Gladstone Land Corp Pref Share LAND 5.0 01/31/26 D | 8-K: FY2025 Q2 Revenue: USD 12.3 M

Revenue: As of FY2025 Q2, the actual value is USD 12.3 M.

EPS: As of FY2025 Q2, the actual value is USD -0.38.

Net Loss

• Net loss for the second quarter of 2025 was approximately $7.9 million, compared to approximately $823,000 in the prior-year quarter.
• Net loss attributable to common stockholders was approximately $13.9 million, or $0.38 per share, compared to approximately $6.7 million, or $0.19 per share, in the prior-year quarter.

Adjusted Funds from Operations (AFFO)

• AFFO for the quarter was approximately - $3.5 million, or - $0.10 per share, compared to approximately $3.7 million, or $0.10 per share, in the prior-year quarter.

Operating Revenues and Expenses

• Total operating revenues were $12.3 million, a decrease of 42.3% from $21.3 million in the prior-year quarter.
• Total operating expenses were $12.5 million, a decrease of 6.9% from $13.4 million in the prior-year quarter.

Cash Flow

• Cash flows from operations for the current quarter decreased by approximately $12.0 million compared to the prior-year quarter, primarily due to a reduction in cash received from fixed lease payments.

Unique Metrics

• Total cash lease revenues decreased, primarily due to a $6.8 million reduction in fixed base cash rents.
• Participation rents decreased by approximately $975,000, primarily due to the accelerated recognition of certain revenue amounts in the prior year.

Outlook / Guidance

• The company expects the majority of its revenue and annual earnings for 2025 to be recognized in the fourth quarter due to a shift in lease agreements towards participation rents.
• Market trends for pistachios and almonds, the crops to which the company is most exposed, appear to be mostly positive, with pistachio prices holding steady and almond prices rebounding.
• The company remains focused on enhancing long-term farm viability by acquiring additional water resources at below-market prices.