Quarterly report pursuant to Section 13 or 15(d)

Inventories

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Inventories
3 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories
Note 3. Inventories
Inventories consist of the following at December 31, 2024 and September 30, 2024:
(in thousands) December 31,
2024
September 30,
2024
Unharvested fruit crop on the trees $ 20,249  $ 28,921 
Other 565  1,163 
Total inventories $ 20,814  $ 30,084 
The Company records its inventory at the lower of cost or net realizable value.
For the three months ended December 31, 2024 and 2023, the Company recorded $7,359 and $10,846, respectively, for adjustments to reduce inventory to net realizable value, within Operating expenses. The adjustment for the three months ended December 31, 2024 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. The inventory adjustment at December 31, 2023 was the result of the continued weak recovery from the impacts of Hurricane Ian which hit in September 2022.