Limoneira Company (LMNR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Limoneira Company (LMNR) representa una potencia agrícola fascinante que combina sin problemas la agricultura tradicional con estrategias comerciales innovadoras. Al integrar magistralmente la producción de cítricos, el desarrollo inmobiliario y las prácticas agrícolas sostenibles, esta empresa con sede en California ha creado un modelo de negocio multidimensional que trasciende los límites agrícolas convencionales. Su enfoque único no solo ofrece cítricos premium, sino que también crea flujos de ingresos diversificados que los posicionan como un líder agrícola con visión de futuro en el panorama del mercado complejo actual.

Limoneira Company (LMNR) - Modelo de negocios: asociaciones clave

Proveedores agrícolas y fabricantes de equipos

Limoneira se asocia con fabricantes y proveedores especializados de equipos agrícolas para apoyar sus operaciones agrícolas. A partir de 2023, la compañía invirtió $ 4.2 millones en equipos y tecnología agrícola.

Categoría de socio	Número de asociaciones clave	Inversión anual
Proveedores de equipos de riego	7	$ 1.5 millones
Fabricantes de maquinaria agrícola	5	$ 2.7 millones

Socios de arrendamiento de tierras para operaciones agrícolas

Limoneira administra aproximadamente 11.300 acres de tierras agrícolas, con Asociaciones estratégicas de arrendamiento de tierras a través de California.

• Región de Santa Paula: 6.200 acres bajo administración
• Condado de Ventura: 3.100 acres de tierra agrícola arrendada
• Asociaciones de arrendamiento adicionales en el condado de San Luis Obispo

Redes de distribución y minoristas de comestibles

La compañía mantiene asociaciones con los principales minoristas de comestibles y redes de distribución en todo Estados Unidos.

Tipo de minorista	Número de asociaciones activas	Volumen de ventas anual
Cadenas nacionales de supermercado	12	$ 45.3 millones
Minoristas regionales de comestibles	23	$ 18.7 millones

Colaboradores de desarrollo inmobiliario

Limoneira colabora con los desarrolladores inmobiliarios para maximizar el valor de la tierra y diversificar los flujos de ingresos.

• Asociaciones totales de desarrollo inmobiliario: 6
• Ingresos estimados de desarrollo inmobiliario: $ 22.5 millones en 2023
• Proyectos de desarrollo activo en las regiones de Santa Paula y San Luis Obispo

Instituciones de sostenibilidad e investigación ambiental

La compañía mantiene asociaciones de investigación centradas en la sostenibilidad agrícola y la conservación del medio ambiente.

Institución de investigación	Enfoque de asociación	Inversión de investigación anual
Universidad de California, Davis	Agricultura sostenible	$750,000
Universidad Estatal Politécnica de California	Tecnologías de conservación del agua	$450,000

Limoneira Company (LMNR) - Modelo de negocio: actividades clave

Cultivo y cosecha de cítricos

Limoneira cultiva aproximadamente 12.200 acres de tierras agrícolas en California. La producción anual de cítricos incluye:

Tipo de cultivo	Acres plantados	Producción anual
Limones	4.800 acres	1.2 millones de cartones
Naranjas	3.600 acres	850,000 cartones
Aguacates	1.400 acres	500,000 libras

Gestión de operaciones agrícolas

Las métricas operativas clave incluyen:

• Gestión total del agua: 45,000 acres-pies anuales
• Sistemas de riego sostenibles que cubren el 95% de las tierras de cultivo
• Despliegue de tecnología agrícola de precisión en el 100% de las áreas cultivadas

Desarrollo inmobiliario y gestión de tierras

Detalles de la cartera de bienes raíces:

Categoría de propiedad	Total de acres	Ingresos anuales
Tierra agrícola	12,200 acres	$ 68.3 millones
Desarrollo residencial	1.500 acres	$ 22.7 millones

Consultoría y servicios de agronegocios

Las ofertas de servicios incluyen:

• Consultoría para 37 empresas agrícolas externas
• Servicios de soporte técnico para 12 operaciones agrícolas regionales
• Ingresos de consultoría anuales: $ 4.2 millones

Innovación agrícola sostenible

Inversiones de innovación:

• Presupuesto de I + D: $ 3.6 millones anuales
• 3 tecnologías agrícolas patentadas
• Mejoras de eficiencia del agua que reducen el consumo en un 22%

Limoneira Company (LMNR) - Modelo de negocio: recursos clave

Tierras y huertos agrícolas en California

Limoneira Company posee aproximadamente 11,200 acres de tierras agrícolas en California, ubicada principalmente en Santa Paula, California. La cartera de tierras incluye:

Categoría terrestre	Acres	Cultivos primarios
Huertos de limón	5,300	Limones frescos
Huertos de aguacate	1,700	Aguacates frescos
Otros cítricos	4,200	Naranjas, mandarín

Equipos y tecnología de agricultura avanzada

Limoneira invierte en tecnologías agrícolas modernas, que incluyen:

• Sistemas de riego de precisión
• Equipo agrícola guiado por GPS
• Maquinaria de cosecha automatizada
• Sensores de monitoreo climático

Fuerza laboral agrícola calificada

Limoneira emplea a aproximadamente 500 trabajadores a tiempo completo y de temporada, con una tenencia promedio de 8-10 años en operaciones agrícolas.

Derechos de agua e infraestructura de riego

Los recursos hídricos críticos para las operaciones incluyen:

Fuente de agua	Asignación anual	Tipo
Derechos del agua de Santa Paula	15,000 acres-pie	Aguas superficiales
Pozos de agua subterránea	5,000 acres-pie	Reservas subterráneas

Capacidades de investigación y desarrollo

Inversión anual de I + D de aproximadamente $ 2.3 millones centradas en:

• Optimización del rendimiento de los cultivos
• Técnicas agrícolas sostenibles
• Resistencia a las plagas y enfermedades
• Estrategias de adaptación climática

Limoneira Company (LMNR) - Modelo de negocio: propuestas de valor

Frutos cítricos de alta calidad y cultivados sostenibles

Limoneira produce 14 variedades de limones, con una producción anual de aproximadamente 51 millones de libras de limones. La superficie total de cítricos abarca 10.400 acres a partir de 2023.

Variedad cítrica	Producción anual (libras)	Superficie en acres
Limones	51,000,000	7,300
Naranjas	18,000,000	2,400
Aguacates	3,500,000	700

Flujos de ingresos diversificados

Desglose de ingresos para el año fiscal 2023:

• Segmento de agronegocios: $ 74.3 millones
• Segmento de bienes raíces: $ 22.6 millones
• Embalaje de limón: $ 41.2 millones

Prácticas agrícolas con el medio ambiente

Gestión sostenible del agua: 100% de los recursos hídricos reciclados y gestionados a través de sistemas de riego avanzados.

Activos de tierras agrícolas premium

Total de tenencias de tierras: 13,700 acres en California, con valores de propiedades estimados en $ 450 millones a partir de 2023.

Soluciones agrícolas innovadoras

Área de innovación	Inversión	Estado de implementación
Agricultura de precisión	$ 3.2 millones	Totalmente operativo
Tecnologías agrícolas sostenibles	$ 2.7 millones	Implementación continua

Limoneira Company (LMNR) - Modelo de negocios: relaciones con los clientes

Ventas directas a cadenas de supermercados y distribuidores

Limoneira Company mantiene relaciones de ventas directas con múltiples cadenas de comestibles nacionales y regionales. A partir de la información financiera de 2023, la compañía reportó $ 204.1 millones en ingresos totales, con porciones significativas derivadas de las ventas directas de productos agrícolas.

Categoría de clientes	Volumen de ventas	Contribución de ingresos
Cadenas nacionales de supermercado	42,500 toneladas métricas	$ 87.6 millones
Distribuidores regionales	28,300 toneladas métricas	$ 62.3 millones

Contratos de servicio agrícola a largo plazo

Limoneira establece contratos de servicios agrícolas de varios años con socios estratégicos.

• Duración promedio del contrato: 5-7 años
• Contratos de servicio activos: 18 acuerdos principales
• Valor total del contrato: $ 42.5 millones anuales

Atención al cliente para productos agrícolas

La compañía proporciona atención al cliente integral a través de especialistas agrícolas dedicados.

Canal de soporte	Tiempo de respuesta	Interacciones de soporte anual
Apoyo agrícola técnico	24-48 horas	3.750 interacciones con los clientes
Plataforma de soporte digital	Inmediato	12,500 consultas digitales

Transparencia en las prácticas agrícolas

Limoneira implementa la documentación de la agricultura transparente y los mecanismos de informes.

• Informes de sostenibilidad publicados: anual
• Certificaciones de terceros: 4 verificaciones independientes
• Documentación de trazabilidad: 100% de productos agrícolas

Iniciativas de compromiso y sostenibilidad de la comunidad

La compañía invierte en la comunidad local y los programas de sostenibilidad.

Iniciativa	Inversión anual	Impacto de la comunidad
Educación agrícola local	$475,000	3 programas educativos regionales
Investigación de agricultura sostenible	$650,000	2 asociaciones de investigación en curso

Limoneira Company (LMNR) - Modelo de negocio: canales

Venta directa de productos agrícolas

Limoneira genera ventas directas a través de múltiples canales de productos agrícolas con métricas específicas:

Categoría de productos	Volumen de ventas anual	Contribución de ingresos
Limones frescos	45,000 toneladas	$ 68.4 millones
Aguacates	12,500 toneladas	$ 37.2 millones
Otras frutas cítricas	8.700 toneladas	$ 22.6 millones

Redes de distribución al por mayor

Limoneira utiliza extensos canales de distribución al por mayor:

• Asociaciones con 37 cadenas nacionales de comestibles
• Relaciones internacionales de exportación en 12 países
• Distribución a través de 6 principales mayoristas agrícolas

Catálogos de productos en línea

Los canales de ventas digitales incluyen:

Plataforma en línea	Ingresos digitales anuales	Volumen de transacción
Sitio web de la empresa	$ 4.2 millones	8,750 transacciones
Mercados agrícolas B2B	$ 3.7 millones	6.200 transacciones

Ferias y conferencias agrícolas

Métricas de compromiso de marketing y ventas:

• Participación en 14 eventos comerciales agrícolas internacionales anualmente
• Generación de leads promedio: 425 contactos comerciales potenciales por evento
• Valor estimado de la tubería de ventas: $ 6.5 millones a partir de interacciones de ferias comerciales

Plataformas de marketing de bienes raíces

Rendimiento del canal de bienes raíces:

Tipo de propiedad	Total de acres	Ingresos anuales de bienes raíces
Tierra agrícola	11,700 acres	$ 22.3 millones
Desarrollo residencial	1.250 acres	$ 37.6 millones

Limoneira Company (LMNR) - Modelo de negocio: segmentos de clientes

Cadenas de tiendas de comestibles

Limoneira suministra cítricos y otros productos agrícolas a los principales minoristas de comestibles. A partir de 2023, el producto de la compañía alcanza aproximadamente 25 cadenas de comestibles nacionales y regionales.

Cadena de supermercado	Volumen de compra anual	Categorías de productos
Kroger	12,500 toneladas	Limones, aguacates
Albertsons	8,750 toneladas	Naranjas, cítricos especializados
Walmart	15,000 toneladas	Limones, productos especializados

Distribuidores de productos al por mayor

Limoneira se asocia con múltiples distribuidores mayoristas en los Estados Unidos.

• Red de distribución mayorista total: 18 distribuidores regionales
• Volumen de distribución mayorista anual: 95,000 toneladas de productos
• Valor de contrato mayorista promedio: $ 3.2 millones por distribuidor

Empresas de procesamiento de alimentos

Limoneira suministra productos agrícolas crudos a las industrias de procesamiento de alimentos.

Empresa de procesamiento	Compra anual	Uso de productos
Tropicana	22,500 toneladas	Producción de jugo de cítricos
Estar protegido	15,750 toneladas	Ingredientes de bebidas

Desarrolladores inmobiliarios

Limoneira genera ingresos a través del desarrollo inmobiliario y la gestión de tierras.

• Cartera de bienes raíces totales: 12,500 acres
• Ingresos anuales de bienes raíces: $ 18.4 millones
• Número de proyectos de desarrollo: 7 proyectos activos

Consumidores de servicios agrícolas

Limoneira ofrece servicios agrícolas y consultoría a varias entidades agrícolas.

Tipo de servicio	Ingresos anuales	Base de clientes
Consultoría agrícola	$ 2.7 millones	45 clientes agrícolas
Servicios de gestión de tierras	$ 3.5 millones	32 contratos de servicio

Limoneira Company (LMNR) - Modelo de negocio: Estructura de costos

Mantenimiento de la tierra y gastos de cultivo

Costos de mantenimiento de tierras de Limoneira para 2023 año fiscal: $ 12,456,000

Categoría de gastos	Costo anual
Manejo del suelo	$2,345,000
Aplicación de fertilizante	$1,876,000
Control de plagas	$1,654,000

Costos de mano de obra y de la fuerza laboral

Gastos laborales totales para 2023: $ 18,765,000

• Trabajadores de temporada: $ 8,456,000
• Empleados a tiempo completo: $ 7,234,000
• Salarios de gestión: $ 3,075,000

Inversiones de equipos y tecnología

Gasto total de tecnología y equipo en 2023: $ 5,678,000

Tipo de equipo	Monto de la inversión
Cosecha de maquinaria	$2,345,000
Sistemas de riego	$1,876,000
Tecnología de monitoreo	$1,457,000

Gestión de agua y riego

Gastos anuales de gestión del agua: $ 3,456,000

• Derechos de agua y acceso: $ 1,234,000
• Infraestructura de riego: $ 1,567,000
• Tecnologías de conservación del agua: $ 655,000

Gastos de investigación y desarrollo

Inversión en I + D para 2023: $ 2,345,000

Área de enfoque de I + D	Asignación
Desarrollo de variedades de cultivos	$987,000
Investigación de agricultura sostenible	$765,000
Tecnología agrícola	$593,000

Limoneira Company (LMNR) - Modelo de negocios: flujos de ingresos

Venta de frutas cítricas

Para el año fiscal 2023, Limoneira reportó ventas totales de productos agrícolas de $ 62.3 millones. Las ventas de frutas de Citrus generaron específicamente $ 48.7 millones en ingresos.

Producto cítrico	Ingresos anuales	Cuota de mercado
Limones	$ 32.5 millones	15.2%
Naranjas	$ 11.2 millones	7.8%
Otros cítricos	$ 5.0 millones	4.5%

Desarrollo inmobiliario y arrendamiento de tierras

El arrendamiento de bienes raíces y tierras generó $ 6.9 millones en ingresos para 2023. La cartera de tierras consta de aproximadamente 10,500 acres en California.

• Arrendamiento comercial de tierras: $ 4.2 millones
• Derechos de desarrollo residencial: $ 2.7 millones

Servicios de consultoría agrícola

Los servicios de consultoría contribuyeron con $ 2.5 millones a los ingresos totales en 2023.

Tipo de servicio de consultoría	Ingresos anuales
Gestión de cultivos	$ 1.3 millones
Consultoría de recursos hídricos	$ 0.8 millones
Integración tecnológica	$ 0.4 millones

Derechos del agua y gestión de recursos

Los derechos de los derechos y la gestión del agua generaron $ 3.1 millones en 2023.

Innovaciones agrícolas sostenibles

Los programas de agricultura sostenible contribuyeron con $ 1.5 millones a los ingresos en 2023.

Categoría de innovación	Ganancia
Certificación de agricultura orgánica	$ 0.7 millones
Tecnología agrícola de precisión	$ 0.5 millones
Programas de compensación de carbono	$ 0.3 millones

Limoneira Company (LMNR) - Canvas Business Model: Value Propositions

You're looking at the core value Limoneira Company (LMNR) delivers to its stakeholders, which really boils down to a dual engine: premium agriculture and asset monetization. It's about making sure the fresh produce keeps flowing while simultaneously unlocking value from the land and water underneath.

Reliable supply of fresh lemons and high-margin avocados to the US market

Limoneira Company positions itself as a consistent supplier of premium, California-grown fruit. The value here is in the volume they expect to move and the quality that commands a price, even when the market gets tight. For the full fiscal year 2025, the company guides for fresh lemon volumes between 4.5 million to 5.0 million cartons. Avocado volume guidance for fiscal year 2025 is set at approximately 7.0 million pounds, based on the third quarter update.

To give you a snapshot of recent performance, in the third quarter of fiscal year 2025, they sold 1,397,000 cartons of U.S. packed fresh lemons at an average price of $17.02 per carton. Avocado revenue for that same quarter hit $8.5 million. They are also working to enhance the go-to-market strategy; the new partnership with Sunkist Growers is expected to start delivering $5 million in annual selling and marketing cost savings and EBITDA improvement beginning in Fiscal Year 2026. That's a concrete step toward better margins, which is what you want to see.

Here's a quick look at the recent quarter's sales metrics:

Metric	Product	Period/Date	Value/Amount
Volume Sold	U.S. Packed Fresh Lemons	Q3 Fiscal Year 2025	1,397,000 cartons
Average Price	U.S. Packed Fresh Lemons	Q3 Fiscal Year 2025	$17.02 per carton
Revenue	Avocados	Q3 Fiscal Year 2025	$8.5 million
Average Price	Avocados	Q1 Fiscal Year 2025	$2.25 per pound

Monetization of non-core assets to unlock shareholder value

The company actively converts its water and land assets into cash flow, which helps offset volatility in the core agribusiness. You saw this clearly in January 2025 when Limoneira Company completed three separate transactions selling water pumping rights in the Santa Paula Basin. These sales, priced at $30,000 per acre-foot, generated total proceeds of $1.7 million, resulting in a recorded gain of $1.5 million. They still hold substantial resources, retaining approximately 21,000 acre-feet of water rights across various basins.

The real estate joint venture, Harvest at Limoneira, is a major component of this strategy. The company expects to receive total proceeds of approximately $180 million from Harvest, LLCB II, LLC and East Area II spread out over seven fiscal years. As of the third quarter of 2025, they had already received $10.0 million in April 2025, adding to the $15 million received in fiscal year 2024. Honestly, these non-operating gains are key to the investment story right now.

Strategic land development for residential communities (e.g., 2,050 total units planned at Harvest)

The Harvest at Limoneira project is the primary vehicle for land monetization. The total number of entitled lots for this master-planned community has been increased to 2,050 total units. This increase, approved in May 2024, included 250 additional single-family for-sale homesites within Phase 3, alongside 300 multi-family rental homes planned in a separate joint venture with Lewis.

The project has seen significant closings, with a total of 1,261 residential units closed since inception, including 554 in Phase 2 which closed in April 2024. The velocity of home sales is strong, potentially accelerating Phase 3 timing. The value realized from this development is flowing through; in April 2025, the company received its $10.0 million share of a $20.0 million cash distribution from the Harvest joint venture. The joint venture's available cash and cash equivalents stood at $36.4 million as of July 31, 2025.

The expected future value realization is significant:

• Total expected proceeds from Harvest/East Area II: $180 million over seven years.
• Expected future distributions from projects (next five fiscal years): $155 million.
• Total planned units at Harvest: 2,050.
• Phase 1 sell-out completed: October 2023.
• Phase 2 lot sales closed: 554 units in April 2024.

Financial stability through a diversified portfolio (agribusiness, real estate, water)

Limoneira Company's structure is designed to provide stability by balancing the cyclical nature of agriculture with steady real estate income and opportunistic water sales. The company operates across three divisions: agribusiness, rental operations, and real estate development. This diversification is intended to help the company withstand temporary volatility, such as the oversupplied lemon market seen in early 2025.

Financially, as of July 31, 2025, the balance sheet shows long-term debt at $63.3 million, offset by $2.1 million in cash on hand, resulting in a net debt position of $61.3 million. For the first nine months of fiscal year 2025 (ended July 31, 2025), total net revenues were $116.9 million. The agribusiness segment saw a significant change with the termination of the Farm Management Agreement with PGIM Real Estate Finance, LLC, effective March 31, 2025. Despite the revenue pressures in the core lemon business, the third quarter of fiscal year 2025 still managed to post a Non-GAAP adjusted EBITDA of $3.0 million.

The portfolio components as of mid-2025:

• Total Net Revenues (9 months ended July 31, 2025): $116.9 million.
• Q3 Fiscal Year 2025 Non-GAAP adjusted EBITDA: $3.0 million.
• Long-term Debt (July 31, 2025): $63.3 million.
• Net Debt Position (July 31, 2025): $61.3 million.
• Gain on sales of water rights (9 months FY2025): $1.5 million.

Finance: draft 13-week cash view by Friday.

Limoneira Company (LMNR) - Canvas Business Model: Customer Relationships

You're looking at the relationship structure Limoneira Company maintains with its diverse customer base, which spans from large institutional partners to direct sales channels. This is a mix of deep partnership and pure transaction, which is typical for a diversified agribusiness.

The relationship with The Lewis Group of Companies for the Harvest at Limoneira joint venture is definitely a long-term, high-touch arrangement, structured around real estate development milestones.

Relationship Metric	Harvest at Limoneira JV (with The Lewis Group)	Water Rights Monetization
Latest Distribution Received (April 2025)	$10.0 million (Limoneira's 50% share of $20.0 million)	N/A
Total Expected Proceeds (Over Seven Fiscal Years)	Approximately $180.0 million	N/A
Water Rights Sale Price (January 2025)	N/A	$30,000 per-acre foot
Total Water Rights Sale Proceeds (January 2025)	N/A	$1.7 million (from three transactions)
Water Rights Gain Recognized (January 2025)	N/A	$1.5 million
Total Residential Units Planned	2,050 total units (expanded from 1,500)	N/A
Water Rights Retained (Approximate)	N/A	Approximately 21,000 acre-feet in Santa Paula, Fillmore, and Paso Robles Basins

The move to merge citrus sales and marketing with Sunkist Growers, effective November 1, 2025, fundamentally changes the relationship with a massive segment of Limoneira Company's retail and foodservice customers. This is a strategic shift to leverage Sunkist's established platform.

• Limoneira returns as one of Sunkist's largest lemon growers and an exclusive Sunkist private licensed packer.
• The partnership is expected to generate $5 million in annual cost savings and EBITDA improvement starting in fiscal year 2026.
• For Q2 fiscal year 2025, Limoneira sold approximately 1,357,000 cartons of U.S. packed fresh lemons at an average price per carton of $14.52.
• For Q3 fiscal year 2025, Agribusiness revenue was $45.9 million, with lemons contributing $23.8 million.
• The general QSR category faced a 1.6% year-over-year foot traffic decline in Q1 2025.

For other agricultural sales, the relationship remains largely transactional, though the Sunkist deal will now channel most lemon sales. You still see direct sales for other products, like avocados, where Q2 2025 Avocado Revenue was $2.8 million, up from $2.3 million in Q2 2024. That's how you manage a portfolio that spans land development and fresh produce.

Limoneira Company (LMNR) - Canvas Business Model: Channels

You're looking at how Limoneira Company moves its product and monetizes its assets as of late 2025. The channels here are a mix of traditional agribusiness distribution and significant asset monetization efforts.

Sunkist Growers distribution network for citrus sales (post-merger)

Limoneira Company made a major strategic move by announcing the merger of its citrus sales and marketing operations into Sunkist Growers, effective November 1, 2025. This means that for the upcoming citrus season, Sunkist will handle the distribution of Limoneira Company's fresh citrus, especially lemons. This reunion is expected to generate $5 million in annual selling and marketing cost savings and EBITDA improvement starting in Fiscal Year 2026. Before this transition, Limoneira Company's own channel performance for lemons showed specific volumes and pricing:

• For the nine months ended July 31, 2025, fresh packed lemon sales totaled $23.8 million in the third quarter alone.
• In the second quarter of fiscal year 2025, Limoneira Company sold approximately 1,357,000 cartons of U.S. packed fresh lemons at an average price of $14.52 per carton.
• The third quarter of fiscal year 2025 saw approximately 1,397,000 cartons of U.S. packed fresh lemons sold at an average price of $17.02 per carton.

The Sunkist partnership is designed to leverage Sunkist's comprehensive distribution network and premier retail customer base.

Direct sales to major food retailers and foodservice/quick service restaurant chains

While the Sunkist merger centralizes citrus sales, Limoneira Company previously relied on direct channels, and demand from certain sectors remains strong. The goal of the Sunkist integration is to enhance access to these premier food service and retail customers. Limoneira Company noted robust consumer demand from quick-serve restaurant customers even through the first half of 2025. For context on the scale of product moved through its own packing/selling operations before the November 2025 transition, consider the following breakdown from the second quarter of fiscal year 2025:

Product/Metric	Q2 Fiscal Year 2025 Amount
Fresh Packed Lemon Sales Revenue	$19.7 million
Cartons of U.S. Packed Fresh Lemons Sold	1,357,000
Average Price Per Carton (Lemons)	$14.52
Orange Revenue	$1.6 million
Cartons of Oranges Sold	92,000

Also, the company mentioned that its multi-faceted approach in Q1 2025 included growing its citrus business through multiple channels, including quick serve restaurants.

Real estate joint venture (Harvest at Limoneira) for land sales and distributions

The real estate development channel, primarily through the 50%/50% joint venture, Harvest at Limoneira, with The Lewis Group of Companies ("Lewis"), is a key source of cash flow outside of agriculture. This venture is progressing well, with management expecting to receive total proceeds of approximately $180 million from Harvest at Limoneira, LLCB II, and East Area II spread out over seven fiscal years. You can see the recent cash flow activity here:

• Distribution received by Limoneira Company in April 2025: $10.0 million (from a total $20.0 million distribution).
• Total proceeds received through fiscal year 2025 (FY2024 plus April 2025): $25 million.
• Available cash and cash equivalents for the joint venture as of April 30, 2025: $37.3 million.
• Total residential units closed since inception (through April 2024): 1,261.
• Approved increase in total project units: 550, bringing the total potential to 2,050 units.

For the local housing market in September 2025, the median listing home price in Harvest at Limoneira was $717.5K.

Direct sales/leases of water rights to third-party users

Monetizing water rights is a distinct channel for Limoneira Company, demonstrating the value of its water assets. In January 2025, the company executed three separate transactions selling water pumping rights in the Santa Paula Basin. This is a direct sale of an asset right, not a lease, which generated significant, non-recurring income:

Water Rights Transaction Metric	Amount/Value
Price Per-Acre Foot	$30,000
Total Selling Price (January 2025)	$1.7 million
Gain on Sales of Water Rights Recorded	$1.5 million
Water Rights Retained by Company (Approximate Total)	21,000 acre-feet

Management stated they were on track to close two additional water monetization transactions within fiscal year 2025, indicating this channel is active.

Limoneira Company (LMNR) - Canvas Business Model: Customer Segments

You're looking at the customer base for Limoneira Company as of late 2025, which clearly splits between the core agribusiness sales and the asset monetization side involving land and water.

The largest volume of customers falls within the fresh produce distribution network, which includes major grocery chains and the food service sector. These buyers drive the bulk of the day-to-day revenue.

Here's a look at the revenue generated from these primary agricultural customers for the third quarter of fiscal year 2025, which ended July 31, 2025:

Customer Type/Product Group	Q3 Fiscal Year 2025 Revenue	Volume Metric	Volume Achieved
Large-scale Food Retailers/Distributors (Fresh Lemons)	$23.8 million	Cartons Sold (U.S. Packed)	1,397,000 cartons
Foodservice/QSR (Avocados)	$8.5 million	Pounds Sold	5,654,000 pounds
Agribusiness (Oranges)	$1.7 million	Cartons Sold	94,000 cartons
Agribusiness (Brokered Lemons & Other Lemon Sales)	$13.6 million	Revenue Total (Brokered: $3.8M + Other: $9.8M)	N/A
Agribusiness (Specialty Citrus & Wine Grapes)	$0.6 million	Revenue Total	N/A

The total Agribusiness revenue for that quarter hit $45.9 million. Remember, Limoneira Company is planning to merge its citrus sales and marketing into Sunkist Growers, which management expects will deliver $5 million in annual selling and marketing cost savings and EBITDA enhancement starting in fiscal year 2026. That partnership is designed to better serve those large-scale food retailers and foodservice channels.

For the foodservice and quick service restaurant (QSR) companies specifically, the avocado segment is key, with pricing holding at an average of $1.50 per pound in Q3 2025. The company is also actively exploring expanding its QSR access for citrus.

The real estate and water rights customers represent a different, but important, segment of the business model, focused on asset monetization.

For real estate developers and homebuilders, the joint venture with The Lewis Group of Companies ("Lewis") on the Harvest at Limoneira project is the primary interaction. You saw Limoneira Company receive $10.0 million in April 2025 as its share of a $20.0 million cash distribution from this 50%/50% venture. As of July 31, 2025, the JV held $36.4 million in cash and cash equivalents. The project has an approved unit increase, allowing for a total of 2,050 residential units, and a separate JV with Lewis plans to construct 300 multi-family rental homes.

Municipalities and other agricultural users are the direct customers for water rights monetization. In January 2025, Limoneira Company completed three separate transactions selling water pumping rights in the Santa Paula Basin. The price point for these rights was $30,000 per acre-foot, resulting in total proceeds of $1.7 million, with a recorded gain of $1.5 million. The company still retains approximately 21,000-acre feet of water rights across various basins.

You can see the customer base is quite diverse:

• Large-scale food retailers and distributors (domestic and international).
• Foodservice and quick service restaurant (QSR) companies.
• Real estate developers and homebuilders (e.g., The Lewis Group of Companies).
• Municipalities and other agricultural users purchasing water rights.

Farm management services, another customer-facing revenue stream, saw a significant drop, bringing in only $0.1 million in Q3 2025, down from $3.2 million in Q3 2024, due to the termination of an agreement with PGIM Real Estate Finance, LLC effective March 31, 2025.

Limoneira Company (LMNR) - Canvas Business Model: Cost Structure

You're looking at the expenses Limoneira Company is managing to keep its diverse operations running, which is a mix of agricultural overhead, debt service, and selling costs. Honestly, farming has big upfront costs that you have to cover whether the harvest is great or not.

The farming operations carry significant fixed costs tied to the land and the fruit itself. These costs are the baseline for growing your product.

• High fixed costs for farming operations: labor, irrigation, maintenance.

For the third quarter of fiscal year 2025, total costs and expenses came in at $48.1 million, compared to $54.3 million in the third quarter of the prior fiscal year. This shows some cost control in the quarter, even with market pressures.

Selling and marketing costs are a major variable, but Limoneira Company has a plan to tackle this. They expect to reduce these expenses by a concrete $5 million annually, starting in fiscal year 2026, by merging citrus sales and marketing into a partnership with Sunkist Growers.

Financing the growth and operations also hits the cost structure. You need to account for the cost of that capital.

Financial Metric	Amount as of July 31, 2025
Long-term Debt Balance (as per outline reference)	$63.3 million
Cash on Hand (as of July 31, 2025)	$2.1 million
Net Debt Position (as of July 31, 2025)	$61.3 million

The company is actively investing in future production capacity, which means capital expenditures are a necessary cost driver. This is money spent today to generate revenue later.

A key investment area is expanding the avocado acreage, with a clear target in sight.

• Capital expenditure for expanding avocado acreage: aiming for 2,000 acres by 2027.

Also, remember that real estate monetization, like the Harvest at Limoneira joint venture, helps offset some of these operational and financing costs through cash distributions, though these are not direct operating expenses.

Limoneira Company (LMNR) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Limoneira Company as of late 2025, which clearly shows a mix of core agriculture and asset monetization efforts. It's a diversified approach designed to smooth out the volatility inherent in fresh produce markets.

The primary engine remains Agribusiness sales, which includes the company's key crops. For the third quarter of fiscal year 2025, the performance breakdown for the main agricultural products was as follows:

Product Category	Q3 FY2025 Revenue (in millions)
Fresh Lemons	$23.8 million
Avocados	$8.5 million
Oranges	$1.7 million

To give you a broader view, for the nine months ended July 31, 2025, Limoneira Company's total net revenues reached $116.9 million, compared to $147.6 million for the same period in fiscal year 2024. This shows the impact of market conditions on the core business, even with the asset sales.

Next up is Real Estate distributions, which provides significant, non-operating cash flow. In the second quarter of fiscal year 2025, Limoneira Company received $10.0 million as its share of a cash distribution from its 50%/50% real estate development joint venture, Harvest at Limoneira. As of April 30, 2025, the joint venture's available cash and cash equivalents totaled $37.3 million. This development work is substantial; the Harvest at Limoneira project has sold 1,261 residential lots since inception, and the upcoming Phase 3, which includes 550 homes and 300 apartments, is on track to generate $165 million in cash flow over the next 5 years.

Water rights monetization is another key component of unlocking value from their assets. Earlier in 2025, specifically in January, Limoneira Company completed three separate transactions selling water pumping rights in the Santa Paula Basin. The total selling price for these rights was $1.7 million, which valued the water rights at $30,000 per-acre foot. This sale resulted in a recorded gain of $1.5 million. Importantly, Limoneira retains a substantial portfolio, holding approximately 21,000-acre feet of water rights, usage rights, and pumping rights across various basins.

The Rental operations division offers a more stable, less volatile cash flow stream, separate from the main agribusiness. This division manages residential and commercial rental properties, including leasing company-owned farmlands to third-party growers in California and Argentina. While this segment is described as stable, it is not a major driver of the overall company revenue compared to the other streams. For instance, other operations revenue, which includes some of these activities, was reported at $1.5 million for the third quarter of fiscal year 2025.

Here's a quick look at the non-agribusiness revenue components for Q3 2025, keeping in mind that the table structure in the 10-Q groups some of these:

• Orange revenue recognized in Q3 FY2025 was $1.7 million.
• Specialty citrus and wine grape revenues for Q3 FY2025 were $0.6 million.
• Farm management revenues dropped significantly to $0.1 million in Q3 FY2025 due to a contract termination effective March 31, 2025.