Alico, Inc. (NASDAQ: ALCO) swings to profit on land deals and citrus exit
Alico, Inc. reported sharply improved results as it winds down citrus production and shifts toward land leasing and real estate. For the nine months ended June 30, 2026, operating revenues were $16.3 million versus $43.3 million a year earlier, reflecting the Strategic Transformation away from citrus.
Despite lower revenue, Alico posted net income attributable to common stockholders of $10.0 million, compared to a loss of $138.8 million in the prior-year period, driven by much lower depreciation, reduced citrus operating costs, and $24.8 million of gains on land and equipment sales. Cash and cash equivalents rose to $55.6 million, and net debt fell to $29.8 million, aided by the sale of approximately 3,546 acres for $34.6 million.
The company executed a major business mix shift: citrus revenues fell 86.0% year over year for the nine-month period, while land management and other operations revenues increased more than fourfold, supported by contingent lease payments and rock and sand royalties. Alico also repurchased 245,399 shares for $10.0 million and maintained cash dividends of $0.15 per share year to date.
Positive
- Net income turnaround: Nine‑month net income attributable to common stockholders was $10.0 million versus a prior‑year loss of $138.8 million, reflecting lower depreciation and citrus costs plus gains on asset sales.
- Substantial debt de-risking: Net debt declined from $47.4 million at September 30, 2025 to $29.8 million at June 30, 2026, supported by strong cash generation from land sales.
- Valuable land monetization: Alico sold approximately 3,546 acres for $34.6 million (about $9,761 per acre) and entered a new lease with an option to sell ~3,280 acres at $9,000 per acre, highlighting embedded real estate value.
Negative
- Revenue contraction: Nine‑month operating revenue fell 62.4% to $16.3 million from $43.3 million, as citrus operations were largely wound down under the Strategic Transformation.
- Customer concentration risk: Kobie Cattle Company represented about 48.3% of total nine‑month revenue and 67% of accounts receivable at June 30, 2026, increasing exposure to a single counterparty.
- Loss of major citrus customer: Alico mutually terminated its Tropicana contract in May 2025; Tropicana previously accounted for 88.8% of fiscal 2025 nine‑month revenue, underscoring the depth of the citrus exit.
Filing Explained
Alico completed the Citree buyout and added a one-year land lease carrying a conditional purchase option and contingent consideration.
This Form 10-Q is an unaudited quarterly report, and it places Alico’s Strategic Transformation at a substantially completed stage after the final citrus harvest, with the business now managed as one reportable segment.
Two structural transactions are newly disclosed: Alico completed its purchase of the remaining 49% of Citree on
Alico also entered an agricultural lease on
The lease therefore establishes current rental arrangements and a conditional future sale path rather than a completed property sale. The filing reports minimum future base rental revenue of
Key Figures
Operating revenues (9M 2026): $16,267 (thousands)
Net income attributable to common (9M 2026): $10,025 (thousands)
Basic EPS (9M 2026): $1.33 per share
+5 more
8 metrics
Operating revenues (9M 2026)
$16,267 (thousands)
Nine months ended June 30, 2026 total operating revenues
Net income attributable to common (9M 2026)
$10,025 (thousands)
Nine months ended June 30, 2026 net income attributable to Alico, Inc. common stockholders
Basic EPS (9M 2026)
$1.33 per share
Nine months ended June 30, 2026 basic earnings per common share
Cash and cash equivalents
$55,584 (thousands)
Balance at June 30, 2026
Net Debt
$29,834 (thousands)
Total debt less cash and cash equivalents at June 30, 2026
Land sold in 2026
3,546 acres for $34,611 (thousands)
Nine months ended June 30, 2026 land sales; about $9,761 per acre
New agricultural lease option price
$29,520 (thousands)
Option to purchase ~3,280 acres at $9,000 per acre if exercised by June 30, 2029
Customer concentration
48.3% of revenue
Kobie Cattle Company share of total revenue for nine months ended June 30, 2026
Key Terms
Strategic Transformation, Minimum Liquidity Requirement, Loan To Value Cap, Variable Interest Entity, +1 more
5 terms
Strategic Transformation financial
"announced a Strategic Transformation in the Company’s business focus, to wind down its Alico Citrus division"
A strategic transformation is a planned, company-wide change in how a business operates, competes, or makes money—such as shifting products, reorganizing teams, adopting new technology, or entering new markets. For investors it matters because these shifts aim to improve long-term growth or profitability but carry risks and costs up front; think of it like remodeling a house to increase its value—potentially higher returns, but with disruption and uncertainty during the work.
Minimum Liquidity Requirement financial
"requires the Company to maintain cash and cash equivalents in an amount equal to 1.5 multiplied by the cumulative sum"
Loan To Value Cap financial
"The credit agreement also includes a 50.0% Loan To Value Cap (the "LTV CAP") on the value of the term loans"
Variable Interest Entity financial
"The CGSD is a Variable Interest Entity (“VIE”) which qualifies for a specific scope exception under ASC 810"
A variable interest entity (VIE) is a company structure where one party controls another company’s operations and economic outcomes through contracts or special arrangements instead of owning a majority of its voting shares. For investors, VIEs matter because the controlling party’s financial results, debts and risks can appear in the controller’s reports even though ownership looks separate, so understanding VIEs helps assess true exposure, governance limits and transparency—like spotting a puppet controlled by strings rather than direct ownership.
Market-based Restricted Stock Units financial
"granted MRSUs to one of its executives, which will be eligible to be earned if at any time prior to September 30, 2027"
Earnings Snapshot
Total operating revenues (3M 2026): $9,040 (thousands)
Three and nine months ended June 30, 2026
Total operating revenues (3M 2026)
$9,040 (thousands)
Up 7.7% vs $8,390 (thousands) in 3M 2025
Total operating revenues (9M 2026)
$16,267 (thousands)
Down 62.4% vs $43,264 (thousands) in 9M 2025
Net income attributable to common (3M 2026)
$2,125 (thousands)
Improved from a loss of $18,289 (thousands) in 3M 2025
Net income attributable to common (9M 2026)
$10,025 (thousands)
Improved from a loss of $138,841 (thousands) in 9M 2025
Adjusted EBITDA (9M 2026)
$24,202 (thousands)
Slightly decreased from $25,330 (thousands) in 9M 2025
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FAQ
How did Alico (ALCO) perform financially for the nine months ended June 30, 2026?
Alico reported revenue of $16.3 million and net income attributable to common stockholders of $10.0 million for the nine months ended June 30, 2026, compared with $43.3 million of revenue and a $138.8 million loss a year earlier.
What is driving Alico’s (ALCO) shift away from citrus and how has revenue changed?
Alico is executing a Strategic Transformation to wind down its citrus division due to environmental and financial challenges. As a result, nine‑month citrus revenue fell 86.0%, and total operating revenue declined 62.4% year over year to $16.3 million.
How strong is Alico’s (ALCO) balance sheet and liquidity as of June 30, 2026?
Alico held $55.6 million of cash and cash equivalents, working capital of $50.6 million, and net debt of $29.8 million at June 30, 2026, while remaining in compliance with all credit covenants, including a $5.8 million Minimum Liquidity Requirement.
What land monetization activities did Alico (ALCO) complete or sign in 2026?
During the nine months ended June 30, 2026, Alico sold about 3,546 acres for $34.6 million and signed a lease on roughly 3,280 acres with an option for the lessee to buy at $9,000 per acre, subject to adjustments.
How dependent is Alico (ALCO) on major customers after exiting the Tropicana contract?
Following the May 2025 mutual termination of its Tropicana agreement, Alico’s revenue became concentrated: Kobie Cattle Company accounted for about 48.3% of nine‑month 2026 revenue and 67% of accounts receivable, creating notable customer concentration risk.
What shareholder returns did Alico (ALCO) provide in fiscal 2026 so far?
For the nine months ended June 30, 2026, Alico paid $0.15 per share in cash dividends and repurchased 245,399 shares for $10.0 million at a weighted average price of $40.76 per share under its stock buyback program.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||||||
For the Quarterly Period Ended | ||||||||
| or | ||||||||
| Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||||||
For the transition period
from____________________ to _________________________
Commission File Number: 000-00261
(Exact name of registrant as specified in its charter) | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
( | ||
(Registrant’s telephone number, including area code) | ||
| Not Applicable | ||
| (Former name, former address and former fiscal year, if changed since last report) | ||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þYes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þYes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
| Large Accelerated Filer | o | Accelerated Filer | o | ||||||||
| þ | Smaller Reporting Company | ||||||||||
| Emerging Growth Company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
There were 7,418,561 shares of common stock outstanding at August 5, 2026.
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ALICO, INC.
FORM 10-Q
For the three and nine months ended June 30, 2026 and 2025
Table of Contents
Part I - FINANCIAL INFORMATION | |||||
Item 1. Condensed Consolidated Financial Statements | 1 | ||||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 24 | ||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 31 | ||||
Item 4. Controls and Procedures | 31 | ||||
Part II - OTHER INFORMATION | |||||
Item 1. Legal Proceedings | 32 | ||||
Item 1A. Risk Factors | 32 | ||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 32 | ||||
Item 3. Defaults Upon Senior Securities | 32 | ||||
Item 4. Mine Safety Disclosure | 32 | ||||
Item 5. Other Information | 32 | ||||
Item 6. Exhibits | 33 | ||||
Signatures | 35 | ||||
PART I
Item 1. Condensed Consolidated Financial Statements
Index to Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets as of June 30, 2026 (Unaudited) and September 30, 2025 | 1 | ||||
Condensed Consolidated Statements of Operations for the three and nine months ended June 30, 2026 and 2025 (Unaudited) | 2 | ||||
Condensed Consolidated Statements of Changes in Equity for the three and nine months ended June 30, 2026 and 2025 (Unaudited) | 4 | ||||
Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2026 and 2025 (Unaudited) | 5 | ||||
Notes to Condensed Consolidated Financial Statements (Unaudited) | 6 | ||||
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Cautionary Note Regarding Forward-Looking Information
This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains certain forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact contained in this Quarterly Report are forward-looking statements, including without limitation, statements regarding our strategy and the Company’s Strategic Transformation, (including the wind-down of the Alico Citrus division and expected changes in seasonal revenue patterns), business plans and objectives, operating and financial outlook, future performance and results, our real estate development activities; the development, sale or lease of land and related assets; the recoverability and impairment of long-lived assets; market conditions and demand for land sales, leasing and development activities; expectations regarding dividends, share repurchases, liquidity and capital resources; compliance with financing arrangements, including minimum liquidity requirements, interest rates and the loan-to-value cap; obligations under, and expected repayment of amounts related to, the CGSD funding arrangement; expectations regarding income taxes and recently issued accounting pronouncements and regulatory matters, litigation or other contingencies. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “could,” “should,” “would,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans” or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to: our ability to successfully develop and execute our strategic growth initiatives, including our Strategic Transformation, which may not achieve intended outcomes and may entail unintended consequences or additional costs; our planned shift in revenue mix toward real estate development and diversified farming operations and the risk that adverse events in these areas could disproportionately affect our business; the highly competitive nature of the land development and agricultural industries and our ability to maintain market share; our reputation and any harm thereto; the risk that any transaction intended to qualify as a Section 1031 Exchange is taxable or cannot be completed on a tax-deferred basis, and potential limitations on the use of our net operating loss carryforwards and other tax attributes; the possibility that significant corporate transactions do not achieve intended results or present unforeseen risks; sensitivity of our earnings to supply, demand and pricing for land sales, leasing and development activities and any remaining agricultural products; adverse weather conditions, natural disasters and other natural conditions (including hurricanes and tropical storms), and the effects of climate change or legal, regulatory or market measures to address climate change, particularly given our geographic concentration in Florida; Environmental, Social and Governance matters, including those related to our workforce and sustainability; changes in classification or valuation methods employed by county property appraisers that could materially increase our real estate taxes; compliance with environmental laws; our ability to attract, retain and develop key employees; potential future material weaknesses and other deficiencies in our internal control over financial reporting; macroeconomic conditions, including inflation, armed conflicts and geopolitical instability, and pandemics or health crises; the increased costs of being a publicly traded company; system security risks, cybersecurity incidents, data protection breaches and systems integration issues, as well as compliance with complex and evolving privacy and data protection laws; pricing volatility and unpredictability for our agricultural products, risks of product contamination and product liability, water use regulations and other restrictions on access to water, and changes in immigration laws affecting labor availability; increases in commodity and input costs (including fuel and chemicals) and transportation risks; our significant indebtedness, our ability to generate sufficient cash flow to service our debt and comply with covenants (including exposure to variable interest rates), and our relationships with lenders; the volatility of our common stock price; and our ability to continue to pay or maintain cash dividends and the other factors described under the sections “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report and in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 filed with the SEC on November 24, 2025. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
As used in this Quarterly Report, unless otherwise specified or the context otherwise requires, references to “we,” “us,” “our,” the “Company” and “Alico” refer to the operations of Alico, Inc. and its consolidated subsidiaries.
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ALICO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
| June 30, 2026 | September 30, 2025 | ||||||||||
(Unaudited) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Accounts receivable, net | |||||||||||
| Inventories | |||||||||||
| Income tax receivable | |||||||||||
| Assets held for sale | |||||||||||
| Prepaid expenses and other current assets | |||||||||||
| Total current assets | |||||||||||
| Restricted cash | |||||||||||
| Property and equipment, net | |||||||||||
| Goodwill | |||||||||||
| Other non-current assets | |||||||||||
| Total assets | $ | $ | |||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | $ | |||||||||
| Accrued liabilities | |||||||||||
| Current portion of long-term debt | |||||||||||
| Income tax payable | |||||||||||
| Other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt, net | |||||||||||
| Lines of credit | |||||||||||
| Deferred income tax liabilities, net | |||||||||||
| Other liabilities | |||||||||||
| Total liabilities | |||||||||||
Commitments and Contingencies - Note 13. | |||||||||||
| Stockholders’ equity: | |||||||||||
Preferred stock, | |||||||||||
Common stock, $ | |||||||||||
| Additional paid in capital | |||||||||||
Treasury stock, at cost, | ( | ( | |||||||||
| Retained earnings | |||||||||||
| Total Alico stockholders’ equity | |||||||||||
| Noncontrolling interest | |||||||||||
| Total stockholders’ equity | |||||||||||
| Total liabilities and stockholders’ equity | $ | $ | |||||||||
See accompanying notes to the unaudited condensed consolidated financial statements.
1
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ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Operating revenues: | |||||||||||||||||||||||
| Alico Citrus | $ | $ | $ | $ | |||||||||||||||||||
| Land Management and Other Operations | |||||||||||||||||||||||
| Total operating revenues | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Gross profit (loss) | ( | ( | ( | ||||||||||||||||||||
| General and administrative expenses | |||||||||||||||||||||||
| Gain on sale of property and equipment | |||||||||||||||||||||||
| Income (loss) from operations | ( | ( | |||||||||||||||||||||
| Other expense, net: | |||||||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Interest expense | ( | ( | ( | ( | |||||||||||||||||||
| Other income, net | |||||||||||||||||||||||
| Total other expense, net | ( | ( | ( | ( | |||||||||||||||||||
| Income (loss) before income taxes | ( | ( | |||||||||||||||||||||
| Income tax (benefit) | ( | ( | ( | ( | |||||||||||||||||||
| Net income (loss) | ( | ( | |||||||||||||||||||||
| Net loss attributable to noncontrolling interests | |||||||||||||||||||||||
| Net income (loss) attributable to Alico, Inc. common stockholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Per share information attributable to Alico, Inc. common stockholders: | |||||||||||||||||||||||
| Income (loss) per common share: | |||||||||||||||||||||||
| Basic | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Diluted | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Weighted-average number of common shares outstanding: | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Diluted | |||||||||||||||||||||||
| Cash dividends declared per common share | $ | $ | $ | $ | |||||||||||||||||||
See accompanying notes to the unaudited condensed consolidated financial statements.
2
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ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(in thousands)
| For the Three Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | Additional Paid In Capital | Treasury Stock | Retained Earnings | Total Alico, Inc. Equity | Non- controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2026 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($ | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchases of common stock | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of NCI | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2026 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | Additional Paid In Capital | Treasury Stock | Retained Earnings | Total Alico, Inc. Equity | Non- controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($ | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(in thousands)
| For the Nine Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | Additional Paid In Capital | Treasury Stock | Retained Earnings | Total Alico, Inc. Equity | Non- controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares (1) | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at September 30, 2025 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($ | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchases of common stock | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exercise of stock options | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of NCI | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2026 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the Nine Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | Additional Paid In Capital | Treasury Stock | Retained Earnings | Total Alico, Inc. Equity | Non- controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares (1) | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at September 30, 2024 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($ | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
See accompanying notes to the unaudited condensed consolidated financial statements.
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ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
See accompanying notes to the unaudited condensed consolidated financial statements.
| Nine Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash provided by operating activities | |||||||||||
| Net income (loss) | $ | $ | ( | ||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation, depletion and amortization | |||||||||||
| Amortization of debt issue costs | |||||||||||
| Gain on sale of property and equipment | ( | ( | |||||||||
| Impairment of long-lived assets | |||||||||||
| Loss on disposal of long-lived assets | |||||||||||
| Inventory net realizable value adjustment | |||||||||||
| Deferred income tax benefit | ( | ( | |||||||||
| Stock-based compensation expense | |||||||||||
| Other | ( | ||||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | ( | ( | |||||||||
| Inventories | |||||||||||
| Prepaid expenses | |||||||||||
| Income tax receivable | |||||||||||
| Other assets | ( | ||||||||||
| Accounts payable and accrued liabilities | ( | ||||||||||
| Income taxes payable | |||||||||||
| Other liabilities | ( | ||||||||||
| Net cash provided by operating activities | |||||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property and equipment | ( | ( | |||||||||
| Net proceeds from sale of property and equipment | |||||||||||
| Notes receivable | |||||||||||
| Advance to Corkscrew Grove Stewardship District | ( | ||||||||||
| Net cash provided by investing activities | |||||||||||
| Cash flows from financing activities: | |||||||||||
| Repayments on revolving lines of credit | ( | ||||||||||
| Borrowings on revolving lines of credit | |||||||||||
| Principal payments on term loans | ( | ( | |||||||||
| Purchases of common stock | ( | ||||||||||
| Acquisition of Citree NCI | ( | ||||||||||
| Exercise of stock options | |||||||||||
| Dividends paid | ( | ( | |||||||||
| Net cash used in financing activities | ( | ( | |||||||||
| Net increase in cash and cash equivalents and restricted cash | |||||||||||
| Cash and cash equivalents and restricted cash at beginning of the period | |||||||||||
| Cash and cash equivalents and restricted cash at end of the period | $ | $ | |||||||||
| Supplemental disclosure of cash flow information | |||||||||||
| Cash paid for interest, net of amounts capitalized | $ | $ | |||||||||
| Cash (received) paid for income taxes, net of refunds | $ | ( | $ | ( | |||||||
| Non-cash investing and financing activities: | |||||||||||
| Assets received in exchange for services | $ | $ | |||||||||
| Dividends declared but unpaid | $ | $ | |||||||||
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ALICO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Dollars in thousands, except per share and per acre amounts)
Note 1. Description of Business and Basis of Presentation
Description of Business
Alico, Inc., together with its subsidiaries (collectively, “Alico”, the “Company”, “we”, “us” or “our”), is a Florida agribusiness and land management company owning approximately 47,300 acres of land and approximately 42,700 acres of mineral rights throughout Florida. Alico holds these mineral rights on substantially all its owned acres, with additional mineral rights on other acres. The total acres of land owned by the Company increased during the three months ended June 30, 2026 as a result of our acquisition of the portion of Citree we did not own (see Note 2. Summary of Significant Accounting Policies, Noncontrolling Interest in Consolidated Subsidiary, for further information on Citree). Financial results are presented based upon one
On January 6, 2025, the Company announced a Strategic Transformation (the “Strategic Transformation”) in the Company’s business focus, to wind down its Alico Citrus division, which holds the Company’s citrus production operations, to focus on a long-term diversified land usage and real estate development strategy. Due to increasing financial challenges from citrus greening disease and environmental factors for many seasons, the Company decided to not spend further material capital on its citrus operations and began to wind down substantially all of its Citrus’ primary operations after completion of the 2024-2025 harvest in April 2025.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements, which are referred to herein as the “Financial Statements”, of Alico have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, these Financial Statements do not include all of the disclosures required for complete annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, these Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2025, as filed with the SEC on November 24, 2025 (the “2025 Annual Report on Form 10-K”).
Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. However, in the opinion of management, such Financial Statements include all adjustments, consisting solely of normal recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods.
Reclassifications
Certain prior year amounts have been reclassified in the condensed consolidated financial statements and accompanying notes to the Financial Statements for consistent presentation to the current period. These reclassifications had no impact on the Company's consolidated statements of operations, balance sheets, cash flows or working capital as previously reported.
Seasonality
The Company has historically been primarily engaged in the production of fruit for sale to citrus markets, which is of a seasonal nature, and subject to the influence of natural phenomena and wide price fluctuations. The first and second quarters of Alico’s year produce most of the Company’s annual revenue. Working capital requirements are typically greater in the third and fourth quarters of the year, coinciding with harvesting cycles. Because of the seasonality of the business, results for any quarter are not necessarily indicative of the results that may be achieved for the full year ended September 30. As a result of the Strategic Transformation, we expect these seasonal patterns to diminish as we continue to wind down our Citrus operations.
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Note 2. Summary of Significant Accounting Policies
The Company’s significant accounting policies are fully described in Note 2 – Summary of Significant Accounting Policies in our 2025 Annual Report on Form 10-K.
Revenue Recognition
The Company recognizes revenue under Financial Accounting Standards Board – Accounting Standards Codification (“ASC”) 606. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:
•Step 1: Identify the contract with the customer
•Step 2: Identify the performance obligations in the contract
•Step 3: Determine the transaction price
•Step 4: Allocate the transaction price to the performance obligations in the contract
•Step 5: Recognize revenue when the company satisfies a performance obligation
Revenues are derived from the sale of processed fruit, fresh fruit, other citrus revenue, revenues from grove management services, leasing revenue and other resource revenues. The majority of the Company’s revenue is now generated from leasing of the Company’s land for agricultural purposes.
For fruit sales, the Company recognizes revenue in the amount it expects to be entitled to be paid, determined when control of the products or services is transferred to its customers, which occurs upon delivery of and acceptance of the fruit by the customer and when the Company has a right to payment.
For the sale of fruit, the Company has identified one performance obligation, which is the delivery of fruit to the processing facility of the customer (or harvesting of the citrus in the case of fresh fruit) for each separate variety of fruit identified in the respective contract with the respective customer. For one contract, which has a market price mechanism, the Company initially recognizes revenue in an amount which is estimated based on contractual and market prices, if such market price falls within the range (known as “floor” and “ceiling” prices) identified in the specific respective contracts. Adjustments are made throughout the year to these estimates as more current relevant industry information becomes available. Differences between the estimates and the final realization of revenues at the close of the harvesting season can result in either an increase or decrease to reported revenues. Substantially all of the Company’s fruit sales contracts are based on fixed prices per pound solids.
| (in thousands) | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue recognized at a point-in-time | $ | $ | $ | $ | |||||||||||||||||||
| Revenue recognized over time | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
As of October 1, 2024 and September 30, 2025 the Company had $444 and $575 total receivables relating to sales of citrus, respectively, recorded in Accounts Receivable, net, in the Condensed Consolidated Balance Sheets.
As of June 30, 2026 and October 1, 2025 the Company had $0 and $575 total receivables relating to sales of citrus, respectively, recorded in Accounts Receivable, net, in the Condensed Consolidated Balance Sheets.
For grove management services, the Company has identified one performance obligation, which is the management of the third party’s groves. Grove management services include caretaking of the citrus groves, harvesting and hauling of citrus, management and coordination of citrus sales and other related activities. The Company is reimbursed for expenses incurred in the execution of its management duties and the Company receives a per acre management fee. The Company recognizes operating revenue, including a management fee, and corresponding operating expenses when such services are rendered and consumed. As of December 31, 2024, there were no longer any material grove management agreements in effect.
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The Company earns royalty revenue from granting rights to customers to extract rock and sand from its land. Royalties are variable based on a percentage of gross sales of materials excavated by the customer. These sales-based royalties are recognized at the point in time when the customer reports sales, in accordance with ASC 606’s royalty exception. For the three and nine months ended June 30, 2026, the Company recognized rock and sand royalties of $429 and $1,433 , respectively.
Leasing revenue
The Company is the lessor in various arrangements to lease land to third parties for the purpose of farming (including leases of our citrus groves), grazing and hunting. These leases meet the criteria for operating lease classification. Certain of the Company’s leases provide for reimbursement of crop insurance or for revenue sharing of sublease income. For the three and nine months ended June 30, 2026, the Company recognized lease income of $456 and $1,756 , respectively, and variable lease income of $6,687 and $6,862 , respectively, which is included in revenue recognized over time above. Lease income associated with these leases was not
Minimum future base rental revenue on non-cancelable leases subsequent to June 30, 2026 are summarized as follows. Certain of our leases include renewal options which could be exercised at the lessee’s discretion and are not included in the amounts in the table below.
| (in thousands) | June 30, 2026 | ||||
| Fiscal 2026 | $ | ||||
| Fiscal 2027 | |||||
| Fiscal 2028 | |||||
| Fiscal 2029 | |||||
| Fiscal 2030 | |||||
| Thereafter | |||||
| Total | $ | ||||
On June 18, 2026, the Company, entered into an Agricultural Lease Agreement for approximately 3,280 acres of real property located in Hendry County, Florida. The initial term of the lease commences on July 1, 2026 and expires on June 30, 2027, subject to the lessee’s right to extend the lease for an additional ten-year term in accordance with the terms of the agreement. The agreement also grants the lessee an option to purchase the leased premises during the option period, subject to certain terms and conditions. If the option is exercised on or before June 30, 2029, the purchase price for the property is $29,520 , based on approximately 3,280 acres at $9,000 per acre, subject to an annual increase and certain per acre adjustments. If the lease is extended for the renewal term, the option period will be extended through June 30, 2031.
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Disaggregated Revenue
Revenues disaggregated by significant products and services for the three and nine months ended June 30, 2026 and 2025 are as follows:
| (in thousands) | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Alico Citrus | |||||||||||||||||||||||
| Early and Mid-Season | $ | $ | $ | $ | |||||||||||||||||||
| Valencias | |||||||||||||||||||||||
| Fresh Fruit and Other | |||||||||||||||||||||||
| Grove Management Services | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| Land Management and Other Operations | |||||||||||||||||||||||
| Land and Other Leasing | $ | $ | $ | $ | |||||||||||||||||||
| Other | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| Total Revenues | $ | $ | $ | $ | |||||||||||||||||||
Cash and Cash Equivalents
Restricted Cash
Restricted cash of $762 and $762 at June 30, 2026 and September 30, 2025, respectively, represents Cash-Secured Irrevocable Standby Letters of Credit to secure certain contractual obligations.
| (in thousands) | June 30, 2026 | September 30, 2025 | |||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | |||||||||||
| Cash and cash equivalents and restricted cash | $ | $ | |||||||||
Fair Value Measurements
The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability into a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:
•Level 1 – Observable inputs such as quoted market prices for identical assets and liabilities in active markets;
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•Level 2 – Inputs, other than the quoted prices for identical assets and liabilities in active markets, for which significant other observable market inputs are readily available; and
•Level 3 – Unobservable inputs in which there is little or no market data, such as internally developed valuation models which require the reporting entity to develop its own assumptions.
| (in thousands) | June 30, 2026 | September 30, 2025 | |||||||||||||||||||||
| Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||
| Other non-current assets | |||||||||||||||||||||||
| Note receivable from Corkscrew Grove Stewardship District | $ | $ | $ | $ | |||||||||||||||||||
| Corporate debt | |||||||||||||||||||||||
| Current portion of long-term debt | $ | $ | $ | $ | |||||||||||||||||||
| Long-term debt | $ | $ | $ | $ | |||||||||||||||||||
As of June 30, 2026 and September 30, 2025 the Company did not have any assets held for sale that had been measured at fair value on a non-recurring basis.
Earnings per Share
Basic earnings per share for the Company’s common stock is calculated by dividing net income attributable to Alico common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares of common stock issuable under equity-based compensation plans in accordance with the treasury stock method, or any other type of securities convertible into common stock, except where the inclusion of such common shares would have an anti-dilutive effect.
The following table presents a reconciliation of basic to diluted weighted average common shares outstanding for the three and nine months ended June 30, 2026 and 2025:
| (in thousands) | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Weighted Average Common Shares Outstanding – Basic | |||||||||||||||||||||||
| Effect of dilutive securities – stock options and restricted stock units | |||||||||||||||||||||||
| Weighted Average Common Shares Outstanding – Diluted | |||||||||||||||||||||||
Non-vested restricted shares of common stock entitle the holder to receive non-forfeitable dividends upon issuance and are included in the calculation of diluted earnings per common share.
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Accounting for government grants
The Company recognizes government grants when there is reasonable assurance that: (1) the grant will be received and (2) all conditions will be met. For income-based grants, the Company recognizes the income on a systematic basis over the periods in which it recognizes as expense the related costs for which the grant was intended to compensate.
In the nine months ended June 30, 2026 and 2025, the Company recognized no grant monies and $1,116 in grant monies, respectively, from the Citrus Research and Field Trial Foundation’s (“CRAFT”) program to assist citrus growers in the State of Florida using Oxytetracycline (“OTC”) and other approved therapies to combat the effect of “greening” of their citrus trees. At June 30, 2026 and September 30, 2025 grant monies of $0 and $425 , respectively, were recognized as a component of Inventories on the Company’s Condensed Consolidated Balance Sheet. In addition, for the nine months ended June 30, 2026 and 2025 $425 and $691 , respectively, were recognized as a reduction of Operating expenses in the Company’s Condensed Consolidated Statement of Operations, as the fruit was sold, in order to align it to the period over which the expense related to the OTC treatments is recognized. These grant monies were received in exchange for providing certain historical data to the CRAFT Foundation about the Company’s citrus groves. The Company may continue, but is not obligated, to participate in future CRAFT programs on the effects of the use of OTC on its Citrus Trees, in the groves that will continue to produce oranges (see Note 1. Description of Business and Basis of Presentation for further information on the Company’s Strategic Transformation).
Concentrations
Accounts receivable from the Company’s major customers as of June 30, 2026 and September 30, 2025, and revenue from such customer for the nine months ended June 30, 2026 and 2025, are as follows:
| (in thousands) | Accounts Receivable | Revenue | % of Total Revenue | ||||||||||||||||||||||||||||||||
| June 30, | September 30, | Nine Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||
| Tropicana | $ | $ | $ | $ | % | % | |||||||||||||||||||||||||||||
| Kobie Cattle Company | $ | $ | $ | $ | % | % | |||||||||||||||||||||||||||||
The citrus industry is subject to various factors over which growers have limited or no control, including weather conditions, disease, pestilence, water supply and market price fluctuations. Market prices are highly sensitive to aggregate domestic and foreign crop sizes, as well as factors including, but not limited to, weather and competition from foreign countries. In May 2025, we entered into a Mutual Contract Termination Agreement with Tropicana and as such, they are no longer a customer of the Company.
Kobie Cattle Company, LLC accounts for approximately 48.3 % of the Company’s total revenues for the nine months ended, June 30, 2026 and 67 % of accounts receivable as of June 30, 2026, pursuant to long-term contracts. Because the Company's revenue is concentrated in a limited number of customers, the loss of this customer would result in a significant decline in revenue, and the Company may not be able to identify and engage a replacement customer of comparable scale on a timeframe sufficient to avoid a disruption to its revenue and cash flows.
There were no other customers which represented a significant concentration of our revenue as of, or for the nine months ended, June 30, 2026.
Impairment of Long-Lived Assets
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The Company records impairment losses on long-lived assets used in operations, or asset group, when events and circumstances indicate that the assets might be impaired and the estimated cash flows (undiscounted and without interest charges) to be generated by those assets or asset group over the remaining lives of the assets or asset group are less than the carrying amounts of those assets. In calculating impairments and the estimated cash flows, the Company assigns its asset groups by determining the lowest level for which there are
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Segments
Operating segments are defined in the criteria established under ASC Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by John E. Kiernan, the Company’s President and Chief Executive Officer and chief operating decision maker (“CODM”) in deciding how to assess performance and allocate resources.
Beginning with the third quarter of fiscal year 2026, following the substantial completion of the Strategic Transformation and final citrus harvest, the Company’s CODM assesses performance and allocates resources based on one
Principles of Consolidation
The Financial Statements include the accounts of Alico and the accounts of all the subsidiaries in which a controlling interest is held by the Company. Under U.S. GAAP, consolidation is generally required for investments of more than 50% of the outstanding voting stock of an investee, except when control is not held by the majority owner. The Company’s subsidiaries include: Alico Land Development, Inc., Alico-Agri, Ltd., Alico Plant World, LLC, Alico Fruit Company, LLC, Alico Citrus Nursery, LLC, Alico Chemical Sales, LLC, Alico Ranch, LLC, Alico Natural Resources, LLC, 734 Citrus Holdings 1, LLC and subsidiaries (“Silver Nip”), Alico Skink Mitigation, LLC and Citree Holdings 1, LLC (“Citree”). The Company considers the criteria established under FASB ASC Topic 810, “Consolidations” in its consolidation process. All significant intercompany balances and transactions have been eliminated in consolidation.
Variable Interest Entities
The Company has an interest in the Corkscrew Grove Stewardship District (the "CGSD"), a special district created by the Florida State Legislature on June 25, 2025 and responsible for the construction, operations and maintenance of community infrastructure within its boundaries. CGSD is a legal entity controlled by five board members consisting of Alico employees, including the Company’s Chief Executive Officer, John Kiernan, who is the Board Chairman of the CGSD. The CGSD is a Variable Interest Entity (“VIE”) which qualifies for a specific scope exception under ASC 810 and, therefore, is not subject to the VIE consolidation model. Accordingly, the financial results of the CGSD are not consolidated in the Company's financial statements.
On October 27, 2025, the CGSD, entered into a Locally Funded Agreement (the “CGSD Funding Agreement”) with the State of Florida Department of Transportation (“FDOT”). On October 24, 2025, the Company entered into a Funding Agreement with the CGSD to provide funding as necessary to fund the CGSD’s obligations related to the FDOT under the CGSD Funding Agreement including the accrual of interest at a rate of 5 % on all funds provided under such agreement. The Company has no explicit arrangements to provide financial support to the CGSD beyond the agreed-upon budget funding agreement. On November 14, 2025, the Company provided funding of $5,071 to the CGSD, which was then paid to the FDOT to fund a wildlife-crossing planned as part of the Corkscrew Villages Project in eastern Collier County. The payment to the CGSD is reimbursable to the Company under the CGSD Funding Agreement and has been classified as a
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long-term receivable within Other non-current assets. Such repayment could come through a bond issuance or sale of the land to developers.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the accompanying Financial Statements, the disclosure of contingent assets and liabilities in the Financial Statements and the accompanying Notes, and the reported amounts of revenues and expenses and cash flows during the periods presented. Actual results could differ from those estimates. The Company evaluates estimates on an ongoing basis. The estimates are based on current and expected economic conditions, historical experience, the experience and judgment of the Company’s management and various other specific assumptions that the Company believes to be reasonable.
Noncontrolling Interest in Consolidated Subsidiary
The Financial Statements include all assets and liabilities of the less-than-100%-owned subsidiary the Company controls, Citree. Accordingly, the Company has recorded a noncontrolling interest in the equity of such entity. Citree had net losses of $1,138 and $71 for the three months ended June 30, 2026 and 2025, respectively, and net losses of $1,573 and $341 for the nine months ended June 30, 2026 and 2025, respectively, of which 51
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which amends Topic 740 primarily through enhanced disclosures about an entity’s tax risks and tax planning. The amendments are effective for public business entities in annual periods beginning after December 15, 2024, with early adoption permitted on a prospective or retrospective basis. ASU 2023-09 became effective for us on October 1, 2025, for the year ended September 30, 2026. The Company expects to include certain additional income tax disclosures as a result of the adoption of this accounting pronouncement but it will not impact the Company's results of operations, financial condition or cash flows.
In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses,” which amends Topic 220 primarily through requiring disclosures in the notes to financial statements about certain costs and expenses. The amendments are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted on a prospective or retrospective basis. ASU 2024-03 becomes effective for us on October 1, 2027. The Company is currently evaluating the impact of the adoption of this accounting pronouncement.
In December 2025, the FASB issued ASU 2025-10, “Disclosures by Business Entities about Government Assistance,” to address requests from investors for increased transparency about government grants. The amendments in this update are effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods, with early adoption permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. ASU 2025-10 becomes effective for us on October 1, 2029, with early adoption permitted on a modified prospective, modified retrospective or a retrospective basis. The Company is currently evaluating the impact of the adoption of this accounting pronouncement.
In December 2025, the FASB issued ASU 2025-11, “Narrow Scope Improvements,” to improve the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. ASU 2025-11 becomes effective for us on October 1,
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2028, on a prospective or retrospective basis. The Company is currently evaluating the impact of the adoption of this accounting pronouncement.
The Company has reviewed other recently issued accounting standards which have not yet been adopted to determine their potential effect, if any, on the results of operations or financial condition. Based on the review of these other recently issued standards, the Company does not currently believe that any of those accounting pronouncements will have a significant effect on its current or future financial position, results of operations, cash flows or disclosures.
Note 3. Inventories
Inventories consist of the following at June 30, 2026 and September 30, 2025:
| (in thousands) | June 30, 2026 | September 30, 2025 | |||||||||
| Unharvested fruit crop on the trees | $ | $ | |||||||||
| Other | |||||||||||
| Total inventories | $ | $ | |||||||||
The Company records its inventory at the lower of cost or net realizable value.
For the nine months ended June 30, 2026, the Company did not recognize an inventory adjustment. For the fiscal year ended September 30, 2025, the Company recorded an inventory adjustment of $9,895 , to reduce inventory to net realizable value within Operating expenses. The inventory adjustment during the fiscal year ended September 30, 2025 was due to a lower than anticipated harvest of the Early and Mid-Season crop and a reduction in our estimate for the Valencia harvest, as a result of Hurricane Milton, which hit in October 2024.
Note 4. Assets Held for Sale
In accordance with its strategy to dispose of non-core and under-performing assets, the following assets have been classified as assets held for sale at June 30, 2026 and September 30, 2025:
| (in thousands) | Carrying Value | ||||||||||
| June 30, 2026 | September 30, 2025 | ||||||||||
| Alico Citrus | |||||||||||
| Total assets held for sale | $ | $ | |||||||||
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Note 5. Property and Equipment, Net
Property and equipment, net consists of the following at June 30, 2026 and September 30, 2025:
| (in thousands) | June 30, 2026 | September 30, 2025 | |||||||||
| Citrus trees | $ | $ | |||||||||
| Equipment and other facilities | |||||||||||
| Buildings and improvements | |||||||||||
| Total depreciable properties | |||||||||||
| Less: accumulated depreciation and depletion | ( | ( | |||||||||
| Net depreciable properties | |||||||||||
| Land and land improvements | |||||||||||
| Property and equipment, net | $ | $ | |||||||||
During the nine months ended June 30, 2026 and 2025, the Company recorded a loss on the disposal of long-lived assets of zero and $780 , respectively, which has been recognized within Operating expenses.
In fiscal year 2026, the Company entered into leases of certain of its previously retained groves in Polk County and the Citree grove through May 31, 2026, with the intent to enter a further extension of these leases. The decision to lease these groves constituted an impairment indicator and the Company performed an impairment analysis of its long-lived assets in these groves at December 15, 2025. During the three months ended June 30, 2026, the Company reviewed the long-lived assets of additional groves for impairment based on their financial performance, which constituted impairment indicators. The Company determined that the asset group for testing impairment is the grove level and includes the Citrus trees, Land, certain Equipment (principally irrigation related) and the Buildings and improvements within its citrus groves. This grouping is required as the cash flows from the sales of fruit cannot be specifically attributed to any of the individual components and the caretaking of the groves is interdependent on the existence of all assets in the asset group. This analysis was based on consideration of comparable land sales, recent appraisals which considered comparable land sales and Just Market Values, as well as any cash flows expected to be received from, or related to its operations (such as the fruit harvest) through the harvest season. Based on the Company’s analyses, there were no indications of impairment.
As a result of these leases, the estimated useful life of the Company’s citrus trees has been impacted and their lives were changed to approximately 3.50 years, which is the anticipated end of the non-cancelable term of the lease extension the Company is negotiating. The change in lives resulted in a net reduction in the Company’s depreciation on its trees and certain irrigation assets of approximately $145 and $1,620 for the three and nine months ended June 30, 2026, respectively, and the impact of the change in depreciable lives on net income for the three and nine months ended June 30, 2026 was an increase of $128 and $1,523 , respectively. The impact on both Basic earnings per share for the three and nine months ended June 30, 2026 was an increase of $0.02 and $0.20 , respectively, and the impact on Diluted earnings per share for the three and nine months ended June 30, 2026 was an increase of $0.02 and $0.20 , respectively.
In January 2025, the Company evaluated the recoverability of the fixed assets in its Citrus Segment, as a result of the announcement of its Strategic Transformation. The decision to wind down the Company’s citrus groves constituted an impairment indicator and it performed an impairment analysis of its property and equipment at January 6, 2025. The Company determined that the asset group for testing impairment is the grove level and includes the Citrus trees, Land, certain Equipment (principally irrigation related) and the Buildings and improvements within its citrus groves. This grouping is required as the cash flows from the sales of fruit cannot be specifically attributed to any of the individual components and the caretaking of the groves is interdependent on the existence of all assets in the asset group.
As a result of this analysis, the Company determined that there was an impairment of its young trees, which were not yet being depreciated and its long-lived assets at one of its groves of $24,966 , which was recorded within Operating expenses in its Alico Citrus Segment. This analysis was based on consideration of comparable land sales and recent appraisals which considered comparable land sales, as well as any cash flows expected to be received from, or related to its operations (Level 3 inputs), such as the fruit harvest and crop insurance proceeds, through the third quarter ended June 30, 2025.
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Furthermore, the estimated useful life of the Company’s citrus trees had been impacted and their lives were changed to a range of four to sixteen months depending upon whether the trees will be abandoned at the end of the Fiscal Year 2025 harvest season or if they are either being retained or leased for another year, which is expected to conclude in April 2026, respectively. The Company recognized accelerated depreciation on its trees and certain of its other fixed assets of approximately $40,733 and $160,526 for the three and nine months ended June 30, 2025, respectively. Citree was not impacted by the Strategic Transformation and as such no change in estimated useful life was deemed necessary. The impact of the accelerated depreciation on net income for the three and nine months ended June 30, 2025 was $28,635 and $126,816 , respectively, and the impact on both Basic and Diluted earnings per share for the three and nine months ended June 30, 2025 was a loss of $3.75 16.61
Note 6. Accrued Liabilities
Accrued liabilities consist of the following at June 30, 2026 and September 30, 2025:
| (in thousands) | June 30, 2026 | September 30, 2025 | |||||||||
| Ad valorem taxes | $ | $ | |||||||||
| Accrued employee wages and benefits | |||||||||||
| Accrued interest | |||||||||||
| Accrued dividends | |||||||||||
| Professional fees | |||||||||||
| Other accrued liabilities | |||||||||||
| Total accrued liabilities | $ | $ | |||||||||
Note 7. Restructure and Other Charges
During the three and nine months ended June 30, 2026, the Company accrued for severance costs principally consisting of salary continuation and health benefits for six zero and $471 , respectively, when the Company determined that the liability was probable and estimable. All of these employees exited the Company by March 31, 2026.
On January 3, 2025, the Board approved the Strategic Transformation and associated reduction in the Company’s current workforce by up to 172 employees. This workforce reduction was effective on January 6, 2025 with respect to 135 employees, and was effective between April 1, 2025 and May 30, 2025 with respect to 34 employees (see Note 1. Description of Business and Basis of Presentation for further information on the Strategic Transformation).
| Personnel | Other | Total | |||||||||||||||||||||||||||||||||
| Balance at September 30, 2024 | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Restructure expense | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Restructure payments | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | $ | $ | ||||||||||||||||||||||||||||||||
These Restructure and other charges were incurred in the Company’s Citrus Segment with Personnel costs of $2,029 and $232 being recognized in Operating expenses and General and administrative expenses during the nine months ended June 30, 2025, respectively, and Other costs of $313 , principally representing legal costs, recognized in General and administrative expense during the nine months ended June 30, 2025 (see Note 5. Property and Equipment, Net for information on the Asset Impairment).
As of June 30, 2025, the Company accrued for the Personnel and Other restructure expenses within Accrued expenses and incurred an additional $64 in personnel related costs in connection with the restructuring plan in the fiscal year.
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Note 8. Long-Term Debt and Lines of Credit
The following table summarizes long-term debt and related deferred financing costs, net of accumulated amortization, at June 30, 2026 and September 30, 2025:
| (in thousands) | Interest Rate | June 30, 2026 | September 30, 2025 | ||||||||||||||
| Long-term debt, net of current portion: | |||||||||||||||||
| Met Fixed-Rate Term Loans | $ | $ | |||||||||||||||
| Met Fixed-Rate Term Loan II | |||||||||||||||||
| Met Citree Term Loan | |||||||||||||||||
| Deferred financing fees | ( | ( | |||||||||||||||
| Less current portion | |||||||||||||||||
| Long-term debt | $ | $ | |||||||||||||||
The following table summarizes the line of credit and related deferred financing costs, net of accumulated amortization at June 30, 2026 and September 30, 2025:
| (in thousands) | June 30, 2026 | September 30, 2025 | |||||||||
| Line of Credit: | |||||||||||
| RLOC | $ | $ | |||||||||
| Deferred financing fees | ( | ( | |||||||||
| Line of Credit | $ | $ | |||||||||
Interest costs expensed and capitalized were as follows:
| (in thousands) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Interest expense | $ | $ | $ | $ | ||||||||||||||||||||||
| Interest capitalized | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
Debt
The Company’s credit facilities consist of fixed interest rate term loans (“Met Fixed-Rate Term Loans”) and a $95,000 revolving line of credit (“RLOC”) with Metropolitan Life Insurance Company (“Met”).
The term loans and RLOC are secured by real property consisting of approximately 40,258 gross acres of land.
The Met Fixed-Rate Term Loans and Fixed-Rate Term Loan II are interest-only with a balloon payment at maturity on November 1, 2029 and May 1, 2034, respectively.
The RLOC bears interest at SOFR plus 220 basis points (the "Amended SOFR Spread”), with a SOFR floor of 5.00 % and a minimum balance of $2,500 . The Amended SOFR Spread and SOFR floor are subject to adjustment by lender every two years beginning January 1, 2026 and every two years thereafter until maturity. The RLOC is subject to an annual commitment fee of 25 basis points on the unused portion of the line of credit and is available for funding general corporate purposes. At June 30, 2026 and September 30, 2025, $92,500
The variable interest rate on the Amended RLOC was 5.86 % and 6.56 % per annum as of June 30, 2026 and September 30, 2025, respectively.
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The Company’s credit facilities contain restrictive covenants which requires the Company to maintain cash and cash equivalents in an amount equal to 1.5 multiplied by the cumulative sum of: i) the scheduled principal and interest payments due under the debt owed to Met, which may be due and payable during the immediately following twelve month period and ii) the projected interest payments due under the RLOC (the “Minimum Liquidity Requirement”). In addition, the Company must maintain Cash and cash equivalents and Current Assets less Current liabilities (“Working Capital”) in excess of the Minimum Liquidity Requirement. At June 30, 2026, the Minimum Liquidity Requirement was $5,818 .
The credit agreement also includes a 50.0 % Loan To Value Cap (the "LTV CAP") on the value of the term loans and RLOC capacity. At June 30, 2026, the Company was able to draw the available balance under the RLOC, while remaining under the LTV Cap.
On May 13, 2026, the Company entered into the Ninth Amendment to First Amended and Restated Credit Agreement (the “Amended Credit Agreement”) which removed the requirement to maintain crop and tree insurance on the Company’s citrus trees and Valencia oranges, as well as other crop maintenance requirements.
As of June 30, 2026, the Company was in compliance with all of the financial covenants.
Credit facilities also include a Met Life term loan collateralized by 1,200 gross acres of citrus grove owned by Citree (“Met Citree Loan”). This is a $5,000 credit facility that bears interest at a fixed rate of 5.28 % per annum. Principal and interest payments are made on a quarterly basis. The loan matures in February 2029. On July 24, 2026 the Company entered into the Second Amendment to Loan Agreement (the “Second Amendment”) which removed the requirement to provide financial information for Citree on a stand-alone basis, as well as the requirement to maintain crop and tree insurance and certain other crop maintenance requirements.
Deferred Financing Costs
Costs incurred to obtain financing are deferred and amortized to “Interest expense” in the Condensed Consolidated Statements of Operations over the related financing period using the effective interest method. The Company records debt issuance costs as a direct reduction of the carrying value of the related debt. Financing costs related to the undrawn RLOC are included in "Other non-current assets" in the Condensed Consolidated Balance Sheets.
Note 9. Income Taxes
Our effective tax rate for the three and nine months ended June 30, 2026 was a benefit of 6.3 % and 5.4 %, respectively. The rate for the three and nine months ended June 30, 2026 differed from the Federal Statutory rate of 21.0%, primarily due to a change in the valuation allowance. Based on both positive and negative evidence, management determined that it was not “more likely than not” that a portion of deferred tax assets will be realized. This conclusion is based upon an analysis of the Company's deferred tax assets and liabilities due to the cumulative three-year loss position at June 30, 2026.
As the Company continues its strategic transformation, it has concluded that it cannot make a reasonable estimate of the annual effective tax rate due to an inability to reliably forecast the timing and implications of subsequent pending land lease agreements, principally depreciation expense (the Company’s most significant timing difference between its book and tax basis results), which will vary based on the noncancelable term, renewal options and likelihood of renewal of such options. Therefore, the valuation allowance analysis discussed above is based upon the Company's deferred tax position as of June 30, 2026.
Our effective tax rate for the three and nine months ended June 30, 2025 was a benefit of 29.9 % and 21.0 %, respectively. The rate for the three and nine months ended June 30, 2025 differed from the Federal Statutory rate of 21.0%, primarily due to a change in the valuation allowance. Based on both positive and negative evidence, management determined that it was not “more likely than not” the deferred tax assets will be realized. This is primarily due to the accelerated book depreciation on the citrus producing assets, which resulted in a cumulative three-year loss during fiscal year ending September 30, 2025.
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Note 10. Segment Information
Segments
Our Chief Executive Officer, who is also our CODM, assesses performance and allocates resources based on the operating performance of one
Beginning with the third quarter of fiscal year 2026 and after the substantial completion of the Company’s Strategic Transformation and final citrus harvest, our Chief Executive Officer, who is also our CODM, assesses performance and allocates resources based on the operating performance of a single reportable segment. The operating segment represents the primary components that engage in business activities from which they may earn revenues and incur expenses for which discrete financial information is available and which is regularly provided to the Company’s CODM.
In identifying our reportable segment, the Company also considered the nature of services provided by our operating segments, economic characteristics in which the segments operate and other relevant factors, such as the completion of our Citrus activities. Total revenues represent sales to or lease income from unaffiliated customers, as reported in the Consolidated Statements of Operations. The Company's CODM evaluates the performance based on Consolidated Net income (loss), EBITDA (defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization), Adjusted EBITDA (defined as EBITDA as further adjusted for impairment of long-lived assets and restructuring and other charges) and Net Debt (defined as Current portion of long-term debt, Long-term debt, net and Lines of credit, less cash). The CODM uses these performance metrics to evaluate the Company's liquidity position and cash burn rate, as indicators of the Company's ability to execute its long-term diversified land usage and real estate development strategy.
All prior year segment information has been recast to conform to the current quarter presentation. The change had no effect on the consolidated balance sheets, statements of operations, or statements of cash flows for the periods presented.
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| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Alico Citrus | $ | $ | $ | $ | |||||||||||||||||||
| Land Management and Other Operations | |||||||||||||||||||||||
| Total operating revenues | |||||||||||||||||||||||
| Expenses | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Depreciation, depletion and amortization included within operating expenses | |||||||||||||||||||||||
| Operating expenses, excluding depreciation, depletion and amortization | ( | ||||||||||||||||||||||
| General and administrative expenses | |||||||||||||||||||||||
| Depreciation, depletion and amortization included within general and administrative expenses | |||||||||||||||||||||||
| General and administrative expenses, excluding Depreciation, depletion and amortization | |||||||||||||||||||||||
| Gain on sale of property and equipment | |||||||||||||||||||||||
| Income (loss) from operations | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income (loss) attributable to Alico, Inc. common stockholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Interest expense, net | |||||||||||||||||||||||
| Income tax benefit | ( | ( | ( | ( | |||||||||||||||||||
| Depreciation, depletion and amortization | |||||||||||||||||||||||
| EBITDA | ( | ||||||||||||||||||||||
| Non-GAAP Adjustments: | |||||||||||||||||||||||
| Impairment of long-lived assets | |||||||||||||||||||||||
| Restructuring and other charges | |||||||||||||||||||||||
| Adjusted EBITDA | $ | $ | $ | $ | |||||||||||||||||||
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| (in thousands) | June 30, 2026 | September 30, 2025 | |||||||||
| Current portion of long-term debt | $ | $ | |||||||||
| Long-term debt, net | |||||||||||
| Lines of credit | |||||||||||
| Total Debt | |||||||||||
| Less: Cash and cash equivalents | ( | ( | |||||||||
| Net Debt | $ | $ | |||||||||
Note 11. Leases
The Company determines whether an arrangement is a lease at inception. The Company’s leases consist of operating lease arrangements for certain office space and IT facilities. When these lease arrangements include lease and non-lease components, the Company accounts for lease components and non-lease components (e.g., common area maintenance) separately based on their relative standalone prices.
Any lease arrangements with an initial term of twelve months or less are not recorded on the Company’s Condensed Consolidated Balance Sheets, and it recognizes lease cost for these lease arrangements on a straight-line basis over the applicable lease term. Many lease arrangements provide the options to exercise one or more renewal terms or to terminate the lease arrangement. The Company includes these options when it will be reasonably certain to exercise them in the lease term used to establish the right-of-use assets and lease liabilities. Generally, lease agreements do not include an option to purchase the leased asset, residual value guarantees or material restrictive covenants.
As most of our lease arrangements do not provide an implicit interest rate, the Company applies an incremental borrowing rate based on the information available at the commencement date of the lease arrangement to determine the present value of lease payments.
No lease costs associated with finance leases and sale-leaseback transactions occurred and our lease income associated with lessor and sublease arrangements are disclosed in Note 2. Summary of Significant Accounting Policies.
Our operating lease cost components are reported in our Condensed Consolidated Statements of Operations as follows:
| (in thousands) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||
| Operating lease components | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Operating lease costs recorded in general and administrative expenses | $ | $ | $ | $ | ||||||||||||||||||||||
The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows:
| June 30, 2026 | |||||
| Weighted-average remaining lease term | |||||
| Weighted-average discount rate | % | ||||
Note 12. Stock-based Compensation
Effective January 27, 2015, the Company’s Board of Directors adopted the 2015 Stock Incentive Plan (the “2015 Plan”) which provides for up to 1,250,000 common shares available for issuance to provide a long-term incentive plan for officers, employees, directors and/or consultants to directly link incentives to stockholder value. The 2015 Plan was approved by the Company’s stockholders in February 2015. An amendment and restatement of the 2015 Plan was approved by the board of directors on December 17, 2024 and by shareholders on February 28, 2025 at the Company Annual Shareholders Meeting (the “Amended and Restated 2015 Plan”). The Amended and Restated 2015 Plan provides for grants to eligible participants in various forms including restricted shares of the Company’s common stock, restricted
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stock units and stock options. Awards are discretionary and are determined by the Compensation Committee of the Board of Directors. Awards vest based upon service and/or performance conditions.
The Company recognizes stock-based compensation expense for (i) Board of Directors fees (generally paid in treasury stock), and (ii) other awards under the Amended and Restated 2015 Plan (paid in restricted stock, stock options or Market-based Restricted Stock Units (“MRSUs”)). Stock-based compensation expense is recognized in general and administrative expenses in the Condensed Consolidated Statements of Operations.
Stock Compensation – Board of Directors
The Board of Directors can either elect to receive stock compensation or cash for their fees for services provided. Stock-based compensation expense relating to the Board of Directors fees was $98 and $306 for the three and nine months ended June 30, 2026, respectively, and $130 and $368 for the three and nine months ended June 30, 2025, respectively.
Stock Compensation - Employees
Stock compensation expense related employee awards were $42 and $150 for the three and nine months ended June 30, 2026, respectively, and $65 and $191 for the three and nine months ended June 30, 2025, respectively.
Restricted Stock Awards (“RSAs”)
| Restricted Stock Awards | Shares | Weighted- Average Grant Date Fair Value | ||||||||||||
| Outstanding at October 1, 2025 | $ | |||||||||||||
| Vested | ( | ( | ||||||||||||
| Outstanding at June 30, 2026 | $ | |||||||||||||
Stock Option Grants
| Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
| Vested & Outstanding - October 1, 2025 | $ | ||||||||||||||||||||||
| Exercised | ( | ||||||||||||||||||||||
| Forfeitures/expired | ( | ||||||||||||||||||||||
| Vested and outstanding - June 30, 2026 | $ | ||||||||||||||||||||||
Market-based Restricted Stock Units
On December 23, 2024, the Company granted MRSUs to one of its executives, which will be eligible to be earned if at any time prior to September 30, 2027, the average 30-day closing per share price of the Company’s Common Stock exceeds the applicable price per share thresholds set forth below:
| Price Per Share Threshold | Number of MRSUs Earned | |||||||
$ | ||||||||
$ | ||||||||
$ | ||||||||
The earned MRSUs will then be subject to time-based vesting on September 30, 2027, subject to continued service through
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such date. Stock compensation expense will be recognized ratably over the term of the award. As of June 30, 2026, 17,500 MRSUs had been earned.
The assumptions used in the Monte Carlo simulation model to calculate the fair value of the Company’s MRSUs on the grant date are as follows:
| Expected volatility of stock price | % | |||||||
| Risk-free interest rate | % | |||||||
| Expected term of awards (years) | ||||||||
| Dividend yield | % | |||||||
| Grant date stock price | $ | |||||||
| Market-based Restricted Stock Units | Shares | Weighted- Average Grant Date Fair Value | ||||||||||||
| Outstanding at October 1, 2025 | $ | |||||||||||||
| Outstanding at June 30, 2026 | $ | |||||||||||||
a.The weighted average remaining contractual term is 1.3 years and the aggregate intrinsic value of MRSUs expected to vest is $1,572 .
As of June 30, 2026 and September 30, 2025, total unrecognized stock compensation costs for MRSUs were $211 and $338 , respectively.
Forfeitures of RSAs, stock options and MRSUs are recognized as incurred.
Total stock-based compensation expense for the three and nine months ended June 30, 2026, which was recognized in general and administrative expense, was $140 and $456 , respectively, and $195 and $559 for the three and nine months ended June 30, 2025, respectively.
Note 13. Commitments and Contingencies
Legal Proceedings
From time to time, Alico may be involved in litigation relating to claims arising out of its operations in the normal course of business. There are no current legal proceedings to which the Company is a party or of which any of its property is subject that it believes will have a material adverse effect on its financial condition.
Note 14. Related Party Transactions
Corkscrew Grove Stewardship District
On November 14, 2025, the Company provided funding of $5,071 to the CGSD which was then paid to the FDOT to fund a wildlife-crossing planned as part of the Corkscrew Villages Project in eastern Collier County (see Note 2. Summary of Significant Accounting Policies for further information).
Note 15. Subsequent Events
On July 24, 2026 the Company entered into the Second Amendment which removed the requirement to provide financial information for Citree on a stand-alone basis, as well as the requirement to maintain crop and tree insurance and certain other crop maintenance requirements.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and related Notes thereto and other information included elsewhere in this Quarterly Report, our 2025 Annual Report on Form 10-K, and in our other filings with the SEC. Our actual results of operations may differ materially from those discussed in forward-looking statements as a result of various factors, including, but not limited to, those included our 2025 Annual Report on Form 10-K and other portions of this Quarterly Report. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. In the following discussion and analysis, dollars are in thousands, except per share and per acre amounts.
Business Overview
Business Description
Alico, Inc., together with its subsidiaries (collectively, “Alico”, the “Company”, “we”, “us” or “our”) currently generates operating revenues primarily from the sale of our citrus products, and through leases of citrus groves, as well as farming, grazing and hunting leases, activities related to rock and sand mining royalties, sod sales, leases of oil extraction rights to third parties, and other miscellaneous operations generating income. Prior to the third quarter of fiscal year 2026, we operated as two business segments: Alico Citrus and Land Management and Other Operations. Alico Citrus, which held the Company’s citrus production operations, has substantially wound down operations after the 2024/2025 harvest due to environmental and financial challenges. Beginning with the third quarter of fiscal year 2026 and after the substantial completion of the Company’s Strategic Transformation and final citrus harvest, we now operate as one reportable segment and all of our operating revenues are generated in the United States. Alico remains committed to Florida’s agriculture industry, and will focus on its long-term diversified land usage and real estate development strategy.
For the three months ended June 30, 2026 and 2025, we generated operating revenue of $9,040 and $8,390, respectively, income (loss) from operations of $1,886 and $(25,370), respectively, and net income (loss) attributable to common stockholders of $2,125 and $(18,289), respectively. Net cash provided by operating activities was $2,332 and $22,841 for the nine months ended June 30, 2026 and 2025, respectively.
Business Segments
Operating segments are defined in the criteria established under FASB ASC Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by our CODM in deciding how to assess performance and allocate resources. Our CODM assesses performance and allocates resources based on one reportable segment (see Note 10. Segment Information to the accompanying Condensed Consolidated Financial Statements).
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Recent Developments
Lease and Grove Purchase Option
On June 18, 2026, we entered into an Agricultural Lease Agreement for approximately 3,280 acres of real property located in Hendry County, Florida. The initial term of the lease commences on July 1, 2026 and expires on June 30, 2027, subject to the lessee’s right to extend the lease for an additional ten-year term in accordance with the terms of the agreement. The agreement also grants the lessee an option to purchase the leased premises during the option period, subject to certain terms and conditions. If the option is exercised on or before June 30, 2029, the purchase price for the property is $29,520, based on approximately 3,280 acres at $9,000 per acre, subject to an annual increase and certain per acre adjustments. If the lease is extended for the renewal term, the option period will be extended through June 30, 2031.
Citree Purchase
On June 23, 2026 (the “Closing Date”), we acquired the 49% of Citree that we did not own for $2,007 plus additional consideration in the event that, on or before the twenty-four (24) month anniversary of the Closing Date, we sell or enter into an agreement to sell, in exchange for cash to a third party any or all of the Company’s currently owned acreage (whether through a merger, equity sale, restructuring, sale of assets, or otherwise) and the purchase price per acre is greater than $12,000 per acre, in which case we would pay a pro rata portion of the amount of 50% of the difference between $12,000 and such purchase price per acre.
Purchases of Common Stock
During the three months ended June 30, 2026, the Company repurchased 38,059 shares of stock, at a weighted average price per share of $42.87, for $1,631, bringing our Fiscal Year 2026 repurchases to 245,399 shares at a weighted average price of $40.76, for $10,003.
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Condensed Consolidated Results of Operations
The following discussion provides an analysis of our results of operations for the three and nine months ended June 30, 2026, as compared to 2025:
| Three Months Ended June 30, | Change | Nine Months Ended June 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | 2026 | 2025 | $ | % | 2026 | 2025 | $ | % | |||||||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
| Alico Citrus | $ | 1,123 | $ | 7,805 | $ | (6,682) | (85.6) | % | $ | 5,797 | $ | 41,384 | $ | (35,587) | (86.0) | % | |||||||||||||||||||||||||||||||
| Land Management and Other Operations | 7,917 | 585 | 7,332 | NM | 10,470 | 1,880 | 8,590 | 456.9 | % | ||||||||||||||||||||||||||||||||||||||
| Total operating revenues | 9,040 | 8,390 | 650 | 7.7 | % | 16,267 | 43,264 | (26,997) | (62.4) | % | |||||||||||||||||||||||||||||||||||||
| Expenses | |||||||||||||||||||||||||||||||||||||||||||||||
| Operating expenses | 4,994 | 36,446 | (31,452) | (86.3) | % | 22,363 | 229,255 | (206,892) | (90.2) | % | |||||||||||||||||||||||||||||||||||||
| General and administrative expenses | 2,258 | 2,867 | (609) | (21.2) | % | 8,492 | 8,841 | (349) | (3.9) | % | |||||||||||||||||||||||||||||||||||||
| Gain on sale of property and equipment | 98 | 5,553 | (5,455) | (98.2) | % | 24,767 | 21,400 | 3,367 | 15.7 | % | |||||||||||||||||||||||||||||||||||||
| Income (loss) from operations | $ | 1,886 | $ | (25,370) | $ | 27,256 | (107.4) | % | $ | 10,179 | $ | (173,432) | $ | 183,611 | (105.9) | % | |||||||||||||||||||||||||||||||
| Other expense, net: | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | 515 | 153 | 362 | 236.6 | % | 1,454 | 259 | 1,195 | 461.4 | % | |||||||||||||||||||||||||||||||||||||
| Interest expense | (951) | (907) | (44) | 4.9 | % | (2,875) | (2,964) | 89 | (3.0) | % | |||||||||||||||||||||||||||||||||||||
| Other income, net | 24 | — | 24 | NM | 20 | 255 | (235) | (92.2) | % | ||||||||||||||||||||||||||||||||||||||
| Total other expense, net | (412) | (754) | 342 | (45.4) | % | (1,401) | (2,450) | 1,049 | (42.8) | % | |||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 1,474 | (26,124) | 27,598 | (105.6) | % | 8,778 | (175,882) | 184,660 | (105.0) | % | |||||||||||||||||||||||||||||||||||||
| Income tax benefit | (93) | (7,800) | 7,707 | (98.8) | % | (476) | (36,874) | 36,398 | (98.7) | % | |||||||||||||||||||||||||||||||||||||
| Net income (loss) | 1,567 | (18,324) | 19,891 | (108.6) | % | 9,254 | (139,008) | 148,262 | (106.7) | % | |||||||||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | 558 | 35 | 523 | NM | 771 | 167 | 604 | 361.7 | % | ||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Alico, Inc. common stockholders | $ | 2,125 | $ | (18,289) | $ | 20,414 | (111.6) | % | $ | 10,025 | $ | (138,841) | $ | 148,866 | (107.2) | % | |||||||||||||||||||||||||||||||
| NM = Not Meaningful | |||||||||||||||||||||||||||||||||||||||||||||||
Operating Revenue
The 7.7% increase in revenue for the three months ended June 30, 2026, compared to the three months ended June 30, 2025 was driven by approximately $6.6 million of contingent lease payments received from a lessee for crop insurance payments as a result of weather events, partially offset by lower Citrus revenue as we completed the wind down of our Citrus operations.
The 62.4% decrease in revenue for the nine months ended June 30, 2026, as compared to the nine months ended June 30, 2025 was driven by our Strategic Transformation and decision to wind down our Citrus operations to focus on a long-term diversified land usage and real estate development strategy, partially offset by an increase in lease revenue driven by contingent lease payments.
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Operating Expenses
The 86.3% decrease in operating expenses for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, is principally due to a $42,251 decrease in depreciation expense due to the acceleration of depreciation at the majority of our groves as part of the Strategic Transformation and lower costs of sales and harvest and haul costs related to our Valencia harvest, as we completed the wind down of our Citrus operations during the three months ended June 30, 2026, partially offset by $15,970 of crop insurance proceeds received in connection with Hurricane Milton, during the three months ended June 30, 2025.
The 90.2% decrease in operating expenses for the nine months ended June 30, 2026, as compared to the nine months ended June 30, 2025, is principally due to a $157,398 decrease in depreciation expense due to the acceleration of depreciation at the majority of our groves as part of the Strategic Transformation and lower costs of sales and harvest and haul costs, as we completed the wind down of our Citrus operations after Fiscal Year 2025, partially offset by $20,010 of crop insurance proceeds received in connection with Hurricane Milton, during the nine months ended June 30, 2025.
General and Administrative Expense
General and administrative expense decreased 21.2% for the three months ended June 30, 2026, compared to the three months ended June 30, 2025 due to lower employee expenses and insurance premiums.
General and administrative expense decreased 3.9% for the nine months ended June 30, 2026, compared to the nine months ended June 30, 2025 due to lower depreciation expense, partially offset by an increase in contract labor costs and a provision for credit losses on certain citrus receivables.
Gain on Sale of Property and Equipment
Gain on sale of property and equipment for the three months ended June 30, 2026 decreased $5,455 compared to the three months ended June 30, 2025, as there were no land sales during the three months ended June 30, 2026, as compared to the sale of approximately 694 acres of land and the sale of equipment and vehicles resulting in a gain of approximately $1,275 during the quarter ended June 30, 2025.
Gain on sale of property and equipment for the nine months ended June 30, 2026 increased $3,367, compared to the nine months ended June 30, 2025, principally as a result of the sale of approximately 3,546 acres of land for $34,611 ($9,761 per acre) in gross proceeds, as compared to the sale of approximately 2,790 acres of land for $24,119 ($8,645 per acre) in gross proceeds during the nine months ended June 30, 2025.
Other Expense, net
Other expense, net for the three months ended June 30, 2026 decreased $342 compared to the three months ended June 30, 2025, principally due to an increase in interest income related to an increase in cash and cash equivalents.
Other expense, net for the nine months ended June 30, 2026 decreased $1,049, compared to the nine months ended June 30, 2025, principally due to an increase in interest income related to an increase in cash and cash equivalents, partially offset by a decrease in other income due to a life insurance payout during the nine months ended June 30, 2025.
Income Taxes
The income tax benefit of $93 for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, of $7,800 was principally due to the effects of permanent tax adjustments as well as changes in the valuation allowance as a result of movement in temporary tax items. Based upon both positive and negative evidence, management determined that it was not "more likely than not" that a portion of deferred tax assets will be realized. This conclusion is based upon an analysis of the Company's cumulative three-year loss position as of June 30, 2026.
The income tax benefit of $476 for the nine months ended June 30, 2026, as compared to the nine months ended June 30, 2025, of $36,874 was principally due to the pre-tax gain, as opposed to a pre-tax loss in the prior period, and a change in the valuation allowance. Based upon both positive and negative evidence, management determined that it was not "more likely than not" that a portion of deferred tax assets will be realized. This conclusion is based upon an analysis of the Company's deferred tax assets and liabilities due to the cumulative three-year loss position at June 30, 2026.
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Seasonality
We have historically been primarily engaged in the production of fruit for sale to citrus markets, which is of a seasonal nature, and subject to the influence of natural phenomena and wide price fluctuations. The first and second quarters of Alico’s year produce most of our annual revenue. Working capital requirements are typically greater in the third and fourth quarters of the year, coinciding with harvesting cycles. Because of the seasonality of the business, results for any quarter are not necessarily indicative of the results that may be achieved for the full year ended September 30. As a result of the Strategic Transformation, we expect these seasonal patterns to diminish as we continue to wind down our Citrus operations.
Liquidity and Capital Resources
A comparative balance sheet summary is presented in the following table:
| (in thousands) | June 30, 2026 | September 30, 2025 | Change | ||||||||||||||
| Cash and cash equivalents | $ | 55,584 | $ | 38,128 | $ | 17,456 | |||||||||||
| Total current assets | $ | 57,863 | $ | 54,919 | $ | 2,944 | |||||||||||
| Total current liabilities | $ | 7,271 | $ | 5,743 | $ | 1,528 | |||||||||||
| Working capital | $ | 50,592 | $ | 49,176 | $ | 1,416 | |||||||||||
| Total assets | $ | 198,663 | $ | 201,527 | $ | (2,864) | |||||||||||
| Principal amount of term loans and lines of credit (a) | $ | 85,763 | $ | 85,950 | $ | (187) | |||||||||||
| Current ratio | 7.96 to 1 | 9.56 to 1 | |||||||||||||||
| Minimum Liquidity Requirement | $ | 5,818 | $ | 5,858 | $ | (40) | |||||||||||
(a) - Excludes deferred financing costs
Sources and Uses of Liquidity and Capital
Our business has historically generated full fiscal year positive net cash flows from operating activities, although the net cash flow in the first quarter of each fiscal year has been negative because of seasonality and the associated need to expend cash in advance of generating revenues from the harvesting season. In January 2025, we announced a Strategic Transformation in our business focus, to wind down our Alico Citrus division, which holds our citrus production operations, to focus on a long-term diversified land usage and real estate development strategy. In May 2025, we entered into a Mutual Contract Termination Agreement with Tropicana, terminating our agreement with them in its entirety following the fulfillment of all obligations under that agreement concerning the 2024/2025 Crop Year and all outstanding amounts had been settled by June 30, 2025. Sources of cash primarily include cash flows from operations, strategic sales of land and other assets, amounts available under our RLOC, and access to capital markets. Access to additional borrowings under our RLOC is subject to the satisfaction of customary borrowing conditions. As a public company, we may have access to other sources of capital. However, access to, and availability of, financing on acceptable terms in the future will be affected by many factors, including (i) financial condition, prospects, and credit rating; (ii) liquidity of the overall capital markets; and (iii) the state of the economy. There can be no assurance that we will continue to have access to the capital markets on acceptable terms, or at all.
The principal uses of cash that affect our liquidity position have historically included the following: operating expenses including employee costs, the cost of maintaining the citrus groves, harvesting and hauling of citrus products, capital expenditures, property taxes, stock repurchases, dividends, debt service costs including interest and principal payments on term loans and other credit facilities and acquisitions. Our expected principal uses of cash that affect our liquidity position, in light of the Strategic Transformation and the fiscal year 2025 workforce reduction, are expected to include lower employee costs, lower costs of maintaining citrus groves and lower capital expenditures. In addition, on March 25, 2025, our Board approved a stock repurchase program authorizing us to repurchase up to $50.0 million shares of Common Stock, with the amount and timing of repurchases depending on market conditions and corporate needs. During the nine months ended June 30, 2026, the Company repurchased 245,399 shares of stock, at a weighted average price per share of $40.76, for $10,003.
During the three and nine months ended June 30, 2025, we recorded an additional valuation allowance against our deferred tax assets, which is recorded in the annual effective tax rate. We are required to assess the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax
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assets. A significant piece of objective negative evidence evaluated was the cumulative loss expected to be incurred over a three-year period during the year ending September 30, 2025. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as our projections for growth.
Management believes that a combination of cash-on-hand, cash generated from operations, asset sales and availability under our RLOC will provide sufficient liquidity to service the principal and interest payments on our indebtedness and will satisfy working capital requirements and capital expenditures for at least the next twelve months and over the long term. However, this is subject, to a certain extent, to general economic, financial, competitive, regulatory and other factors that are beyond our control.
Borrowing Facilities and Long-term Debt
We have a $95,000 RLOC, of which $92,500 was available for general use as of June 30, 2026 (see Note 8. Long-Term Debt and Lines of Credit to the accompanying Condensed Consolidated Financial Statements).
Our credit facilities are subject to a Minimum Liquidity Requirement of $5,818 and an LTV Cap of 50.0%. As of June 30, 2026, we were in compliance with all of the financial covenants and were able to draw the entire amount of the RLOC, less current borrowings, and remain under the LTV Cap.
The term loans and RLOC are secured by real property. The security for the term loans and RLOC as of the most recent amendment, consists of approximately 40,258 gross acres of land.
On May 13, 2026, the Company entered into the Ninth Amendment to First Amended and Restated Credit Agreement (the (“Amended Credit Agreement”) which removed the requirement to maintain crop and tree insurance on the Company’s citrus trees and Valencia oranges, as well as other crop maintenance requirements.
On July 24, 2026 the Company entered into the Second Amendment to Loan Agreement (the “Second Amendment”) which removed the requirement to provide financial information for Citree on a stand-alone basis, as well as the requirement to maintain crop and tree insurance and certain other crop maintenance requirements.
We may utilize available cash and proceeds from asset sales to pay down indebtedness, repurchase stock and for other corporate purposes, subject to market conditions and Board discretion. Any decision regarding share repurchases or dividends will depend on our cash flows, liquidity, credit facility covenants, and other factors, and there can be no assurance that additional financing will be available on acceptable terms, or at all.
The level of debt could have important consequences on our business, including, but not limited to, increasing our vulnerability to general adverse economic and industry conditions, limiting the availability of cash flow to fund future investments, capital expenditures, working capital, business activities and other general corporate requirements, and limiting flexibility in planning for, or reacting to, changes in our business and industry.
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Cash Flows
The components of our cash flows are discussed below.
| (in thousands) | Nine Months Ended June 30, | Change | |||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Net cash provided by operating activities | $ | 2,332 | $ | 22,841 | $ | (20,509) | |||||||||||
| Net cash provided by investing activities | 28,187 | 24,693 | 3,494 | ||||||||||||||
| Net cash used in financing activities | (13,063) | (8,097) | (4,966) | ||||||||||||||
| Net increase in cash and cash equivalents and restricted cash | $ | 17,456 | $ | 39,437 | $ | (21,981) | |||||||||||
Net Cash Provided By Operating Activities
The $20,509 decrease in Net cash provided by operating activities was driven by crop insurance proceeds of $20,010, received during the nine months ended June 30, 2025, which were significantly higher than crop insurance proceeds received in the nine months ended June 30, 2026.
Net Cash Provided By Investing Activities
The $3,494 increase in Net cash provided by investing activities for the nine months ended June 30, 2026, compared to the nine months ended June 30, 2025, was principally the result of greater land sales in the nine months ended June 30, 2026, partially offset by an advance of $5,071 to fund a wildlife-crossing planned as part of the Corkscrew Villages Project.
Net Cash Used In Financing Activities
The $4,966 increase in Net cash used in financing activities for the nine months ended June 30, 2026, as compared to the nine months ended June 30, 2025, was primarily the result of common stock repurchases of $10,003 and $2,007 to acquire the 49% of Citree that we did not own (see Note 2. Summary of Significant Accounting Policies to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report for details), partially offset by lower debt repayments in the nine months ended June 30, 2026.
Contractual Obligations
Our material cash requirements from known contractual and other obligations are described in the accompanying notes to the financial statements within Part I, Item 1 of this Quarterly Report. These include principal and interest payments on long-term debt as described in Note 8. Long-Term Debt and Lines of Credit and operating leases as described in Note 11. Leases to the Condensed Consolidated Financial Statements included in this Quarterly Report.
Critical Accounting Policies and Estimates
The discussion and analysis of the Company’s financial condition and results of operations is based upon its unaudited condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires the Company to make certain estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. We base these estimates on historical experience, available current market information and on various other assumptions that management believes are reasonable under the circumstances. Additionally, the Company evaluates the results of these estimates on an on-going basis. Management’s estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
See Note 2. Summary of Significant Accounting Policies to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report for a detailed description of recent accounting pronouncements. There have been no material changes to the Company’s Critical Accounting Policies and Estimates from those reflected in the Company’s 2025 Annual Report on Form 10-K.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.
Item 4. Controls and Procedures
Limitations on effectiveness of controls and procedures
In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.
Evaluation of Disclosure Controls and Procedures
Management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) as of June 30, 2026. Based on this evaluation, our principal executive officer and principal financial officer have concluded that, as of June 30, 2026, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we have been, and may in the future be involved in, litigation relating to claims arising out of our operations in the normal course of business. There are no current legal proceedings to which we are a party or of which any of our property is subject that we believe will have a material adverse effect on our financial position, results of operations or cash flows. See Note 13. Commitments and Contingencies to the Condensed Consolidated Financial Statements included in this Quarterly Report for further information.
Item 1A. Risk Factors
There have been no material changes to the risk factors set forth in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as filed with the SEC on November 24, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Share repurchase activity during the three months ended June 30, 2026, was as follows:
| Periods | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan (in 000’s) | ||||||||||||||||||||||
| April 1, 2026 to April 30, 2026 | 38,059 | $ | 42.87 | 38,059 | $ | 39,997 | ||||||||||||||||||||
| May 1, 2026 to May 31, 2026 | — | $ | — | — | $ | 39,997 | ||||||||||||||||||||
| June 1, 2026 to June 30, 2026 | — | $ | — | — | $ | 39,997 | ||||||||||||||||||||
| Total | 38,059 | $ | 42.87 | 38,059 | $ | 39,997 | ||||||||||||||||||||
(1) On March 25, 2025, the Company’s Board of Directors approved a stock repurchase program authorizing us to repurchase up to $50.0 million of the Company’s Common Stock through its expiration on April 1, 2028. As of June 30, 2026, $10.0 million of the stock repurchase program had been utilized. Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases depending on market conditions and corporate needs. Open market repurchases will be structured to occur within the pricing and volume requirements of Rule 10b-18. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. This program does not obligate the Company to acquire any particular amount of Common Stock and the program may be extended, modified, suspended or discontinued at any time at the Company’s discretion.
There were no sales of unregistered equity securities during the period covered by this Quarterly Report.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosure
Not Applicable.
Item 5. Other Information
a)None.
b)None.
c)During the three months ended June 30, 2026, no director or officer of the Company adopted terminated
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Item 6. Exhibits
| Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed/Furnished Herewith | ||||||||||||||
| 3.1 | Restated Certificate of Incorporation, dated February 17, 1972 | 10-K | 00-000261 | 3.1 | 12/11/2017 | |||||||||||||||
| 3.2 | Certificate of Amendment to Certificate of Incorporation, dated January 7, 1974 | S-8 | 333-130575 | 4.2 | 12/21/2005 | |||||||||||||||
| 3.3 | Amendment to Articles of Incorporation, dated January 14, 1987 | S-8 | 333-130575 | 4.3 | 12/21/2005 | |||||||||||||||
| 3.4 | Amendment to Articles of Incorporation, dated December 27, 1988 | S-8 | 333-130575 | 4.4 | 12/21/2005 | |||||||||||||||
| 3.5 | Third Amended and Restated Bylaws of Alico, Inc. | 8-K | 000-00261 | 3.1 | 12/15/2025 | |||||||||||||||
| 10.1 | Third Amended and Restated Employment Agreement between Alico, Inc. and Mr. Kiernan, dated as of July 14, 2026 | * | ||||||||||||||||||
| 10.2 | Performance-Based Restricted Stock Unit Award Agreement between Alico, Inc., and Mr. Kiernan, dated as of July 14, 2026 | * | ||||||||||||||||||
| 10.3 | Agricultural Lease Agreement between United States Sugar Corporation and Alico, Inc., dated as of June 18, 2026 | * | ||||||||||||||||||
| 10.4 | Ninth Amendment to First Amended and Restated Credit Agreement with Metropolitan Life Insurance Company and New England Life Insurance Company dated May 13, 2026. | * | ||||||||||||||||||
| 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Rule 13a-14(a) certification | * | ||||||||||||||||||
| 31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Rule 13a-14(a) certification | * | ||||||||||||||||||
| 32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 | ** | ||||||||||||||||||
| 32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 | ** | ||||||||||||||||||
| 101.INS | Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | * | ||||||||||||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | * | ||||||||||||||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | * | ||||||||||||||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | * | ||||||||||||||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | * | ||||||||||||||||||
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| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | * | ||||||||||||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | * | ||||||||||||||||||
| * | Filed herewith. | |||||||||||||||||||
| ** | Furnished herewith. | |||||||||||||||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ALICO, INC. (Registrant) | ||||||||
| August 10, 2026 | By: | /s/ John E. Kiernan | ||||||
| John E. Kiernan | ||||||||
| President and Chief Executive Officer | ||||||||
| (Principal Executive Officer) | ||||||||
| August 10, 2026 | By: | /s/ Bradley Heine | ||||||
| Bradley Heine | ||||||||
| Chief Financial Officer | ||||||||
| (Principal Financial and Accounting Officer) | ||||||||
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