Farmable land Utilization Reaches 97% Following Completion of Lease Agreements in January 2026
Land Sales and Operating Performance Strengthen Cash Position, Creating Strategic Capital Deployment Optionality
Development Pipeline Moves Forward with Local Corkscrew Grove Entitlement Decision By County Expected in 2026
FORT MYERS, Fla., Feb. 04, 2026 (GLOBE NEWSWIRE) -- Alico, Inc. ("Alico", the "Company", "we", "us" or "our") (NASDAQ:ALCO) today announced financial results for the first quarter ended December 31, 2025.
Management Comments
John Kiernan, President and Chief Executive Officer of the Company, stated, "Our first quarter results demonstrate the continued momentum of our strategic transformation. The $7.7 million in land sales completed this quarter reflects the strong demand for our strategically located Florida properties and validates our land monetization strategy. We believe achieving 97% utilization of our farmable acreage through diversified agricultural partnerships shows we've successfully created the stable revenue foundation we envisioned. What sets this quarter apart is how it illustrates our transformed business model in action. Going forward, Alico has now substantially eliminated the weather-dependent volatility of citrus operations while generating cash flow from both land sales and agricultural leasing. Our net loss of $3.5 million, improved from our prior year net loss of $9.2 million and we had positive EBITDA of $2.4 million, compared to negative $6.7 million in the prior year period, demonstrating the financial stability we've built through this transformation."
Mr. Kiernan continued, "With our strengthened balance sheet holding, $34.8 million in cash as of December 31, 2025, the January 2026 land sale of $26.8 million, and reduced operational complexity, we continue to believe we are well positioned to advance along our high-value development roadmap. The Corkscrew Grove Villages entitlement process remains on track for an anticipated 2026 decision by Collier County, and our balance sheet and revenues from our diversified agricultural operations provide the financial resources to execute our long-term strategy. We believe that Alico now has a business model that unlocks substantial value from our approximately 46,000-acre Florida portfolio while maintaining our commitment to responsible land stewardship."
Results of Operations for the First Quarter 2026:
(in thousands, except for per share amounts and percentages)
(Unaudited)
Three Months Ended December 31,
2025
2024
% Change
Revenue
$
1,887
$
16,894
(88.8
)%
Net loss attributable to Alico, Inc. common stockholders
$
(3,481
)
$
(9,167
)
62.0
%
Loss per diluted common share
$
(0.45
)
$
(1.20
)
62.5
%
EBITDA(1)
$
2,412
$
(6,672
)
NM
Adjusted EBITDA(1)
$
2,721
$
(6,672
)
NM
Net cash used in operating activities
$
(5,469
)
$
(7,597
)
28.0
%
December 31,2025
September 30, 2025
$ Change
(Unaudited)
Balance Sheet Items
Cash and cash equivalents
$
34,756
$
38,128
$
(3,372
)
Current portion of long-term debt
$
250
$
250
$
—
Long-term debt, net
$
82,751
$
82,797
$
(46
)
Lines of credit
$
2,500
$
2,500
$
—
Total Alico stockholders' equity
$
99,616
$
103,032
$
(3,416
)
Current ratio
14.39 to 1
9.56 to 1
Net Debt(1)
$
50,745
$
47,419
$
3,326
(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 three months ended December 31, 2025 and 2024, the Company reported a net loss attributable to Alico common stockholders of $3.5 million and $9.2 million, respectively. The decrease in net loss attributable to Alico common stockholders for the three months ended December 31, 2025 was principally the result of land sales which generated a gain of approximately $4.9 million, as compared to no gains during the three months ended December 31, 2024. For the three months ended December 31, 2025, the Company had a loss of $0.45 per basic and diluted common share, compared to a loss of $1.20 per basic and diluted common share for the three months ended December 31, 2024.
For the three months ended December 31, 2025 and 2024, the Company had EBITDA of $2.4 million and $(6.7) million, respectively. For the three months ended December 31, 2025 and 2024 the Company had Adjusted EBITDA of $2.7 million and $(6.7) million, respectively.
These quarterly financial results reflect the evolving nature of the Company's business as it executes its strategic transformation. Historically, the Company was primarily engaged in citrus production and sales, which created significant seasonal patterns with the first and second quarters typically generating most annual revenue and higher working capital requirements in the third and fourth quarters coinciding with harvesting cycles. As part of the Company's strategic transformation, the Company has made the decision to wind down its citrus operations and focus on land sales, land leasing, and land development activities. The Company completed its last significant citrus harvest in April 2025. While the Company expects the historical seasonal patterns to diminish over time as this transition progresses, the Company's financial results may continue to reflect some seasonality during the wind-down period. Additionally, the Company's new focus on land sales, leasing, and development may introduce different timing patterns for revenue recognition based on transaction closings and development project milestones. Given this business transformation, results for any quarter may not be indicative of results for the full year, and historical seasonal patterns may not be predictive of future quarterly performance as the Company completes the transition to its new business model.
Business Segment Results
Alico Citrus
(in thousands)
Three Months Ended December31,
Change
2025
2024
Unit
%
Operating Revenues:
Early and Mid-Season
$
282
$
14,929
$
(14,647
)
(98.1
)%
Fresh Fruit and Other
588
626
(38
)
(6.1
)%
Grove Management Services
13
771
(758
)
(98.3
)%
Total
$
883
$
16,326
$
(15,443
)
(94.6
)%
Operating Expenses:
Cost of Sales
$
7,239
$
20,508
$
(13,269
)
(64.7
)%
Harvesting and Hauling
153
4,095
(3,942
)
(96.3
)%
Fresh Fruit and Other
—
50
(50
)
(100.0
)%
Grove Management Services
—
458
(458
)
(100.0
)%
Total
$
7,392
$
25,111
$
(17,719
)
(70.6
)%
Gross Loss
$
(6,509
)
$
(8,785
)
$
2,276
(25.9
)%
Alico Citrus segment results for the three months ended December 31, 2025 reflect the Company's ongoing wind-down of citrus operations, which began in 2025 as part of the Company's strategic pivot to diversified land usage and real estate development. Revenue decreased to $0.9 million from $16.3 million in the prior year period, while cost of sales declined to $7.2 million from $20.5 million, primarily due to significantly reduced harvesting activities. The prior year period included a $7.4 million inventory adjustment related to Hurricane Milton damage.
Land Management and Other Operations
Land Management and Other Operations includes lease income from leases for grazing rights, hunting, and farming; royalty agreements with third parties of aggregate miners; and other miscellaneous income.
Land Management and Other Operations revenue for the three months ended December 31, 2025 increased 76.8%, as compared to the same period in the prior year, primarily due to an increase in rock and sand royalties and farming lease revenue.
The 133.3% increase in operating expenses from Land Management and Other Operations for the three months ended December 31, 2025, as compared to the three months ended December 31, 2024, is primarily due to sod sales which did not occur in the prior year period.
Subsequent to quarter end, on January 15, 2026, the Company announced that following the signing of new lease agreements in January, Alico achieved 97% utilization of its approximately 32,500 farmable agricultural acreage. During the quarter, Alico also entered into a 10-year lease with Bayer Crop Science to establish an agricultural research station on 100 acres of our TRB property located in Charlotte County.
The Company's diversified land management programs now include fee-generating or revenue-sharing agreements with citrus growers, cattle operators, mining operators, sugarcane producers, and sod farming operations. These programs have created diversified revenue streams that reduce operational complexity while maintaining productive agricultural use of the land. Approximately 89% of Alico's approximately 46,000 total agricultural acres are now utilized.
Other Corporate Financial Information
General and administrative expense increased 16.0% for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024. The increase was due to higher contract labor and employee costs.
Other income (expense), net for the three months ended December 31, 2025 was $4.4 million as compared to a loss of $0.6 million during the prior year period, as a result of land sales in the three months ended December 31, 2025.
Dividend
On January 16, 2026, the Company paid a first quarter cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of January 2, 2026.
Balance Sheet and Liquidity
The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:
The Company's working capital was $45.4 million at December 31, 2025, representing a 14.39 to 1.00 current ratio.
Total debt was $85.5 million and net debt was $50.7 million at December 31, 2025, compared to $85.5 million and $47.4 million, respectively, at September 30, 2025.
Available borrowings under the Company's line of credit were approximately $92.5 million at December 31, 2025.
The Company's Minimum Liquidity Requirement under its Credit Agreement was $5.8 million at December 31, 2025.
Real Estate Development or Land Development
In March 2025, the Company announced the creation of Corkscrew Grove Villages located on approximately 4,660 acres at the northwest corner of Collier County on the border of Lee and Hendry counties. This master-planned development is expected to consist of two 1,500-acre villages accompanied by more than 6,000 acres of permanent conservation areas. The plan for these villages is to feature approximately 9,000 homes total, including approximately 750 affordable housing units total for essential workers, and approximately 560,000 square feet of total commercial space offering retail, dining, office, medical and light industrial opportunities.
Alico launched its multi-year entitlement process for Corkscrew Grove Villages by submitting an application to Collier County for local approval for the first of the two villages, the East Village. The final decision by the Collier Board of County Commissioners is expected in 2026. The Company has also submitted permits to the South Florida Water Management District and the U.S. Army Corps of Engineers for both villages. Construction on the first village could begin in 2028 or 2029 if all approvals are granted.
In January 2025, Alico sought legislative approval from the Florida Legislature to establish the Corkscrew Grove Stewardship District. Stewardship districts are independent special districts authorized to plan, finance, construct, operate and maintain public infrastructure in planned developments, operating on the principle that growth pays for itself. Similar districts are used in communities like Ave Maria and Lakewood Ranch.
Alico maintains a strong commitment to regional conservation, having transferred lands over the past 40 years that became part of the Corkscrew Regional Ecosystem Watershed (CREW), Tiger Creek Preserve and Okaloacoochee Slough Wildlife Management Area. In 2023, Alico sold more than 17,000 acres of land, commonly referred to as Devil's Garden, to the Florida Department of Environmental Protection as part of the Florida Forever program. Since Devil's Garden was added to the Florida Forever Priority List in 2003, Alico has sold or entered easements to protect more than 46,800 acres. Combined with the more than 6,000 acres expected to be placed in conservation as part of the Corkscrew Grove Villages proposal, these efforts support the implementation of the Florida Wildlife Corridor.
The plan for Corkscrew Grove Villages aligns with the Collier Rural Land Stewardship Area (RLSA) program, an innovative, incentive-based approach to sustainable rural growth that has received national recognition. The villages will enhance public infrastructure and provide significant economic benefit to the region at no additional cost to taxpayers.
Fiscal Year 2026 Guidance
The Company expects to realize in fiscal year 2026 Adjusted EBITDA of approximately $14 million and end the fiscal year with cash of approximately $50 million and net debt of approximately $35 million, with only the minimum required balance of $2.5 million on its revolving line of credit. In the event that any capital is returned to shareholders through increased common dividends, special dividends, tender offers or open market share repurchases during the 2026 fiscal year, the Company's cash balance could be reduced and net debt could be increased.
Conference Call Information
The Company will host a conference call to discuss its financial results on February 5, 2026, at 8:30 am Eastern Time. Interested parties may join ...
