ALCO Q3 2026 - Preliminary Earnings Alert

Event: Quartr Q3 2026 event Retrieved: 2026-08-10T23:50:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available (earnings release 3688552, 13 pages; quarterly report 3688549 not read) | financials=earnings release only | transcript=not yet available (call 2026-08-11 12:30Z)

Consensus scorecard

• Consensus scorecard, bulleted equivalent:
  • Revenue / consolidated total operating revenues: Quartr actual $9.040m against API Ninjas consensus $2.750m - Beat +$6.290m, +228.7%.
  • EPS / GAAP diluted: Quartr actual $0.29 against API Ninjas consensus $(0.735) - Beat +$1.025, +139.5%.
  • Both percentages are arithmetically correct but rest on a very small estimate base with a poor historical record for this ticker. See Source limitations before relying on the magnitudes.

Reported results and guidance

• Q3 income statement, bulleted equivalent (Q3 FY2026 vs Q3 FY2025): Alico Citrus revenue $1,123k vs $7,805k (−85.6%); Land Management and Other Operations revenue $7,917k vs $585k; total operating revenues $9,040k vs $8,390k (+7.7%); operating expenses $4,994k vs $36,446k; gross profit $4,046k against a gross loss of $(28,056)k; general and administrative expenses $2,258k vs $2,867k (−21.2%), which the company attributes to lower employee expenses and insurance premiums; gain on sale of property and equipment $98k vs $5,553k; income from operations $1,886k against a loss of $(25,370)k; interest income $515k vs $153k; interest expense $(951)k vs $(907)k; other income, net $24k against none; total other expense, net $(412)k vs $(754)k; income before income taxes $1,474k against $(26,124)k; income tax benefit $(93)k vs $(7,800)k; net income $1,567k against $(18,324)k; net loss attributable to noncontrolling interests $558k vs $35k; net income attributable to Alico common stockholders $2,125k against $(18,289)k; basic and diluted income per common share $0.29 against $(2.39); EBITDA $4,601k vs $19,204k (−76.0%); Adjusted EBITDA $4,601k vs $19,273k (−76.1%); net cash provided by operating activities $7,141k vs $7,026k (+1.6%); cash dividends declared per common share $0.05 in both periods.

• Nine-month results, bulleted equivalent (9M FY2026 vs 9M FY2025): Alico Citrus revenue $5,797k vs $41,384k (−86.0%); Land Management and Other Operations revenue $10,470k vs $1,880k; total operating revenues $16,267k vs $43,264k (−62.4%); operating expenses $22,363k vs $229,255k; gross loss $(6,096)k against $(185,991)k; general and administrative expenses $8,492k vs $8,841k (−3.9%), which the company attributes to lower depreciation partially offset by higher contract labor and a provision for credit losses on certain citrus receivables; gain on sale of property and equipment $24,767k vs $21,400k; income from operations $10,179k against $(173,432)k; interest income $1,454k vs $259k; interest expense $(2,875)k vs $(2,964)k; other income, net $20k vs $255k; total other expense, net $(1,401)k vs $(2,450)k; income before income taxes $8,778k against $(175,882)k; income tax benefit $(476)k vs $(36,874)k; net income $9,254k against $(139,008)k; net loss attributable to noncontrolling interests $771k vs $167k; net income attributable to Alico common stockholders $10,025k against $(138,841)k; basic income per common share $1.33 and diluted $1.32, against $(18.18) on both bases; EBITDA $23,731k against $(2,210)k; Adjusted EBITDA $24,202k vs $25,330k (−4.5%); net cash provided by operating activities $2,332k vs $22,841k (−89.8%); cash dividends declared per common share $0.15 in both periods.

• Balance sheet, bulleted equivalent (June 30, 2026 vs September 30, 2025): cash and cash equivalents $55,584k vs $38,128k, an increase of $17,456k; accounts receivable net $591k vs $1,014k; total current assets $57,863k vs $54,919k; restricted cash $762k in both periods; property and equipment net $131,238k vs $142,065k; goodwill $2,246k in both periods; other non-current assets $6,554k vs $1,535k; total assets $198,663k vs $201,527k; accounts payable $984k vs $403k; accrued liabilities $5,214k vs $4,563k; current portion of long-term debt $250k in both periods; income tax payable $584k against none; other current liabilities $239k vs $527k; total current liabilities $7,271k vs $5,743k; long-term debt net $82,668k vs $82,797k; lines of credit $2,500k in both periods; deferred income tax liabilities net $1,395k vs $2,455k; total liabilities $93,834k vs $93,533k; common stock $8,416k in both periods; additional paid in capital $22,787k vs $20,410k; treasury stock at cost $(35,653)k on 999,818 shares against $(26,185)k on 770,785 shares; retained earnings $109,279k vs $100,391k; total Alico stockholders' equity $104,829k vs $103,032k; noncontrolling interest none against $4,962k; total stockholders' equity $104,829k vs $107,994k. Shares outstanding were 7,416,327 against 7,645,360. Total debt was $85.4m against $85.5m and Net Debt $29,834k against $47,419k. Working capital was $50.6m at a 7.96 to 1.00 current ratio, against 9.56 to 1.00. Available borrowings under the line of credit were approximately $92.5m and the Minimum Liquidity Requirement under the Credit Agreement was $5.8m.

• Guidance, bulleted equivalent: the company raised its fiscal 2026 Adjusted EBITDA guidance to approximately $15m and now expects to end the fiscal year with cash of approximately $48m and net debt of approximately $37m, with only the minimum required $2.5m balance on its revolving line of credit. It cautions that if additional capital is returned to shareholders through increased common dividends, special dividends, tender offers or open market repurchases during fiscal 2026, the cash balance could be reduced and net debt correspondingly increased. The release does not restate the superseded guidance figures. Management states that the strengthened liquidity position extends the operating runway through fiscal year 2029 without requiring any additional asset sales.

• Other corporate developments disclosed: the company entered an agricultural lease for approximately 3,280 acres including a purchase option at $29.5m; Corkscrew Grove East Village received final local entitlement approval from the Collier County Board of County Commissioners in April 2026 and is advancing through state and federal permitting, with construction potentially beginning in 2028 or 2029 if all approvals are granted; the company completed $10.0m of its share repurchase program, repurchasing approximately 245,000 shares; in June 2026 it acquired the remaining 49% of Citree, a joint venture holding approximately 1,200 acres in DeSoto County, for $2.0m in cash plus potential contingent consideration and the assumption of approximately $3.3m of Citree debt; a $0.05 per share third quarter dividend was paid on July 16, 2026 to holders of record July 2, 2026; and the company describes a new office lease expected to begin delivering additional overhead savings starting in the second quarter of next fiscal year. The portfolio is described as approximately 47,300 acres across 7 Florida counties. The Corkscrew Grove Villages plan covers approximately 4,660 acres and contemplates approximately 9,000 homes including approximately 750 affordable units, approximately 480,000 square feet of commercial space, and more than 6,000 acres of permanent conservation.

Key bullish aspects

• Total operating revenues of $9.040m beat the API Ninjas consensus of $2.750m, and GAAP diluted EPS of $0.29 beat the $(0.735) consensus, reversing the direction of the expected result.
• The company swung to net income attributable to common stockholders of $2.125m from a $(18.289)m loss, and to income from operations of $1.886m from a $(25.370)m loss.
• Fiscal 2026 Adjusted EBITDA guidance was raised to approximately $15m, and the company simultaneously guided to year-end cash of approximately $48m and net debt of approximately $37m.
• Cash rose $17.456m over nine months to $55.584m while total debt was essentially unchanged at $85.4m, cutting Net Debt to $29.834m from $47.419m, a 37.1% reduction.
• Management states the liquidity position now extends the operating runway through fiscal year 2029 without requiring any additional asset sales, which removes the forced-seller dynamic from the land monetization strategy.
• Land Management and Other Operations revenue rose to $7.917m from $0.585m in the quarter and to $10.470m from $1.880m for the nine months, evidencing that the post-citrus revenue base is forming.
• The new agricultural lease on approximately 3,280 acres with a $29.5m purchase option generates recurring lease income while preserving the option to monetize the land outright later.
• Corkscrew Grove East Village cleared final local entitlement approval in April 2026 and has moved to state and federal permitting, the first hard milestone in the multi-year development thesis.
• General and administrative expense fell 21.2% in the quarter to $2.258m, and management points to a new office lease expected to deliver further overhead savings from the second quarter of next fiscal year.
• The Citree buy-in gives the company 100% ownership of approximately 1,200 acres in DeSoto County for $2.0m of cash plus assumed debt, and eliminated the noncontrolling interest from the balance sheet.
• Quarterly operating cash flow of $7.141m was up 1.6% year over year, and the company completed $10.0m of buybacks while still building cash.
• Total current liabilities of $7.271m against $57.863m of current assets leaves a 7.96 to 1.00 current ratio and $50.6m of working capital, with approximately $92.5m of undrawn line-of-credit availability against a $5.8m minimum liquidity requirement.

Key bearish aspects

• The raised full-year Adjusted EBITDA guidance of approximately $15m sits below the $24.202m of Adjusted EBITDA already reported for the nine months, implying roughly $(9.2)m of Adjusted EBITDA in the fourth quarter. The release does not address this.
• Guided year-end cash of approximately $48m is below the $55.584m held at June 30, 2026, and guided year-end net debt of approximately $37m is above the $29.834m at June 30, so the company's own guidance implies roughly $7.6m of cash outflow in the fourth quarter.
• EBITDA fell 76.0% year over year to $4.601m and Adjusted EBITDA fell 76.1% to $4.601m, despite revenue rising 7.7%.
• Nine-month revenue fell 62.4% to $16.267m, and the citrus business that generated $41.384m of nine-month revenue a year ago produced $5.797m this year, an 86.0% decline as the wind-down completes.
• The nine-month gross result is still a $(6.096)m loss. The nine-month swing to $10.025m of net income is driven by $24.767m of gains on sale of property and equipment, without which the company would be loss-making at the operating line.
• In the quarter itself, the gain on sale of property and equipment was only $0.098m against $5.553m a year earlier, so the quarterly profit was not driven by asset sales; it rests on a Land Management revenue line that the company itself says includes its share of crop insurance payments received by one of its lessees.
• Nine-month operating cash flow fell 89.8% to $2.332m from $22.841m. The $17.456m cash build over nine months therefore came predominantly from asset sales, not operations.
• Property and equipment, net fell $10.827m over nine months to $131.238m, consistent with a balance sheet being sold down rather than reinvested.
• The income tax line is a $(93)k benefit on $1.474m of pre-tax income in the quarter and a $(476)k benefit on $8.778m for the nine months, so reported net income exceeds pre-tax income in both periods and the effective rate is not a normalized one.
• Treasury stock rose $9.468m over the nine months on 229,033 shares repurchased, an average of roughly $41.34 per share, against a current quoted price well below that level.
• Land Management and Other Operations revenue is lumpy by construction: $7.917m of the quarter's $9.040m came from a segment that produced $10.470m across the full nine months, meaning three-quarters of the year-to-date segment revenue landed in this one quarter.
• Corkscrew Grove construction could begin in 2028 or 2029 at the earliest and only if all state and federal approvals are granted, so the development thesis carries at least two more years of permitting risk before any construction revenue.

Key uncertainties

• The gap between nine-month Adjusted EBITDA of $24.202m and full-year guidance of approximately $15m implies a materially negative fourth quarter. The release neither states the implied fourth-quarter figure nor explains what drives it, and this is the single largest open question in the document.
• The quarter's Land Management and Other Operations revenue of $7.917m is attributed in part to the company's share of crop insurance payments received by one of its lessees. The release does not size that component, so the recurring portion of the segment's revenue is unknown.
• Prior guidance figures are not restated, so the size of the Adjusted EBITDA raise cannot be computed from this document, and the cash and net debt figures are not identified as raises or cuts at all.
• The approximately 3,280-acre agricultural lease is disclosed with a $29.5m purchase option but no lease term, annual rent, escalators, or option exercise window, so neither the recurring income nor the option's economics can be assessed.
• The stated runway through fiscal year 2029 without additional asset sales depends on an operating cash burn assumption the release does not disclose, and it sits against nine-month operating cash flow of only $2.332m.
• The release states $10.0m of the repurchase program completed on approximately 245,000 shares, an average near $40.82, while the balance sheet shows treasury stock up $9.468m on 229,033 shares over the nine months. The release does not reconcile the two, and the total program size and remaining authorization are not disclosed.
• The Citree acquisition includes unspecified potential contingent consideration in addition to the $2.0m cash and approximately $3.3m of assumed debt.
• Other non-current assets rose to $6.554m from $1.535m over nine months with no explanation in the release.
• The company states that returning additional capital through dividends, tender offers or repurchases during fiscal 2026 would reduce cash and increase net debt relative to guidance, which leaves the guidance conditional on a capital-allocation decision not yet made.
• The 47,300-acre portfolio's value is central to the thesis but no appraised value, book value per acre, or acreage-by-use breakdown is provided in this release.
• No fiscal 2027 outlook is given for revenue, the pace of land monetization, or the run-rate cost structure after the citrus wind-down completes.

Market context

• API Ninjas price snapshot for ALCO: $39.06 on NASDAQ with volume of 35,582, timestamped 2026-08-10T22:59:11Z. The release was published after the close on August 10 and the conference call is scheduled for August 11 at 12:30Z (8:30 a.m. Eastern), so this snapshot precedes any regular-session trading on the release. It is a single quote from one source, not an exchange-official close, and no reaction to the release is characterized here.
• This event qualified on the document-availability arm of the due-event window rather than the call clock: the Quartr event is scheduled for 2026-08-11T12:30:00Z, within the next 24 hours, and the earnings release document was already attached. The Quartr source PDF carries a 2026-08-10 20:12:39 timestamp.

Source limitations

• Every displayed actual comes from Quartr earnings release document 3688552. The results summary table (page 2), the narrative and balance sheet and liquidity discussion (pages 2 through 5), the condensed consolidated balance sheets (page 7) and the condensed consolidated statements of operations (page 9) were read directly. Pages 10 through 13, which contain the non-GAAP reconciliations of EBITDA, Adjusted EBITDA and Net Debt, were not read; the EBITDA, Adjusted EBITDA and Net Debt figures shown above are the company's own summary-table values. Page 8 returned no extractable text. The separate quarterly report document 3688549 attached to this event was not read.
• The transcript is not yet available; the conference call is scheduled for 2026-08-11 at 12:30Z. This is a release-based preliminary only.
• The source PDF renders the statements in a merged layout with headers separated from data. Column assignment was verified by footing every subtotal within its own column. On the income statement, the two revenue lines sum to total operating revenues in all four columns; revenue less operating expenses equals gross profit in all four; gross profit less G&A plus the gain on sale equals income from operations in all four; the three other-income lines sum to total other expense in all four; and every line from pre-tax income through net income attributable to common stockholders bridges in all four. The G&A percentage changes computed from the extracted figures, −21.24% for the quarter and −3.95% for the nine months, match the −21.2% and −3.9% stated in the release narrative, which independently confirms that column placement. On the balance sheet, the five current-liability lines sum to total current liabilities in both columns, the four liability categories sum to total liabilities in both, the four equity components sum to total Alico stockholders' equity in both, equity plus noncontrolling interest equals total stockholders' equity in both, total liabilities plus equity equals total assets in both, and the five asset categories sum to total assets in both.
• The individual current-asset lines below cash and accounts receivable could not all be placed reliably. For September 30, 2025 the five detail lines do foot exactly to the $54,919k subtotal; for June 30, 2026 only cash, accounts receivable, inventories and assets held for sale could be placed with confidence, so inventories, income tax receivable, assets held for sale and prepaid expenses are omitted from the June 30, 2026 column of the table above rather than shown with uncertain values. Total current assets is shown because it foots to total assets.
• The weighted-average share count rows are omitted entirely. The extracted diluted share figures do not reproduce the printed 2026 per-share amounts by simple division ($2,125k over the extracted 7,641 thousand diluted shares gives $0.278 against the printed $0.29, and $10,025k over 7,641 gives $1.312 against the printed $1.32), while the 2025 figures do reconcile. Rather than publish share counts that may be misplaced, they are excluded; the per-share amounts shown are the company's printed values.
• API Ninjas supplied only the consensus estimates. Its row for ALCO is dated 2026-08-10, one day before the Quartr event date of 2026-08-11 and the same date as the release. That one-day drift is within the three-day tolerance maximal mode allows, and it corresponds exactly to the after-market release timing. The row carries no fiscal_year or fiscal_quarter, so there is no fiscal-period conflict; the exact ticker-and-date path was used. The row carried no actual revenue or EPS.
• EPS basis: the company presents only GAAP basic and diluted income per common share and no adjusted EPS measure, so GAAP diluted is the only available basis and no ladder choice arose. The basis is confirmed against the provider's own history: its Q3 FY2025 actual EPS of $(2.39) equals the company's reported $(2.39), and its Q3 FY2025 actual revenue of $8,390,000 equals the company's reported $8,390k.
• ESTIMATE QUALITY CAVEAT FOR THE HUMAN OPERATOR: the direction of both scorecard rows is unambiguous, but the magnitudes should not be relied on. The provider's revenue estimate series for ALCO has a poor record against this company's reported revenue, and the errors are very large rather than marginal. For the year-ago quarter the provider estimated $300,000 of revenue against an actual of $8,390,000, a +2,697% surprise; for Q3 FY2024 it estimated $400,000 against $13,610,000; for Q2 FY2026 it estimated $2,450,000 against $5,340,000. The $2,750,000 estimate used here is of the same character. Alico's revenue is inherently lumpy because it is winding down citrus and replacing it with land leasing, land sales and development, which the company itself states makes any quarter unrepresentative, and the provider's estimates do not appear to track that. The +228.7% revenue surprise and the +139.5% EPS surprise are therefore best read as "materially above a low and unreliable estimate" rather than as sized measures of the beat.
• Prior fiscal 2026 guidance figures are not printed in the release, only the statement that Adjusted EBITDA guidance was raised, so the "Prior guide" cells state that rather than a value.
• The $10.0m and approximately 245,000 share repurchase figures, the approximately $92.5m of line-of-credit availability, the $5.8m minimum liquidity requirement, the $50.6m working capital figure, the total debt figure of $85.4m, the approximately 47,300-acre portfolio, the approximately 3,280-acre lease and its $29.5m purchase option, and the runway-through-fiscal-2029 statement are all narrative disclosures from pages 1 through 5 and are not reconciled to the financial statements within the release.
• The implied fourth-quarter Adjusted EBITDA of roughly $(9.2)m stated in the bearish and uncertainty sections is calculated locally as the approximately $15m full-year guidance less the $24.202m of nine-month Adjusted EBITDA reported by the company. It is not a figure the company discloses.
• The price snapshot is a single API Ninjas quote timestamped after the regular-session close and before any trading on this release, and is presented as such.