Note 11. Segment Information
Segments
Our Chief Executive Officer, who is also our chief operating decision maker (“CODM”), assesses performance and allocates resources based on the operating performance of two reportable segments: Alico Citrus and Land Management and Other Operations. The operating segments represent the primary components that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is regularly provided to the Company’s CODM. In identifying our reportable segments, the Company also considered the nature of services provided by our operating segments, economic characteristics in which the segments operate and other relevant factors.
Total revenues represent sales to unaffiliated customers, as reported in the Consolidated Statements of Operations. Goods and services produced by these segments are sold to wholesalers and processors in the United States who prepare the products for consumption. The Company's CODM evaluates the segments’ performance based on Revenues and Gross profit (loss) from operations.
Information by reportable segment is as follows:
| | | | | | | | | | | | | |
| (in thousands) | Years Ended September 30, |
| 2025 | | 2024 | | |
| Revenues: | | | | | |
| Alico Citrus | $ | 41,337 | | | $ | 45,059 | | | |
| Land Management and Other Operations | 2,729 | | | 1,584 | | | |
| Total operating revenues | $ | 44,066 | | | $ | 46,643 | | | |
| | | | | |
| Segment expenses: | | | | | |
| Alico Citrus | | | | | |
| Cost of Sales | 245,123 | | | 89,420 | | | |
| Harvesting and Hauling | 10,743 | | | 11,843 | | | |
| Fresh Fruit and other | (20,193) | | | (228) | | | |
| Grove Management Services | 168 | | | 1,593 | | | |
| Total Alico Citrus operating expenses | $ | 235,841 | | | $ | 102,628 | | | |
| | | | | |
| Land Management and Other Operations | | | | | |
| Land and other leasing | 414 | | | 393 | | | |
| Other | 5 | | | 5 | | | |
| Total Land Management and Other Operations operating expenses | 419 | | | 398 | | | |
| | | | | |
| Total operating expenses | $ | 236,260 | | | $ | 103,026 | | | |
| | | | | |
| Gross segment (loss) profit | | | | | |
| Alico Citrus | $ | (194,504) | | | $ | (57,569) | | | |
| Land Management and Other Operations | 2,310 | | | 1,186 | | | |
| Total gross loss | $ | (192,194) | | | $ | (56,383) | | | |
| | | | | |
| Capital expenditures: | | | | | |
| Alico Citrus | $ | 2,910 | | | $ | 17,871 | | | |
| Land Management and Other Operations | 2,594 | | | — | | | |
| | | | | |
| Total capital expenditures | $ | 5,504 | | | $ | 17,871 | | | |
| | | | | |
| Depreciation, depletion and amortization: | | | | | |
| Alico Citrus | $ | 175,854 | | | $ | 14,742 | | | |
| Land Management and Other Operations | 84 | | | 58 | | | |
| Other Corporate Assets | 701 | | | 210 | | | |
| Total depreciation, depletion and amortization | $ | 176,639 | | | $ | 15,010 | | | |
| | | | | |
| Assets: | | | | | |
| Alico Citrus | $ | 173,573 | | | $ | 383,777 | | | |
| Land Management and Other Operations | 26,263 | | | 13,134 | | | |
| Other Corporate Assets | 1,691 | | | 1,808 | | | |
| Total Assets | $ | 201,527 | | | $ | 398,719 | | | |
The reconciliations of segment gross (loss) to consolidated (loss) income before income taxes are as follows:
| | | | | | | | | | | | | |
| Years Ended September 30, |
| 2025 | | 2024 | | |
| Alico Citrus | $ | (194,504) | | | $ | (57,569) | | | |
| Land Management and Other Operations | 2,310 | | | 1,186 | | | |
| Segment gross loss | (192,194) | | | (56,383) | | | |
| General and administrative expenses | 11,707 | | | 11,071 | | | |
| Loss from operations | (203,901) | | | (67,454) | | | |
| Other income (expense), net: | | | | | |
| Interest income | 793 | | | 385 | | | |
| Interest expense | (4,848) | | | (3,538) | | | |
| Gain on sale of property and equipment | 21,769 | | | 81,559 | | | |
| Other income, net | 256 | | | — | | | |
| Total other income, net | 17,970 | | | 78,406 | | | |
| (Loss) income before income taxes | $ | (185,931) | | | $ | 10,952 | | | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.