Limoneira reports $15.8 million net revenue loss in concerning Q3 2025 results

California-based citrus grower and distributor Limoneira reported a $15.8 million net revenue loss for Q3 2025, totaling $47.5 million. This variation resulted in a dramatic 25 percent drop in total net revenue compared to the same period last year ($63.3 million).

The company suffered a similar decline in its agribusiness revenue, which totaled $45.9 million—that is, $15.9 million, or 26 percent, below the $61.8 million reported in Q3 2024. Limoneira's other operations remained steady, totaling $1.5 million in the third quarter of fiscal years 2025 and 2024.

“The lemon market continued to face pricing pressure during the first two months of the third quarter, and our fresh utilization was lower due to holding lemons in storage longer to capture higher prices during the final month of the quarter," explained Harold Edwards, President and Chief Executive Officer of Limoneira. "We expect lemons to return to profitability with more normalized prices and fresh utilization levels in fiscal year 2026."

Prices have indeed hit Limoneira's business hard this year. According to the company's financial report, out of all Q3 agribusiness reported revenue, fresh-packed lemon sales accounted for $23.8 million, a 7.8 percent decline compared to the same period last year. The number of cartons remained essentially the same; however, prices changed substantially—while a carton of Limoneira fresh lemons sold for an average price of $18.43 in Q3 2024, the same carton sold for $1.41 less.

Edwards stated that the company is partnering with Sunkist for citrus sales and marketing. The company expects this alliance to unlock access to new, high-quality customers, while driving $5 million in annual cost savings and EBITDA enhancement starting in fiscal 2026.

Avocados, citrus, and other indicators of Limoneira's financial health

Limoneira's Q3 2025 financial results report also included insights into the company's avocado and orange production, as well as its real estate business. 

Avocado revenue totaled $8.5 million, a 39 percent drop compared to the same period last year ($13.9 million). The decline was the result of a 36 percent drop in sales, which totaled 5,654,000 pounds in Q3 2025. 

The executive explained that avocado pricing and volume were in line with the company's plan, and Limoneira expects production to improve in the coming years as newly planted acreage matures. 

In the orange front, Limoneira reported $1.7 million in revenue compared to $1.2 million in Q3 2024. Sales jumped almost 46 percent (approximately 94,000 cartons) as prices stabilized and dropped from $26.98 to $18.00 each. 

Farm management revenues were $0.1 million in Q3 2025, compared to $3.2 million in the same period of fiscal year 2024, due to the termination of the farm management agreement with PGIM Real Estate Finance.

Non-GAAP adjusted EBITDA was $3 million in Q3 2025 compared to $13.8 million in Q3 2024. 

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