Q4 2025 Alico Inc Earnings Call
Speaker #1: Please stand by. Your meeting is about to begin. Good morning, and welcome to the ALICO Q4 and fiscal year ended 2025 earnings call. Currently, all participants are in a listen-only mode.
Operator: Currently, all participants are in a listen-only mode. As a reminder, today's conference is being recorded. I would now like to turn the call over to your host, John Mills, Managing Partner at ICR. Please go ahead. Thank you. Good morning, everyone, and thank you for joining us for ALICO's Q4 and Q2 2025 conference call. On the call today are John Kiernan, President and Chief Executive Officer, and Brad Heine, Chief Financial Officer. By now, everyone should have access to the Q4 and Q2 2025 earnings release, which went out yesterday at approximately 4:15PM Eastern Time. If you have not had a chance to view the release, it is available on the Investor Relations portion of the company's website at alicoinc.com. This call is being webcast, and a replay will be available on ALICO's website as well.
Currently, all participants are in a listen-only mode. As a reminder, today's conference is being recorded. I would now like to turn the call over to your host, John Mills, Managing Partner at ICR. Please go ahead.
Speaker #1: Reminder, today's conference is being recorded. I would now like to turn the call over to your host, John Mills, Managing Partner at ICR.
Speaker #1: Please go ahead.
John Mills: Thank you. Good morning, everyone, and thank you for joining us for ALICO's Q4 and Q2 2025 conference call. On the call today are John Kiernan, President and Chief Executive Officer, and Brad Heine, Chief Financial Officer. By now, everyone should have access to the Q4 and Q2 2025 earnings release, which went out yesterday at approximately 4:15PM Eastern Time. If you have not had a chance to view the release, it is available on the Investor Relations portion of the company's website at alicoinc.com. This call is being webcast, and a replay will be available on ALICO's website as well.
Speaker #2: Thank you. Good morning, everyone, and thank you for joining us for ALICO's Q4 and fiscal year 2025 conference call. Presenting today are John Kiernan, President and Chief Executive Officer, and Bradley Heine, Chief Financial Officer.
Speaker #2: Thank you. Good morning, everyone, and thank you for joining us for ALICO's Q4 and fiscal year 2025 conference John Kiernan, President and Chief Executive Officer; and Bradley call.
Speaker #2: Q4 and fiscal year 2025 earnings release, which went out yesterday at approximately 4:15 PM Eastern Time. If you've not had a chance to view the release, it's available on the On the call today are Investor Relations portion of the company's website, at alico.inc.com.
Speaker #2: This call is being webcast, and website as well. Before we begin, we'd like to remind everyone that the a replay will be available on ALICO's prepared remarks contain forward-looking cause actual results to differ statements.
Operator: Before we begin, we'd like to remind everyone that the prepared remarks contain forward-looking statements. Such statements are subject to risk, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied in these statements. Important factors that could cause or contribute to such differences include risk detailed in the company's quarterly reports on Form 10Q, annual reports on Form 10K, current reports on Form 8K, and any amendments thereto, filed with the SEC, and those mentioned in the earnings release. The company undertakes no obligation to subsequently update or revise the forward-looking statements made on today's call, except as required by law. During this call, the company may also discuss non-GAAP financial measures, including EBITDA, adjusted EBITDA, and net debt. For more details on these measures, please refer to the company's press release issued yesterday.
Before we begin, we'd like to remind everyone that the prepared remarks contain forward-looking statements. Such statements are subject to risk, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied in these statements. Important factors that could cause or contribute to such differences include risk detailed in the company's quarterly reports on Form 10Q, annual reports on Form 10K, current reports on Form 8K, and any amendments thereto, filed with the SEC, and those mentioned in the earnings release. The company undertakes no obligation to subsequently update or revise the forward-looking statements made on today's call, except as required by law. During this call, the company may also discuss non-GAAP financial measures, including EBITDA, adjusted EBITDA, and net debt. For more details on these measures, please refer to the company's press release issued yesterday.
Speaker #2: materially from those expressed or implied in risk, uncertainties, and other factors that may these statements. Important factors that could cause or contribute to such differences include risk detail in the company's quarterly reports Such statements are subject to on Form 10Q, annual reports on Form 10K, current reports on Form 8K, and any amendments thereto filed with the SEC, and those mentioned in the earnings release.
Speaker #2: The company undertakes no obligation to subsequently update or revise the forward-looking statements made on today’s call, except as required by law. During this call, the company may also discuss non-GAAP financial measures including EBITDA, adjusted EBITDA, and net debt.
Speaker #2: For more details on these measures, please refer to yesterday's press release. I will now turn the call over to the company's President and CEO, Mr. John Kiernan.
Operator: It is my pleasure to turn the call over to the company's President and CEO, Mr. John Kiernan. Thank you, John. Good morning, everyone, and thank you for joining us for ALICO's Q4 and Q2 earnings call. This has been a truly transformational year for ALICO. We've successfully executed on our strategic pivot from a traditional citrus producer to a diversified land company, positioning ourselves for sustainable, long-term value creation while maintaining our deep commitment to conservation and responsible stewardship. Fiscal year 2025 will be remembered as a milestone year in ALICO's 125-plus year history. We delivered on the commitments we made to you, our shareholders, and demonstrated the disciplined execution that defines our approach to this transformation. Let me highlight our key accomplishments. First, we successfully completed our final major citrus harvest, officially concluding our capital-intensive citrus production operations.
It is my pleasure to turn the call over to the company's President and CEO, Mr. John Kiernan.
John Kiernan: Thank you, John. Good morning, everyone, and thank you for joining us for ALICO's Q4 and Q2 earnings call. This has been a truly transformational year for ALICO. We've successfully executed on our strategic pivot from a traditional citrus producer to a diversified land company, positioning ourselves for sustainable, long-term value creation while maintaining our deep commitment to conservation and responsible stewardship. Fiscal year 2025 will be remembered as a milestone year in ALICO's 125-plus year history. We delivered on the commitments we made to you, our shareholders, and demonstrated the disciplined execution that defines our approach to this transformation. Let me highlight our key accomplishments. First, we successfully completed our final major citrus harvest, officially concluding our capital-intensive citrus production operations.
Speaker #3: Thank you, John. Good morning, everyone, and thank you for joining us for ALICO's Q4 and fiscal year 2025 earnings call. This has been a truly transformational year for ALICO.
Speaker #3: We've successfully executed on our strategic pivot from a traditional land company positioning citrus producer to a diversified ourselves for sustainable long-term value creation while maintaining our deep commitment to conservation stewardship.
Speaker #3: Fiscal Year 2025 will be remembered as a milestone year in our history. With ALICO's 125+ initiatives delivered on the commitments we made to you, our shareholders, we have demonstrated the disciplined execution that defines our approach to this transformation.
Speaker #3: First, we successfully completed our accomplishments. Let me highlight our key harvest, officially concluding our final major citrus, our capital-intensive citrus production operations. This achievement represents the culmination of a 12-month transition that we executed carefully while maintaining day-to-day agricultural operations.
Operator: This achievement represents the culmination of a carefully planned 12-month transition that we executed while maintaining day-to-day agricultural operations. Second, we exceeded our financial guidance across key metrics. We achieved $22.5 million in adjusted EBITDA, surpassing our $20 million target. Our land sales of $23.8 million also exceeded a $20 million guidance, demonstrating strong demand for our strategically located properties. Third, we strengthened our balance sheet significantly. 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 development projects. The takeaway accomplishment for 2025 is that we have essentially lowered the financial risk for the company by reducing the volatility of weather-dependent and disease-affected citrus agriculture operations by leasing land to other agricultural crop growers, while maintaining the stability of diversified land usage.
This achievement represents the culmination of a carefully planned 12-month transition that we executed while maintaining day-to-day agricultural operations. Second, we exceeded our financial guidance across key metrics. We achieved $22.5 million in adjusted EBITDA, surpassing our $20 million target. Our land sales of $23.8 million also exceeded a $20 million guidance, demonstrating strong demand for our strategically located properties. Third, we strengthened our balance sheet significantly. 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 development projects. The takeaway accomplishment for 2025 is that we have essentially lowered the financial risk for the company by reducing the volatility of weather-dependent and disease-affected citrus agriculture operations by leasing land to other agricultural crop growers, while maintaining the stability of diversified land usage.
Speaker #3: Second, we exceeded our financial guidance across key metrics. We achieved EBITDA surpassing $22.5 million in adjusted targets. Our land sales of $23.8 million also exceeded the $20 million guidance for our strategically located properties, demonstrating strong demand. Third, we significantly strengthened our balance sheet.
Speaker #3: We ended the year with 38.1 million dollars in cash properties. and reduced our net debt to 47.4 million dollars, providing us with a financial flexibility to fund operations through fiscal year 2027 while advancing our high-value development projects.
Speaker #3: The takeaway accomplishment for 2025 is that we have essentially lowered the financial risk for the company by reducing the volatility of weather-dependent and disease-affected citrus agriculture operations by leasing land to other agricultural crop growers while maintaining the stability of diversified land usage.
Speaker #3: Our development pipeline continues to advance on schedule, with corkscrew grow villages leading the way as the crown jewel of our portfolio. The establishment of the corkscrew grow stewardship district represents a significant regulatory milestone that validates our development for sustainable, community-focused growth.
Operator: Our development pipeline continues to advance on schedule, with Corkscrew Grove Villages leading the way as the crown jewel of our portfolio. The establishment of the Corkscrew Grove Stewardship District represents a significant regulatory milestone that validates our development strategy and provides the framework for sustainable, community-focused growth. The Stewardship District, approved unanimously by the Florida legislature, positions us to effectively finance infrastructure, restore and manage natural areas, and oversee the administration of our master plan communities. I'm particularly excited about our strategic partnership with the Florida Department of Transportation to design and construct a wildlife underpass as part of the State Road 82 expansion. This $5 million investment demonstrates our commitment to the Florida Wildlife Corridor, and showcases the innovative conservation approach that sets ALICO apart in the development community.
Our development pipeline continues to advance on schedule, with Corkscrew Grove Villages leading the way as the crown jewel of our portfolio. The establishment of the Corkscrew Grove Stewardship District represents a significant regulatory milestone that validates our development strategy and provides the framework for sustainable, community-focused growth. The Stewardship District, approved unanimously by the Florida legislature, positions us to effectively finance infrastructure, restore and manage natural areas, and oversee the administration of our master plan communities. I'm particularly excited about our strategic partnership with the Florida Department of Transportation to design and construct a wildlife underpass as part of the State Road 82 expansion. This $5 million investment demonstrates our commitment to the Florida Wildlife Corridor, and showcases the innovative conservation approach that sets ALICO apart in the development community.
Speaker #3: The stewardship district approved unanimously by the Florida legislature positions us to strategy and provides the framework effectively finance infrastructure, restore and manage natural areas, and oversee the administration of our master plan communities.
Speaker #3: Particularly excited about our strategic partnership with the Florida Department of Transportation to design and construct a wildlife underpass as part of the State Road 82 expansion.
Speaker #3: This $5 million investment demonstrates our commitment to the Florida Wildlife Corridor and showcases the innovative conservation approach that sets ALICO apart in the development community.
Speaker #3: We remain on track for the final decision from Collier County in 2026, with potential construction for Corkscrew beginning as early as 2028. The entitlement process—I'm sorry, the entitlement progress with our Bonnet Lake property is also progressing well, with our application moving through the review process as expected.
Operator: We remain on track for the final decision from Collier County in 2026, with potential construction for Corkscrew beginning as early as 2028. The entitlement process, I'm sorry, the entitlement progress with our Bonnet Lake property is also progressing well, with our application moving through the review process as expected. Collectively, our four near-term real estate development projects, Corkscrew Grove Villages, Bonnet Lake, Saddle Bag Grove, and Plant World, totaling approximately 5,500 acres, maintain their estimated present value of between $335 million and $380 million to be realized within the next five years. This represents significant value creation potential from just 10% of our land holdings, demonstrating the substantial embedded value within our diversified portfolio. Our conservation legacy continues to be a cornerstone of our strategy.
We remain on track for the final decision from Collier County in 2026, with potential construction for Corkscrew beginning as early as 2028. The entitlement process, I'm sorry, the entitlement progress with our Bonnet Lake property is also progressing well, with our application moving through the review process as expected. Collectively, our four near-term real estate development projects, Corkscrew Grove Villages, Bonnet Lake, Saddle Bag Grove, and Plant World, totaling approximately 5,500 acres, maintain their estimated present value of between $335 million and $380 million to be realized within the next five years. This represents significant value creation potential from just 10% of our land holdings, demonstrating the substantial embedded value within our diversified portfolio. Our conservation legacy continues to be a cornerstone of our strategy.
Speaker #3: four near-term real estate development Collectively, our projects, corkscrew grow villages, Bonnet Lake, Saddle Bag Grove, and Plant World, totaling approximately $5,500 acres, between $335 million and maintain their estimated present value of $380 million to be realized within the next five years.
Speaker #3: This represents significant value creation potential, as just 10% of our land holdings demonstrates the substantial embedded value within our diversified portfolio. Our conservation legacy continues to be a cornerstone of our strategy.
Speaker #3: Over the past 40 years, we've transferred lands that have become part including the Crew, Tiger Creek Preserve, and the Ocaloa Kuchi Slough Wildlife Management Area.
Operator: Over the past 40 years, we've transferred lands that have become part of major conservation areas, including the CREW, Tiger Creek Preserve, and the Okaloacoochee Slough Wildlife Management Area. The Corkscrew Grove Villages project will continue that legacy by placing no less than 6,000 acres into permanent conservation, supporting the implementation of the Florida Wildlife Corridor, and Collier Rural Land Stewardship Program. We believe in responsible development that balances growth with conservation, and believe it enhances the value and marketability of our development projects. Our approach creates the best of both worlds. With approximately 25% of our land identified for strategic development and 75% remaining for diversified agriculture, we've built a balanced platform for both near-term returns and long-term growth. We've successfully negotiated lease agreements for approximately 5,250 acres with third-party citrus growers, and we're seeing strong interest from cattle operators, sugarcane growers, and sod producers.
Over the past 40 years, we've transferred lands that have become part of major conservation areas, including the CREW, Tiger Creek Preserve, and the Okaloacoochee Slough Wildlife Management Area. The Corkscrew Grove Villages project will continue that legacy by placing no less than 6,000 acres into permanent conservation, supporting the implementation of the Florida Wildlife Corridor, and Collier Rural Land Stewardship Program. We believe in responsible development that balances growth with conservation, and believe it enhances the value and marketability of our development projects. Our approach creates the best of both worlds. With approximately 25% of our land identified for strategic development and 75% remaining for diversified agriculture, we've built a balanced platform for both near-term returns and long-term growth. We've successfully negotiated lease agreements for approximately 5,250 acres with third-party citrus growers, and we're seeing strong interest from cattle operators, sugarcane growers, and sod producers.
Speaker #3: The corkscrew grow villages project will continue that legacy, by placing no less than 6,000 acres into permanent conservation. Supporting the implementation of the Florida Wildlife Corridor and Collier Rural Land Stewardship Program.
Speaker #3: We believe in responsible with conservation and believe it enhances the value and development that balances growth marketability of our development projects. Our approach creates the best of both worlds.
Speaker #3: Approximately 25% of our land is identified for strategic development, and 75% remains for diversified agriculture. We built a balanced port platform for both, with near-term returns growth.
Speaker #3: We've successfully negotiated and long-term lease agreements for approximately 5,250 acres with third-party citrus growers and we're seeing strong interest from cattle operators, sugarcane growers, and sod producers.
Operator: This diversified approach generates revenue during our transition and also maintains productive use of our agricultural lands while preserving optionality for future development or continued agricultural use. Brad will provide detailed financial results in a moment, but I want to emphasize our strong cash generation and disciplined capital allocation. The $20.4 million in crop insurance proceeds we received following Hurricane Milton, combined with our land sales, has created a robust liquidity position. We remain committed to returning capital to shareholders. We paid our Q4 dividend in October, maintaining our track record of consistent dividend payments. Since 2015, we've returned more than $190 million of capital through dividends, share repurchases, and debt reduction. Management's comprehensive NPV analysis of our approximately 49,000 acres indicates a market value of assets between $650 million and $750 million.
This diversified approach generates revenue during our transition and also maintains productive use of our agricultural lands while preserving optionality for future development or continued agricultural use. Brad will provide detailed financial results in a moment, but I want to emphasize our strong cash generation and disciplined capital allocation. The $20.4 million in crop insurance proceeds we received following Hurricane Milton, combined with our land sales, has created a robust liquidity position. We remain committed to returning capital to shareholders. We paid our Q4 dividend in October, maintaining our track record of consistent dividend payments. Since 2015, we've returned more than $190 million of capital through dividends, share repurchases, and debt reduction. Management's comprehensive NPV analysis of our approximately 49,000 acres indicates a market value of assets between $650 million and $750 million.
Speaker #3: This approach generates revenue during our diversified transition and also maintains productive use of our agricultural optionality for future development lands while preserving our continued agricultural use.
Speaker #3: Brad will provide detailed financial results in a moment, but I want to emphasize our strong cash generation and disciplined capital allocation. The $20.4 million in crop insurance proceeds we received following Hurricane Milton, combined with our land sales, has positioned us well.
Speaker #3: We remain committed to returning capital to shareholders. We've created a robust liquidity hit our fourth quarter dividend in October, maintaining our track record of consistent dividend payments.
Speaker #3: Since 2015, we've returned more than $190 million of capital through dividends, share repurchases, and debt reduction. An analysis of our approximately 49,000 acres indicates a market value of assets between $650 million and $750 million.
Speaker #3: With our current market capitalization of approximately $240 million and net debt of $47.4 million, we believe Alico represents compelling value for investors seeking exposure to Florida's continued growth story.
Operator: With our current market capitalization of approximately $240 million and net debt of $47.4 million, we believe ALICO represents compelling value for investors seeking exposure to Florida's continued growth story. What differentiates ALICO is our unique combination of strategic land holdings across eight Florida counties, more than 125-plus years of local relationships and conservation credibility, a proven management team with deep expertise in both agricultural and real estate development, and a balanced portfolio approach with 75% of our land remaining in agriculture. Looking ahead into fiscal 2026, we've already demonstrated continued execution of our land monetization strategy. Earlier this month, we completed the sale of 579 acres of citrus land for approximately $6.1 million and sold our office and shop in Frostproof for approximately $1.7 million, further optimizing our real estate portfolio while generating additional cash flow.
With our current market capitalization of approximately $240 million and net debt of $47.4 million, we believe ALICO represents compelling value for investors seeking exposure to Florida's continued growth story. What differentiates ALICO is our unique combination of strategic land holdings across eight Florida counties, more than 125-plus years of local relationships and conservation credibility, a proven management team with deep expertise in both agricultural and real estate development, and a balanced portfolio approach with 75% of our land remaining in agriculture. Looking ahead into fiscal 2026, we've already demonstrated continued execution of our land monetization strategy. Earlier this month, we completed the sale of 579 acres of citrus land for approximately $6.1 million and sold our office and shop in Frostproof for approximately $1.7 million, further optimizing our real estate portfolio while generating additional cash flow.
Speaker #3: What differentiates ALICO is our unique combination of strategic land holdings across eight Florida counties, more than 125 years of local relationships, estate development, and expertise in both agricultural and real estate conservation credibility. We have a proven management team with deep experience, and 75% of our land remains in a balanced portfolio approach with agriculture.
Speaker #3: Looking ahead into fiscal 2026, we've already demonstrated continued execution of our land monetization strategy. Earlier this month, we completed the sale of 579 acres of citrus land for approximately $6.1 million.
Speaker #3: And sold our office and shop in Frostproof for approximately $1.7 million, further optimizing our real estate portfolio while generating additional cash flow. Our priorities for fiscal year 2026 to continue our transformation momentum are, first, to optimize our agricultural operations by maximizing revenue from our diversified leasing programs, while maintaining rigorous cost controls across all properties.
Operator: Our priorities for fiscal year 2026, to continue our transformation momentum, are, first, to optimize our agricultural operations by maximizing revenue from our diversified leasing programs, while maintaining rigorous cost controls across all properties. Second, to remain committed to advancing our residential and commercial development projects by continuing to progress through the entitlement process for our four priority projects, with particular focus on securing final approvals for Corkscrew Grove Villages. Third, our capital allocation approach will balance required entitlement investments with shareholder returns, while maintaining the financial flexibility necessary to execute our long-term strategy. Finally, to pursue operational excellence by leveraging our experienced management team and strong local relationships to execute efficiently across all of these initiatives. In closing, fiscal year 2025 was a year of successful transformation that positions ALICO for sustainable long-term growth.
Our priorities for fiscal year 2026, to continue our transformation momentum, are, first, to optimize our agricultural operations by maximizing revenue from our diversified leasing programs, while maintaining rigorous cost controls across all properties. Second, to remain committed to advancing our residential and commercial development projects by continuing to progress through the entitlement process for our four priority projects, with particular focus on securing final approvals for Corkscrew Grove Villages. Third, our capital allocation approach will balance required entitlement investments with shareholder returns, while maintaining the financial flexibility necessary to execute our long-term strategy. Finally, to pursue operational excellence by leveraging our experienced management team and strong local relationships to execute efficiently across all of these initiatives. In closing, fiscal year 2025 was a year of successful transformation that positions ALICO for sustainable long-term growth.
Speaker #3: Second, we remain committed to advancing our residential and commercial development projects by continuing to progress through the entitlement process for our four priority projects, with particular focus on securing final approvals for Corkscrew Grow Villages.
Speaker #3: Third, our capital allocation approach will balance required entitlement investments with shareholder returns while maintaining the financial flexibility necessary to execute our long-term strategy. Finally, we will pursue operational excellence by leveraging our experienced management team and strong local relationships to execute efficiently across all of these initiatives.
Speaker #3: In closing, fiscal year 2025 was a year of successful transformation that positions ALICO for sustainable long-term growth. We've de-risked our business model, created a clear path to unlock value, strengthened our balance sheet, and identified significant value embedded in our land portfolio.
Operator: We've de-risked our business model, strengthened our balance sheet, and created a clear path to unlock the significant value embedded in our land portfolio. Our approach of balancing specific high-value development projects with the diversified agricultural operations creates a business model that leverages our core strengths while adapting to market opportunities. We're well-capitalized, strategically focused, and positioned to deliver sustainable value creation. The foundation is in place, and we're excited about the opportunities ahead. With that, I'll turn it over to Brad to walk through our detailed financial results, and then we'll be happy to take a few questions. Thank you, John, and good morning, everyone. I'll walk you through our Q4 and full fiscal year 2025 financial results, which demonstrate the successful completion of our strategic transformation.
We've de-risked our business model, strengthened our balance sheet, and created a clear path to unlock the significant value embedded in our land portfolio. Our approach of balancing specific high-value development projects with the diversified agricultural operations creates a business model that leverages our core strengths while adapting to market opportunities. We're well-capitalized, strategically focused, and positioned to deliver sustainable value creation. The foundation is in place, and we're excited about the opportunities ahead. With that, I'll turn it over to Brad to walk through our detailed financial results, and then we'll be happy to take a few questions.
Speaker #3: Our approach of balancing specific high-value development projects with the diversified agricultural operations creates a business model that leverages our core strengths while adapting to market opportunities.
Speaker #3: We're well-capitalized, strategically focused, and positioned to deliver sustainable value creation. The foundation is in place, and we're excited about the opportunities ahead. With that, I'll turn it over to Brad to walk through our detailed financial results, and then we'll be happy to take a few questions.
Speaker #2: Thank you, John, and good morning, everyone. I'll walk you through our fourth quarter and full fiscal year 2025 financial results, which demonstrate the successful completion of our strategic transformation.
Brad Heine: Thank you, John, and good morning, everyone. I'll walk you through our Q4 and full fiscal year 2025 financial results, which demonstrate the successful completion of our strategic transformation.
Speaker #2: For the fourth quarter ended September 30, 2025, revenue was $802,000 compared to $935,000 in the prior year quarter, reflecting a substantial conclusion of our citrus operations.
Operator: For Q4 ended 30 September 2025, revenue was $802,000 compared to $935,000 in the prior year quarter, reflecting the substantial conclusion of our citrus operations. We reported a net loss attributable to ALICO common stockholders of $8.5 million, or $1.11 per diluted share, compared to a net loss of $18.1 million, or $2.38 per diluted share in the prior year quarter. This improvement was driven by the completion of our transformation activities, and reduced operational complexity. For the full fiscal year, revenue was $44.1 million compared to $46.6 million in fiscal 2024. While we reported a net loss of $147.3 million, or $19.29 per diluted share, this was primarily due to non-cash charges related to our strategic transformation, including $162.7 million in accelerated depreciation, and $25 million in asset impairments as we exited citrus operations.
For Q4 ended 30 September 2025, revenue was $802,000 compared to $935,000 in the prior year quarter, reflecting the substantial conclusion of our citrus operations. We reported a net loss attributable to ALICO common stockholders of $8.5 million, or $1.11 per diluted share, compared to a net loss of $18.1 million, or $2.38 per diluted share in the prior year quarter. This improvement was driven by the completion of our transformation activities, and reduced operational complexity. For the full fiscal year, revenue was $44.1 million compared to $46.6 million in fiscal 2024. While we reported a net loss of $147.3 million, or $19.29 per diluted share, this was primarily due to non-cash charges related to our strategic transformation, including $162.7 million in accelerated depreciation, and $25 million in asset impairments as we exited citrus operations.
Speaker #2: We've reported a net loss attributable to ALICO Common stockholders of $8.5 million, or net loss of $18.1 million, or $2.38 per $1.11 per diluted share, compared to a diluted share in the prior year quarter.
Speaker #2: This improvement was driven by the completion of our transformation activities and reduced operational complexity. For the full fiscal year, revenue was $44.1 million compared to $46.6 million in fiscal 2024.
Speaker #2: reported a net loss of $147.3 million, or $19.29 per diluted share. This was primarily due to non-cash charges related to our strategic transformation.
Speaker #2: Including $162.7 million in accelerated depreciation, and $25 million in asset impairments as we exited citrus operations. Importantly, our adjusted EBITDA for fiscal 2025 was $22.5 million, exceeding our $20 million guidance target.
Operator: Importantly, our adjusted EBITDA for fiscal 2025 was $22.5 million, exceeding our $20 million guidance target. This demonstrates the underlying operational strength of our transformed business model. Our balance sheet transformation has been remarkable. We ended fiscal year 2025 with $38.1 million in cash and cash equivalents, compared to just $3.2 million at the end of fiscal 2024. Our net debt decreased significantly to $47.4 million from $89 million, representing a $41.6 million improvement year over year. This strong liquidity position, combined with our $92.5 million available under our line of credit, provides us with sufficient resources to fund operations through fiscal 2027 while advancing our development projects. Our working capital ratio improved to 9.56 to 1, demonstrating exceptional financial flexibility. We exceeded our land sales guidance, generating $23.8 million in proceeds from 2,796 acres sold during fiscal 2025, surpassing our $20 million target.
Importantly, our adjusted EBITDA for fiscal 2025 was $22.5 million, exceeding our $20 million guidance target. This demonstrates the underlying operational strength of our transformed business model. Our balance sheet transformation has been remarkable. We ended fiscal year 2025 with $38.1 million in cash and cash equivalents, compared to just $3.2 million at the end of fiscal 2024. Our net debt decreased significantly to $47.4 million from $89 million, representing a $41.6 million improvement year over year. This strong liquidity position, combined with our $92.5 million available under our line of credit, provides us with sufficient resources to fund operations through fiscal 2027 while advancing our development projects. Our working capital ratio improved to 9.56 to 1, demonstrating exceptional financial flexibility. We exceeded our land sales guidance, generating $23.8 million in proceeds from 2,796 acres sold during fiscal 2025, surpassing our $20 million target.
Speaker #2: This demonstrates the underlying operational strength of our transformed business model. Our balance sheet transformation has been remarkable. We ended fiscal year 2025 with $38.1 million in cash and cash equivalents, compared to just $3.2 million at the end of fiscal 2024.
Speaker #2: Our net debt decreased significantly to $47.4 million from $89 million representing a 41.6 million improvement year over year. This strong liquidity position, combined with our $92.5 million available under our line of credit, provides us with sufficient resources to fund operations through fiscal 2027 while advancing our development projects.
Speaker #2: Our working capital ratio improved to 9.56 to 1, demonstrating exceptional financial flexibility. We exceeded our land sales guidance, generating $23.8 million in proceeds from 2,796 acres sold during fiscal 2025, surpassing our $20 million target.
Speaker #2: These sales, combined with our operational improvements, have created the financial foundation for our next phase of growth. Looking ahead, our financial position is strong, and we're well balanced to execute on our development pipeline while maintaining operational efficiency.
Operator: These sales, combined with our operational improvements, have created the financial foundation for our next phase of growth. Looking ahead, our financial position is strong, and we're well-balanced to execute on our development pipeline while maintaining operational efficiency. Now I'd like to turn the call back to John for his closing remarks. Thank you, Brad. Fiscal 2025 was truly transformational for ALICO. We delivered on our commitments. We completed our final major citrus harvest, exceeded our financial guidance across key metrics, and now have a balance sheet that provides the company with years of operational runway. Most importantly, we've eliminated citrus agricultural volatility while unlocking the value in our approximately 49,000-acre Florida portfolio. Our path forward has been set, and we believe it is compelling.
These sales, combined with our operational improvements, have created the financial foundation for our next phase of growth. Looking ahead, our financial position is strong, and we're well-balanced to execute on our development pipeline while maintaining operational efficiency. Now I'd like to turn the call back to John for his closing remarks.
Speaker #2: Now, I'd like to turn the call back to John for his closing remarks.
John Kiernan: Thank you, Brad. Fiscal 2025 was truly transformational for ALICO. We delivered on our commitments. We completed our final major citrus harvest, exceeded our financial guidance across key metrics, and now have a balance sheet that provides the company with years of operational runway. Most importantly, we've eliminated citrus agricultural volatility while unlocking the value in our approximately 49,000-acre Florida portfolio. Our path forward has been set, and we believe it is compelling.
Speaker #1: was truly transformational for Brad. Fiscal 2025 thank you commitments. We completed our ALICO. We delivered on our final major citrus harvests, exceeded our financial guidance across key metrics, and now have a balance sheet that provides the company with years of operational runway.
Speaker #1: Most importantly, we've eliminated citrus agricultural volatility while unlocking the value in our approximately $49,000-acre Florida portfolio. Our path forward has been set, and we believe it is compelling.
Speaker #1: We're optimizing agricultural leasing across our entire portfolio, advancing our high-value development projects through local, state, and federal entitlement processes, and maintaining our allocation. With Corkscrew grow villages approaching the first set of disciplined approaches to capital approvals in 2026, and our other development projects advancing as well, we have multiple catalysts for value creation.
Operator: We're optimizing agricultural leasing across our entire portfolio, advancing our high-value development projects through local, state, and federal entitlement processes, and maintaining our disciplined approach to capital allocation. With Corkscrew Grove Villages approaching the first set of approvals in 2026, and our other development projects advancing as well, we have multiple catalysts for value creation. The numbers tell the story. Our NPV analysis values our land portfolio between $650 and $750 million, yet we trade at just $240 million today. We believe this represents a significant valuation disconnect that we expect will close as we execute. We remain committed to shareholder returns through our 50-year dividend legacy, and multiple capital deployment options, including our authorized $50 million buyback program. As land sales accelerate, we have increasing flexibility to return more capital. ALICO today is fundamentally transformed, well-capitalized, strategically focused, and spread across southwest Florida.
We're optimizing agricultural leasing across our entire portfolio, advancing our high-value development projects through local, state, and federal entitlement processes, and maintaining our disciplined approach to capital allocation. With Corkscrew Grove Villages approaching the first set of approvals in 2026, and our other development projects advancing as well, we have multiple catalysts for value creation. The numbers tell the story. Our NPV analysis values our land portfolio between $650 and $750 million, yet we trade at just $240 million today. We believe this represents a significant valuation disconnect that we expect will close as we execute. We remain committed to shareholder returns through our 50-year dividend legacy, and multiple capital deployment options, including our authorized $50 million buyback program. As land sales accelerate, we have increasing flexibility to return more capital. ALICO today is fundamentally transformed, well-capitalized, strategically focused, and spread across southwest Florida.
Speaker #1: The numbers tell the story. Our NPV analysis values our land portfolio between $650 million and $750 million, yet we trade at just $240 million today.
Speaker #1: We believe this represents a significant valuation disconnect that we expect will close as we execute. We remain committed to shareholder returns through our 50-year dividend legacy and multiple capital deployment options, including our authorized $50 million buyback program.
Speaker #1: As land sales accelerate, we have increasing flexibility to return more capital. ALICO today is fundamentally transformed. Well-capitalized, strategically focused, and spread across Southwest Florida.
Speaker #1: With more than 125 years of Florida heritage, proven conservation leadership, and a clear real estate development pipeline, we're very well positioned to deliver sustainable value creation.
Operator: With more than 125 years of Florida heritage, proven conservation leadership, and a clear real estate development pipeline, we're very well positioned to deliver sustainable value creation. Micki, we'll now open up the call for questions. Thank you. If you would like to ask a question, please press Star and 1 on your keypad. To leave the queue at any time, press Star 2. Once again, that is Star and 1 to ask a question. We will pause for just a moment to allow everyone a chance to join the queue. Once again, that is Star and 1 if you would like to join the queue. We'll pause for another moment. We'll take our first question from George Vazhimo with Freedom Broadcast. Please go ahead. Your line is open. Good morning.
With more than 125 years of Florida heritage, proven conservation leadership, and a clear real estate development pipeline, we're very well positioned to deliver sustainable value creation. Micki, we'll now open up the call for questions.
Speaker #1: Miki, we'll now open up the call for.
Speaker #1: questions.
Operator: Thank you. If you would like to ask a question, please press Star and 1 on your keypad. To leave the queue at any time, press Star 2. Once again, that is Star and 1 to ask a question. We will pause for just a moment to allow everyone a chance to join the queue. Once again, that is Star and 1 if you would like to join the queue. We'll pause for another moment. We'll take our first question from George Vazhimo with Freedom Broadcast. Please go ahead. Your line is open.
Speaker #3: Thank
Speaker #3: If you would like to ask a question, please press star and one on your keypad. To leave the queue at any time, press star two.
Speaker #3: Once again, that is star and one to ask a question. And we will pause for just a moment to allow everyone a chance to join the queue.
Speaker #3: And once again, that is star and one if you would like to join the queue. We'll pause for another moment. And we'll take our first question from George.
Speaker #3: With Freedom Broadcast, please go ahead. Your line is open.
George Vanous: Good morning.
Speaker #5: My only Good morning.
Operator: My only question: what is the expected cadence of the land sales in the next 12 months? Should we anticipate larger transactions similar to prior year disposals or a more measured pace? I'm sorry. Are you asking if we're giving any sort of guidance or forecast on revenues for fiscal 2026? Yes. We do have some guidance on land sales. Right. We have not provided any guidance on additional land sales at this time for fiscal year 2026. Thank you. Okay. Thank you. Thank you. Once again, that is Star and 1 on your telephone keypad. If you would like to join the queue, we'll pause for another moment. We show no further questions in queue at this time. I will turn the call back to John Kiernan for closing remarks. Thank you. I want to thank all of our employees for their dedication during this transition.
My only question: what is the expected cadence of the land sales in the next 12 months? Should we anticipate larger transactions similar to prior year disposals or a more measured pace?
Speaker #5: question, what is the expected cadence of the land sales in the next 12 months? Should we anticipate largest pre-prior year Good disposals or more measured transactions similar to pace?
John Kiernan: I'm sorry. Are you asking if we're giving any sort of guidance or forecast on revenues for fiscal 2026?
Speaker #4: I'm sorry, are you asking if we're giving any sort of guidance or forecast on revenues for fiscal?
George Vanous: Yes. We do have some guidance on land sales.
Speaker #5: sales.
John Kiernan: Right. We have not provided any guidance on additional land sales at this time for fiscal year 2026.
Speaker #4: Right. So we have not provided any guidance on additional land sales at this time for fiscal year 2026.
George Vanous: Thank you. Okay. Thank you.
Speaker #3: Thank you.
Speaker #5: Okay. Thank
Speaker #5: you. Thank
Operator: Thank you. Once again, that is Star and 1 on your telephone keypad. If you would like to join the queue, we'll pause for another moment. We show no further questions in queue at this time. I will turn the call back to John Kiernan for closing remarks.
Speaker #3: You, and on your telephone keypad, if you would like to once again, that is * and 1, join the queue. We'll pause for another moment.
Speaker #3: And we show no further questions in queue at this time. I will turn the call back to John Kiernan for closing.
Speaker #3: remarks.
John Kiernan: Thank you. I want to thank all of our employees for their dedication during this transition.
Speaker #4: Thank you. I want
Speaker #4: to thank all of our employees for their dedication during this transition. I'd like to thank our board for their continued support of our strategic vision.
Operator: I'd like to thank our board for their continued support of our strategic vision. I'd like to thank you, our shareholders, for your patience and confidence as we execute this transformation. We look forward to updating you on our further progress in the new fiscal year, and wish everyone a happy holiday. Thank you. Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.
I'd like to thank our board for their continued support of our strategic vision. I'd like to thank you, our shareholders, for your patience and confidence as we execute this transformation. We look forward to updating you on our further progress in the new fiscal year, and wish everyone a happy holiday. Thank you.
Speaker #4: And I'd like to thank you, our shareholders, for your patience and confidence as we execute this transformation. We look forward to updating you on our further progress and wish everyone a happy holiday.
Speaker #4: New fiscal year, and wish you.
Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.