Limoneira Company (LMNR): Business Model Canvas [Dec-2025 Updated]

You're digging into Limoneira Company (LMNR) now, trying to map out how they are managing the pivot from a pure-play grower to a diversified asset player as of late 2025. Honestly, the story isn't just about lemons anymore; it's a complex mix where their 10,500 acres portfolio is the engine for agribusiness, real estate distributions-like the $10.0 million they pulled from the Harvest JV in Q2 FY2025-and water rights monetization. This Business Model Canvas distills that strategy, showing you precisely how Limoneira Company is structuring its revenue streams and key activities to support this asset-lighter, multi-faceted approach.

Limoneira Company (LMNR) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Limoneira Company has built to drive its agriculture and real estate value streams. These aren't just casual agreements; they are structural alignments designed to manage risk and unlock capital, so let's look at the hard numbers behind them.

Sunkist Growers: Strategic merger for citrus sales and marketing starting FY2026.

Limoneira Company announced the strategic merger of its citrus sales and marketing operations with Sunkist Growers, Inc. The transaction is expected to close on November 1, 2025. This reunion positions Limoneira Company to return to Sunkist as one of its largest lemon growers and an exclusive Sunkist private licensed packer beginning in the first quarter of Fiscal Year 2026. The expectation is that this streamlined operation will generate $5 million in annual cost savings and EBITDA improvement starting in Fiscal Year 2026.

The Lewis Group of Companies: 50%/50% joint venture for the Harvest at Limoneira real estate development.

The 50%/50% joint venture with The Lewis Group of Companies for the Harvest at Limoneira development continues to be a source of liquidity. In April 2025, Limoneira Company received $10.0 million, which was its share of a total $20.0 million cash distribution from the joint venture. As of July 31, 2025, the joint venture's available cash and cash equivalents totaled $36.4 million. The total expected proceeds from Harvest at Limoneira, LLCB II, and East Area II remain projected at $180.0 million spread out over seven fiscal years, with $15 million received in fiscal year 2024. This specific joint venture also plans to construct 300 multi-family rental homes on a mixed-use portion of the project.

Third-party growers: Collaboration for sourcing and farm management services.

Sourcing fruit from external growers is a significant part of Limoneira Company's operational scale. For the third quarter of fiscal year 2025, the costs incurred for third-party grower fruit were $11.5 million. Of the 1,397,000 cartons of lemons packed and sold in Q3 FY2025, 1,012,000 cartons, or 72%, were procured from third-party growers. The average per carton price paid for this sourced fruit was $11.35. On the farm management side, the agreement providing farming, management, and operations for the 3,537 acres in Tulare County (Northern Properties) terminated effective March 31, 2025.

Chilean citrus packing/selling business: Limoneira retains a 47% interest post-ranch sale.

Limoneira Company completed the sale of its Chilean ranches, Pan de Azucar and San Pablo, on November 7, 2025, for approximately $15 million. The sold properties included about 500 acres of lemons and 100 acres of oranges. Crucially, as part of this divestiture, Limoneira Company maintains its 47% interest in the associated citrus packing, selling, and marketing business in Chile, which is Rosales S.A.. The initial cash proceeds received from the ranch sale were $6.8 million.

Here is a quick look at the key financial and operational metrics tied to these major partnerships as of late 2025:

The structure also involves other operational collaborations, which you can see reflected in the Q3 FY2025 results:

• Brokered fruit costs were $7.2 million for Q3 FY2025.
• Limoneira Company sold 94,000 cartons of oranges at an average price of $18.00 per carton in Q3 FY2025.
• The company sold 1,397,000 cartons of fresh packed lemons at an average price of $17.02 per carton in Q3 FY2025.

Finance: draft 13-week cash view by Friday.

Limoneira Company (LMNR) - Canvas Business Model: Key Activities

You're looking at the core things Limoneira Company (LMNR) does to make money and run its business as of late 2025. It's a mix of farming, land development, and asset sales. Here's the quick math on what they are actively working on.

Cultivation and harvesting of lemons, avocados, and specialty citrus

Limoneira Company is one of the largest growers and marketers of lemons in the U.S. and claims to be the largest grower of avocados in the U.S.. The company manages approximately 10,500 acres of rich agricultural lands, real estate properties, and water rights across California, Arizona, Chile, and Argentina.

As of their latest reports in 2025, their agricultural plantings break down like this:

For the third quarter of fiscal year 2025, Limoneira Company sold 5,654,000 pounds of avocados at an average price of $1.50 per pound. They sold 1,397,000 cartons of lemons at an average per carton cost of $9.11.

The company is actively planning for future growth in this area, with plans to expand avocado production by an additional 500 acres through fiscal year 2027.

Real estate development and land entitlement (e.g., Harvest at Limoneira)

Real estate development is a major value-creation activity, primarily through the Harvest at Limoneira joint venture. The company expects to receive total proceeds of approximately $180 million from Harvest, LLCB II, and East Area II spread out over seven fiscal years.

Key financial milestones related to this activity in 2025 include:

• Received $10.0 million share of a $20.0 million cash distribution in April 2025.
• The joint venture's available cash and cash equivalents totaled $36.4 million as of July 31, 2025.
• Total lot sales closed since the Harvest at Limoneira project's inception reached 1,261 residential units.
• Management expects $155 million in distributions from real estate projects over the next five fiscal years.

Limoneira Company is also exploring options for the Limco Del Mar property, an infill property in Ventura, which has an estimated entitlement and planning cost of $3 million to $5 million over three to five years.

Water rights monetization via sales and potential long-term leases

Monetizing water rights is a distinct key activity. In January 2025, Limoneira Company executed three sales of water pumping rights in the Santa Paula Basin.

The specifics of the January 2025 transaction were:

• Sale price: $30,000 per-acre foot.
• Total proceeds generated: $1.7 million.
• Gain recorded on sales: $1.5 million.

The company holds significant water resources, including approximately 9,430 acre feet of adjudicated water in the Santa Paula Basin with 1,500 acre feet of conserved monetizable rights. The total value of their water rights, including Colorado River rights, is valued collectively around $100 million.

Precision agriculture and technology adoption (e.g., drone spray for efficiency)

While specific capital expenditure numbers for drone spray technology aren't detailed, the shift toward an asset-lighter model and operational efficiency is clear. The company is actively repositioning its farm management services division as a premier technology and expertise partner.

A major technology and operational change involves the sales and marketing function. Limoneira Company entered into a Commercial Packinghouse License Agreement with Sunkist Growers, Inc., effective November 1, 2025. This strategic partnership is expected to drive $5 million in annual selling and marketing cost savings and EBITDA enhancement starting in fiscal year 2026.

Farm management revenues, which reflect the use of expertise and potentially technology services for others, dropped significantly in Q3 2025 to $0.1 million, down from $3.2 million in Q3 2024, due to the termination of a farm management agreement effective March 31, 2025.

Limoneira Company (LMNR) - Canvas Business Model: Key Resources

You're looking at the core assets Limoneira Company (LMNR) relies on to execute its strategy, which is increasingly focused on asset monetization alongside core agribusiness. Here's a breakdown of the hard numbers defining those resources as of late 2025.

Extensive Land Portfolio

Limoneira Company manages a significant, though actively managed, land base. The total agricultural acreage has been strategically reduced through asset sales to focus on core operations and generate cash flow. As of the latest reports in 2025, the company holds approximately 10,500 acres of rich agricultural lands across California, Arizona, Chile, and Argentina.

Recent divestitures highlight the ongoing asset-lightening strategy. For instance, the sale of its Chilean ranches, Pan de Azúcar and San Pablo, closed on November 7, 2025, for a total price of roughly US$15 million. The company still has a near-term pipeline of non-strategic land assets planned for sale, valued at about US$40 million.

Here's a look at the current land composition and related activities:

• Total Agricultural Land Held (as of late 2025): 10,500 acres.
• Agricultural Land Planted (as of Q3 2025): Approximately 3,100 acres of lemons, 1,400 acres of avocados, 100 acres of oranges, and 400 acres of wine grapes.
• Avocado Production Goal: On track to reach 2,000 acres by 2027.
• Limco Del Mar Property: 220 acres in Ventura planned for potential residential development.

Significant Water Rights

Water rights are a critical, high-value asset for Limoneira Company, especially given the scarcity in California. The company retains a substantial portfolio, which it is actively monetizing. The total retained rights are over 21,000 acre-feet.

The portfolio is segmented across key basins, providing diversification of this resource:

In January 2025, Limoneira monetized a portion of its Santa Paula Basin rights, completing transactions totaling $1.7 million at a price of $30,000 per acre-foot. Furthermore, the company plans to sell additional water rights valued between US$50 million and US$70 million.

Agribusiness Infrastructure

Limoneira Company operates its own facilities to process and market its fruit, as well as fruit from third parties. This vertical integration is supported by physical assets in key growing regions.

The company operates packinghouses and cold storage facilities in the following locations:

• Packinghouse and Cold Storage: Santa Paula, California.
• Packinghouse: Yuma, Arizona.
• Chilean Operations: Retains a 47% interest in a citrus packing, marketing, and sales business (Rosales S.A.).

The cost structure for this resource is visible in operational metrics; for example, packing costs for fresh lemons in the third quarter of fiscal year 2025 averaged $9.11 per carton.

Also notable is the planned expansion of the composting facility, which is expected to grow from 15 acres to a commercial-scale 70-acre facility, with first-year EBITDA contribution projected at approximately $5.0 million shared equally.

Real Estate Joint Venture Assets

The real estate development segment, primarily through joint ventures, represents a significant non-agricultural asset class. The Harvest at Limoneira project, a 50%/50% joint venture with The Lewis Group of Companies, is a key component.

Financial activity from this JV in 2025 shows liquidity generation:

• Cash Distribution Received (April 2025): $10.0 million for Limoneira's share of a $20.0 million distribution.
• JV Cash Position (as of July 31, 2025): $36.4 million in available cash and cash equivalents.
• Total Expected Proceeds: The company expects total proceeds of $180.0 million from Harvest at Limoneira, LLCB II, and East Area II over seven fiscal years.

The development itself is substantial, with the total entitled lots for Harvest at Limoneira increasing to 2,050 dwelling units. This includes Phase 1 with 707 units and Phase 2 with 554 homesites. Phase 3 plans include 491 single-family homesites and 298 duplex rental homes.

The longer-term real estate development assets are valued between US$355 million and US$405 million, excluding the near-term pipeline.

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:

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.

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:

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:

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:

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.

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:

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.