 30, 2024 and 2023, respectively. Amortization expense totaled $356,000 and $375,000 for the six months ended April 30, 2024 and 2023, respectively.

7. Goodwill and Intangible Assets, Net (continued)

Estimated future amortization expense of intangible assets as of April 30, 2024 is as follows (in thousands):

2024 (remaining six months)	$	355
2025	711
2026	711
2027	427
2028	427
Thereafter	248
	$	2,879

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Other Assets

6 Months Ended

Apr. 30, 2024

Other Assets [Abstract]

Other Assets

Other Assets

Investments in Mutual Water Companies

The Company’s investments in various not-for-profit mutual water companies provide it with the right to receive a proportionate share of water from each of the not-for-profit mutual water companies that have been invested in and do not constitute voting shares and/or rights. In January 2023, the Company sold an investment in a mutual water company with a net book value of $1,320,000 as part of the Northern Properties sale described in Note 3 - Asset Sales and Disposals. Amounts included in other assets in the consolidated balance sheets as of April 30, 2024 and October 31, 2023 were $6,200,000 and $5,703,000, respectively.

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Accrued Liabilities

6 Months Ended

Apr. 30, 2024

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	April 30, 2024		October 31, 2023
Compensation	$	3,549	$	2,858
Property taxes	38		548
Operating expenses	3,372		2,223
Leases	2,237		2,150
Income taxes payable	761		—
Other	1,301		872
	$	11,258	$	8,651

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Long-Term Debt

6 Months Ended

Apr. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

Long-term debt is comprised of the following (in thousands):

	April 30, 2024		October 31, 2023
AgWest Farm Credit revolving and non-revolving lines of credit: the interest rate of the revolving line of credit is variable based on the one-month SOFR, which was 5.33% at April 30, 2024, plus 1.78%. The interest rate for the $40.0 million outstanding balance of the non-revolving line of credit is fixed at 3.57% through July 1, 2025 and variable thereafter. Interest is payable monthly and the principal is due in full on July 1, 2026.	$	59,417	$	40,000
Banco de Chile term loan: The interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025.	439		583
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48%. The loans are payable in monthly installments through September 2024.	43		112
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48% and 4.26%. The loans are payable in monthly installments through September 2026.	230		314
Total long-term debt	60,129		41,009
Less current portion	626		381
Long-term debt, less current portion	$	59,503	$	40,628

10. Long-Term Debt (continued)

The Company entered into a Master Loan Agreement (the “MLA”) with AgWest Farm Credit, formerly known as Farm Credit West, (the “Lender”) dated June 1, 2021, together with a revolving credit facility supplement (the “Revolving Credit Supplement”), a non-revolving credit facility supplement (the “Non-Revolving Credit Supplement,” and together with the Revolving Credit Supplement, the “Supplements”) and an agreement to convert to a fixed interest rate for a period of time as described in the table above (“Fixed Interest Rate Agreement”). The MLA governs the terms of the Supplements.

In March 2020, the Company entered into a revolving equity line of credit promissory note and loan agreement with the Lender for a $15,000,000 Revolving Equity Line of Credit (the “RELOC”) secured by a first lien on the Windfall Investors, LLC property. The RELOC featured a 3-year draw period followed by 20 years of fully amortized loan payments. On March 31, 2023, the draw period expired and the RELOC was closed as there was no balance outstanding.

The Supplements provide aggregate borrowing capacity of $115,000,000 comprised of $75,000,000 under the Revolving Credit Supplement, and $40,000,000 under the Non-Revolving Credit Supplement. As of April 30, 2024, the Company's outstanding borrowings under the Supplements were $59,417,000 and it had $55,583,000 available to borrow.

In January 2023, the Company used the proceeds from the Northern Properties sale as described in Note 3 - Asset Sales and Disposals to reduce the Company's long-term debt.

The interest rate in effect under the Revolving Credit Supplement automatically adjusts on the first day of each month. The interest rate for any amount outstanding under the Revolving Credit Supplement was based on the one-month LIBOR plus or minus an applicable margin. As of January 1, 2023, the rate transitioned from LIBOR to SOFR. The applicable margin ranges from 1.68% to 2.28% depending on the ratio of current assets, plus the remaining available commitment divided by current liabilities. On each anniversary of July 1, the Company has the option to convert the interest rate in use under the Revolving Credit Supplement from the preceding SOFR-based calculation to a variable interest rate. The Company may prepay any amounts outstanding under the Revolving Credit Supplement without penalty.

The interest rate in effect under the Non-Revolving Credit Supplement is a fixed interest rate of 3.57% per year until July 1, 2025 (the “Fixed Rate Term”). Thereafter, the interest rate will convert to a variable interest rate established by the Lender corresponding to the applicable interest rate group. The Company may not prepay any amounts under the outstanding Non-Revolving Credit Supplement during the Fixed Rate Term. Thereafter, the Company may prepay any amounts outstanding under the Non-Revolving Credit Supplement, provided that a fee equal to 0.50% of the amount prepaid and any other cost or loss suffered by the Lender must be paid with any prepayment.

All indebtedness under the MLA, including any indebtedness under the Supplements, is secured by a first lien on Company-owned stock or participation certificates, Company funds maintained with the Lender, the Lender’s unallocated surplus, certain of the Company’s agricultural properties, certain of the Company’s building fixtures and improvements, and investments in mutual water companies associated with the pledged agricultural properties. The MLA includes customary default provisions. Should an event of default occur, the Lender, at its option, may declare all or any portion of the indebtedness under the MLA to be immediately due and payable without demand, notice of nonpayment, protest or prior recourse to collateral, and terminate or suspend the Company’s right to draw or request funds on any loan or line of credit.

The MLA subjects the Company to affirmative and restrictive covenants including, among other customary covenants, financial reporting requirements, requirements to maintain and repair any collateral, restrictions on the sale of assets, restrictions on the use of proceeds, prohibitions on the incurrence of additional debt and restrictions on the purchase or sale of major assets of the Company’s business. The Company is also subject to a financial covenant that requires it to maintain compliance with a specific debt service coverage ratio on an annual basis. In September 2023, the Lender modified the covenant to defer measurement as of October 31, 2023 and resume a debt service coverage ratio of 1.25:1.0 measured as of October 31, 2024.

In December 2023, the Lender declared an annual cash patronage dividend of 1.25% of average eligible loan balances and the Company received $558,000 in the second quarter of fiscal year 2024. In February 2023, the Lender declared an annual cash patronage dividend of 1.25% of average eligible loan balances and the Company received $1,413,000 in the second quarter of fiscal year 2023.

Interest is capitalized on non-bearing orchards, real estate development projects and significant construction in progress. The Company capitalized interest of $98,000 and zero during the three months ended April 30, 2024 and 2023, and $154,000 and $306,000 for the six months ended April 30, 2024 and 2023, respectively. Capitalized interest is included in property, plant and equipment, real estate development assets and equity in investments in the Company’s consolidated balance sheets.

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Other Long-Term Liabilities

6 Months Ended

Apr. 30, 2024

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):

	April 30, 2024		October 31, 2023
Loan guarantee	1,080		1,080
Leases	1,658		2,316
Other	1,281		1,159
	$	4,019	$	4,555

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Leases

6 Months Ended

Apr. 30, 2024

Leases [Abstract]

Leases

Leases

Lessor Arrangements

The Company enters into leasing transactions in which it rents certain of its assets and the Company is the lessor. These lease contracts are typically classified as operating leases with remaining terms ranging from one month to 19 years with various renewal terms available. All of the residential rentals have month-to-month lease terms.

The Company's rental operations revenue consists of the following (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Operating lease revenue	$	1,274	$	1,274	$	2,566	$	2,564
Variable lease revenue	75		120		175		203
Total lease revenue	$	1,349	$	1,394	$	2,741	$	2,767

Lessee Arrangements

The Company enters into leasing transactions in which the Company is the lessee. These lease contracts are classified as either operating or finance leases. The Company’s lease contracts are generally for agricultural land, packinghouse facilities, equipment and vehicles with remaining lease terms ranging from one to four years, with various term extensions available. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Lease costs are primarily included in agribusiness costs and expenses in the Company's consolidated statements of operations.

Lease costs consist of the following (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Operating lease costs	$	519	$	491	$	1,018	$	982
Finance lease costs:
Amortization of lease assets	63		33		110		66
Interest on lease liabilities	12		8		21		16
Variable lease costs	(13)		(235)		(32)		(90)
Short-term lease costs	31		175		100		338
Total lease costs	$	612	$	472	$	1,217	$	1,312

Leases (continued)

Lessee Arrangements (continued)

Supplemental balance sheet information related to leases consists of the following (in thousands):

	Classification	April 30, 2024		October 31, 2023
Assets
Operating lease ROU assets	Other assets	$	3,274	$	3,484
Finance lease assets	Other assets	702		1,182
		$	3,976	$	4,666
Liabilities
Current operating lease liabilities	Accrued liabilities	$	2,058	$	1,831
Current finance lease liabilities	Accrued liabilities	179		319
Non-current operating lease liabilities	Other long-term liabilities	1,265		1,714
Non-current finance lease liabilities	Other long-term liabilities	393		602
		$	3,895	$	4,466

Supplemental cash flow information related to leases consists of the following (in thousands):

	Six Months Ended April 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	1,023	$	961
Operating cash outflows from finance leases	$	21	$	16
Financing cash outflows from finance leases	$	243	$	118
ROU assets obtained in exchange for new operating lease liabilities	$	689	$	114
Leased assets obtained in exchange for new finance lease liabilities	$	494	$	—

Leases

Leases

Lessor Arrangements

The Company enters into leasing transactions in which it rents certain of its assets and the Company is the lessor. These lease contracts are typically classified as operating leases with remaining terms ranging from one month to 19 years with various renewal terms available. All of the residential rentals have month-to-month lease terms.

The Company's rental operations revenue consists of the following (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Operating lease revenue	$	1,274	$	1,274	$	2,566	$	2,564
Variable lease revenue	75		120		175		203
Total lease revenue	$	1,349	$	1,394	$	2,741	$	2,767

Lessee Arrangements

The Company enters into leasing transactions in which the Company is the lessee. These lease contracts are classified as either operating or finance leases. The Company’s lease contracts are generally for agricultural land, packinghouse facilities, equipment and vehicles with remaining lease terms ranging from one to four years, with various term extensions available. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Lease costs are primarily included in agribusiness costs and expenses in the Company's consolidated statements of operations.

Lease costs consist of the following (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Operating lease costs	$	519	$	491	$	1,018	$	982
Finance lease costs:
Amortization of lease assets	63		33		110		66
Interest on lease liabilities	12		8		21		16
Variable lease costs	(13)		(235)		(32)		(90)
Short-term lease costs	31		175		100		338
Total lease costs	$	612	$	472	$	1,217	$	1,312

Leases (continued)

Lessee Arrangements (continued)

Supplemental balance sheet information related to leases consists of the following (in thousands):

	Classification	April 30, 2024		October 31, 2023
Assets
Operating lease ROU assets	Other assets	$	3,274	$	3,484
Finance lease assets	Other assets	702		1,182
		$	3,976	$	4,666
Liabilities
Current operating lease liabilities	Accrued liabilities	$	2,058	$	1,831
Current finance lease liabilities	Accrued liabilities	179		319
Non-current operating lease liabilities	Other long-term liabilities	1,265		1,714
Non-current finance lease liabilities	Other long-term liabilities	393		602
		$	3,895	$	4,466

Supplemental cash flow information related to leases consists of the following (in thousands):

	Six Months Ended April 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	1,023	$	961
Operating cash outflows from finance leases	$	21	$	16
Financing cash outflows from finance leases	$	243	$	118
ROU assets obtained in exchange for new operating lease liabilities	$	689	$	114
Leased assets obtained in exchange for new finance lease liabilities	$	494	$	—

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Basic and Diluted Net Income (Loss) Per Share

6 Months Ended

Apr. 30, 2024

Earnings Per Share [Abstract]

Basic and Diluted Net Income (Loss) Per Share

Basic and Diluted Net Income (Loss) Per Share

Basic net income (loss) per common share is calculated using the weighted-average number of common shares outstanding during the period without consideration of the dilutive effect of conversion of preferred stock. Diluted net income (loss) per common share is calculated using the weighted-average number of common shares outstanding during the period plus the dilutive effect of unvested, restricted stock and conversion of preferred stock. The computations for basic and diluted net income (loss) per common share are as follows (in thousands, except per share data):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Basic net income (loss) per common share:
Net income (loss) applicable to common stock	$	6,441	$	(1,739)	$	2,731	$	13,767
Effect of unvested, restricted stock	(101)		(23)		(47)		(188)
Numerator: Net income (loss) for basic EPS	6,340		(1,762)		2,684		13,579
Denominator: Weighted average common shares–basic	17,707		17,597		17,677		17,587
Basic net income (loss) per common share	$	0.36	$	(0.10)	$	0.15	$	0.77
Diluted net income (loss) per common share:
Net income (loss) for basic EPS	$	6,340	$	(1,762)	$	2,684	$	13,579
Effect of dilutive preferred stock	126		—		—		251
Numerator: Net income (loss) for diluted EPS	6,466		(1,762)		2,684		13,830
Weighted average common shares–basic	17,707		17,597		17,677		17,587
Effect of dilutive preferred stock	655		—		—		741
Denominator: Weighted average common shares–diluted	18,362		17,597		17,677		18,328
Diluted net income (loss) per common share	$	0.35	$	(0.10)	$	0.15	$	0.75

Diluted net income (loss) per common share is computed using the more dilutive method of either the two-class method or the treasury stock method. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends as participating shares are included in computing earnings per share. The Company’s unvested, restricted stock awards qualify as participating shares. Diluted net income (loss) per common share was calculated under the two-class method for the three and six months ended April 30, 2024 and 2023.

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Related-Party Transactions

6 Months Ended

Apr. 30, 2024

Related Party Transactions [Abstract]

Related-Party Transactions

Related-Party Transactions

The Company has transactions with equity method investments and various related parties summarized in Note 6 - Equity in Investments and in the tables below (in thousands):

		April 30, 2024						October 31, 2023
		Balance Sheet						Balance Sheet
Ref	Related-Party	Receivables/Other from Related Parties		Other Assets		Payables to Related Parties		Receivables/Other from Related Parties		Other Assets		Payables to Related Parties
2	Mutual water companies	$	—	$	497	$	652	$	—	$	523	$	48
5	Cadiz / Fenner / WAM	$	—	$	—	$	206	$	—	$	—	$	206
6	YMIDD	$	230	$	—	$	—	$	571	$	—	$	—
7	FGF	$	2,263	$	2,519	$	837	$	2,681	$	2,519	$	837
8	LLCB	$	—	$	—	$	3,444	$	66	$	—	$	3,444
10	Rosales	$	450	$	—	$	—	$	896	$	—	$	270

		Three Months Ended April 30, 2024								Three Months Ended April 30, 2023
		Consolidated Statement of Operations								Consolidated Statement of Operations
Ref	Related-Party	Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid		Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid
1	Employees	$	—	$	234	$	—	$	—	$	—	$	221	$	—	$	—
2	Mutual water companies	$	—	$	—	$	25	$	—	$	—	$	—	$	406	$	—
3	Cooperative association	$	—	$	—	$	70	$	—	$	—	$	—	$	473	$	—
5	Cadiz / Fenner / WAM	$	—	$	—	$	—	$	93	$	—	$	—	$	417	$	—
6	YMIDD	$	311	$	—	$	62	$	—	$	135	$	—	$	62	$	—
7	FGF	$	82	$	50	$	—	$	—	$	33	$	50	$	—	$	—
9	Principal Owner	$	—	$	—	$	—	$	226	$	—	$	—	$	—	$	222
10	Rosales	$	1,861	$	—	$	—	$	—	$	—	$	—	$	—	$	—

		Six Months Ended April 30, 2024								Six Months Ended April 30, 2023
		Consolidated Statement of Operations								Consolidated Statement of Operations
Ref	Related-Party	Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid		Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid
1	Employees	$	—	$	455	$	—	$	—	$	—	$	444	$	—	$	—
2	Mutual water companies	$	—	$	—	$	574	$	—	$	—	$	—	$	778	$	—
3	Cooperative association	$	—	$	—	$	559	$	—	$	—	$	—	$	866	$	—
5	Cadiz / Fenner / WAM	$	—	$	—	$	—	$	186	$	—	$	—	$	1,555	$	—
6	YMIDD	$	629	$	—	$	62	$	—	$	270	$	—	$	72	$	—
7	FGF	$	165	$	100	$	—	$	—	$	116	$	124	$	—	$	—
9	Principal Owner	$	—	$	—	$	—	$	450	$	—	$	—	$	—	$	431
10	Rosales	$	3,184	$	—	$	49	$	—	$	—	$	—	$	—	$	—

(1) Employees - The Company rents certain of its residential housing assets to employees on a month-to-month basis and recorded rental income from employees.

(2) Mutual water companies - The Company has representation on the boards of directors of the mutual water companies in which the Company has investments, as well as other water districts. Refer to Note 8 - Other Assets. The Company recorded capital contributions, purchased water and water delivery services and had water payments due to the mutual water companies and districts.

(3) Cooperative association - The Company has representation on the board of directors of a non-profit cooperative association that provides pest control services for the agricultural industry. The Company purchased services and supplies from and had immaterial payments due to the cooperative association.

(5) Cadiz / Fenner / WAM - A member of the Company’s board of directors served as the CEO, President and a member of the board of directors of Cadiz, Inc. through December 31, 2023. As of January 1, 2024, Cadiz, Inc. is no longer a related-party. In 2013, the Company entered a long-term lease agreement (the “Lease”) with Cadiz Real Estate, LLC (“Cadiz”), a wholly owned subsidiary of Cadiz, Inc., and leased 670 acres located in eastern San Bernardino County, California. In 2016, Cadiz assigned this lease to Fenner Valley Farms, LLC (“Fenner”), a subsidiary of Water Asset Management, LLC (“WAM”). As of the date of the lease assignment, the Company no longer had any related-party transactions with Cadiz. An affiliate of WAM is the holder of 9,300 shares of the Company's Series B-2 convertible preferred stock and the Company paid dividends to such affiliate. The annual base rent was equal to the sum of $200 per planted acre and 20% of gross revenues from the sale of harvested lemons (less operating expenses), not to exceed $1,200 per acre per year. Upon the adoption of ASC 842, the Company recorded a ROU asset and corresponding lease liability, which were written off in fiscal year 2023 upon cessation of farming operations.

(6) Yuma Mesa Irrigation and Drainage District (“YMIDD”) - The Company has representation on the board of directors of YMIDD. The Company purchased water from YMIDD and had no amounts payable to them for such purchases. Additionally, the Company received fallowing revenue from YMIDD and has a receivable outstanding.

(7) FGF - The Company advances funds to FGF for fruit purchases, which are recorded as an asset until the sales occur and the remaining proceeds become due to FGF. The Company has a receivable from FGF for lemon sales and the sale of packing supplies and a payable due to FGF for fruit purchases and services. The Company records revenue related to the licensing of intangible assets to FGF. The Company leases the Santa Clara ranch to FGF and records rental revenue related to the leased land.

(8) LLCB - Refer to Note 5 - Real Estate Development.

(9) Principal owner - The Company has one principal owner with ownership shares over 10% and paid dividends to such owner.

(10) Rosales - The Company has an equity interest in Rosales as further described in Note 6 - Equity in Investments. The Company recognizes lemon sales to Rosales, procures lemons and oranges from Rosales and has amounts due to and due from Rosales for such sales and consignments.

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Income Taxes

6 Months Ended

Apr. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate for the six months ended April 30, 2024 was higher than the federal statutory tax rate of 21% mainly due to foreign jurisdictions that are taxed at different rates, state taxes, tax impact of executive compensation, nondeductible tax items and valuation allowances on certain deferred tax assets of foreign subsidiaries. The Company has no material uncertain tax positions as of April 30, 2024. The Company recognizes interest expense and penalties related to income tax matters as a component of income tax expense. There was no accrued interest or penalties associated with uncertain tax positions as of April 30, 2024.

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Retirement Plans

6 Months Ended

Apr. 30, 2024

Retirement Benefits [Abstract]

Retirement Plans

Retirement Plans

The Limoneira Company Retirement Plan (the “Plan”) was a noncontributory, defined benefit, single employer pension plan, which provided retirement benefits for all eligible employees. Benefits paid by the Plan were calculated based on years of service, highest five-year average earnings, primary Social Security benefit and retirement age. Effective June 2004, the Company froze the Plan and no additional benefits accrued to participants subsequent to that date. The Plan was administered by Principal Bank and Mercer Human Resource Consulting. In fiscal year 2021, the Company terminated the Plan effective December 31, 2021.

During the six months ended April 30, 2023, the Company made funding contributions of $2,500,000 to fully fund and settle the plan obligations. Lump sum payments were made to a portion of the active and vested terminated participants and annuities were purchased for all remaining participants from an insurance company. There are no remaining benefit obligations or plan assets and the remaining accumulated other comprehensive loss was fully recognized.

The Plan was funded consistent with the funding requirements of federal law and regulations. Plan assets were invested in a group trust consisting primarily of pooled funds, mutual funds, cash and cash equivalents.

16. Retirement Plans (continued)

The components of net periodic pension cost for the Plan were as follows (in thousands):

	Six Months Ended April 30,
	2024		2023
Administrative expenses	$	—	$	20
Interest cost	—		34
Expected return on plan assets	—		(17)
Prior service cost	—		4
Settlement loss recognized	—		2,700
Net periodic benefit cost	$	—	$	2,741

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Commitments and Contingencies

6 Months Ended

Apr. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company is from time to time involved in various lawsuits and legal proceedings that arise in the ordinary course of business. At this time, the Company is not aware of any pending or threatened litigation against it that it expects will have a material adverse effect on its business, financial condition, liquidity or operating results. Legal claims are inherently uncertain, however, and it is possible that the Company’s business, financial condition, liquidity and/or operating results could be adversely affected in the future by legal proceedings.

The Company was party to a lawsuit, initiated on March 27, 2018, against Southern California Edison in Superior Court of the State of California, County of Los Angeles whereby the Company claimed unspecified damages, attorneys’ fees and other costs, as a result of the Thomas Fire in fiscal year 2018. On April 18, 2023, the Company entered into a Confidential Settlement Agreement and Release (the “Settlement Agreement”) with Southern California Edison Company and Edison International to formally resolve any and all claims related to the fire. Under the terms of the Settlement Agreement, the Company was awarded a total settlement of $9,000,000. On May 19, 2023, the Company received $6,109,000, net of legal and related costs, of which $3,840,000 was recorded in agribusiness revenues and $2,269,000 was recorded in gain on legal settlement as of April 30, 2023.

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Stock-based Compensation

6 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Stock-based Compensation

The Company has a stock-based compensation plan (the “Stock Plan”) that allows for the grant of common stock of the Company to members of management, key executives and non-employee directors. The fair value of such awards is based on the fair value of the Company’s common stock on the date of grant and all are classified as equity awards.

Performance Awards

Certain restricted stock grants are made to management each December under the Stock Plan based on the achievement of certain annual financial performance and other criteria achieved during the previous fiscal year (“Performance Awards”). These grants are based on a percentage of the employee’s base salary divided by the stock price on the grant date once the performance criteria have been met, and generally vest over a two-year period as service is provided. During December 2023, 36,127 shares of stock with a per share price of $19.57 were granted to management under the Stock Plan for fiscal year 2023 performance, resulting in total compensation expense of approximately $707,000, with $293,000 recognized in the fiscal year ended October 31, 2023, and the balance will be recognized over the next two years as the shares vest. During April 2024, 4,330 shares of stock with a weighted average per share price of $19.49 were granted to management under the Stock Plan and vested upon issuance.

Executive Awards

Certain restricted stock grants are made to key executives under the Stock Plan (“Executive Awards”). These grants generally vest over a three-year period as service is provided. During November 2023, the Company granted 53,078 shares of stock with a per share price of $14.13 to key executives under the Stock Plan. The related compensation expense of approximately $750,000 will be recognized equally over the next three years as the shares vest.

18. Stock-based Compensation (continued)

Executive Awards (continued)

In fiscal year 2022, the Company entered into Retention Bonus Agreements with key executives (collectively, the “Retention Bonus Agreements”) whereby the executives will be eligible to receive cash and restricted stock grants. During December 2023, the Company granted 12,709 shares of stock with a per share price of $19.57 to key executives related to the Retention Bonus Agreements. The related compensation expense of approximately $249,000 had $115,000 recognized in the fiscal year ended October 31, 2023, and the balance will be recognized over the next year as the shares vest.

In November 2023, the Company entered into Performance Share-Based Award Agreements with key executives whereby the executives may be granted common stock in the future based on the achievement of certain long-term performance goals. The Company recorded $175,000 of stock compensation expense related to these awards during the six months ended April 30, 2024.

Director Awards

Certain restricted stock grants are made to non-employee directors under the Stock Plan on an annual basis that generally vest after a one-year period (“Director Awards”). During January 2024, 609 shares of stock were granted as Director Awards with a per share price of $20.37. During March 2024, an additional 26,478 shares of stock were granted as Director Awards with a per share price of $19.26.

Exchange of Common Stock

During the six months ended April 30, 2024 and 2023, members of management exchanged 99,167 and 1,594 shares of common stock with fair values totaling $1,835,000 and $26,000, respectively, at the dates of the exchanges, for the payment of payroll taxes associated with the vesting of shares under the Stock Plan.

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Segment Information

6 Months Ended

Apr. 30, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company operates in four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness. The reportable operating segments of the Company are strategic business units with different products and services, distribution processes and customer bases. The fresh lemons segment includes sales, farming and harvest costs and third-party grower and supplier costs relative to fresh lemons. The lemon packing segment includes packing revenues and lemon packing costs. The lemon packing segment revenues include intersegment revenues between fresh lemons and lemon packing. The intersegment revenues are included gross in the segment note and a separate line item is shown as an elimination. The avocados segment includes sales, farming and harvest costs. The other agribusiness segment primarily includes sales, farm management, farming and harvest costs, brokered fruit costs of oranges and specialty citrus, other crops, fallowing revenue, shipping revenue and shipping costs. During fiscal year 2024, the Company changed its reporting of other revenue and other costs and includes these items in the other agribusiness segment instead of the fresh lemons segment. Prior year's information has been restated to conform to the current year's presentation.

The Company does not separately allocate depreciation and amortization to its fresh lemons, lemon packing, avocados and other agribusiness segments. No asset information is provided for reportable operating segments, as these specified amounts are not included in the measure of segment profit or loss reviewed by the Company’s chief operating decision maker. The Company measures operating performance, including revenues and operating income, of its operating segments and allocates resources based on its evaluation. The Company does not allocate selling, general and administrative expense, gain or loss on disposal of assets, gain on legal settlement, total other income (expense) and income taxes, or specifically identify them to its operating segments. The lemon packing segment earns packing revenue for packing lemons grown on its orchards and lemons procured from third-party growers. Intersegment revenues represent packing revenues related to lemons grown on the Company’s orchards.

Segment Information (continued)

Segment information for the three months ended April 30, 2024 is as follows (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	30,841	$	4,964	$	—	$	2,348	$	5,104	$	43,257	$	1,349	$	44,606
Intersegment revenue	—		10,914		(10,914)		—		—		—		—		—
Total net revenues	30,841		15,878		(10,914)		2,348		5,104		43,257		1,349		44,606
Costs and expenses	28,869		13,588		(10,914)		1,425		5,680		38,648		8,533		47,181
Depreciation and amortization	—		—		—		—		—		1,788		312		2,100
Operating (loss) income	$	1,972	$	2,290	$	—	$	923	$	(576)	$	2,821	$	(7,496)	$	(4,675)

Segment information for the three months ended April 30, 2023 is as follows (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	31,942	$	6,423	$	—	$	3,603	$	4,708	$	46,676	$	1,394	$	48,070
Intersegment revenue	—		10,309		(10,309)		—		—		—		—		—
Total net revenues	31,942		16,732		(10,309)		3,603		4,708		46,676		1,394		48,070
Costs and expenses	29,219		12,075		(10,309)		1,023		4,441		36,449		13,439		49,888
Depreciation and amortization	—		—		—		—		—		1,740		304		2,044
Operating (loss) income	$	2,723	$	4,657	$	—	$	2,580	$	267	$	8,487	$	(12,349)	$	(3,862)

Segment information for the six months ended April 30, 2024 is as follows (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	58,225	$	10,556	$	—	$	2,348	$	10,467	$	81,596	$	2,741	$	84,337
Intersegment revenue	—		17,630		(17,630)		—		—		—		—		—
Total net revenues	58,225		28,186		(17,630)		2,348		10,467		81,596		2,741		84,337
Costs and expenses	57,710		24,306		(17,630)		1,425		10,207		76,018		16,581		92,599
Depreciation and amortization	—		—		—		—		—		3,532		626		4,158
Operating (loss) income	$	515	$	3,880	$	—	$	923	$	260	$	2,046	$	(14,466)	$	(12,420)

Segment information for the six months ended April 30, 2023 is as follows (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	59,263	$	12,071	$	—	$	3,603	$	8,267	$	83,204	$	2,767	$	85,971
Intersegment revenue	—		17,672		(17,672)		—		—		—		—		—
Total net revenues	59,263		29,743		(17,672)		3,603		8,267		83,204		2,767		85,971
Costs and expenses (gains)	61,533		23,428		(17,672)		1,023		7,243		75,555		(16,097)		59,458
Depreciation and amortization	—		—		—		—		—		3,875		616		4,491
Operating income (loss)	$	(2,270)	$	6,315	$	—	$	2,580	$	1,024	$	3,774	$	18,248	$	22,022

Revenues related to rental operations are included in “Corporate and Other.” The detail of other agribusiness revenues is as follows (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Oranges	$	1,160	$	1,383	$	2,301	$	2,535
Specialty citrus and other crops	839		1,016		1,925		2,263
Farm management	2,046		1,404		4,094		1,404
Other	1,059		905		2,147		2,065
Other agribusiness revenues	$	5,104	$	4,708	$	10,467	$	8,267

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Subsequent Events

6 Months Ended

Apr. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company evaluated events subsequent to April 30, 2024 through the date of this filing, to assess the need for potential recognition or disclosure in this Quarterly Report. Based upon this evaluation, except as described in the notes to consolidated financial statements, it was determined that no other subsequent events occurred that require recognition or disclosure in the unaudited consolidated financial statements.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Comprehensive Income (Loss)

Comprehensive Income (Loss)

Comprehensive income (loss) represents all changes in a company’s net assets, except changes resulting from transactions with stockholders. Other comprehensive income or loss includes foreign currency translation items and defined benefit pension items. Accumulated other comprehensive loss is reported as a component of the Company's stockholders' equity.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses, the chief operating decision maker (“CODM”), and how the CODM uses the reported measure(s) of segment profit or loss. This amendment also requires that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB Accounting Standards Codification Topic 280, Segment Reporting, in interim periods.

The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

SEC Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors

In March 2024, the SEC adopted final rules under SEC Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. These requirements are effective for the Company in various fiscal years, starting with its fiscal year beginning November 1, 2026. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the impact of these final rules on its consolidated financial statements and disclosures.

Concentrations

Concentrations

Concentrations of credit risk with respect to revenues and accounts receivable are limited due to a large, diverse customer base. One individual customer represented 14% of revenue for the six months ended April 30, 2024. Two individual customers represented 20% and 11% of accounts receivable, net as of April 30, 2024.

One individual vendor represented 26% of accounts payable as of April 30, 2024.

Lemons procured from third-party growers were 79% and 57% of the Company's lemon supply for the six months ended April 30, 2024 and 2023, respectively. One third-party grower was 20% of the Company's lemon supply for the six months ended April 30, 2024.

The Company maintains its cash in federally insured financial institutions. The account balances at these institutions periodically exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of risk related to amounts on deposit in excess of FDIC insurance coverage.

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Schedule of Other Comprehensive Income (Loss) by Component

The following table summarizes other comprehensive (loss) income by component (in thousands):

	Three Months Ended April 30,
	2024						2023
	Pre-tax Amount		Tax Expense		Net Amount		Pre-tax Amount		Tax Expense		Net Amount
Foreign currency translation adjustments	$	(237)	$	—	$	(237)	$	(50)	$	—	$	(50)
Other comprehensive loss	$	(237)	$	—	$	(237)	$	(50)	$	—	$	(50)

	Six Months Ended April 30,
	2024						2023
	Pre-tax Amount		Tax Expense		Net Amount		Pre-tax Amount		Tax Benefit (Expense)		Net Amount
Foreign currency translation adjustments	$	(704)	$	—	$	(704)	$	2,173	$	—	$	2,173
Minimum pension liability adjustments:
Other comprehensive (loss) income before reclassifications	—		—		—		(355)		135		(220)
Amounts reclassified to earnings included in “Other income (expense), net”	—		—		—		2,700		(756)		1,944
Other comprehensive (loss) income	$	(704)	$	—	$	(704)	$	4,518	$	(621)	$	3,897

Schedule of Accumulated Other Comprehensive Income (Loss) by Component

The following table summarizes the changes in accumulated other comprehensive loss by component (in thousands):

	Foreign Currency Translation Loss		Defined Benefit Pension Plan		Accumulated Other Comprehensive Loss
Balance at October 31, 2023	$	(5,666)	$	—	$	(5,666)
Other comprehensive loss	(704)		—		(704)
Balance at April 30, 2024	$	(6,370)	$	—	$	(6,370)

	Foreign Currency Translation (Loss) Gain		Defined Benefit Pension Plan		Accumulated Other Comprehensive Loss
Balance at October 31, 2022	$	(6,184)	$	(1,724)	$	(7,908)
Other comprehensive income	2,173		1,724		3,897
Balance at April 30, 2023	$	(4,011)	$	—	$	(4,011)

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Asset Sales and Disposals (Tables)

6 Months Ended

Apr. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Asset Sale

The following is a summary of the transaction (in thousands):

Net cash proceeds received	$	85,494
Debt directly repaid through the transaction	12,917
Total net proceeds received	98,411
Less: net book value of assets sold
Cultural costs	3,853
Prepaid expenses and other current assets	155
Property, plant and equipment, net	53,144
Intangible assets, net	12
Other assets	1,320
Accrued liabilities	(68)
	58,416
Gain on disposal of assets	$	39,995

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Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Apr. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):

	April 30, 2024		October 31, 2023
Prepaid supplies and insurance	$	2,660	$	1,667
Assets held for sale	—		535
Sales tax receivable	166		490
Income taxes receivable	—		816
Lemon supplier advances	472		791
Other	1,241		1,289
	$	4,539	$	5,588

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Equity in Investments (Tables)

6 Months Ended

Apr. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Financial Information of the Equity Method Investees

Equity in investments consist of the following (in thousands):

	April 30, 2024		October 31, 2023
Limoneira Lewis Community Builders, LLC	$	82,953	$	66,288
LLCB II, LLC	9,089		8,869
Limco Del Mar, Ltd.	1,759		1,832
Rosales	1,366		1,325
Romney Property Partnership	502		502
	$	95,669	$	78,816

The following is unaudited summarized financial information for LLCB (in thousands):

	Six Months Ended April 30,
	2024		2023
Revenues	$	94,540	$	678
Cost of land sold	54,089		19
Operating expenses	135		322
Net income	$	40,316	$	337
Net income attributable to Limoneira Company	$	19,455	$	270
	April 30, 2024		October 31, 2023
Cash and cash equivalents	$	102,078	$	12,863
Unsecured line of credit	$	—	$	—

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Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Apr. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Change in the Carrying Amount of Goodwill

A summary of the change in the carrying amount of goodwill is as follows (in thousands):

	Goodwill Carrying Amount
Balance at October 31, 2023	$	1,512
Foreign currency translation adjustment	(7)
Balance at April 30, 2024	$	1,505

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consist of the following (in thousands):

	April 30, 2024							October 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years
Trade names and trademarks	$	2,108	(1,207)		901		8	$	2,108	$	(1,104)	$	1,004	8
Customer relationships	4,037		(2,337)		1,700		9	4,037		(2,111)		1,926		9
Non-competition agreement	437		(159)		278		8	437		(132)		305		8
Acquired water and mineral rights	3,331		—		3,331		Indefinite	3,422		—		3,422		Indefinite
	$	9,913	$	(3,703)	$	6,210		$	10,004	$	(3,347)	$	6,657

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following (in thousands):

	April 30, 2024							October 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years
Trade names and trademarks	$	2,108	(1,207)		901		8	$	2,108	$	(1,104)	$	1,004	8
Customer relationships	4,037		(2,337)		1,700		9	4,037		(2,111)		1,926		9
Non-competition agreement	437		(159)		278		8	437		(132)		305		8
Acquired water and mineral rights	3,331		—		3,331		Indefinite	3,422		—		3,422		Indefinite
	$	9,913	$	(3,703)	$	6,210		$	10,004	$	(3,347)	$	6,657

Schedule of Estimated Future Amortization Expense of Intangible Assets

Estimated future amortization expense of intangible assets as of April 30, 2024 is as follows (in thousands):

2024 (remaining six months)	$	355
2025	711
2026	711
2027	427
2028	427
Thereafter	248
	$	2,879

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Accrued Liabilities (Tables)

6 Months Ended

Apr. 30, 2024

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	April 30, 2024		October 31, 2023
Compensation	$	3,549	$	2,858
Property taxes	38		548
Operating expenses	3,372		2,223
Leases	2,237		2,150
Income taxes payable	761		—
Other	1,301		872
	$	11,258	$	8,651

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Long-Term Debt (Tables)

6 Months Ended

Apr. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt is comprised of the following (in thousands):

	April 30, 2024		October 31, 2023
AgWest Farm Credit revolving and non-revolving lines of credit: the interest rate of the revolving line of credit is variable based on the one-month SOFR, which was 5.33% at April 30, 2024, plus 1.78%. The interest rate for the $40.0 million outstanding balance of the non-revolving line of credit is fixed at 3.57% through July 1, 2025 and variable thereafter. Interest is payable monthly and the principal is due in full on July 1, 2026.	$	59,417	$	40,000
Banco de Chile term loan: The interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025.	439		583
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48%. The loans are payable in monthly installments through September 2024.	43		112
Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48% and 4.26%. The loans are payable in monthly installments through September 2026.	230		314
Total long-term debt	60,129		41,009
Less current portion	626		381
Long-term debt, less current portion	$	59,503	$	40,628

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Other Long-Term Liabilities (Tables)

6 Months Ended

Apr. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):

	April 30, 2024		October 31, 2023
Loan guarantee	1,080		1,080
Leases	1,658		2,316
Other	1,281		1,159
	$	4,019	$	4,555

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Leases (Tables)

6 Months Ended

Apr. 30, 2024

Leases [Abstract]

Schedule of Rental Operations Revenue

The Company's rental operations revenue consists of the following (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Operating lease revenue	$	1,274	$	1,274	$	2,566	$	2,564
Variable lease revenue	75		120		175		203
Total lease revenue	$	1,349	$	1,394	$	2,741	$	2,767

Schedule of Lease Costs

Lease costs consist of the following (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Operating lease costs	$	519	$	491	$	1,018	$	982
Finance lease costs:
Amortization of lease assets	63		33		110		66
Interest on lease liabilities	12		8		21		16
Variable lease costs	(13)		(235)		(32)		(90)
Short-term lease costs	31		175		100		338
Total lease costs	$	612	$	472	$	1,217	$	1,312

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases consists of the following (in thousands):

	Classification	April 30, 2024		October 31, 2023
Assets
Operating lease ROU assets	Other assets	$	3,274	$	3,484
Finance lease assets	Other assets	702		1,182
		$	3,976	$	4,666
Liabilities
Current operating lease liabilities	Accrued liabilities	$	2,058	$	1,831
Current finance lease liabilities	Accrued liabilities	179		319
Non-current operating lease liabilities	Other long-term liabilities	1,265		1,714
Non-current finance lease liabilities	Other long-term liabilities	393		602
		$	3,895	$	4,466

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases consists of the following (in thousands):

	Six Months Ended April 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	1,023	$	961
Operating cash outflows from finance leases	$	21	$	16
Financing cash outflows from finance leases	$	243	$	118
ROU assets obtained in exchange for new operating lease liabilities	$	689	$	114
Leased assets obtained in exchange for new finance lease liabilities	$	494	$	—

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Basic and Diluted Net Income (Loss) Per Share (Tables)

6 Months Ended

Apr. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income (Loss) Per Common Share

The computations for basic and diluted net income (loss) per common share are as follows (in thousands, except per share data):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Basic net income (loss) per common share:
Net income (loss) applicable to common stock	$	6,441	$	(1,739)	$	2,731	$	13,767
Effect of unvested, restricted stock	(101)		(23)		(47)		(188)
Numerator: Net income (loss) for basic EPS	6,340		(1,762)		2,684		13,579
Denominator: Weighted average common shares–basic	17,707		17,597		17,677		17,587
Basic net income (loss) per common share	$	0.36	$	(0.10)	$	0.15	$	0.77
Diluted net income (loss) per common share:
Net income (loss) for basic EPS	$	6,340	$	(1,762)	$	2,684	$	13,579
Effect of dilutive preferred stock	126		—		—		251
Numerator: Net income (loss) for diluted EPS	6,466		(1,762)		2,684		13,830
Weighted average common shares–basic	17,707		17,597		17,677		17,587
Effect of dilutive preferred stock	655		—		—		741
Denominator: Weighted average common shares–diluted	18,362		17,597		17,677		18,328
Diluted net income (loss) per common share	$	0.35	$	(0.10)	$	0.15	$	0.75

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Related-Party Transactions (Tables)

6 Months Ended

Apr. 30, 2024

Related Party Transactions [Abstract]

Schedule of Transactions with Related Parties

The Company has transactions with equity method investments and various related parties summarized in Note 6 - Equity in Investments and in the tables below (in thousands):

		April 30, 2024						October 31, 2023
		Balance Sheet						Balance Sheet
Ref	Related-Party	Receivables/Other from Related Parties		Other Assets		Payables to Related Parties		Receivables/Other from Related Parties		Other Assets		Payables to Related Parties
2	Mutual water companies	$	—	$	497	$	652	$	—	$	523	$	48
5	Cadiz / Fenner / WAM	$	—	$	—	$	206	$	—	$	—	$	206
6	YMIDD	$	230	$	—	$	—	$	571	$	—	$	—
7	FGF	$	2,263	$	2,519	$	837	$	2,681	$	2,519	$	837
8	LLCB	$	—	$	—	$	3,444	$	66	$	—	$	3,444
10	Rosales	$	450	$	—	$	—	$	896	$	—	$	270

		Three Months Ended April 30, 2024								Three Months Ended April 30, 2023
		Consolidated Statement of Operations								Consolidated Statement of Operations
Ref	Related-Party	Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid		Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid
1	Employees	$	—	$	234	$	—	$	—	$	—	$	221	$	—	$	—
2	Mutual water companies	$	—	$	—	$	25	$	—	$	—	$	—	$	406	$	—
3	Cooperative association	$	—	$	—	$	70	$	—	$	—	$	—	$	473	$	—
5	Cadiz / Fenner / WAM	$	—	$	—	$	—	$	93	$	—	$	—	$	417	$	—
6	YMIDD	$	311	$	—	$	62	$	—	$	135	$	—	$	62	$	—
7	FGF	$	82	$	50	$	—	$	—	$	33	$	50	$	—	$	—
9	Principal Owner	$	—	$	—	$	—	$	226	$	—	$	—	$	—	$	222
10	Rosales	$	1,861	$	—	$	—	$	—	$	—	$	—	$	—	$	—

		Six Months Ended April 30, 2024								Six Months Ended April 30, 2023
		Consolidated Statement of Operations								Consolidated Statement of Operations
Ref	Related-Party	Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid		Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid
1	Employees	$	—	$	455	$	—	$	—	$	—	$	444	$	—	$	—
2	Mutual water companies	$	—	$	—	$	574	$	—	$	—	$	—	$	778	$	—
3	Cooperative association	$	—	$	—	$	559	$	—	$	—	$	—	$	866	$	—
5	Cadiz / Fenner / WAM	$	—	$	—	$	—	$	186	$	—	$	—	$	1,555	$	—
6	YMIDD	$	629	$	—	$	62	$	—	$	270	$	—	$	72	$	—
7	FGF	$	165	$	100	$	—	$	—	$	116	$	124	$	—	$	—
9	Principal Owner	$	—	$	—	$	—	$	450	$	—	$	—	$	—	$	431
10	Rosales	$	3,184	$	—	$	49	$	—	$	—	$	—	$	—	$	—

(1) Employees - The Company rents certain of its residential housing assets to employees on a month-to-month basis and recorded rental income from employees.

(2) Mutual water companies - The Company has representation on the boards of directors of the mutual water companies in which the Company has investments, as well as other water districts. Refer to Note 8 - Other Assets. The Company recorded capital contributions, purchased water and water delivery services and had water payments due to the mutual water companies and districts.

(3) Cooperative association - The Company has representation on the board of directors of a non-profit cooperative association that provides pest control services for the agricultural industry. The Company purchased services and supplies from and had immaterial payments due to the cooperative association.

(5) Cadiz / Fenner / WAM - A member of the Company’s board of directors served as the CEO, President and a member of the board of directors of Cadiz, Inc. through December 31, 2023. As of January 1, 2024, Cadiz, Inc. is no longer a related-party. In 2013, the Company entered a long-term lease agreement (the “Lease”) with Cadiz Real Estate, LLC (“Cadiz”), a wholly owned subsidiary of Cadiz, Inc., and leased 670 acres located in eastern San Bernardino County, California. In 2016, Cadiz assigned this lease to Fenner Valley Farms, LLC (“Fenner”), a subsidiary of Water Asset Management, LLC (“WAM”). As of the date of the lease assignment, the Company no longer had any related-party transactions with Cadiz. An affiliate of WAM is the holder of 9,300 shares of the Company's Series B-2 convertible preferred stock and the Company paid dividends to such affiliate. The annual base rent was equal to the sum of $200 per planted acre and 20% of gross revenues from the sale of harvested lemons (less operating expenses), not to exceed $1,200 per acre per year. Upon the adoption of ASC 842, the Company recorded a ROU asset and corresponding lease liability, which were written off in fiscal year 2023 upon cessation of farming operations.

(6) Yuma Mesa Irrigation and Drainage District (“YMIDD”) - The Company has representation on the board of directors of YMIDD. The Company purchased water from YMIDD and had no amounts payable to them for such purchases. Additionally, the Company received fallowing revenue from YMIDD and has a receivable outstanding.

(7) FGF - The Company advances funds to FGF for fruit purchases, which are recorded as an asset until the sales occur and the remaining proceeds become due to FGF. The Company has a receivable from FGF for lemon sales and the sale of packing supplies and a payable due to FGF for fruit purchases and services. The Company records revenue related to the licensing of intangible assets to FGF. The Company leases the Santa Clara ranch to FGF and records rental revenue related to the leased land.

(8) LLCB - Refer to Note 5 - Real Estate Development.

(9) Principal owner - The Company has one principal owner with ownership shares over 10% and paid dividends to such owner.

(10) Rosales - The Company has an equity interest in Rosales as further described in Note 6 - Equity in Investments. The Company recognizes lemon sales to Rosales, procures lemons and oranges from Rosales and has amounts due to and due from Rosales for such sales and consignments.

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Retirement Plans (Tables)

6 Months Ended

Apr. 30, 2024

Retirement Benefits [Abstract]

Schedule of Net Periodic Pension Cost

The components of net periodic pension cost for the Plan were as follows (in thousands):

	Six Months Ended April 30,
	2024		2023
Administrative expenses	$	—	$	20
Interest cost	—		34
Expected return on plan assets	—		(17)
Prior service cost	—		4
Settlement loss recognized	—		2,700
Net periodic benefit cost	$	—	$	2,741

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Segment Information (Tables)

6 Months Ended

Apr. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Information by Segment

Segment information for the three months ended April 30, 2024 is as follows (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	30,841	$	4,964	$	—	$	2,348	$	5,104	$	43,257	$	1,349	$	44,606
Intersegment revenue	—		10,914		(10,914)		—		—		—		—		—
Total net revenues	30,841		15,878		(10,914)		2,348		5,104		43,257		1,349		44,606
Costs and expenses	28,869		13,588		(10,914)		1,425		5,680		38,648		8,533		47,181
Depreciation and amortization	—		—		—		—		—		1,788		312		2,100
Operating (loss) income	$	1,972	$	2,290	$	—	$	923	$	(576)	$	2,821	$	(7,496)	$	(4,675)

Segment information for the three months ended April 30, 2023 is as follows (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	31,942	$	6,423	$	—	$	3,603	$	4,708	$	46,676	$	1,394	$	48,070
Intersegment revenue	—		10,309		(10,309)		—		—		—		—		—
Total net revenues	31,942		16,732		(10,309)		3,603		4,708		46,676		1,394		48,070
Costs and expenses	29,219		12,075		(10,309)		1,023		4,441		36,449		13,439		49,888
Depreciation and amortization	—		—		—		—		—		1,740		304		2,044
Operating (loss) income	$	2,723	$	4,657	$	—	$	2,580	$	267	$	8,487	$	(12,349)	$	(3,862)

Segment information for the six months ended April 30, 2024 is as follows (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	58,225	$	10,556	$	—	$	2,348	$	10,467	$	81,596	$	2,741	$	84,337
Intersegment revenue	—		17,630		(17,630)		—		—		—		—		—
Total net revenues	58,225		28,186		(17,630)		2,348		10,467		81,596		2,741		84,337
Costs and expenses	57,710		24,306		(17,630)		1,425		10,207		76,018		16,581		92,599
Depreciation and amortization	—		—		—		—		—		3,532		626		4,158
Operating (loss) income	$	515	$	3,880	$	—	$	923	$	260	$	2,046	$	(14,466)	$	(12,420)

Segment information for the six months ended April 30, 2023 is as follows (in thousands):

	Fresh Lemons		Lemon Packing		Eliminations		Avocados		Other Agribusiness		Total Agribusiness		Corporate and Other		Total
Revenues from external customers	$	59,263	$	12,071	$	—	$	3,603	$	8,267	$	83,204	$	2,767	$	85,971
Intersegment revenue	—		17,672		(17,672)		—		—		—		—		—
Total net revenues	59,263		29,743		(17,672)		3,603		8,267		83,204		2,767		85,971
Costs and expenses (gains)	61,533		23,428		(17,672)		1,023		7,243		75,555		(16,097)		59,458
Depreciation and amortization	—		—		—		—		—		3,875		616		4,491
Operating income (loss)	$	(2,270)	$	6,315	$	—	$	2,580	$	1,024	$	3,774	$	18,248	$	22,022

Revenues related to rental operations are included in “Corporate and Other.” The detail of other agribusiness revenues is as follows (in thousands):

	Three Months Ended April 30,				Six Months Ended April 30,
	2024		2023		2024		2023
Oranges	$	1,160	$	1,383	$	2,301	$	2,535
Specialty citrus and other crops	839		1,016		1,925		2,263
Farm management	2,046		1,404		4,094		1,404
Other	1,059		905		2,147		2,065
Other agribusiness revenues	$	5,104	$	4,708	$	10,467	$	8,267

XML

Summary of Significant Accounting Policies - Schedule Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, Pre-tax Amount	$ (237)	$ (50)	$ (704)	$ 4,518
Other comprehensive (loss) income, Tax Benefit (Expense)	0	0	0	(621)
Total other comprehensive (loss) income, net of tax	(237)	(50)	(704)	3,897
Foreign Currency Translation (Loss) Gain
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, Pre-tax Amount	(237)	(50)	(704)	2,173
Other comprehensive (loss) income, Tax Benefit (Expense)	0	0	0	0
Total other comprehensive (loss) income, net of tax	$ (237)	$ (50)	(704)	2,173
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income before reclassifications, Pre-tax Amount			0	(355)
Other comprehensive (loss) income before reclassifications, Tax Benefit (Expense)			0	135
Other comprehensive (loss) income before reclassifications, Net Amount			0	(220)
Amounts reclassified to earnings included in "Other income (expense), net", Pre-tax Amount			0	2,700
Amount reclassified to earnings included in "Other income (expense), net", Tax Benefit (Expense)			0	(756)
Amounts reclassified to earnings included in "Other income (expenses), net", Net Amount			$ 0	$ 1,944

XML

Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 184,188	$ 200,059	$ 189,687	$ 181,054
Other comprehensive income (loss)	(237)	(50)	(704)	3,897
Ending balance	188,952	197,844	188,952	197,844
Foreign Currency Translation Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(5,666)	(6,184)
Other comprehensive income (loss)			(704)	2,173
Ending balance	(6,370)	(4,011)	(6,370)	(4,011)
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			0	(1,724)
Other comprehensive income (loss)			0	1,724
Ending balance	0	0	0	0
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(6,133)	(3,961)	(5,666)	(7,908)
Ending balance	$ (6,370)	$ (4,011)	$ (6,370)	$ (4,011)

XML

Summary of Significant Accounting Policies - Narrative (Details)	6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Customer Concentration Risk | Revenue Benchmark | First Customer
Accumulated Other Comprehensive Income (Loss) [Line Items]
Concentration risk percentage	14.00%
Customer Concentration Risk | Accounts Receivable Benchmark | First Customer
Accumulated Other Comprehensive Income (Loss) [Line Items]
Concentration risk percentage	20.00%
Customer Concentration Risk | Accounts Receivable Benchmark | Second Customer
Accumulated Other Comprehensive Income (Loss) [Line Items]
Concentration risk percentage	11.00%
Customer Concentration Risk | Accounts Payable Benchmark | First Customer
Accumulated Other Comprehensive Income (Loss) [Line Items]
Concentration risk percentage	26.00%
Supplier Concentration Risk | Revenue, Product and Service Benchmark | Lemon | Third Party Growers
Accumulated Other Comprehensive Income (Loss) [Line Items]
Concentration risk percentage	79.00%	57.00%
Supplier Concentration Risk | Revenue, Product and Service Benchmark | Lemon | Third-Party Grower One
Accumulated Other Comprehensive Income (Loss) [Line Items]
Concentration risk percentage	20.00%

XML

Asset Sales and Disposals - Narrative (Details)		1 Months Ended			3 Months Ended
	Jan. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) a	Apr. 30, 2023 USD ($) a	Oct. 31, 2022 USD ($) a	Apr. 30, 2024 USD ($) a	Jan. 31, 2024 USD ($)	Apr. 30, 2023 USD ($)	Jun. 01, 2021 USD ($)
Farm Credit West Revolving and Non-Revolving Lines of Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Maximum borrowing capacity								$ 115,000,000
Non-Revolving Credit Facility | Farm Credit West Revolving and Non-Revolving Lines of Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Maximum borrowing capacity					$ 40,000,000			$ 40,000,000
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area sold (in acres) | a			670
Net cash proceeds received							$ 9,012,000
Disposed of by Sale | Northern Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area sold (in acres) | a				3,537	397,000
Sales price			$ 100,008,000	$ 100,405,000			$ 100,008,000
Total net proceeds received	$ 98,411,000
Minimum year term	5 years
Net cash proceeds received	$ 85,494,000
Disposed of by Sale | Yuma Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area sold (in acres) | a		12
Sales price		$ 775,000
Gain (loss) on sale of real estate property						$ 187,000

XML

Asset Sales and Disposals - Schedule of Asset Sale (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 31, 2023	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Oct. 31, 2023
Less: net book value of assets sold
Prepaid expenses and other current assets		$ 4,539		$ 4,539		$ 5,588
Gain on disposal of assets		$ (48)	$ (8,998)	$ 117	$ 30,744
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash proceeds received			$ 9,012
Disposed of by Sale | Northern Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash proceeds received	$ 85,494
Debt directly repaid through the transaction	12,917
Total net proceeds received	98,411
Less: net book value of assets sold
Cultural costs	3,853
Prepaid expenses and other current assets	155
Property, plant and equipment, net	53,144
Intangible assets, net	12
Other assets	1,320
Accrued liabilities	(68)
Net book value of assets sold	58,416
Gain on disposal of assets	$ 39,995

XML

Prepaid Expenses and Other Current Assets - (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Oct. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid supplies and insurance	$ 2,660	$ 1,667
Assets held for sale	0	535
Sales tax receivable	166	490
Income taxes receivable	0	816
Lemon supplier advances	472	791
Other	1,241	1,289
Prepaid expenses and other current assets	$ 4,539	$ 5,588

XML

Real Estate Development (Details)			1 Months Ended	3 Months Ended	6 Months Ended		19 Months Ended
	Jun. 06, 2024 USD ($)	Feb. 01, 2023	Oct. 31, 2022 USD ($)	Apr. 30, 2024 USD ($) residential_unit	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Apr. 30, 2024 USD ($) residential_unit	Oct. 31, 2023 USD ($)	Feb. 22, 2023 USD ($)	Oct. 31, 2020 USD ($)	Feb. 28, 2018 USD ($)	Jan. 31, 2018 USD ($)	Nov. 30, 2015 USD ($)	Oct. 31, 2005 a project
Real Estate Properties [Line Items]
Real estate development assets				$ 9,995,000	$ 9,995,000		$ 9,995,000	$ 9,987,000
Loan balance				60,129,000	60,129,000		60,129,000	41,009,000
Equity method investments					221,000	$ 275,000
Proceeds from residential units sold					61,000	82,000
Unsecured Line of Credit Loan Agreement and Promissory Note
Real Estate Properties [Line Items]
Estimated value of the guarantee obligation											$ 1,080,000
LLCB
Real Estate Properties [Line Items]
Cash and cash equivalents				$ 102,078,000	102,078,000		$ 102,078,000
Number of residential units sold | residential_unit				554			1,261
LLCB | Unsecured Line of Credit Loan Agreement and Promissory Note
Real Estate Properties [Line Items]
Face amount of loan												$ 45,000,000
Maximum borrowing capacity									$ 35,000,000
Loan balance				$ 0	0		$ 0
LLCB | Unsecured Line of Credit Loan Agreement and Promissory Note | Bloomberg Short-Term Bank Yield Index rate (BSBY)
Real Estate Properties [Line Items]
Basis spread on variable rate		2.85%
LLCB | Unsecured Line of Credit Loan Agreement and Promissory Note | Secured Overnight Financing Rate (SOFR)
Real Estate Properties [Line Items]
Basis spread on variable rate		2.85%
LLCB | Subsequent Event
Real Estate Properties [Line Items]
Proceeds from residential units sold	$ 15,005,000
LLCB | Related Party
Real Estate Properties [Line Items]
Payables to related parties				$ 3,444,000	3,444,000		$ 3,444,000	$ 3,444,000
East Area One And Two
Real Estate Properties [Line Items]
Number of real estate properties | project														2
Number of acres of land for real estate development | a														550
East Area I | LLCB II, LLC
Real Estate Properties [Line Items]
Deferred on sales of investment real estate			$ 465,000
East Area I | Lewis Group of Companies
Real Estate Properties [Line Items]
Equity method investment, aggregate cost													$ 20,000,000
East Area I | Lewis Group of Companies | Limoneira Lewis Community Builders
Real Estate Properties [Line Items]
Ownership interest			50.00%										50.00%
East Area I | Lewis Group of Companies | LLCB II, LLC
Real Estate Properties [Line Items]
Proceeds from sale of equity method investments			$ 7,975,000
Limoneira Lewis Community Builders, LLC
Real Estate Properties [Line Items]
Equity method investments					$ 200,000	275,000
Sevilla | Disposal Group, Not Discontinued Operations
Real Estate Properties [Line Items]
Sales price										$ 2,700,000
Net cash proceeds received						$ 2,577,000

XML

Equity in Investments - Schedule of Financial Information of the Equity Method Investees (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Oct. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity in investments	$ 95,669	$ 78,816
Limoneira Lewis Community Builders, LLC
Schedule of Equity Method Investments [Line Items]
Equity in investments	82,953	66,288
LLCB II, LLC
Schedule of Equity Method Investments [Line Items]
Equity in investments	9,089	8,869
Limco Del Mar, Ltd.
Schedule of Equity Method Investments [Line Items]
Equity in investments	1,759	1,832
Rosales
Schedule of Equity Method Investments [Line Items]
Equity in investments	1,366	1,325
Romney Property Partnership
Schedule of Equity Method Investments [Line Items]
Equity in investments	$ 502	$ 502

XML

Equity in Investments - Financial Information for Equity in Investments (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Apr. 30, 2024	Jan. 31, 2024	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2024	Apr. 30, 2023	Oct. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenues	$ 44,606		$ 48,070		$ 84,337	$ 85,971
Cost of land sold	40,436		38,189		79,550	79,430
Net income (loss)	6,555	$ (3,677)	(1,630)	$ 15,534	2,878	13,904
Net income attributable to Limoneira Company	6,567		$ (1,613)		2,982	14,018
Unsecured line of credit	60,129				60,129		$ 41,009
Limoneira Lewis Community Builders, LLC
Schedule of Equity Method Investments [Line Items]
Revenues					94,540	678
Cost of land sold					54,089	19
Operating expenses					135	322
Net income (loss)					40,316	337
Net income attributable to Limoneira Company					19,455	$ 270
Cash and cash equivalents	102,078				102,078		12,863
Limoneira Lewis Community Builders, LLC | Unsecured Line of Credit Loan Agreement and Promissory Note
Schedule of Equity Method Investments [Line Items]
Unsecured line of credit	$ 0				$ 0		$ 0

XML

Goodwill and Intangible Assets, Net - Schedule of Change in the Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Apr. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,512
Foreign currency translation adjustment	(7)
Ending balance	$ 1,505

XML

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment charges recorded against goodwill	$ 0		$ 0
Amortization expense	$ 177,000	$ 178,000	$ 356,000	$ 375,000

XML

Goodwill and Intangible Assets, Net - Schedule of Indefinite-Lived Intangible Assets and Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Oct. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	$ (3,703)	$ (3,347)
Net Carrying Amount	2,879
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross Carrying Amount	9,913	10,004
Net Carrying Amount	6,210	6,657
Acquired water and mineral rights
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Carrying Amount	3,331	3,422
Trade names and trademarks
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	2,108	2,108
Accumulated Amortization	(1,207)	(1,104)
Net Carrying Amount	$ 901	$ 1,004
Weighted Average Useful Life in Years	8 years	8 years
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 4,037	$ 4,037
Accumulated Amortization	(2,337)	(2,111)
Net Carrying Amount	$ 1,700	$ 1,926
Weighted Average Useful Life in Years	9 years	9 years
Non-competition agreement
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 437	$ 437
Accumulated Amortization	(159)	(132)
Net Carrying Amount	$ 278	$ 305
Weighted Average Useful Life in Years	8 years	8 years

XML

Goodwill and Intangible Assets, Net - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) $ in Thousands	Apr. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining six months)	$ 355
2025	711
2026	711
2027	427
2028	427
Thereafter	248
Net Carrying Amount	$ 2,879

XML

Other Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Oct. 31, 2023	Jan. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments in mutual water companies	$ 6,200	$ 5,703
Disposed of by Sale | Northern Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments in mutual water companies			$ 1,320

XML

Accrued Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Oct. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Compensation	$ 3,549	$ 2,858
Property taxes	38	548
Operating expenses	3,372	2,223
Leases	2,237	2,150
Income taxes payable	761	0
Other	1,301	872
Accrued liabilities	$ 11,258	$ 8,651

XML

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2024	Oct. 31, 2023	Jan. 01, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 60,129	$ 41,009
Less current portion	626	381
Long-term debt, less current portion	59,503	40,628
Farm Credit West Revolving and Non-Revolving Lines of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 59,417	40,000
Farm Credit West Revolving and Non-Revolving Lines of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Base rate	5.33%
Basis spread on variable rate	1.78%
Farm Credit West Revolving and Non-Revolving Lines of Credit | Non-Revolving Credit Facility
Debt Instrument [Line Items]
Fixed interest rate	3.57%		3.57%
Banco de Chile Term Loan
Debt Instrument [Line Items]
Fixed interest rate	6.48%
Total long-term debt	$ 439	583
Banco De Chile COVID-19 Loan One
Debt Instrument [Line Items]
Fixed interest rate	3.48%
Total long-term debt	$ 43	$ 112
Banco De Chile COVID-19 Loan Two
Debt Instrument [Line Items]
Fixed interest rate	3.48%	4.26%
Total long-term debt	$ 230	$ 314

XML

Long-Term Debt - Narrative (Details)		1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Mar. 31, 2020 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Dec. 31, 2023	Oct. 31, 2023	Feb. 28, 2023	Jun. 01, 2021 USD ($)
Debt Instrument [Line Items]
Interest costs capitalized			$ 98,000	$ 0	$ 154,000	$ 306,000
AgWest Farm Credit
Debt Instrument [Line Items]
Annual patronage dividend rate							1.25%		1.25%
Dividends received			558,000	$ 1,413,000
Farm Credit West Revolving and Non-Revolving Lines of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 115,000,000
Available to borrow			55,583,000		55,583,000
Minimum debt service coverage ratio								1.25
Farm Credit West Revolving and Non-Revolving Lines of Credit | Revolving Equity Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 15,000,000
Long-term debt, gross			59,417,000		$ 59,417,000
Farm Credit West Revolving and Non-Revolving Lines of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity										75,000,000
Basis spread on variable rate					1.78%
Farm Credit West Revolving and Non-Revolving Lines of Credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.68%
Farm Credit West Revolving and Non-Revolving Lines of Credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.28%
Farm Credit West Revolving and Non-Revolving Lines of Credit | Non-Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 40,000,000		$ 40,000,000					$ 40,000,000
Interest rate	3.57%		3.57%		3.57%
Prepayment fee percent					0.50%
Farm Credit West Loan Agreement Secured by Windfall Investors, LLC Property | Revolving Equity Line of Credit
Debt Instrument [Line Items]
Draw period		3 years
Payment period		20 years

XML

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Oct. 31, 2023
Other Liabilities Disclosure [Abstract]
Loan guarantee	$ 1,080	$ 1,080
Leases	1,658	2,316
Other	1,281	1,159
Other long-term liabilities	$ 4,019	$ 4,555

XML

Leases - Narrative (Details)	Apr. 30, 2024
Minimum
Lessor, Lease, Description [Line Items]
Remaining terms of operating leases	1 month
Remaining terms of operating leases	1 year
Maximum
Lessor, Lease, Description [Line Items]
Remaining terms of operating leases	19 years
Remaining terms of operating leases	4 years

XML

Leases - Schedule of Rental Operations Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Leases [Abstract]
Operating lease revenue	$ 1,274	$ 1,274	$ 2,566	$ 2,564
Variable lease revenue	75	120	175	203
Total lease revenue	$ 1,349	$ 1,394	$ 2,741	$ 2,767
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other operations	Other operations	Other operations	Other operations

XML

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Leases [Abstract]
Operating lease costs	$ 519	$ 491	$ 1,018	$ 982
Amortization of lease assets	63	33	110	66
Interest on lease liabilities	12	8	21	16
Variable lease costs	(13)	(235)	(32)	(90)
Short-term lease costs	31	175	100	338
Total lease costs	$ 612	$ 472	$ 1,217	$ 1,312

XML

Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Oct. 31, 2023
Assets
Operating lease ROU assets	$ 3,274	$ 3,484
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Finance lease assets	$ 702	$ 1,182
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating and finance lease assets	$ 3,976	$ 4,666
Liabilities
Current operating lease liabilities	$ 2,058	$ 1,831
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Current finance lease liabilities	$ 179	$ 319
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Non-current operating lease liabilities	$ 1,265	$ 1,714
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Non-current finance lease liabilities	$ 393	$ 602
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Operating and finance lease liabilities	$ 3,895	$ 4,466

XML

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 1,023	$ 961
Operating cash outflows from finance leases	21	16
Financing cash outflows from finance leases	243	118
ROU assets obtained in exchange for new operating lease liabilities	689	114
Leased assets obtained in exchange for new finance lease liabilities	$ 494	$ 0

XML

Basic and Diluted Net Income (Loss) Per Share - Schedule of Basic and Diluted Net (Loss) Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Basic net income (loss) per common share:
Net income (loss) applicable to common stock	$ 6,441	$ (1,739)	$ 2,731	$ 13,767
Effect of unvested, restricted stock	(101)	(23)	(47)	(188)
Numerator: Net income (loss) for basic EPS	$ 6,340	$ (1,762)	$ 2,684	$ 13,579
Denominator: Weighted average common shares–basic (in shares)	17,707	17,597	17,677	17,587
Basic net income (loss) per common share (in dollars per share)	$ 0.36	$ (0.10)	$ 0.15	$ 0.77
Diluted net income (loss) per common share:
Net income (loss) for basic EPS	$ 6,340	$ (1,762)	$ 2,684	$ 13,579
Effect of dilutive preferred stock	126	0	0	251
Numerator: Net income (loss) for diluted EPS	$ 6,466	$ (1,762)	$ 2,684	$ 13,830
Weighted average common shares-basic (in shares)	17,707	17,597	17,677	17,587
Effect of dilutive preferred stock (in shares)	655	0	0	741
Denominator: Weighted average common shares–diluted (in shares)	18,362	17,597	17,677	18,328
Diluted net income (loss) per common share (in dollars per share)	$ 0.35	$ (0.10)	$ 0.15	$ 0.75

XML

Related-Party Transactions - Schedule of Balance Sheet (Details) - Related Party - USD ($) $ in Thousands	Apr. 30, 2024	Oct. 31, 2023
Mutual water companies
Related Party Transaction [Line Items]
Receivables/Other from Related Parties	$ 0	$ 0
Other Assets	497	523
Payables to Related Parties	652	48
Cadiz / Fenner / WAM
Related Party Transaction [Line Items]
Receivables/Other from Related Parties	0	0
Other Assets	0	0
Payables to Related Parties	206	206
YMIDD
Related Party Transaction [Line Items]
Receivables/Other from Related Parties	230	571
Other Assets	0	0
Payables to Related Parties	0	0
FGF
Related Party Transaction [Line Items]
Receivables/Other from Related Parties	2,263	2,681
Other Assets	2,519	2,519
Payables to Related Parties	837	837
LLCB
Related Party Transaction [Line Items]
Receivables/Other from Related Parties	0	66
Other Assets	0	0
Payables to Related Parties	3,444	3,444
Rosales
Related Party Transaction [Line Items]
Receivables/Other from Related Parties	450	896
Other Assets	0	0
Payables to Related Parties	$ 0	$ 270

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Related-Party Transactions - Schedule of Statement of Operations (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Oct. 31, 2013 USD ($) a	Jan. 31, 2024 shares
Related Party Transaction [Line Items]
Revenues	$ 43,257,000	$ 46,676,000	$ 81,596,000	$ 83,204,000
Net Revenue Other Operations	1,349,000	1,394,000	2,741,000	2,767,000
Agribusiness Expense and Other	47,181,000	49,888,000	92,599,000	59,458,000
Affiliate of WAM | Limoneira Company Series B-2 Convertible Preferred Stock
Related Party Transaction [Line Items]
Shares of Series B-2 convertible preferred stock held (in shares) | shares						9,300
Related Party | Employees
Related Party Transaction [Line Items]
Net Revenue Other Operations	234,000	221,000	455,000	444,000
Dividends Paid	0	0	0	0
Related Party | Employees | Agribusiness
Related Party Transaction [Line Items]
Revenues	0	0	0	0
Agribusiness Expense and Other	0	0	0	0
Related Party | Mutual water companies
Related Party Transaction [Line Items]
Net Revenue Other Operations	0	0	0	0
Dividends Paid	0	0	0	0
Related Party | Mutual water companies | Agribusiness
Related Party Transaction [Line Items]
Revenues	0	0	0	0
Agribusiness Expense and Other	25,000	406,000	574,000	778,000
Related Party | Cooperative association
Related Party Transaction [Line Items]
Net Revenue Other Operations	0	0	0	0
Dividends Paid	0	0	0	0
Related Party | Cooperative association | Agribusiness
Related Party Transaction [Line Items]
Revenues	0	0	0	0
Agribusiness Expense and Other	70,000	473,000	559,000	866,000
Related Party | Cadiz / Fenner / WAM
Related Party Transaction [Line Items]
Net Revenue Other Operations	0	0	0	0
Dividends Paid	93,000	0	186,000	0
Area of land (in acres) | a					670
Annual base rental per planted acre					$ 200
Percent of gross revenues paid as annual base rental					20.00%
Maximum annual base rental per planted acre					$ 1,200
Related Party | Cadiz / Fenner / WAM | Agribusiness
Related Party Transaction [Line Items]
Revenues	0	0	0	0
Agribusiness Expense and Other	0	417,000	0	1,555,000
Related Party | YMIDD
Related Party Transaction [Line Items]
Net Revenue Other Operations	0	0	0	0
Dividends Paid	0	0	0	0
Related Party | YMIDD | Agribusiness
Related Party Transaction [Line Items]
Revenues	311,000	135,000	629,000	270,000
Agribusiness Expense and Other	62,000	62,000	62,000	72,000
Related Party | FGF
Related Party Transaction [Line Items]
Net Revenue Other Operations	50,000	50,000	100,000	124,000
Dividends Paid	0	0	0	0
Related Party | FGF | Agribusiness
Related Party Transaction [Line Items]
Revenues	82,000	33,000	165,000	116,000
Agribusiness Expense and Other	0	0	0	0
Related Party | Principal Owner
Related Party Transaction [Line Items]
Net Revenue Other Operations	0	0	0	0
Dividends Paid	226,000	222,000	450,000	431,000
Related Party | Principal Owner | Agribusiness
Related Party Transaction [Line Items]
Revenues	0	0	0	0
Agribusiness Expense and Other	0	0	0	0
Related Party | Rosales
Related Party Transaction [Line Items]
Net Revenue Other Operations	0	0	0	0
Dividends Paid	0	0	0	0
Related Party | Rosales | Agribusiness
Related Party Transaction [Line Items]
Revenues	1,861,000	0	3,184,000	0
Agribusiness Expense and Other	$ 0	$ 0	$ 49,000	$ 0

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Retirement Plans - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Retirement Benefits [Abstract]
Average earnings period	5 years
Employer contributions		$ 2,500

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Retirement Plans - Schedule of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Retirement Benefits [Abstract]
Administrative expenses	$ 0	$ 20
Interest cost	0	34
Expected return on plan assets	0	(17)
Prior service cost	0	4
Settlement loss recognized	0	2,700
Net periodic benefit cost	$ 0	$ 2,741
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)

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Commitments and Contingencies (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	May 19, 2023	Apr. 30, 2023	Apr. 18, 2023	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Other Commitments [Line Items]
Revenues				$ 43,257	$ 46,676	$ 81,596	$ 83,204
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]				Agribusiness	Agribusiness	Agribusiness	Agribusiness
Gain on legal settlement				$ 0	$ 2,269	$ 0	$ 2,269
Southern California Edison
Other Commitments [Line Items]
Legal settlement awarded			$ 9,000
Net proceeds from legal settlement	$ 6,109
Revenues		$ 3,840
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]		Agribusiness
Gain on legal settlement		$ 2,269

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Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended					6 Months Ended		12 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Jan. 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Oct. 31, 2023
Class of Stock [Line Items]
Stock compensation expense						$ 1,935	$ 2,029
Share-based payment arrangement, expense						$ 175
Management
Class of Stock [Line Items]
Shares exchanged (in shares)						99,167	1,594
Fair value of common stock for the payment of payroll taxes associated with the vesting of shares under stock-based compensation programs						$ 1,835	$ 26
Retention Bonus Agreements
Class of Stock [Line Items]
Stock compensation expense								$ 115
Performance Shares
Class of Stock [Line Items]
Vesting period				2 years		2 years
Performance Shares | Stock Plan
Class of Stock [Line Items]
Shares granted (in shares)	4,330			36,127
Common stock per share (in dollars per share)	$ 19.49			$ 19.57
Unrecognized stock-based compensation expense				$ 707
Stock compensation expense								293
Common Stock | Executive Awards
Class of Stock [Line Items]
Vesting period						3 years
Shares granted (in shares)					53,078
Common stock per share (in dollars per share)					$ 14.13
Unrecognized stock-based compensation expense						$ 750
Restricted Shares | Non-Employee Directors
Class of Stock [Line Items]
Vesting period						1 year
Shares granted (in shares)		26,478	609
Common stock per share (in dollars per share)		$ 19.26	$ 20.37
Restricted Shares | Retention Bonus Agreements
Class of Stock [Line Items]
Shares granted (in shares)				12,709
Common stock per share (in dollars per share)				$ 19.57
Unrecognized stock-based compensation expense								$ 249

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Segment Information - Narrative (Details)	6 Months Ended
	Apr. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4
Number of operating segments	4

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Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Segment Reporting Information [Line Items]
Total net revenues	$ 44,606	$ 48,070	$ 84,337	$ 85,971
Costs and expenses (gains)	47,181	49,888	92,599	59,458
Depreciation and amortization	2,100	2,044	4,158	4,491
Operating (loss) income	(4,675)	(3,862)	(12,420)	22,022
Fresh Lemons
Segment Reporting Information [Line Items]
Total net revenues	30,841	31,942	58,225	59,263
Lemon Packing
Segment Reporting Information [Line Items]
Total net revenues	4,964	6,423	10,556	12,071
Avocados
Segment Reporting Information [Line Items]
Total net revenues	2,348	3,603	2,348	3,603
Other Agribusiness
Segment Reporting Information [Line Items]
Total net revenues	5,104	4,708	10,467	8,267
Other Agribusiness | Oranges
Segment Reporting Information [Line Items]
Total net revenues	1,160	1,383	2,301	2,535
Other Agribusiness | Specialty citrus and other crops
Segment Reporting Information [Line Items]
Total net revenues	839	1,016	1,925	2,263
Other Agribusiness | Farm management
Segment Reporting Information [Line Items]
Total net revenues	2,046	1,404	4,094	1,404
Other Agribusiness | Other
Segment Reporting Information [Line Items]
Total net revenues	1,059	905	2,147	2,065
Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	43,257	46,676	81,596	83,204
Costs and expenses (gains)	38,648	36,449	76,018	75,555
Depreciation and amortization	1,788	1,740	3,532	3,875
Operating (loss) income	2,821	8,487	2,046	3,774
Operating Segments | Fresh Lemons
Segment Reporting Information [Line Items]
Total net revenues	30,841	31,942	58,225	59,263
Costs and expenses (gains)	28,869	29,219	57,710	61,533
Depreciation and amortization	0	0	0	0
Operating (loss) income	1,972	2,723	515	(2,270)
Operating Segments | Lemon Packing
Segment Reporting Information [Line Items]
Total net revenues	15,878	16,732	28,186	29,743
Costs and expenses (gains)	13,588	12,075	24,306	23,428
Depreciation and amortization	0	0	0	0
Operating (loss) income	2,290	4,657	3,880	6,315
Operating Segments | Avocados
Segment Reporting Information [Line Items]
Total net revenues	2,348	3,603	2,348	3,603
Costs and expenses (gains)	1,425	1,023	1,425	1,023
Depreciation and amortization	0	0	0	0
Operating (loss) income	923	2,580	923	2,580
Operating Segments | Other Agribusiness
Segment Reporting Information [Line Items]
Total net revenues	5,104	4,708	10,467	8,267
Costs and expenses (gains)	5,680	4,441	10,207	7,243
Depreciation and amortization	0	0	0	0
Operating (loss) income	(576)	267	260	1,024
Eliminations
Segment Reporting Information [Line Items]
Total net revenues	(10,914)	(10,309)	(17,630)	(17,672)
Costs and expenses (gains)	(10,914)	(10,309)	(17,630)	(17,672)
Depreciation and amortization	0	0	0	0
Operating (loss) income	0	0	0	0
Eliminations | Fresh Lemons
Segment Reporting Information [Line Items]
Total net revenues	0	0	0	0
Eliminations | Lemon Packing
Segment Reporting Information [Line Items]
Total net revenues	(10,914)	(10,309)	(17,630)	(17,672)
Corporate and Other
Segment Reporting Information [Line Items]
Total net revenues	1,349	1,394	2,741	2,767
Costs and expenses (gains)	8,533	13,439	16,581	(16,097)
Depreciation and amortization	312	304	626	616
Operating (loss) income	$ (7,496)	$ (12,349)	$ (14,466)	$ 18,248