Quarterly report [Sections 13 or 15(d)]

Inventories

v3.25.1
Inventories
 6 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventories
Note 3. Inventories
Inventories consist of the following at March 31, 2025 and September 30, 2024:
(in thousands) March 31,
2025		 September 30,
2024
Unharvested fruit crop on the trees $ 6,723  $ 28,921 
Other 524  1,163 
Total inventories $ 7,247  $ 30,084 
The Company records its inventory at the lower of cost or net realizable value.
For the six months ended March 31, 2025 and 2024, the Company recorded inventory adjustments of $9,895 and $28,549, respectively, to reduce inventory to net realizable value within Operating expenses. The adjustment for the six months ended March 31, 2025 was due to a lower than anticipated harvest of the Early and Mid-Season and Valencia crops, principally as a result of Hurricane Milton, which hit in October 2024. The inventory adjustment during the six months ended March 31, 2024 was the result of the continued weak recovery from the impacts of Hurricane Ian which hit in September 2022.
The Company received $4,040 of insurance proceeds relating to Hurricane Milton during the three and six months ended March 31, 2025, which was recorded within Operating expenses in our Condensed Consolidated Statement of Operations.