Mission Produce (AVO) Q1 2026 earnings summary

Executive summary

• Q1 FY26 revenue was $278.6 million, down 17% year-over-year due to a 30% drop in per-unit avocado prices, partially offset by 14% volume growth.

• Gross profit held steady at $31.6 million, with gross margin improving to 11.3% from 9.4% year-over-year.

• Net loss attributable to shareholders was $0.7 million, or $(0.01) per diluted share, impacted by $7.0 million in transaction advisory costs for the pending Calavo Growers acquisition.

• Adjusted EBITDA rose 5% to $18.5 million; adjusted net income was $7.3 million ($0.10 per diluted share), flat year-over-year.

• Pending Calavo Growers acquisition, valued at approximately $490 million, is expected to close in Q3 FY26, targeting $25 million in annual synergies and expansion into prepared foods.

Financial highlights

• Net sales: $278.6 million (down from $334.2 million year-over-year); gross profit: $31.6 million; gross margin: 11.3%.

• Adjusted EBITDA: $18.5 million (up from $17.7 million year-over-year); adjusted net income: $7.3 million.

• Net loss per share: $(0.01) basic and diluted (vs. $0.06 and $0.05 prior year).

• Cash and cash equivalents: $44.8 million as of January 31, 2026; capital expenditures: $11.9 million for the quarter.

• Net cash used in operating activities: $(3.0) million, up from $(1.2) million year-over-year.

Outlook and guidance

• Q2 avocado industry volumes expected to rise 10%-15% year-over-year, but pricing to decline 30%-35%.

• Per-unit margins anticipated to contract in Q2 due to lower pricing and delayed California harvest.

• Blueberry segment expects lower revenue and profitability due to reduced volume from earlier pruning and higher costs from lower yields.

• Consolidated adjusted EBITDA for Q2 expected to be below prior year.

• FY26 capital expenditures forecast at approximately $40 million.