Limoneira Company (LMNR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Limoneira Company (LMNR) representa uma fascinante potência agrícola que combina perfeitamente a agricultura tradicional com estratégias de negócios inovadoras. Ao integrar magistralmente a produção cítrica, o desenvolvimento imobiliário e as práticas agrícolas sustentáveis, esta empresa da Califórnia criou um modelo de negócios multidimensional que transcende as fronteiras agrícolas convencionais. Sua abordagem única não apenas oferece frutas cítricas premium, mas também cria fluxos diversificados de receita que os posicionam como um líder agrícola com visão de futuro no complexo cenário de mercado de hoje.

Limoneira Company (LMNR) - Modelo de negócios: Parcerias -chave

Fornecedores agrícolas e fabricantes de equipamentos

A Limoneira faz parceria com fabricantes e fornecedores de equipamentos agrícolas especializados para apoiar suas operações agrícolas. A partir de 2023, a empresa investiu US $ 4,2 milhões em equipamentos e tecnologia agrícolas.

Categoria de parceiro	Número de parcerias -chave	Investimento anual
Fornecedores de equipamentos de irrigação	7	US $ 1,5 milhão
Fabricantes de máquinas agrícolas	5	US $ 2,7 milhões

Parceiros de arrendamento de terras para operações agrícolas

Limoneira gerencia aproximadamente 11.300 acres de terra agrícola, com Parcerias de arrendamento de terras estratégicas em toda a Califórnia.

• Região de Santa Paula: 6.200 acres sob gestão
• Condado de Ventura: 3.100 acres de terras agrícolas arrendadas
• Parcerias de arrendamento adicionais no condado de San Luis Obispo

Redes de distribuição e varejistas de supermercados

A empresa mantém parcerias com grandes varejistas de supermercados e redes de distribuição nos Estados Unidos.

Tipo de varejista	Número de parcerias ativas	Volume anual de vendas
Cadeias nacionais de supermercado	12	US $ 45,3 milhões
Varejistas regionais de supermercado	23	US $ 18,7 milhões

Colaboradores de desenvolvimento imobiliário

A Limoneira colabora com promotores imobiliários para maximizar o valor da terra e diversificar os fluxos de receita.

• Total de parcerias de desenvolvimento imobiliário: 6
• Receita estimada em desenvolvimento imobiliário: US $ 22,5 milhões em 2023
• Projetos de desenvolvimento ativo nas regiões de Santa Paula e San Luis Obispo

Instituições de Sustentabilidade e Pesquisa Ambiental

A empresa mantém parcerias de pesquisa focadas na sustentabilidade agrícola e na conservação ambiental.

Instituição de pesquisa	Foco em parceria	Investimento anual de pesquisa
Universidade da Califórnia, Davis	Agricultura sustentável	$750,000
Universidade Estadual Politécnica da Califórnia	Tecnologias de conservação de água	$450,000

Limoneira Company (LMNR) - Modelo de negócios: Atividades -chave

Cultivo de frutas cítricas e colheita

Limoneira cultiva aproximadamente 12.200 acres de terras agrícolas na Califórnia. A produção anual cítrica inclui:

Tipo de colheita	Acres plantados	Produção anual
Limões	4.800 acres	1,2 milhão de caixas
Laranjas	3.600 acres	850.000 caixas
Abacates	1.400 acres	500.000 libras

Gerenciamento de operações agrícolas

As principais métricas operacionais incluem:

• Gerenciamento total da água: 45.000 acres-pés anualmente
• Sistemas de irrigação sustentável cobrindo 95% das terras agrícolas
• Implantação de tecnologia agrícola de precisão em 100% das áreas cultivadas

Desenvolvimento imobiliário e gestão da terra

Detalhes do portfólio imobiliário:

Categoria de propriedade	Total de acres	Receita anual
Terras Agrícolas	12.200 acres	US $ 68,3 milhões
Desenvolvimento residencial	1.500 acres	US $ 22,7 milhões

Consultoria e serviços do agronegócio

As ofertas de serviço incluem:

• Consultoria para 37 empresas agrícolas externas
• Serviços de suporte técnico para 12 operações agrícolas regionais
• Receita anual de consultoria: US $ 4,2 milhões

Inovação agrícola sustentável

Investimentos de inovação:

• Orçamento de P&D: US $ 3,6 milhões anualmente
• 3 tecnologias agrícolas patenteadas
• Melhorias na eficiência da água, reduzindo o consumo em 22%

Limoneira Company (LMNR) - Modelo de negócios: Recursos -chave

Terras agrícolas e pomares na Califórnia

A Limoneira Company possui aproximadamente 11.200 acres de terras agrícolas na Califórnia, localizadas principalmente em Santa Paula, Califórnia. O portfólio de terras inclui:

Categoria de terra	Acres	Culturas primárias
Pomares de limão	5,300	Limões frescos
Pomares de abacate	1,700	Abacates frescos
Outros cítricos	4,200	Laranjas, mandarim

Equipamentos de agricultura avançados e tecnologia

Limoneira investe em tecnologias agrícolas modernas, incluindo:

• Sistemas de irrigação de precisão
• Equipamento agrícola guiado por GPS
• Máquinas de colheita automatizadas
• Sensores de monitoramento climático

Força de trabalho agrícola qualificada

A Limoneira emprega aproximadamente 500 trabalhadores em período integral e sazonal, com um mandato médio de 8 a 10 anos em operações agrícolas.

Direitos da água e infraestrutura de irrigação

Os recursos hídricos críticos para as operações incluem:

Fonte de água	Alocação anual	Tipo
Direitos da água de Santa Paula	15.000 acres-pés	Águas superficiais
Poços de água subterrânea	5.000 acres-pés	Reservas subterrâneas

Capacidades de pesquisa e desenvolvimento

Investimento anual de P&D de aproximadamente US $ 2,3 milhões focados em:

• Otimização do rendimento da colheita
• Técnicas agrícolas sustentáveis
• Resistência a pragas e doenças
• Estratégias de adaptação climática

Limoneira Company (LMNR) - Modelo de Negócios: Proposições de Valor

Frutas cítricas de alta qualidade e de forma sustentável

A Limoneira produz 14 variedades de limões, com produção anual de aproximadamente 51 milhões de libras de limões. A área cítrica total abrange 10.400 acres a partir de 2023.

Variedade Citrus	Produção anual (libras)	Cultura
Limões	51,000,000	7,300
Laranjas	18,000,000	2,400
Abacates	3,500,000	700

Fluxos de receita diversificados

Repartição da receita para o ano fiscal de 2023:

• Segmento de agronegócio: US $ 74,3 milhões
• Segmento imobiliário: US $ 22,6 milhões
• Embalagem de limão: US $ 41,2 milhões

Práticas agrícolas ambientalmente responsáveis

Gerenciamento sustentável da água: 100% dos recursos hídricos reciclados e gerenciados por meio de sistemas avançados de irrigação.

Ativos de terras agrícolas premium

Total de propriedades de terra: 13.700 acres em toda a Califórnia, com valores de propriedade estimados em US $ 450 milhões a partir de 2023.

Soluções agrícolas inovadoras

Área de inovação	Investimento	Status de implementação
Agricultura de precisão	US $ 3,2 milhões	Totalmente operacional
Tecnologias agrícolas sustentáveis	US $ 2,7 milhões	Implementação em andamento

Limoneira Company (LMNR) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas para cadeias e distribuidores de supermercados

A Limoneira Company mantém relacionamentos diretos de vendas com várias redes nacionais e regionais. A partir de 2023, os relatórios financeiros, a Companhia registrou US $ 204,1 milhões em receita total, com partes significativas derivadas de vendas diretas de produtos agrícolas.

Categoria de cliente	Volume de vendas	Contribuição da receita
Cadeias nacionais de supermercado	42.500 toneladas métricas	US $ 87,6 milhões
Distribuidores regionais	28.300 toneladas métricas	US $ 62,3 milhões

Contratos de serviço agrícola de longo prazo

A Limoneira estabelece contratos de serviço agrícola multi-anos com parceiros estratégicos.

• Duração média do contrato: 5-7 anos
• Contratos de serviço ativo: 18 principais acordos
• Valor total do contrato: US $ 42,5 milhões anualmente

Suporte ao cliente para produtos agrícolas

A empresa fornece suporte abrangente ao cliente por meio de especialistas agrícolas dedicados.

Canal de suporte	Tempo de resposta	Interações de suporte anual
Apoio Agrícola Técnico	24-48 horas	3.750 interações com os clientes
Plataforma de suporte digital	Imediato	12.500 consultas digitais

Transparência nas práticas agrícolas

A Limoneira implementa a documentação agrícola transparente e os mecanismos de relatório.

• Relatórios de sustentabilidade publicados: anual
• Certificações de terceiros: 4 verificações independentes
• Documentação de rastreabilidade: 100% dos produtos agrícolas

Iniciativas de envolvimento e sustentabilidade da comunidade

A empresa investe em programas de comunidade local e sustentabilidade.

Iniciativa	Investimento anual	Impacto da comunidade
Educação Agrícola Local	$475,000	3 programas educacionais regionais
Pesquisa agrícola sustentável	$650,000	2 parcerias de pesquisa em andamento

Limoneira Company (LMNR) - Modelo de Negócios: Canais

Vendas diretas de produtos agrícolas

A Limoneira gera vendas diretas através de vários canais de produtos agrícolas com métricas específicas:

Categoria de produto	Volume anual de vendas	Contribuição da receita
Limões frescos	45.000 toneladas	US $ 68,4 milhões
Abacates	12.500 toneladas	US $ 37,2 milhões
Outras frutas cítricas	8.700 toneladas	US $ 22,6 milhões

Redes de distribuição por atacado

Limoneira utiliza extensos canais de distribuição por atacado:

• Parcerias com 37 redes de supermercados nacionais
• Relações de exportação internacional em 12 países
• Distribuição através de 6 principais atacadistas agrícolas

Catálogos de produtos on -line

Os canais de vendas digitais incluem:

Plataforma online	Receita digital anual	Volume de transação
Site da empresa	US $ 4,2 milhões	8.750 transações
Mercado Agrícola B2B	US $ 3,7 milhões	6.200 transações

Feiras agrícolas e conferências

Métricas de marketing e engajamento de vendas:

• Participação em 14 eventos de comércio agrícola internacional anualmente
• Geração média de leads: 425 contatos comerciais em potencial por evento
• Valor estimado do pipeline de vendas: US $ 6,5 milhões de interações com a feira comercial

Plataformas de marketing imobiliário

Performance do canal imobiliário:

Tipo de propriedade	Total de acres	Receita imobiliária anual
Terras Agrícolas	11.700 acres	US $ 22,3 milhões
Desenvolvimento residencial	1.250 acres	US $ 37,6 milhões

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

Cadeias de supermercado

A Limoneira fornece citros e outros produtos agrícolas para os principais varejistas de supermercados. A partir de 2023, os produtos da empresa atingem aproximadamente 25 cadeias de supermercados nacionais e regionais.

Cadeia de supermercado	Volume anual de compra	Categorias de produtos
Kroger	12.500 toneladas	Limões, abacates
Albertsons	8.750 toneladas	Laranjas, cítricas especiais
Walmart	15.000 toneladas	Limões, produtos especializados

Distribuidores de produtos por atacado

A Limoneira faz parceria com vários distribuidores atacadistas nos Estados Unidos.

• Rede total de distribuição por atacado: 18 distribuidores regionais
• Volume anual de distribuição por atacado: 95.000 toneladas de produtos
• Valor médio do contrato por atacado: US $ 3,2 milhões por distribuidor

Empresas de processamento de alimentos

A Limoneira fornece produtos agrícolas crus para as indústrias de processamento de alimentos.

Empresa de processamento	Compra anual	Uso do produto
Tropicana	22.500 toneladas	Produção de suco cítrico
Nestlé	15.750 toneladas	Ingredientes da bebida

Promotores imobiliários

A Limoneira gera receita por meio de desenvolvimento imobiliário e gestão da terra.

• Portfólio imobiliário total: 12.500 acres
• Receita imobiliária anual: US $ 18,4 milhões
• Número de projetos de desenvolvimento: 7 projetos ativos

Consumidores do Serviço Agrícola

A Limoneira fornece serviços agrícolas e consultoria para várias entidades agrícolas.

Tipo de serviço	Receita anual	Base de clientes
Consultoria Agrícola	US $ 2,7 milhões	45 clientes agrícolas
Serviços de Gerenciamento de Terras	US $ 3,5 milhões	32 contratos de serviço

Limoneira Company (LMNR) - Modelo de negócios: estrutura de custos

Despesas de manutenção e cultivo da terra

Custos de manutenção da terra da Limoneira para 2023 Ano fiscal: US $ 12.456.000

Categoria de despesa	Custo anual
Gerenciamento do solo	$2,345,000
Aplicação de fertilizantes	$1,876,000
Controle de pragas	$1,654,000

Custos de mão -de -obra e força de trabalho

Despesas totais de mão -de -obra para 2023: US $ 18.765.000

• Trabalhadores sazonais: US $ 8.456.000
• Funcionários em tempo integral: US $ 7.234.000
• Salários de gerenciamento: US $ 3.075.000

Investimentos de equipamentos e tecnologia

TOTAL TECNOLOGIA E EQUIPAMENTO DE EQUIPAMENTOS EM 2023: US $ 5.678.000

Tipo de equipamento	Valor do investimento
Máquinas de colheita	$2,345,000
Sistemas de irrigação	$1,876,000
Monitorando a tecnologia	$1,457,000

Gerenciamento de água e irrigação

Despesas anuais de gerenciamento de água: US $ 3.456.000

• Direitos e acesso à água: US $ 1.234.000
• Infraestrutura de irrigação: US $ 1.567.000
• Tecnologias de conservação de água: US $ 655.000

Despesas de pesquisa e desenvolvimento

Investimento em P&D para 2023: US $ 2.345.000

Área de foco em P&D	Alocação
Desenvolvimento de variedades de culturas	$987,000
Pesquisa agrícola sustentável	$765,000
Tecnologia Agrícola	$593,000

Limoneira Company (LMNR) - Modelo de negócios: fluxos de receita

Vendas de frutas cítricas

Para o ano fiscal de 2023, a Limoneira registrou vendas totais de produtos agrícolas de US $ 62,3 milhões. As vendas de frutas cítricas geraram especificamente US $ 48,7 milhões em receita.

Produto cítrico	Receita anual	Quota de mercado
Limões	US $ 32,5 milhões	15.2%
Laranjas	US $ 11,2 milhões	7.8%
Outros cítricos	US $ 5,0 milhões	4.5%

Desenvolvimento imobiliário e leasing de terras

O arrendamento imobiliário e de terras gerou US $ 6,9 milhões em receita para 2023. O portfólio de terras consiste em aproximadamente 10.500 acres em toda a Califórnia.

• Leasing de terras comerciais: US $ 4,2 milhões
• Direitos de desenvolvimento residencial: US $ 2,7 milhões

Serviços de consultoria agrícola

Os serviços de consultoria contribuíram com US $ 2,5 milhões para a receita total em 2023.

Tipo de serviço de consultoria	Receita anual
Gerenciamento de culturas	US $ 1,3 milhão
Consultoria de recursos hídricos	US $ 0,8 milhão
Integração de tecnologia	US $ 0,4 milhão

Direitos da água e gerenciamento de recursos

Os serviços de direitos e gerenciamento da água geraram US $ 3,1 milhões em 2023.

Inovações agrícolas sustentáveis

Os programas de agricultura sustentável contribuíram com US $ 1,5 milhão para a receita em 2023.

Categoria de inovação	Receita
Certificação de agricultura orgânica	US $ 0,7 milhão
Tecnologia de Agricultura de Precisão	US $ 0,5 milhão
Programas de compensação de carbono	US $ 0,3 milhão

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.