Welcome to Limoneira Company's third quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. It is now my pleasure to introduce your host, Deidra Thompson with ICR Inc. Thank you. You may begin. Good afternoon, everyone, and thank you for joining us for Limoneira's third quarter fiscal year 2025 conference call. On the call today are Harold Edwards, President and Chief Executive Officer, and Mark Palamountain, Executive Vice President and Chief Financial Officer. By now, everyone should have access to the third quarter fiscal year 2025 earnings release, which went out today at approximately 4:05 P.M. Eastern Time. If you have not had a chance to view the release, it's available on the investor relations portion of the company's website at limoneira.com. This call is being webcast, and a replay will be available on Limoneira's website. Before we begin, we'd like to remind everyone that prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. Such statements involve a number of known and unknown risks and uncertainties, many of which are outside the company's control and could cause its future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risk details in the company's Form 10-Qs and 10-Ks, filed with the SEC, and those mentioned in the earnings release. Except as required by law, we undertake no obligation to update any forward-looking or other statements herein, whether a result of new information, future events, or otherwise. Please note that during today's call, we will be discussing non-GAAP financial measures, including results on an adjusted basis. We believe these adjusted financial measures can facilitate a more complete analysis and greater understanding of Limoneira's ongoing results of operations, particularly when comparing underlying results from period to period. We have provided as much detail as possible on any items that are discussed on an adjusted basis. Also, within the company's earnings release and in today's prepared remarks, we include adjusted EBITDA and adjusted diluted EPS, which are non-GAAP financial measures. A reconciliation of adjusted EBITDA and adjusted diluted EPS to the most directly comparable GAAP financial measures is included in the company's press release, which has been posted to its website. With that, it's my pleasure to turn the call over to the company's President and CEO, Mr. Harold Edwards. Thank you, Deidra, and good afternoon, everyone. During the third quarter, we made significant strides in unlocking long-term value through our two-part value creation strategy: agriculture production optimization and land and water value creation. As we enter the fourth quarter and turn our attention to fiscal year 2026, we're excited about the profitable growth opportunities ahead. In the third quarter, we continued to navigate challenging lemon market conditions with pricing pressures in the first two months, though we saw improvement in the final months as we captured higher prices for fruit held in storage. Our fresh utilization was lower due to the strategic timing, but we remain confident in achieving our volume goals for both lemons and avocados in fiscal year 2025. In addition, we expect pricing to improve in fiscal 2026 due to anticipated shortages in several international areas. Our strategic partnership with Sunkist for citrus sales and marketing remains on track to drive $5 million in annual cost savings and EBITDA enhancements starting in fiscal year 2026. This partnership will unlock access to new, high-quality customers while creating the operational efficiencies we've discussed. We expect lemons to return to profitability with more normalized pricing and fresh utilization levels in fiscal year 2026. Our avocado business continues to expand, with pricing and volume on plan during the quarter. We anticipate a significant increase in avocado production as our newly planted acreage begins maturing in fiscal year 2027 and beyond. We have 700 acres of non-bearing avocados estimated to become full bearing over the next two to four years, enabling strong organic growth. This will be a near 100% increase in avocado-producing acreage. Our real estate development continues to exceed expectations. Harvest at Limoneira is selling homes ahead of schedule, and we continue to expect future distributions from our real estate projects to total approximately $155 million over the next five fiscal years. Today, I'm also excited to announce our exploration of development options for our Linco del Mar property. This 221-acre agricultural infill property bordered by developed areas in the city of Ventura presents an opportunity for residential development that directly addresses Ventura County's critical housing shortage. As a historically local company, Limoneira is dedicated to helping solve this housing crisis. We believe that a strong community needs homes for everyone, and we're ready to do our part. The Linco del Mar ranch is ideally suited for efficient, well-planned infill development that may stimulate economic growth, create jobs, and contribute to vibrant, livable communities. We're committed to conducting a comprehensive community-based planning process, including complete CEQA, which is the California Environmental Quality Act review, City of Ventura City Council review, a SOAR, Save Open Space and Agricultural Resources vote, and the LAFCO, Local Agency Formation Commission review process for annexation to the City of Ventura. Our goal is to create a pathway to design, permit, and develop new homes that will meet the needs of Ventura County's residents. We continue to advance our water monetization efforts. In January 2025, we sold water pumping rights in the Santa Paula Basin for $30,000 per acre foot across three transactions, generating $1.7 million in proceeds and recording $1.5 million of gains. In summary, we're executing a comprehensive strategy that positions us for long-term growth. Our citrus operational enhancements through the Sunkist partnership, expanding avocado production, accelerating real estate development, adding new housing development opportunities, and ongoing water value creation all contribute to building sustainable long-term shareholder value. I'll now turn the call over to Mark to discuss our third quarter results. Thank you, Harold, and good afternoon, everyone. Before I begin, I would remind you it is best to view our business on an annual, not quarterly, basis due to the seasonal nature of our business. Historically, our first and fourth quarters are the seasonally softer quarters, while our second and third quarters are stronger. For the third quarter of fiscal year 2025, total net revenue was $47.5 million compared to total net revenue of $63.3 million in the third quarter of the previous fiscal year. Agribusiness revenue was $45.9 million compared to $61.8 million in the third quarter last year. Other operations revenue was $1.5 million for the third quarter of fiscal years 2025 and 2024. The decline in agribusiness revenue stems primarily from continued pricing pressure in the lemon market during the first two months of the quarter, though we saw improvement in July. Additionally, our fresh utilization was lower as we held lemons longer in storage to capture higher prices during the final month of the quarter. Looking beyond this year, the citrus sales and marketing plan we announced with Sunkist is anticipated to enhance our resilience to market volatility by creating a more efficient cost structure, leading to an expected $5 million in EBITDA improvement during fiscal year 2026. Agribusiness revenue for the third quarter of fiscal year 2025 includes $23.8 million in fresh-packed lemon sales compared to $25.8 million during the same period of fiscal year 2024. Approximately 1.4 million cartons of U.S.-packed fresh lemons were sold during the third quarter of fiscal year 2025 at a $17.02 average price per carton, compared to 1.4 million cartons sold at an $18.43 average price per carton during the third quarter of fiscal year 2024. Brokered lemons and other lemon sales were $3.8 million and $9.8 million in the third quarter of fiscal years 2025 and 2024, respectively. The company recognized $8.5 million of avocado revenue in the third quarter of fiscal year 2025, compared to $13.9 million of avocado revenue in the same period of fiscal year 2024. Approximately 5.7 million pounds of avocados were sold in aggregate during the third quarter of fiscal year 2025 at a $1.50 average price per pound, compared to approximately 8.9 million pounds sold at a $1.57 average price per pound during the third quarter of fiscal year 2024. The California avocado crop typically experiences alternating years of high and low production due to plant physiology and was the primary reason for lower volume this year compared to last year. Both avocado pricing and volume were on plan, and we achieved our volume goals for fiscal year 2025. The company recognized $1.7 million of orange revenue in the third quarter of fiscal year 2025, compared to $1.2 million in the third quarter of fiscal year 2024. Approximately 94,000 cartons of oranges were sold during the third quarter of fiscal year 2025 at an $18 average price per carton, compared to approximately 43,000 cartons sold at a $26.98 average price per carton during the third quarter of fiscal year 2024. Specialty citrus and wine grape revenue were $600,000 for the third quarter of fiscal years 2025 and 2024. Farm management revenues were $100,000 in the third quarter of fiscal year 2025, compared to $3.2 million in the same period of fiscal year 2024. The decline was due to the termination of our farm management agreement effective March 31, 2025. Total costs and expenses for the third quarter of fiscal year 2025 decreased to $48.1 million compared to $54.3 million in the third quarter of last year. Operating loss for the third quarter of fiscal year 2025 was $600,000 compared to operating income of $9 million in the third quarter of the previous fiscal year. Net loss applicable to common stock after preferred dividends for the third quarter of fiscal year 2025 was $1 million compared to net income applicable to common stock of $6.5 million in the third quarter of fiscal year 2024. Net loss per diluted share for the third quarter of fiscal year 2025 was $0.06 compared to net income per diluted share of $0.35 for the same period of fiscal year 2024. Adjusted net loss for diluted EPS for the third quarter of fiscal year 2025 was $400,000 or $0.02 per diluted share compared to adjusted net income per diluted EPS of $7.8 million or $0.42 per diluted share in the same period of fiscal year 2024. A reconciliation of net income or loss attributable to Limoneira Company to adjusted net income or loss for diluted EPS is provided at the end of our earnings release. Non-GAAP adjusted EBITDA for the third quarter of fiscal year 2025 was $3 million compared to $13.8 million in the same period of fiscal year 2024. A reconciliation of net income or loss attributable to Limoneira Company to adjusted EBITDA is also provided at the end of our earnings release. Turning now to our balance sheet and liquidity. Long-term debt as of July 31, 2025, was $63.3 million compared to $40 million at the end of fiscal year 2024. Debt levels as of July 31, 2025, less than $2.1 million of cash on hand, resulted in a net debt position of $61.3 million at quarter end. In April of 2025, we received $10 million of our share of a $20 million cash distribution from our 50/50 real estate development joint venture with the Lewis Group of Companies. The distribution came from the joint venture's available cash and cash equivalents, which as of July 31, 2025, totaled $36.4 million. Now, I'd like to turn the call back to Harold to discuss our fiscal year 2025 outlook and longer-term growth pipeline. Thanks, Mark. We continue to expect fresh lemon volumes to be in the range of 4.5 million to 5 million cartons for fiscal year 2025, and avocado volume is approximately 7 million pounds for fiscal year 2025. Fiscal year 2025 avocado volume is lower than fiscal year 2024, primarily due to the alternate bearing nature of avocado trees. Looking beyond fiscal year 2025, we have strong visibility on multiple value drivers. First, we believe we are in good position to divest additional real estate assets in fiscal year 2026. Second, we expect to receive an additional $155 million from our real estate projects over the next five fiscal years. Third, we have 700 acres of non-bearing avocados estimated to become full bearing over the next two to four years, which we expect will enable strong organic growth in avocado production. Additionally, we plan to continue expanding our plantings of avocados over the next two fiscal years. Fourth, we expect lemons to return to profitability with more normalized lemon prices and fresh utilization levels in fiscal year 2026, in which we continue to estimate 4 million to 4.5 million cartons. Our partnership with Sunkist fundamentally strengthens our citrus business model, unlocking availability to new, high-quality customers and driving an anticipated $5 million in annual cost savings beginning in fiscal year 2026. This partnership positions us for sustainable EBITDA growth and creates a strong foundation for long-term value creation. Fifth, the exploration of our Linco del Mar property represents another significant value creation opportunity, addressing critical community needs with anticipated substantial returns for shareholders. In summary, we're executing on a comprehensive strategy across agricultural production optimization and asset monetization that positions us for both near-term resilience and long-term growth. We believe we have the asset base, strategic partnerships, and operational improvements in place to deliver sustainable value creation while maintaining flexibility to capitalize on additional opportunities as they arise. Operator, we will now open the call to questions. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the headset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from the line of Benjamin David Klieve with Lake Street Capital Markets. Please proceed with your question. All right, thanks for taking my questions. First, a couple of questions on the Linco del Mar opportunity here. It's great to hear that that's progressing. One very specific question, is there any kind of expectations of costs flowing through the income statement on this, say through 2026, maybe associated with regulatory costs or consulting costs, anything of that nature? Second, on a higher level, what's your vision for how this will get developed over the long term in terms of what Limoneira's role will be? I mean, are you going to be looking for kind of a Lewis Group type 50/50 partner? Do you want to maybe offload more of the developmental burden on a partner? How are you thinking about that from a big picture perspective? Great question, Ben. Thank you. Multiple pieces to that. We'll start with the cost and the income statement. As you know, we recently tendered from our position, we had 28% as the general partner and achieved up to 55%. It's good to know we have a bunch of local still involved in this, and we've got support from all around. From a cost perspective, it'll be similar to how we developed Harvest at Limoneira in the entitlement period. We're trying to be conservative, thinking three years on a minimum, five years out, and $3 to $5 million depending on that timeframe. The majority of those costs will be capitalized and will not run through the income statement as we develop the project. Now, Limoneira being the community player behind all of this, and Lewis has been a great partner and we'd love to have them involved at that point. Right now it's just Limoneira running with the ball, and we've put together a great team of legal experts and development experts and county experts to really figure out what the community benefit's going to be and how we make this a benefit for everybody so we can move it across the line. At the end of the day, I think the $3 to $5 million is a good number to hold on to, and we're working really hard. We've already started and had some good progress and good support as well. Ben, I would also just add that there'll be two value triggers that happen along this journey. The first real value-creating opportunity will become evident upon entitlement. As mentioned in the description earlier, we'll go through a comprehensive CEQA review, a comprehensive SOAR vote, and then assuming that we are successful in winning a SOAR vote, that vote will be comprised of the City of Ventura citizens voting to support the project. Assuming a majority of the citizens vote yes, we'll work with the Local Agency Formation Commission to annex the 221 acres into the City of Ventura, and at that point, it would become entitled. At that point, the value creation will be significant. The second chapter of that value creation will be in the actual development of the project. As Mark pointed out, we've had a great relationship with the Lewis Group. The way that we've developed Harvest at Limoneira in Santa Paula has been extremely successful. When we get to the point of development, we'll assess what the best options are for the community of Ventura, but also for the Limoneira Company and decide at that point. Got it. That makes plenty of sense. Very good. We'll stay tuned for updates on that in quarters to come. I've got a question on the lemon side. Great to see fresh lemon prices rebound sequentially from a difficult second quarter. You guys talked about kind of a normalization of pricing going into next year as there's maybe some industry supply constraints that should be supportive. Given the reset that the lemon market has had over the past few years, how do you kind of think about what normalized pricing is in this business today? What are the different sources of supply constraints that you see out there that are going to be helpful as you look into next year? Yeah, Ben, we were pleasantly surprised into August, into the lemon pricing. As we mentioned, it lasted a little longer. Our average price in the quarter in Q3 was just over $17. August, we saw prices in the low $20s, so almost a $4 to $5 jump. There was a bit of a shortage around on the East Coast. A lot of the imports that usually came to the U.S. went to Europe. You mentioned some of those issues. Turkey had a really challenging freeze, which, it's always hard to get the best assessment, but could have gone all the way down to damaging trees, which would be two years of crop. Also, Spain had their own set of weather issues. Next year we see Spain and Turkey being short, call it 20% to 30%, which then again will allow some of our southern hemisphere friends to move fruit there. All of our market is about balance, right? When us, Limoneira Company, coming back into the Sunkist, there's a lot more contracted business. We've got those new customers in the quick-serve restaurant business, along with our existing customer base, we see a lot more potential for stability. I think you'll see a price with a two in front of it. Right now, as I said, August was in the low $20s, call it $23. If you keep a higher price, and this has been historical since as long as I've been here, coming into the fall, you always have a dip into that winter. If you have a higher entry point, obviously you're going to have a lower low, theoretically. That's sort of what is setting up. We're at year seven, going into year eight of a really challenging lemon environment. Usually those cycles last that long. Now, will we have a Mother Nature event? We're not sure about that. For the most part, that's what gives us confidence is the balance around the world, the lemons we've seen come out, including our own, and a higher starting point going into next year. Got it. That'd be great to see. Very good. One more for me, and I'll get back in queue. It might be a little premature on the 2026 outlook for avocados, but given the kind of biannual nature of the crop and the California harvest complete at this point, do you have any kind of rough ideas of what your expectations are for avocado volumes here looking into 2026? It's a little premature, but you know, we're looking up into the trees right now. You're seeing a set. I would say that as we're counting pieces and assuming we hold on to the fruit, I would expect it to not be greater than this year. It looks like it's going to be similar to this year to less, but it's too early to really know that. I wouldn't count on a big rebound in production. It's why we made our forward-looking comments that we believe our first big breakout year with volume improvement will be 2027. More to come. Let's see what we come up with. When we talk in the next call, we'll have a much better idea of what we're looking at for 2026 with avocados. Very good. I appreciate that. Thanks for taking my questions. I'll get back in queue. Thank you. Thank you. As a reminder, if anyone has any questions, you may press star one on your telephone keypad to join the queue. Again, if you have any questions, pressing star one will join you into the question and answer session to ask a question. We have reached the end of the question and answer session. I would like to turn the floor back over to CEO Harold Edwards for closing remarks. Thank you. I'd like to point out that as of this afternoon, we have updated our investor deck and it is now available on our website at limoneira.com. I'd like to thank you all for your questions and your interest in Limoneira. Have a great day. Ladies and gentlemen, this concludes today's conference. You may disconnect your line at this time. We thank you for your participation. Have a great day.