CALAVO GROWERS INC

Listed Company

CVGWCIK 0001133470NasdaqAcceleratedAgricultural ServicesCaliforniaFY ends Oct 31

Period

FY 2025

Revenue

$648.43M

Net Income

$19.80M

Total Assets

$292.25M

Equity

$206.94M

Shares Out

17.87M

Op. Cash Flow

$21.54M

Business

CALAVO GROWERS INC is a global marketer, distributor and processor of avocados and value-added fresh foods. The company offers fresh avocados, tomatoes, papayas and prepared avocado products, including guacamole and avocado pulp, alongside value-added ripening, packaging and distribution services. It operates through two reporting segments: Grown (fresh avocados and other fresh products) and Prepared (guacamole and avocado pulp). Calavo sources fruit from California, Mexico, Peru, Colombia and other regions and distributes products to retail grocery, foodservice, club stores, mass merchandisers, distributors and wholesalers worldwide.

Summary from filing dated 2025-01-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Net sales	648	662	594	770	1,056
Cost of sales	585	594	531	715	998
Gross profit	64	68	63	55	57
Selling, general and administrative	42	50	47	47	56
Expenses related to Mexican tax matters	2	1	3	1	—
Operating income	20	17	12	7	−10
Foreign currency gain (loss)	2	−6	1	−1	—
Interest income	3	1	605,000	500,000	335,000
Interest expense	−827,000	−3	−2	−2	—
Other income, net	1	641,000	260,000	803,000	1
Income before income taxes and net income from unconsolidated entities	25	10	12	−3	544,000
Income tax expense	−5	−2	−6	−3	−11
Net loss from unconsolidated entities	−200,000	−500,000	−879,000	−564,000	−2
Net income from continuing operations	20	7	5	−7	—
Net loss from discontinued operations (Note 16)	—	−8	−13	246,000	—
Net income (loss)	20	−1	−8	−7	−12
Less: Net income attributable to noncontrolling interest	−174,000	−52,000	−377,000	353,000	104,000
Net income (loss) attributable to Calavo Growers, Inc.	20	−1	−8	−6	−12
Basic, Continuing operations (in dollars per shares)	1.11	0.38	0.26	−0.37	—
Basic, Discontinued operations (in dollars per shares)	—	−0.44	−0.73	0.01	—
Net income (loss) - Basic (in dollars per shares)	1.11	−0.06	−0.47	−0.35	−0.67
Diluted, Continuing operations (in dollars per shares)	1.11	0.38	0.26	−0.37	—
Diluted, Discontinued operations (in dollars per shares)	—	−0.44	−0.73	0.01	—
Net income (loss) - Diluted (in dollars per shares)	1.11	−0.06	−0.47	−0.35	−0.67
Basic (in shares)	18	18	18	18	18
Diluted (in shares)	18	18	18	18	18

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Cash and cash equivalents	61	57	2	2	2
Accounts receivable, net of allowances of $3,336 (2025) and $3,624 (2024)	32	42	34	59	79
Inventories	34	34	32	39	41
Prepaid expenses and other current assets	8	10	12	9	12
Advances to suppliers	13	15	15	12	7
Income taxes receivable	2	936,000	1	3	12
Total current assets	149	159	133	126	153
Property, plant, and equipment, net	49	54	61	113	118
Operating lease right-of-use assets	16	18	18	55	60
Investments in unconsolidated entities	2	2	3	4	4
Deferred income tax assets	8	7	3	5	5
Goodwill	10	10	10	29	29
Other assets	56	50	52	47	41
Total assets	292	301	387	386	445
Payable to growers	15	18	15	20	23
Trade accounts payable	8	9	5	10	10
Accrued expenses	21	28	16	52	42
Income tax payable	63,000	3	—	—	—
Mexico tax liability	11	11	—	—	—
Current portion of operating leases	4	3	4	7	7
Current portion of finance leases	885,000	874,000	831,000	2	—
Total current liabilities	60	73	82	102	115
Long-term portion of operating leases	15	17	17	52	58
Long-term portion of finance leases	4	4	5	4	—
Other long-term liabilities	4	4	4	3	3
Total long-term liabilities	23	26	95	60	104
Commitments and contingencies (Note 7)	—	—	—	—	—
Common stock ($0.001 par value, 100,000 shares authorized; 17,855 (2025) and 17,802 (2024) shares issued and outstanding)	18,000	18,000	18,000	18,000	18,000
Additional paid-in capital	179	178	176	171	168
Retained earnings	28	22	32	51	57
Total Calavo Growers, Inc. shareholders' equity	207	200	—	—	—
Noncontrolling interest	2	1	1	1	1
Total shareholders' equity	209	202	210	223	227
Total liabilities and shareholders' equity	292	301	387	386	445

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Depreciation and amortization	7	11	17	17	18
Non-cash operating lease expense	−259,000	−2	38,000	20,000	83,000
Impairment of goodwill	—	9	—	—	—
Provision of tomato grower advances	2	—	—	—	—
Divesture of Calavo Salsa Lisa	—	—	624,000	—	—
Gain on sale of Fresh Cut Business	—	−192,000	—	—	—
Provision for uncollectible Mexican IVA taxes receivable	—	165,000	2	—	—
Stock-based compensation expense	1	2	5	3	4
Amortization of debt issuance costs	182,000	286,000	—	—	—
Gain on sale of Temecula packinghouse	−221,000	−216,000	−216,000	−216,000	−216,000
Loss on disposal of property, plant, and equipment	141,000	56,000	40,000	186,000	−170,000
Deferred income taxes	−844,000	−5	2	−117,000	−3
Accounts receivable, net	10	−7	−2	20	−15
Inventories	553,000	−2	−989,000	2	412,000
Prepaid expenses and other current assets	2	2	−5	−147,000	4
Advances to suppliers	−206,000	714,000	−1	−5	−2
Income taxes receivable/payable	−4	3	4	8	−933,000
Other assets	−7	2	−8	−5	−8
Payable to growers	−3	4	−5	−3	12
Trade accounts payable, accrued expenses and other liabilities	−7	7	−15	11	15
Net cash provided by (used in) operating activities	22	24	−14	50	14
Purchases of property, plant, and equipment	−2	−3	−11	−10	−11
Proceeds received from Fresh Cut Business Sale	—	83	—	—	—
Net cash provided by (used in) investing activities	−2	80	−11	9	−9
Payment of dividend to shareholders	−14	−9	−10	−20	−20
Proceeds from revolving credit facility	—	85	257	267	335
Payments on revolving credit facility	—	−120	−223	−304	−318
Payments of debt issuance cost	—	−148,000	−693,000	—	—
Issuance of common stock in connection with stock-based compensation, net of tax withholdings	−48,000	−668,000	—	−96,000	−864,000
Proceeds from term loan	—	—	4	—	—
Payments on term loan	—	−4	—	—	—
Payments on long-term obligations and finance leases	−931,000	−2	−2	−2	−1
Proceeds from stock option exercises	—	—	48,000	47,000	47,000
Net cash provided by (used in) financing activities	−15	−50	25	−59	−5
Net increase (decrease) in cash, cash equivalents	4	54	−282,000	279,000	−1
Interest	827,000	3	2	1	687,000
Income taxes	8	2	1	3	3
Right of use assets obtained in exchange for new financing lease obligations	719,000	641,000	3	611,000	1
Settlement of Agricola Belher infrastructure advance offset against payable to growers	600,000	606,000	928,000	1	—
Property, plant, and equipment included in trade accounts payable and accrued expenses	11,000	51,000	2	160,000	312,000

Filings

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