Annual report [Section 13 and 15(d), not S-K Item 405]

Inventories

v3.25.3
Inventories
 12 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Inventories
Note 3. Inventories
Inventories consist of the following at September 30, 2025 and 2024:
(in thousands) September 30,
2025 2024
Unharvested fruit crop on the trees $ 3,859  $ 28,921 
Other 361  1,163 
Total inventories $ 4,220  $ 30,084 
The Company records its inventory at the lower of cost or net realizable value.

During the years ended September 30, 2025 and 2024 the Company recorded $9,895 and $48,099, respectively, for adjustments to reduce inventory to net realizable value, within Operating expenses. The inventory adjustment for the year ended September 30, 2025 was driven by an increase in fruit drop as a result of Hurricane Milton. The adjustment for the year ended September 30, 2024 was the result of significantly lower than anticipated harvest of the Early and Mid-Season and Valencia crops for the 2023-2024 season as a result of the continued recovery from the impacts of Hurricane Ian.
During the year ended September 30, 2025 the Company received insurance proceeds relating to Hurricane Milton of $20,381 for crop claims. No further insurance proceeds are expected. In the year ended September 30, 2024, the Company received insurance proceeds relating to Hurricane Ian of $299 for crop claims, as part of a final true-up of amounts due. All crop insurance was recognized as a reduction in operating expenses in the Consolidated Statements of Operations in the period it was received and is included in fresh fruit and other segment expenses.