Alico (ALCO) Q3 2026 earnings summary

Executive summary

• Ended Q3 2026 with $55.6 million in cash, up from $38.1 million at fiscal year-end, marking the strongest balance sheet since the strategic transformation began in January 2025.

• Entered a 3,280-acre agricultural lease with a $29.5 million purchase option, supporting the land monetization strategy.

• Acquired the remaining 49% of Citree JV for $2 million, gaining full control of 1,200 acres and simplifying the corporate structure.

• Completed $10 million in share repurchases, buying back about 245,000 shares, and maintained regular dividends, returning capital to shareholders.

• Advanced Corkscrew Grove East Village to state and federal permitting after local entitlement approval, targeting construction start in 2028 or 2029.

Financial highlights

• Q3 2026 revenue was $9.0 million, up 7.7% year-over-year; nine-month revenue was $16.3 million, down 62.4% year-over-year due to the citrus wind down.

• Q3 2026 net income was $2.1 million ($0.29 per diluted share), compared to a net loss of $18.3 million in the prior year period.

• Q3 2026 EBITDA and adjusted EBITDA were $4.6 million, down from $19.2 million and $19.3 million, respectively, mainly due to lower crop insurance proceeds and gains on asset sales.

• Cash and cash equivalents at quarter end were $55.6 million, up from $38.1 million at fiscal year-end.

• Net debt reduced to $29.8 million from $47.4 million at fiscal year-end.

Outlook and guidance

• Fiscal 2026 adjusted EBITDA guidance raised to approximately $15 million.

• Expected to end fiscal year with $48 million in cash and $37 million in net debt.

• Liquidity sufficient to support operations through at least 2029 without further asset sales.

• Revenue seasonality expected to diminish as citrus operations wind down and land leasing and real estate become primary revenue sources.

• Management believes current liquidity, asset sales, and available credit will support operations and capital needs for at least the next twelve months.