Segment Information

6 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

Segments

Total revenues represent sales to unaffiliated customers, as reported in the Condensed 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 evaluates the segments’ performance based on direct margins (gross profit) from operations before general and administrative expenses, interest expense, other income (expense) and income taxes, not including nonrecurring gains and losses.

Information by operating segment is as follows:

(in thousands)	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Revenues:
Alico Citrus	$	17,762	$	20,937	$	31,354	$	31,205
Land Management and Other Operations	351		357		744		677
Total revenues	18,113		21,294		32,098		31,882
Operating expenses:
Alico Citrus	36,142		27,520		64,249		41,815
Land Management and Other Operations	129		102		262		196
Total operating expenses	36,271		27,622		64,511		42,011
Gross profit:
Alico Citrus	(18,380)		(6,583)		(32,895)		(10,610)
Land Management and Other Operations	222		255		482		481
Total gross profit	$	(18,158)	$	(6,328)	$	(32,413)	$	(10,129)
Depreciation, depletion and amortization:
Alico Citrus	$	3,724	$	3,777	$	7,451	$	7,604
Land Management and Other Operations	17		9		37		18
Other Depreciation, Depletion and Amortization	57		111		114		225
Total depreciation, depletion and amortization	$	3,798	$	3,897	$	7,602	$	7,847

(in thousands)	March 31, 2024		September 30, 2023
Assets:
Alico Citrus	$	402,546	$	415,030
Land Management and Other Operations	12,811		11,722
Other Corporate Assets	1,416		1,601
Total Assets	$	416,773	$	428,353

The reconciliations of segment gross profit (loss) to consolidated income (loss) before income taxes are as follows:

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Alico Citrus	$	(18,380)	$	(6,583)	$	(32,895)	$	(10,610)
Land Management and Other Operations	222		255		482		481
Segment gross loss	(18,158)		(6,328)		(32,413)		(10,129)
General and administrative expenses	2,321		2,667		5,593		5,176
Loss from operations	(20,479)		(8,995)		(38,006)		(15,305)
Other income (expense), net:
Interest income	155		—		250		—
Interest expense	(663)		(1,274)		(2,268)		(2,422)
Gain on property and equipment	4		1,574		77,029		4,763
Other income, net	—		30		—		30
Total other income (expense), net	(504)		330		75,011		2,371
(Loss) income before income taxes	$	(20,983)	$	(8,665)	$	37,005	$	(12,934)