Alico Extends Cash Runway Through 2029 After Lease

The Tip Desk · August 10, 2026 · 3 min read

Cash reached $55.6 million at June 30, 2026, and the company raised fiscal 2026 Adjusted EBITDA guidance to about $15 million.

Alico, Inc. (ALCO) entered an agricultural lease covering about 3,280 acres with a $29.5 million purchase option, extending its land-monetization strategy beyond outright sales, and said the liquidity position now extends the operating runway through 2029 without requiring additional asset sales.

The Florida agribusiness and land-management company, which completed its last significant citrus harvest in April 2025, reported cash and cash equivalents of $55.6 million at June 30, 2026, up from $38.1 million at September 30, 2025. Net debt fell to $29.8 million from $47.4 million a year earlier.

For the three months ended June 30, 2026, revenue was $9.04 million, up 7.7% from $8.39 million a year earlier. The mix flipped: Alico Citrus revenue was $1.12 million, down from $7.81 million, while Land Management and Other Operations revenue was $7.92 million, up from $0.59 million.

Net income attributable to common stockholders was $2.13 million, or $0.29 a share, versus an $18.29 million loss, or $2.39 a share, a year earlier. The swing was principally the result of the Strategic Transformation, including accelerated citrus-tree depreciation in the year-ago quarter and higher lease income from a lessee’s crop-insurance payments.

EBITDA was $4.60 million, down from $19.20 million a year earlier; Adjusted EBITDA was $4.60 million versus $19.27 million. Gross profit was $4.05 million, compared with a $28.06 million gross loss, as operating expenses dropped to $5.00 million from $36.45 million. General and administrative expense decreased 21.2% to $2.26 million from $2.87 million, due to lower employee expenses and insurance premiums.

President and Chief Executive Officer John Kiernan said the additional lease, structured with a purchase option, reflects how the land-monetization strategy generates recurring lease income while preserving optionality to realize additional value over time. He said the company continues to review its operating cost structure and is executing overhead-reduction initiatives, including a new office lease expected to begin delivering additional savings in the second quarter of next fiscal year.

In June 2026, Alico acquired the remaining 49% ownership interest in Citree, a joint venture holding about 1,200 acres in DeSoto County, for $2.0 million in cash plus potential contingent consideration and the assumption of about $3.3 million of Citree debt. The transaction gives Alico full ownership and control of the property.

Corkscrew Grove East Village received final local entitlement approvals from the Collier County Board of County Commissioners in April 2026 and is advancing through state and federal permitting. Construction on the first village could begin in 2028 or 2029 if all approvals are granted. The villages plan covers about 4,660 acres, with about 9,000 homes, about 750 affordable units, and about 480,000 square feet of commercial space.

The company completed $10.0 million of its share-repurchase program, buying about 245,000 shares, and paid a $0.05 per share third-quarter cash dividend on July 16, 2026. Available borrowings under the line of credit were about $92.5 million at June 30, 2026. Working capital was $50.6 million, with a 7.96-to-1 current ratio.

Alico raised fiscal 2026 guidance, projecting Adjusted EBITDA of approximately $15 million, cash of approximately $48 million and net debt of approximately $37 million, with only the $2.5 million minimum on the revolving line. If additional capital is returned through dividends, tender offers or repurchases, cash could be reduced and net debt correspondingly increased.

Beginning with the period ended December 31, 2025, the company revised Adjusted EBITDA to adjust for impairment of long-lived assets and restructuring and other charges, and to stop adjusting for inventory net realizable value, gain or sale of property and equipment, or other historical adjustments.