Summary of Significant Accounting Policies (Tables)
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3 Months Ended |
Dec. 31, 2024 |
Accounting Policies [Abstract] |
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Schedule of disaggregation of revenue |
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(in thousands) |
Three Months Ended December 31, |
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2024 |
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2023 |
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Revenue recognized at a point-in-time |
$ |
15,555 |
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|
$ |
12,901 |
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|
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Revenue recognized over time |
1,339 |
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|
1,084 |
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Total |
$ |
16,894 |
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|
$ |
13,985 |
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|
Revenues disaggregated by significant products and services for the three months ended December 31, 2024 and 2023 are as follows:
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(in thousands) |
Three Months Ended December 31, |
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2024 |
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2023 |
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Alico Citrus |
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Early and Mid-Season |
$ |
14,929 |
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|
$ |
12,395 |
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Fresh Fruit and Other |
626 |
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|
506 |
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Grove Management Services |
771 |
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|
691 |
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Total |
$ |
16,326 |
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|
$ |
13,592 |
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Land Management and Other Operations |
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Land and Other Leasing |
$ |
479 |
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$ |
314 |
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Other |
89 |
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|
79 |
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Total |
$ |
568 |
|
|
$ |
393 |
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Total Revenues |
$ |
16,894 |
|
|
$ |
13,985 |
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|
|
|
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|
Schedule of Cash and Cash Equivalents |
Restricted Cash
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(in thousands) |
December 31, 2024 |
|
September 30, 2024 |
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Cash and cash equivalents |
$ |
4,388 |
|
|
$ |
3,150 |
|
Restricted cash (a) |
762 |
|
|
248 |
|
Cash and cash equivalents and restricted cash |
$ |
5,150 |
|
|
$ |
3,398 |
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a. Restricted cash represents Cash-Secured Irrevocable Standby Letters of Credit to secure certain contractual obligations.
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Restrictions on Cash and Cash Equivalents |
Restricted Cash
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(in thousands) |
December 31, 2024 |
|
September 30, 2024 |
|
Cash and cash equivalents |
$ |
4,388 |
|
|
$ |
3,150 |
|
Restricted cash (a) |
762 |
|
|
248 |
|
Cash and cash equivalents and restricted cash |
$ |
5,150 |
|
|
$ |
3,398 |
|
a. Restricted cash represents Cash-Secured Irrevocable Standby Letters of Credit to secure certain contractual obligations.
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Schedule of Short-Term Debt |
The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:
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(in thousands) |
December 31, 2024 |
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September 30, 2024 |
Carrying Amount |
|
Estimated Fair Value |
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Carrying Amount |
|
Estimated Fair Value |
Corporate debt |
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Current portion of long-term debt |
$ |
1,410 |
|
|
$ |
1,383 |
|
|
$ |
1,410 |
|
|
$ |
1,420 |
|
Long-term debt |
$ |
103,889 |
|
|
$ |
97,589 |
|
|
$ |
91,141 |
|
|
$ |
86,987 |
|
|
Schedule of Weighted Average Number of Shares |
The following table presents a reconciliation of basic to diluted weighted average common shares outstanding for the three months ended December 31, 2024 and 2023:
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(in thousands) |
Three Months Ended December 31, |
2024 |
|
2023 |
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|
Weighted Average Common Shares Outstanding – Basic |
7,633 |
|
|
7,616 |
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|
Effect of dilutive securities – stock options and unrestricted stock |
— |
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|
— |
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Weighted Average Common Shares Outstanding – Diluted |
7,633 |
|
|
7,616 |
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|
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Schedule of Revenue by Major Customers by Reporting Segments |
Accounts receivable from the Company’s major customer as of December 31, 2024 and September 30, 2024, and revenue from such customer for the three months ended December 31, 2024 and 2023, are as follows:
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(in thousands) |
Accounts Receivable |
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Revenue |
|
% of Total Revenue |
December 31, |
|
September 30, |
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Three Months Ended December 31, |
|
Three Months Ended December 31, |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Tropicana |
$ |
7,206 |
|
|
$ |
— |
|
|
$ |
14,928 |
|
|
$ |
10,875 |
|
|
88.4 |
% |
|
77.8 |
% |
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