Alico, Inc. (ALCO) reported a significantly narrowed net loss for its fiscal first quarter ended December 31, 2025, as the company’s strategic shift from citrus production to land management and real estate development began to stabilize its balance sheet.
The Florida-based company posted a net loss attributable to common stockholders of $3.5 million, or $0.45 per diluted share, a marked improvement from the $9.2 million loss, or $1.20 per share, recorded in the same period last year. The reduction in net loss was primarily driven by $7.7 million in land sales completed during the quarter, which generated gains of approximately $4.9 million.
Strategic Transformation
The results reflect Alico’s ongoing “strategic transformation,” which involves winding down its historical citrus operations subject to significant weather volatility to focus on land sales, leasing, and development. Total operating revenues fell 88.8% to $1.9 million from $16.9 million a year ago, a decline management attributed to the near-total cessation of citrus harvesting following the final significant harvest in April 2025.
Despite the revenue drop, EBITDA turned positive at $2.4 million, compared to a negative $6.7 million in the prior year period. First quarter results demonstrate the continued momentum of our strategic transformation. The new business model has “substantially eliminated the weather-dependent volatility of citrus operations.
Land Utilization and Development
Alico has aggressively moved to monetize its approximately 46,000-acre Florida portfolio.
Key highlights from the quarter and subsequent weeks include:
- Land Sales: Total land sales reached $34.5 million year-to-date through January 2026, bolstered by a significant $26.8 million sale closed in January.
- Leasing: Farmable land utilization reached 97% following new agreements in January 2026, including a 10-year lease with Bayer Crop Science for an agricultural research station.
- Development Pipeline: The company is advancing its Corkscrew Grove Villages project, a master-planned development in Collier County envisioned to include 9,000 homes and 560,000 square feet of commercial space. A final local entitlement decision is expected in 2026.
Liquidity and Outlook
Alico ended the quarter with $34.8 million in cash and cash equivalents. The company’s working capital stood at $45.4 million, maintaining a current ratio of 14.39:1. On January 16, 2026, the company paid a first-quarter cash dividend of $0.05 per share.
For the full fiscal year 2026, Alico expects to realize Adjusted EBITDA of approximately $14 million. The company projects it will end the fiscal year with a strengthened cash position of approximately $50 million and net debt of roughly $35 million.
Management cautioned that while seasonal patterns from citrus are diminishing, future results may reflect different timing patterns based on the closing of land transactions and development milestones.