Development Projects Advance Through Entitlement Process with Corkscrew Grove Decision Expected in 2026
Net loss attributable to Alico, Inc. common stockholders fiscal year ended September 30, 2025 of $147.3 million, Adjusted EBITDA of $22.5 million, Exceeding $20 Million Guidance
Land Sales of $23.8 million, Exceeding $20 Million Guidance
Strong Cash Generation Delivers $38.1 Million Cash and cash equivalents with total debt of $85.5 million, resulting in $47.4 million of Net Debt, Outperforming Balance Sheet Targets
Company Ends Fiscal Year 2025 with Enough Cash to Meet Expected Operating Expenses Through Fiscal Year 2027
FORT MYERS, Fla., Nov. 24, 2025 (GLOBE NEWSWIRE) -- Alico, Inc. ("Alico" or the "Company," "we," "us" or "our") (NASDAQ:ALCO) today announces financial results for the fourth quarter and fiscal year ended September 30, 2025.
Management Comment
John Kiernan, President and Chief Executive Officer of the Company, stated, "Fiscal year 2025 was a pivotal year in Alico's strategic evolution as we successfully made our transformation from a traditional citrus producer to a diversified land company. Our disciplined execution has positioned us well for the next phase of our transformation. With approximately 25% of our land holdings identified for strategic development opportunities and 75% remaining in diversified agriculture, we've created a balanced platform for both near-term returns and long-term growth. As we enter fiscal 2026, we believe Alico is well-capitalized, strategically focused, and positioned to deliver sustainable value creation for our shareholders. Our goals during the next phase are to optimize the agricultural leasing programs on all of our landholdings in the near term, continuing to maintain rigorous corporate and operational cost controls, and enhancing our properties that have strategic development potential as quickly as possible.
We delivered on the commitments we made to shareholders this year by completing our final major citrus harvest and exceeding our $20 million land sales guidance with $23.8 million in land sales proceeds. Net loss attributable to Alico, Inc. common stockholders was $147.3 million; however we had Adjusted EBITDA of $22.5 million also achieving our $20 million target. We ended the year with $38.1 million in cash and reduced our net debt to $47.4 million, providing us with the financial flexibility to fund operations through fiscal year 2027 while advancing our high-value land development projects."
Mr. Kiernan continued, "The progress of Corkscrew Grove Villages, with milestones toward regulatory approvals approaching and a final decision expected from Collier County in 2026, demonstrates the significant value creation potential within our portfolio. The establishment of the Corkscrew Grove Stewardship District and our strategic partnership with the Florida Department of Transportation and its construction contractor to design and construct a wildlife underpass as part of a planned expansion of State Road 82 are significant milestones achieved this year. The entitlement progress with our Bonnett Lake property is also progressing well. There is much for Alico to proud of accomplishing this year."
Results of Operations
(in thousands, except for per share amounts and percentages)
Three Months Ended September 30,
Fiscal Years Ended September 30,
2025
2024
% Change
2025
2024
% Change
Revenue
$
802
$
935
(14.2
)%
$
44,066
$
46,643
(5.5
)%
Net (loss) income attributable to Alico, Inc. common stockholders
(8,493
)
$
(18,124
)
NM
$
(147,334
)
$
6,973
(2212.9
)%
(Loss) earnings per diluted common share
(1.11
)
$
(2.38
)
NM
$
(19.29
)
$
0.91
(2219.8
)%
EBITDA(1)
$
(2,853
)
$
(18,953
)
84.9
%
$
(5,063
)
$
29,733
(117.0
)%
Adjusted EBITDA(1)
$
(2,789
)
$
(18,953
)
85.3
%
$
22,541
$
29,733
(24.2
)%
Net cash provided by (used in) operating activities
(2,715
)
$
(11,777
)
76.9
%
$
20,126
$
(30,497
)
166.0
%
September 30,2025
September 30,2024
$ Change
September 30,2025
September 30,2024
Balance Sheet Items
Cash and cash equivalents
$
38,128
$
3,150
$
34,978
Working Capital Ratio
9.56 to 1
3.81 to 1
Current portion of long-term debt
$
250
$
1,410
$
(1,160
)
Debt to total assets ratio
0.43 to 1
0.23 to 1
Long-term debt, net
$
82,797
$
82,313
$
484
Net Debt(1)
$
47,419
$
88,967
Lines of credit
$
2,500
$
8,394
$
(5,894
)
Total Alico stockholders' equity
$
103,032
$
251,159
$
(148,127
)
(1) "EBITDA," "Adjusted EBITDA" and "Net Debt" are non-GAAP financial measures. See "Non-GAAP Financial Measures" at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures to their most directly comparable GAAP measures.
NM = Not meaningful
For the fiscal year ended September 30, 2025, the Company reported a net loss attributable to Alico common stockholders of $(147.3) million, compared to net income attributable to Alico common stockholders of $7.0 million for the fiscal year ended September 30, 2024. The net loss for the fiscal year ended September 30, 2025, is principally attributable to accelerated depreciation of $162.7 million, the impairment of our young trees and the impairment of certain long lived assets at one of our groves, of $25.0 million, as a result of our Strategic Transformation and lower gains on the sale of property and equipment of $21.8 million, for the fiscal year ended September 30, 2025, as compared to $81.6 million for the fiscal year ended September 30, 2024. This was partially offset by lower inventory adjustments of $9.9 million during the year ended September 30, 2025, compared to $48.1 million for the year ended September 30, 2024, $20.4 million of crop insurance proceeds received during the fiscal year ended September 30, 2025, in connection with Hurricane Milton and a change in income taxes to a benefit of $(38.4) million from a provision of $4.6 million, for the fiscal years ended September 30, 2025 and 2024, respectively. For the fiscal year ended September 30, 2025, the Company had a loss of $(19.29) per diluted common share, compared to earnings of $0.91 per diluted common share for the fiscal year ended September 30, 2024.
When both periods are adjusted for certain items, including the impairment of long-lived assets and restructuring and other changes, the Company had an Adjusted EBITDA loss for the fiscal years ended September 30, 2025 and 2024 of $22.5 million and $29.7 million, respectively.
The majority of the Company's citrus crop is harvested in the first and second quarters of the fiscal year. Consequently, most of the Company's gross profit and cash flows from operating activities are typically recognized in those quarters. Working capital requirements are typically greater in the third and fourth quarters of the fiscal year. Because of the seasonality of the business, results for any quarter are not necessarily indicative of the results that may be achieved for the full year ended September 30.
Alico Citrus Division Results
Citrus production for the fiscal years ended September 30, 2025 and 2024 is summarized in the following table.
(in thousands, except per box and per pound solids data)
Fiscal Years EndedSeptember 30,
Change
2025
2024
Unit
%
Boxes Harvested:
Early and Mid-Season
944
1,194
(250
)
(20.9
)%
Valencias
1,305
1,855
(550
)
(29.6
)%
Total Processed
2,249
3,049
(800
)
(26.2
)%
Fresh Fruit
37
35
2
5.7
%
Total
2,286
3,084
(798
)
(25.9
)%
Pound Solids Produced:
Early and Mid-Season
4,224
5,364
(1,140
)
(21.3
)%
Valencias
6,622
9,365
(2,743
)
(29.3
)%
Total
10,846
14,729
(3,883
)
(26.4
)%
Pound Solids per Box:
Early and Mid-Season
4.47
4.49
(0.02
)
(0.4
)%
Valencias
5.07
5.05
0.02
0.4
%
Price per Pound Solids:
Early and Mid-Season
$
3.69
$
2.71
$
0.98
36.2
%
Valencias
$
3.64
$
2.88
$
0.76
26.4
%
For the fiscal year ended September 30, 2025, Alico Citrus harvested 2.3 million boxes of fruit, a decrease of 25.9% from the prior year. This decrease in harvested production was driven by an increase in fruit drop driven by Hurricane Milton in October 2024. However, the Company also benefited by its average realized price per pound solids rising from $2.81 per pound solids in the year ended September 30, 2024 to $3.66 per pound solids in year ended September 30, 2025, because of more favorable pricing in one of our contracts with Tropicana.
Land Management and Other Operations Division Results
Land Management and Other Operations includes lease income from farm leases (including leases of our citrus groves), grazing rights and hunting, as well as royalties received for mining and oil extraction rights, and other miscellaneous income.
Gross profit for the Land Management and Other Operations Division increased for the fiscal year ended September 30, 2025, by $1.1 million, compared to the prior year, primarily due to an increase in rock and sand royalty income, sod sales and farm lease revenue, partially offset by lower grazing and hunting lease revenues due to the sale of the Alico Ranch.
Other Corporate Financial Information
General and administrative expenses increased $0.6 million for the year ended September 30, 2025 as compared to the year ended September 30, 2024, driven by the acceleration of depreciation on certain administrative assets and an increase in personnel and legal costs, as a result of our Strategic Transformation, partially offset by lower employee costs associated with our reduced workforce.
Other income, net, for the years ended September 30, 2025 and 2024 was $18.0 million and $78.4 million, respectively. The decrease in other income, net was primarily due to the sale of 2,796 acres of land for approximately $23.8 million which resulted in a gain of $20.3 million, as compared to the year ended September 30, 2024, when we sold approximately 18,354 acres of land for $86.2 million and recognized a gain of $81.4 million (including 17,229 acres of the Alico Ranch to the State of Florida).
Dividend
On October 10, 2025, the Company paid a fourth quarter cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of September 26, 2025.
Balance Sheet and Liquidity
The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:
The Company's working capital was $49.2 million at September 30, 2025, representing a 9.56 to 1.00 current ratio.
The Company maintains a solid debt to total assets ratio. At September 30, 2025 and 2024, the ratios were 0.43 to 1.00 and 0.23 to 1.00, respectively.
Available borrowings under our line of credit were $92.5 million, at September 30, 2025.
Real Estate Development or Land Development
In March 2025, the Company announced the creation of Corkscrew Grove Villages located on approximately 4,600 acres at the northwest corner of Collier County on the border of Lee and Hendry counties. As envisioned, Corkscrew Grove Villages is expected not only to provide future residents with ample opportunities to live, work and play in a growing part of Collier County, but will also enhance public infrastructure, permanently protect thousands of acres of sensitive land, and enhance wetlands and water resources. The villages are anticipated to provide significant economic benefits to the region, and improvements are expected to come at no additional cost to Collier County taxpayers. This plan consists of two 1,500-acre villages accompanied by more than 6,000 acres of permanent conservation areas. There could be approximately 9,000 homes in total, or 4,500 homes per village. Offerings will include a variety of options suitable for working families, essential workers and retirees. Corkscrew Grove Villages will also include approximately 375 income-restricted units per village, with the goal of ensuring that the local essential workforce will be able to live and work in Collier County. With approximately 560,000 square feet in total commercial space, or 280,000 square feet expected per village, Corkscrew Grove Villages is expected to offer a dynamic blend of retail, dining, office, medical and light industrial opportunities. Designed as a complete, connected community, Alico plans to thoughtfully integrating residential, commercial and civic spaces to create a place where people can live and work, all aiming to ease traffic congestion and enhance convenience. Collier County and Southwest Florida continue to experience significant growth, particularly in eastern Collier County. We believe Corkscrew Grove Villages are ideally situated at the intersection of Collier, Lee and Hendry counties, providing future residents with easy access to Naples, Fort Myers, Miami and Tampa through links to I-75 in Collier and Lee counties and State Road 80 in Hendry County.
Alico launched its multi-year entitlement approval effort for Corkscrew Grove Villages by submitting an application to Collier County for local approval for the first of two villages. While the long-term vision for Corkscrew Grove Villages includes two villages, Alico's current application with Collier County only seeks approval for the East Village as a first step. This process is anticipated to take approximately one year, with the final decision by the Collier Board of County Commissioners expected in 2026. Additionally, Alico has submitted permits to the South Florida Water Management District and the U.S. Army Corps of Engineers for ...
