LMNR · CIK 1342423
What Limoneira Company told the SEC could break it.
Limoneira's earnings ride on volatile citrus prices and heavy reliance on outside growers: about 78% of the lemons it packed and sold in fiscal 2025 were procured from third-party growers, at fluctuating per-carton prices that fell to $11.55 from $12.76 a year earlier. Its own production is geographically concentrated, with agricultural plantings in the U.S. (largely Ventura County, California, plus Yuma, Arizona), Chile and Argentina, tying output to those regions' growing conditions, water availability and politics. And as a grower it is exposed to adverse weather and natural disasters — freezes, rains, fires, winds and droughts — that affect the production, transport, storage and trade of its fresh produce.
3 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.
Commodity & input dependence
- Citrus crop prices and reliance on third-party grower supplymedium
Earnings depend on volatile agricultural produce prices and on third-party growers: ~78% of lemons packed and sold in FY2025 were procured from third-party growers at fluctuating per-carton prices ($11.55 in 2025 vs $12.76 in 2024).
“Of the 4.7 million and 4.5 million cartons of lemons packed and sold, 3.7 million (78%) and 3.2 million (72%) were procured from third-party growers at average per carton prices of $11.55 and $12.76 for fiscal years 2025 and 2024, respectively.”
SEC filing →As of 2025
Geographic concentration
- Agricultural plantings concentrated in the U.S. (Ventura County, CA), Chile and Argentinamedium
The company's agricultural plantings are concentrated in the U.S. (largely Ventura County, California, plus Yuma, AZ), Chile, and Argentina, tying output to those regions' growing conditions, water availability, and politics.
“We have agricultural plantings on properties located in the United States, Chile and Argentina.”
SEC filing →As of 2025
Climate & physical
- Adverse weather and natural conditions affecting crop productionlow
As a grower, the company is exposed to freezes, rains, fires, winds, and droughts and other natural disasters that affect production, transport, storage, and import/export of fresh produce.
“adverse weather conditions, natural disasters and other adverse natural conditions, including freezes, rains, fires, winds and droughts that affect the production, transportation, storage, import and export of fresh produce”
SEC filing →As of 2025
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