AVO · CIK 0001802974
What Mission Produce, Inc. told the SEC could break it.
Mission Produce's disclosures revolve around concentration on both the demand and supply sides of an avocado business. A single customer was 19% of fiscal 2025 net sales and 20% of trade receivables, with its top ten customers about 67% of net sales, so a pullback from a large retail or distribution customer would materially hit revenue. On the supply side, its sales and margins swing with the seasonal, weather-dependent supply, yields and pricing of avocados (and blueberries), and its sourcing, packing and workforce are concentrated in Mexico, Peru and California — exposing it to country-specific weather, labor and political disruption. Because it imports most of its avocados, it is also exposed to U.S. trade policy, having incurred $1.1 million of tariffs on USMCA-compliant Mexican goods during the three days they were in effect in March 2025.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- one single customer = 19% of net sales (20% of trade A/R); top 10 customers = 67% of net saleshigh
Mission Produce has significant customer concentration — one single customer represented 19% of net sales in fiscal 2025 (22% in 2024) and 20% of trade accounts receivable, and its top 10 customers were ~67% of net sales; loss of, or reduced orders from, that large retail/distribution customer would materially affect revenue. (Customer not named in the filing, so recorded as a concentration risk rather than a named edge.)
“One single customer represented 19 %, 22 % and 18 % of net sales for the years ended October 31, 2025,”
SEC filing →As of 2025
Commodity & input dependence
- earnings tied to volatile avocado (and blueberry/mango) supply, yields and pricing driven by weather and seasonalitymedium
Mission's sales and prices fluctuate with the seasonal, weather-dependent supply of avocados across growing regions (California/Peru harvest peaks April–September; Mexico December–March), and its gross margin swings with avocado and blueberry yields and per-unit pricing; adverse weather or yield shortfalls in key regions would pressure both supply availability and margins.
“The total sales and sales price of avocados fluctuates throughout the year due to variations in supply of avocados based on geographic location.”
SEC filing →As of 2025
Geographic concentration
- avocado sourcing/farming and workforce concentrated in Mexico, Peru, California, Guatemala and Colombiamedium
Mission Produce sources and packs avocados from facilities in Mexico, Peru and California (plus co-packers) and grows fruit in Peru and Colombia, with ~3,800 employees concentrated in Peru (2,100), Mexico (800) and Guatemala (300); this geographic concentration of supply exposes it to country-specific weather, political, labor and regulatory disruptions, partly mitigated by diverse growing regions.
“avocados are sorted and packed at one of our four state-of-the-art packing facilities in Mexico, Peru, and California, or by co-packers in various locations.”
Regulatory & policy
- U.S. tariffs on Mexican (USMCA) imports plus FSMA/FDA, OSHA, and FCPA/UK Bribery/China anti-unfair-competition exposuremedium
Because Mission imports most of its avocados, it is exposed to U.S. trade policy — it incurred $1.1 million in tariffs on USMCA-compliant goods imported from Mexico during the three days they were in effect in March 2025 — as well as FDA Food Safety Modernization Act and OSHA inspections at U.S. facilities and anti-bribery/anti-corruption laws (FCPA, UK Bribery Act, China Anti-Unfair Competition Law) across its international operations.
“$1.1 million in tariffs levied on USMCA-compliant goods imported from Mexico for the three days they were in effect during March 2025.”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Henry Avocado
“Financial information for our equity method investees as of and for the years ended October 31 was as follows: (In millions) Henry Avocado Mr. Avoc”
Cited →Shanghai Mr. Avocado Limited
“The Company owns an approximate 28 % interest in Shanghai Mr. Avocado Limited (“Mr. Avocado”), a Chinese joint venture enterprise, through its Mission Produce Asia Ltd. subsidiary.”
Cited →Copaltas S.A.S.
“The Company owns an approximate 30 % interest in Copaltas S.A.S. (“Copaltas”), a Colombian joint venture enterprise. The primary business operations include the development and operation of avocado farms within Colombia.”
Cited →
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