Alico(ALCO) - 2025 Q2 - Quarterly Results

Financial Performance - Alico, Inc. reported revenue of $17.98 million for the three months ended March 31, 2025, a decrease of 0.7$18.11 million in the same period of 2024[4]. - The net loss attributable to Alico common stockholders for the three months ended March 31, 2025, was $111.39 million, a significant increase of 604.8$15.80 million in the prior year[4]. - Adjusted EBITDA for the three months ended March 31, 2025, was $12.73 million, compared to a loss of$16.47 million in the same period of 2024[5]. - Total operating revenues for the three months ended March 31, 2025, were $17,980,000, a decrease of 0.73$18,113,000 for the same period in 2024[39]. - Alico Citrus segment reported operating revenues of $17,253,000 for the three months ended March 31, 2025, down from$17,762,000 in the prior year, reflecting a decline of 2.86%[39]. - The company incurred a gross loss of $149,697,000 for the three months ended March 31, 2025, compared to a gross loss of$18,158,000 for the same period in 2024[39]. - Net loss attributable to Alico, Inc. common stockholders for the six months ended March 31, 2025, was $120,552,000, compared to net income of$27,141,000 for the same period in 2024[39]. - Adjusted EBITDA for the six months ended March 31, 2025, was $6,057,000, a decrease from$47,343,000 for the same period in 2024[45]. Cash and Debt Management - Alico's cash balance is projected to reach approximately $25 million by the end of fiscal year 2025, with net debt expected to be around$60 million[3]. - The Company expects land sales to potentially exceed $50 million for fiscal year 2025, supported by$20 million in previously announced land sales and cash generated from the citrus harvest[3]. - Alico's liquidity position remains strong with $14.66 million in cash and cash equivalents and$88.5 million in available credit facilities[2]. - Total debt was $89.6 million and net debt was$74.9 million at March 31, 2025, compared to $92.1 million and$89.0 million, respectively, at September 30, 2024[22]. - The Company expects to realize approximately $20 million in land sales in fiscal year 2025, with potential for an additional$30 million, representing a 150% increase from prior guidance[28]. - The Company anticipates ending fiscal year 2025 with approximately $25 million in cash and net debt of approximately$60 million[29]. - Cash and cash equivalents increased to $15,421,000 as of March 31, 2025, from$5,966,000 at the end of the prior year[41]. - Total liabilities decreased to $107,954,000 as of March 31, 2025, compared to$142,424,000 as of September 30, 2024, a reduction of 24.1%[38]. - Total debt as of March 31, 2025, was $89,558,000, down from$92,117,000 as of September 30, 2024[46]. - Net debt as of March 31, 2025, was $74,899,000, compared to$88,967,000 as of September 30, 2024[46]. - Current portion of long-term debt remained stable at $1,410,000 for both March 31, 2025, and September 30, 2024[46]. - Long-term debt, net, decreased slightly to$81,654,000 as of March 31, 2025, from $82,313,000 as of September 30, 2024[46]. Operational Highlights - Citrus production for the three months ended March 31, 2025, saw a total of 923 boxes harvested, a decline of 20.4$3.66 compared to $3.06 in the prior year[7]. - Land Management and Other Operations revenue increased by 107.1$1.1 million for the three months ended March 31, 2025, mainly due to accelerated depreciation and higher legal fees related to the Strategic Transformation[13]. - Other income for the six months ended March 31, 2025, was a gain of $14.2 million, down from$75.0 million for the same period in 2024, primarily due to fewer land sales[16]. Strategic Initiatives - Alico announced the creation of Corkscrew Grove Villages, which will include approximately 9,000 homes and 375 affordable housing units per village, enhancing public infrastructure and conservation efforts[19]. - The first village of Corkscrew Grove is expected to begin construction in 2028 or 2029, pending regulatory approvals[20]. - Alico has a long history of conservation, having sold over 17,000 acres of land to the Florida Department of Environmental Protection in 2023, contributing to the Florida Wildlife Corridor[25]. - The Company is committed to a strategic transformation focusing on diversified land usage and real estate development, winding down its citrus production operations[31]. Dividend Information - The Company paid a second quarter cash dividend of $0.05 per share on April 11, 2025, to stockholders of record as of March 28, 2025[17]. - The company declared cash dividends of$0.05 per common share for both the three and six months ended March 31, 2025, consistent with the prior year[39].