Mission Produce Inc
NASDAQ:AVO
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Mission Produce Inc
NASDAQ:AVO
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Mission Produce Inc
Mission Produce, Inc. engages in sourcing, producing and distributing avocados. The company is headquartered in Oxnard, California and currently employs 2,800 full-time employees. The company went IPO on 2020-09-30. The firm procures avocados principally from California, Mexico and Peru. The company operates through two operating segments: Marketing and Distribution and International Farming. The Marketing and Distribution segment sources fruit from growers and then distributes the fruit through its global distribution network. Its International Farming segment owns and operates orchards from which all fruit produced is sold to its Marketing and Distribution segment. The International Farming segment's farming activities range from cultivating early-stage plantings to harvesting from mature trees, and it also earns service revenues for packing and processing for producers of other crops during the avocado off-harvest season. Its International Farming segment is principally located in Peru, with smaller operations in other areas of Latin America.
Mission Produce, Inc. engages in sourcing, producing and distributing avocados. The company is headquartered in Oxnard, California and currently employs 2,800 full-time employees. The company went IPO on 2020-09-30. The firm procures avocados principally from California, Mexico and Peru. The company operates through two operating segments: Marketing and Distribution and International Farming. The Marketing and Distribution segment sources fruit from growers and then distributes the fruit through its global distribution network. Its International Farming segment owns and operates orchards from which all fruit produced is sold to its Marketing and Distribution segment. The International Farming segment's farming activities range from cultivating early-stage plantings to harvesting from mature trees, and it also earns service revenues for packing and processing for producers of other crops during the avocado off-harvest season. Its International Farming segment is principally located in Peru, with smaller operations in other areas of Latin America.
Results: Revenue $278.6 million, down 17% YoY, driven by ~30% lower pricing; adjusted EBITDA $18.5 million, up 5% YoY.
Volumes: Avocado volumes grew 14% in the quarter, a primary focus of management's operating strategy.
Margins: Gross profit was flat at $31.6 million and gross margin expanded 190 bps to 11.3% despite lower pricing.
Segment strength: Marketing & Distribution adjusted EBITDA rose 33% to $12.9 million on higher avocado volumes and improved per‑unit margins.
Near-term outlook: Q2 avocado industry volumes expected +10% to +15% YoY and pricing expected ~30%–35% lower YoY; company expects consolidated adjusted EBITDA to be below prior year in Q2.
Calavo deal: Acquisition proceeding; company reiterates at least $25 million of annualized cost synergies within 18 months and sees upside potential; on track to close in fiscal Q3 subject to conditions.
Capital & cash: Cash $44.8 million (Jan 31, 2026); net cash used by operations $3.0 million in the quarter; FY26 capex expected ~ $40 million.
Leadership: CEO transition next month: John Pawlowski becomes CEO, Steve Barnard moves to Executive Chairman.
