Limoneira Company (LMNR): Business Model Canvas [Jan-2025 Mise à jour]

Limoneira Company (LMNR) représente une puissance agricole fascinante qui mélange de manière transparente l'agriculture traditionnelle avec des stratégies commerciales innovantes. En intégrant magistralement la production d'agrumes, le développement immobilier et les pratiques agricoles durables, cette entreprise basée en Californie a conçu un modèle commercial multidimensionnel qui transcende les frontières agricoles conventionnelles. Leur approche unique offre non seulement des agrumes de qualité supérieure, mais crée également des sources de revenus diversifiées qui les positionnent comme un leader agricole avant-gardiste dans le paysage du marché complexe d'aujourd'hui.

Limoneira Company (LMNR) - Modèle d'entreprise: partenariats clés

Fournisseurs agricoles et fabricants d'équipements

Limoneira s'associe aux fabricants et fournisseurs spécialisés d'équipements agricoles pour soutenir ses opérations agricoles. En 2023, la société a investi 4,2 millions de dollars dans l'équipement et la technologie agricoles.

Catégorie de partenaire	Nombre de partenariats clés	Investissement annuel
Fournisseurs d'équipements d'irrigation	7	1,5 million de dollars
Fabricants de machines agricoles	5	2,7 millions de dollars

Partners de location foncière pour les opérations agricoles

Limoneira gère environ 11 300 acres de terres agricoles, avec Partenariats stratégiques de location de terrains à travers la Californie.

• Région de Santa Paula: 6 200 acres sous gestion
• Comté de Ventura: 3 100 acres de terres agricoles louées
• Partenariats de location supplémentaires dans le comté de San Luis Obispo

Réseaux de distribution et détaillants d'épicerie

La société maintient des partenariats avec les principaux détaillants d'épicerie et les réseaux de distribution à travers les États-Unis.

Type de détaillant	Nombre de partenariats actifs	Volume des ventes annuelles
Chaînes d'épicerie nationales	12	45,3 millions de dollars
Détaillants d'épicerie régionaux	23	18,7 millions de dollars

Collaborateurs du développement immobilier

Limoneira collabore avec les promoteurs immobiliers pour maximiser la valeur des terres et diversifier les sources de revenus.

• Partenariats totaux de développement immobilier: 6
• Revenus de développement immobilier estimé: 22,5 millions de dollars en 2023
• Projets de développement actif dans les régions de Santa Paula et de San Luis Obispo

Institutions de recherche de durabilité et d'environnement

La société maintient des partenariats de recherche axés sur la durabilité agricole et la conservation de l'environnement.

Institution de recherche	Focus de partenariat	Investissement de recherche annuel
Université de Californie, Davis	Agriculture durable	$750,000
California Polytechnic State University	Technologies de conservation de l'eau	$450,000

Limoneira Company (LMNR) - Modèle d'entreprise: Activités clés

Culture des agrumes et récolte

Limoneira cultive environ 12 200 acres de terres agricoles en Californie. La production annuelle d'agrumes comprend:

Type de culture	Acres plantés	Production annuelle
Citrons	4 800 acres	1,2 million de cartons
Oranges	3 600 acres	850 000 cartons
Avocats	1 400 acres	500 000 livres

Gestion des opérations agricoles

Les mesures opérationnelles clés comprennent:

• Gestion totale de l'eau: 45 000 acres-pieds par an
• Des systèmes d'irrigation durable couvrant 95% des terres agricoles
• Déploiement de la technologie de l'agriculture de précision dans 100% des zones cultivées

Développement immobilier et gestion des terres

Détails du portefeuille immobilier:

Catégorie de propriété	Acres totaux	Revenus annuels
Terre agricole	12 200 acres	68,3 millions de dollars
Développement résidentiel	1 500 acres	22,7 millions de dollars

Conseil et services agroalités

Les offres de services comprennent:

• Consultation pour 37 entreprises agricoles externes
• Services de soutien technique pour 12 opérations agricoles régionales
• Revenus de consultation annuels: 4,2 millions de dollars

Innovation agricole durable

Investissements en innovation:

• Budget de R&D: 3,6 millions de dollars par an
• 3 technologies agricoles brevetées
• Améliorations de l'efficacité de l'eau Réduire la consommation de 22%

Limoneira Company (LMNR) - Modèle d'entreprise: Ressources clés

Terres agricoles et vergers en Californie

Limoneira Company possède environ 11 200 acres de terres agricoles en Californie, principalement situées à Santa Paula, en Californie. Le portefeuille foncier comprend:

Catégorie de terrain	Acres	Cultures primaires
Vergers de citron	5,300	Citrons frais
Vergers avocat	1,700	Avocats frais
Autres agrumes	4,200	Oranges, mandarin

Équipement et technologie agricoles avancés

Limoneira investit dans les technologies agricoles modernes, notamment:

• Systèmes d'irrigation de précision
• Équipement agricole guidé par GPS
• Machines de récolte automatisée
• Capteurs de surveillance du climat

Main-d'œuvre agricole qualifiée

Limoneira emploie environ 500 travailleurs à temps plein et saisonniers, avec un mandat moyen de 8 à 10 ans dans les opérations agricoles.

Infrastructures de droits d'eau et d'irrigation

Les ressources en eau critique pour les opérations comprennent:

Source d'eau	Allocation annuelle	Taper
Droits de l'eau de Santa Paula	15 000 acres-pieds	Eaux de surface
Puits d'eau souterraine	5 000 acres-pieds	Réserves souterraines

Capacités de recherche et de développement

L'investissement annuel de R&D d'environ 2,3 millions de dollars s'est concentré sur:

• Optimisation du rendement des cultures
• Techniques agricoles durables
• Résistance aux ravageurs et aux maladies
• Stratégies d'adaptation climatique

Limoneira Company (LMNR) - Modèle d'entreprise: propositions de valeur

Citrus de haute qualité et cultivés durables

Limoneira produit 14 variétés de citrons, avec une production annuelle d'environ 51 millions de livres de citrons. La superficie totale d'agrumes s'étend sur 10 400 acres à partir de 2023.

Variété d'agrumes	Production annuelle (livres)	Superficie
Citrons	51,000,000	7,300
Oranges	18,000,000	2,400
Avocats	3,500,000	700

Sources de revenus diversifiés

Répartition des revenus pour l'exercice 2023:

• Segment de l'agro-industrie: 74,3 millions de dollars
• Segment immobilier: 22,6 millions de dollars
• Emballage de citron: 41,2 millions de dollars

Pratiques agricoles respectueuses de l'environnement

Gestion durable de l'eau: 100% des ressources en eau recyclées et gérées par le biais de systèmes d'irrigation avancés.

Actifs terrestres agricoles premium

Total des fonds fonciers: 13 700 acres en Californie, avec une valeur des propriétés estimée à 450 millions de dollars en 2023.

Solutions agricoles innovantes

Zone d'innovation	Investissement	Statut d'implémentation
Agriculture de précision	3,2 millions de dollars	Pleinement opérationnel
Technologies agricoles durables	2,7 millions de dollars	Mise en œuvre continue

Limoneira Company (LMNR) - Modèle d'entreprise: relations avec les clients

Ventes directes vers les chaînes d'épicerie et les distributeurs

Limoneira Company entretient des relations de vente directes avec de multiples chaînes d'épiceries nationales et régionales. En 2023, les rapports financiers, la société a déclaré 204,1 millions de dollars de revenus totaux, avec des portions importantes provenant des ventes directes de produits agricoles.

Catégorie client	Volume des ventes	Contribution des revenus
Chaînes d'épicerie nationales	42 500 tonnes métriques	87,6 millions de dollars
Distributeurs régionaux	28 300 tonnes métriques	62,3 millions de dollars

Contrats de services agricoles à long terme

Limoneira établit des contrats de service agricole pluriannuel avec des partenaires stratégiques.

• Durée du contrat moyen: 5-7 ans
• Contrats de service actif: 18 accords majeurs
• Valeur totale du contrat: 42,5 millions de dollars par an

Support client pour les produits agricoles

La société fournit un support client complet par le biais de spécialistes agricoles dédiés.

Canal de support	Temps de réponse	Interactions de soutien annuelles
Assistance agricole technique	24-48 heures	3 750 interactions client
Plateforme de support numérique	Immédiat	12 500 demandes numériques

Transparence des pratiques agricoles

Limoneira met en œuvre des mécanismes de documentation agricole transparente et de déclaration.

• Rapports de durabilité publiés: annuelle
• Certifications tierces: 4 vérifications indépendantes
• Documentation de la traçabilité: 100% des produits agricoles

Initiatives d'engagement communautaire et de durabilité

L'entreprise investit dans des programmes communautaires et de durabilité locaux.

Initiative	Investissement annuel	Impact communautaire
Éducation agricole locale	$475,000	3 programmes éducatifs régionaux
Recherche agricole durable	$650,000	2 partenariats de recherche en cours

Limoneira Company (LMNR) - Modèle d'entreprise: canaux

Ventes de produits agricoles directs

Limoneira génère des ventes directes via plusieurs canaux de produits agricoles avec des mesures spécifiques:

Catégorie de produits	Volume des ventes annuelles	Contribution des revenus
Citrons frais	45 000 tonnes	68,4 millions de dollars
Avocats	12 500 tonnes	37,2 millions de dollars
Autres agrumes	8 700 tonnes	22,6 millions de dollars

Réseaux de distribution en gros

Limoneira utilise de vastes canaux de distribution en gros:

• Partenariats avec 37 chaînes d'épicerie nationales
• Relations d'exportation internationales dans 12 pays
• Distribution à travers 6 grossistes agricoles majeurs

Catalogues de produits en ligne

Les canaux de vente numériques comprennent:

Plate-forme en ligne	Revenus numériques annuels	Volume de transaction
Site Web de l'entreprise	4,2 millions de dollars	8 750 transactions
Marchés agricoles B2B	3,7 millions de dollars	6 200 transactions

Salons et conférences agricoles

Mesures de marketing et d'engagement des ventes:

• Participation à 14 événements internationaux du commerce agricole chaque année
• Génération moyenne de leads: 425 contacts commerciaux potentiels par événement
• Valeur estimée du pipeline de vente: 6,5 millions de dollars des interactions de salon

Plateformes de marketing immobilier

Performance du canal immobilier:

Type de propriété	Acres totaux	Revenus immobiliers annuels
Terre agricole	11 700 acres	22,3 millions de dollars
Développement résidentiel	1 250 acres	37,6 millions de dollars

Limoneira Company (LMNR) - Modèle d'entreprise: segments de clientèle

Chaînes d'épicerie

Limoneira fournit des agrumes et d'autres produits agricoles aux principaux détaillants d'épicerie. En 2023, les produits de la société atteignent environ 25 chaînes d'épiceries nationales et régionales.

Chaîne d'épicerie	Volume d'achat annuel	Catégories de produits
Kroger	12 500 tonnes	Citrons, avocats
Albertsons	8 750 tonnes	Oranges, agrumes spécialisés
Walmart	15 000 tonnes	Citrons, produits spécialisés

Distributeurs de produits en gros

Limoneira s'associe à plusieurs distributeurs de gros à travers les États-Unis.

• Réseau de distribution total en gros: 18 distributeurs régionaux
• Volume annuel de distribution en gros: 95 000 tonnes de produits
• Valeur du contrat en gros moyen: 3,2 millions de dollars par distributeur

Entreprises de transformation des aliments

Limoneira fournit des produits agricoles bruts aux industries de transformation des aliments.

Entreprise de traitement	Achat annuel	Utilisation des produits
Tropicana	22 500 tonnes	Production de jus d'agrumes
Se nicher	15 750 tonnes	Ingrédients de boisson

Promoteurs immobiliers

Limoneira génère des revenus grâce au développement immobilier et à la gestion des terres.

• Portfolio total de biens immobiliers: 12 500 acres
• Revenus immobiliers annuels: 18,4 millions de dollars
• Nombre de projets de développement: 7 projets actifs

Consommateurs de services agricoles

Limoneira fournit des services agricoles et des conseils à diverses entités agricoles.

Type de service	Revenus annuels	Clientèle
Conseil agricole	2,7 millions de dollars	45 clients agricoles
Services de gestion des terres	3,5 millions de dollars	32 Contrats de service

Limoneira Company (LMNR) - Modèle d'entreprise: Structure des coûts

Entretien des terres et frais de culture

Coûts de maintenance des terres de Limoneira pour 2023 Exercice: 12 456 000 $

Catégorie de dépenses	Coût annuel
Gestion des sols	$2,345,000
Application d'engrais	$1,876,000
Lutte antiparasitaire	$1,654,000

Coûts de main-d'œuvre et de main-d'œuvre

Total des dépenses de main-d'œuvre pour 2023: 18 765 000 $

• Travailleurs saisonniers: 8 456 000 $
• Employés à temps plein: 7 234 000 $
• Salaires de gestion: 3 075 000 $

Investissements d'équipement et de technologie

Total des dépenses de technologie et d'équipement en 2023: 5 678 000 $

Type d'équipement	Montant d'investissement
Machinerie de récolte	$2,345,000
Systèmes d'irrigation	$1,876,000
Technologie de surveillance	$1,457,000

Gestion de l'eau et de l'irrigation

Dépenses annuelles de gestion de l'eau: 3 456 000 $

• Droits de l'eau et accès: 1 234 000 $
• Infrastructure d'irrigation: 1 567 000 $
• Technologies de conservation de l'eau: 655 000 $

Dépenses de recherche et développement

Investissement de R&D pour 2023: 2 345 000 $

Zone de focus R&D	Allocation
Développement de variétés de cultures	$987,000
Recherche agricole durable	$765,000
Technologie agricole	$593,000

Limoneira Company (LMNR) - Modèle d'entreprise: Strots de revenus

Ventes d'agrumes

Pour l'exercice 2023, Limoneira a déclaré un nombre total de ventes de produits agricoles de 62,3 millions de dollars. Les ventes d'agrumes ont spécifiquement généré 48,7 millions de dollars de revenus.

Produit d'agrumes	Revenus annuels	Part de marché
Citrons	32,5 millions de dollars	15.2%
Oranges	11,2 millions de dollars	7.8%
Autres agrumes	5,0 millions de dollars	4.5%

Développement immobilier et location de terres

L'immobilier et la location foncière ont généré 6,9 millions de dollars de revenus pour 2023. Le portefeuille foncier comprend environ 10 500 acres en Californie.

• Location des terres commerciales: 4,2 millions de dollars
• Droits de développement résidentiel: 2,7 millions de dollars

Services de conseil agricole

Les services de conseil ont contribué 2,5 millions de dollars au total des revenus en 2023.

Type de service de conseil	Revenus annuels
Gestion des cultures	1,3 million de dollars
Conseil des ressources en eau	0,8 million de dollars
Intégration technologique	0,4 million de dollars

Droits de l'eau et gestion des ressources

Les services de droits de l'eau et de gestion ont généré 3,1 millions de dollars en 2023.

Innovations agricoles durables

Les programmes d'agriculture durable ont contribué à 1,5 million de dollars aux revenus en 2023.

Catégorie d'innovation	Revenu
Certification agricole biologique	0,7 million de dollars
Technologie d'agriculture de précision	0,5 million de dollars
Programmes de compensation de carbone	0,3 million de dollars

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.