0001558370-25-008499 | 10-Q | XBRL Viewer

Sale of Fresh Cut Business - Asset Purchase Agreement (Details) - Fresh $ in Millions	Aug. 15, 2024 USD ($)
Held for Sale and Discontinued Operations
Consideration for sale	$ 83.0
Real property
Held for Sale and Discontinued Operations
Consideration for sale	31.0
Purchased Assets
Held for Sale and Discontinued Operations
Consideration for sale	$ 52.0

Subsequent Events	6 Months Ended
Apr. 30, 2025
Subsequent Events
Subsequent Events	12. Subsequent Events We have evaluated subsequent events through June 9, 2025, the date these interim financial statements were issued. On June 3, 2025, our Board of Directors declared a quarterly cash dividend of $0.20 per share, payable on July 30, 2025 to shareholders of record as of June 30, 2025. We have determined that, other than the dividend declaration noted above, no other material subsequent events have occurred that would require disclosure or adjustment to the interim financial statements.

Subsequent Events

6 Months Ended

Apr. 30, 2025

Subsequent Events

Subsequent Events

12. Subsequent Events

We have evaluated subsequent events through June 9, 2025, the date these interim financial statements were issued.

On June 3, 2025, our Board of Directors declared a quarterly cash dividend of $0.20 per share, payable on July 30, 2025 to shareholders of record as of June 30, 2025.

We have determined that, other than the dividend declaration noted above, no other material subsequent events have occurred that would require disclosure or adjustment to the interim financial statements.

Earnings per share

6 Months Ended

Apr. 30, 2025

Earnings per share

Earnings per share

8.	Earnings per share

Basic and diluted net income (loss) per share is calculated as follows (data in thousands, except per share data):


	Three months ended April 30,
	2025		2024
Numerator:
Net income from continuing operations	$	6,940	$	6,507
Less: Net income attributable to noncontrolling interest		(90)		(37)
Net income from continuing operations attributable to Calavo Growers, Inc.		6,850		6,470
Net loss from discontinued operations (Note 10)		—		(408)
Net income attributable to Calavo Growers, Inc.	$	6,850	$	6,062

Denominator:
Weighted average shares - Basic		17,815		17,800
Effect on dilutive securities – Restricted stock/units/options		13		72
Weighted average shares - Diluted		17,828		17,872

Net income from continuing operations
Basic	$	0.38	$	0.36
Diluted	$	0.38	$	0.36

Net loss from discontinued operations (Note 10)
Basic	$	—	$	(0.02)
Diluted	$	—	$	(0.02)

Net income per share attributable to Calavo Growers, Inc:
Basic	$	0.38	$	0.34
Diluted	$	0.38	$	0.34


	Six months ended April 30,
	2025		2024
Numerator:
Net income from continuing operations	$	11,375	$	3,933
Add: Net income attributable to noncontrolling interest		(110)		(47)
Net income from continuing operations attributable to Calavo Growers, Inc.		11,265		3,886
Net loss from discontinued operations (Note 10)		—		(4,091)
Net income (loss) attributable to Calavo Growers, Inc.	$	11,265	$	(205)

Denominator:
Weighted average shares - Basic		17,841		17,800
Effect on dilutive securities – Restricted stock/units/options		62		66
Weighted average shares - Diluted		17,903		17,866

Net income from continuing operations
Basic	$	0.63	$	0.22
Diluted	$	0.63	$	0.22

Net loss from discontinued operations (Note 10)
Basic	$	—	$	(0.23)
Diluted	$	—	$	(0.23)

Net income (loss) per share attributable to Calavo Growers, Inc:
Basic	$	0.63	$	(0.01)
Diluted	$	0.63	$	(0.01)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,850	$ 6,062	$ 11,265	$ (205)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Inventories (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Oct. 31, 2024
Inventories
Fresh fruit	$ 24,953	$ 20,002
Packing supplies and ingredients	8,958	6,936
Finished prepared foods	7,714	7,219
Total	41,625	34,157
Inventory valuation reserves	$ 300	$ 400

Sale of Fresh Cut Business - Credit Agreement (Details) - USD ($)	Aug. 15, 2024	Aug. 14, 2024
Revolving Loan
Sale of Fresh Cut Business
Credit available under borrowing agreement	$ 75,000,000	$ 90,000,000

Noncontrolling interest (Tables)

6 Months Ended

Apr. 30, 2025

Noncontrolling interest.

Schedule of reconciliation of shareholders' equity attributable to noncontrolling interest

The following table reconciles shareholders’ equity attributable to noncontrolling interest related to Avocados de Jalisco (in thousands).



	Three months ended April 30,
Avocados de Jalisco noncontrolling interest	2025		2024

Noncontrolling interest, beginning	$	1,464	$	1,402
Net income attributable to noncontrolling interest of Avocados de Jalisco		90		37
Noncontrolling interest, ending	$	1,554	$	1,439


	Six months ended April 30,
Avocados de Jalisco noncontrolling interest	2025		2024

Noncontrolling interest, beginning	$	1,444	$	1,392
Net income attributable to noncontrolling interest of Avocados de Jalisco		110		47
Noncontrolling interest, ending	$	1,554	$	1,439

Related party transactions

6 Months Ended

Apr. 30, 2025

Related party transactions

Related party transactions

4.	Related party transactions

Board of Directors & Chief Executive Officer

Certain members of our Board of Directors market California avocados through Calavo pursuant to marketing agreements substantially similar to the marketing agreements that we enter into with other growers. For the three and six months ended April 30, 2025, the amount of avocados procured from entities owned or controlled by members of our Board of Directors was $0.9 million and $1.4 million. For the three and six months ended April 30, 2024, the aggregate amount of avocados procured from entities owned or controlled by members of our Board of Directors was $0.3 million. As of April 30, 2025, we had $0.4 million in outstanding payables to these Board members. We did not have any amounts payable to these Board members as of October 31, 2024.

For the three and six months ended April 30, 2025, we procured $2.3 million and $3.4 million of avocados from entities affiliated with our Chief Executive Officer. For the three and six months ended April 30, 2024, we procured $1.4 million of avocados from entities affiliated with our Chief Executive Officer. As of April 30, 2025, we had $1.4 million in outstanding payables to entities affiliated with our Chief Executive Officer. There were no outstanding payables to entities affiliated with our Chief Executive Officer as of October 31, 2024.

Agricola Don Memo, S.A. de C.V. (“Don Memo”)

Calavo and Agricola Belher (“Belher”) each have an equal one-half ownership interest in Don Memo. Pursuant to a management service agreement, Belher, through its officers and employees, has day-to-day power and authority to manage the operations of Don Memo.

As of April 30, 2025, and October 31, 2024, we had an investment of $3 million and $2.4 million representing Calavo’s 50% ownership in Don Memo, which was included as an investment in unconsolidated entities on our balance sheet. We make advances to Don Memo for operating purposes, provide additional advances as shipments are made during the season, and return the proceeds from tomato sales under our marketing program to Don Memo, net of our commission and aforementioned advances. For the three months ended April 30, 2025 and 2024, we advanced $1.7 million and $3.5 million of preseason advances to Don Memo. For the six months ended April 30, 2025 and 2024, we advanced $1.9 million and $4.5 million of preseason advances to Don Memo. As of April 30, 2025 and October 31, 2024, we had outstanding advances of $6.7 million and $7.7 million to Don Memo. In October 2020, we entered into an infrastructure loan agreement with Don Memo for up to $2.4 million secured by certain property and equipment of Don Memo. This infrastructure loan accrues interest at 7.25%. The total outstanding infrastructure loan balance at April 30, 2025 and at October 31, 2024, was $1.6 million which is included in prepaids and other current assets. During the three months ended April 30, 2025 and 2024, we incurred $0.4 million and $3.1 million of cost of sales to Don Memo. During the six months ended April 30, 2025 and 2024, we incurred $8.3 million and $7.3 million of cost of sales to Don Memo pursuant to our purchase consignment agreement.

Belher

We make advances to Belher for operating purposes, provide additional advances as shipments are made during the season, and return the proceeds from tomato sales under our marketing program to Belher, net of our commission and aforementioned advances. For the three and six months ended April 30, 2025, we advanced $0.2 million of preseason advances to Belher. For the three and six months ended April 30, 2024, we advanced $0.5 million of preseason advances to Belher. We had grower advances due from Belher totaling $5.2 million as of April 30, 2025 and $5.1 million as of October 31, 2024, which are recorded as advances to suppliers. In July 2021, we made a bridge loan of $3.5 million to Belher. This loan is secured by certain farmland in Mexico and accrues interest at 10%. As part of this loan agreement, we can withhold payments on both the infrastructure advances and the bridge loan through the netting against the grower payable due to Belher. As of April 30, 2025 and October 31, 2024, the remaining bridge loan of $1.1 million has been recorded as $0.6 million in prepaid expenses and other current assets and $0.5 million in other assets. During the three

months ended April 30, 2025 and 2024, we incurred $10.4 million and $22.0 million of cost of sales to Belher pursuant to our purchase consignment agreement. During the six months ended April 30, 2025 and 2024, we incurred $13.1 million and $25.0 million of cost of sales to Belher pursuant to our purchase consignment agreement.

Avocados de Jalisco, S.A.P.I. de C.V. (“Avocados de Jalisco”)

In August 2015, we entered into a Shareholder’s Agreement with various Mexican partners and created Avocados de Jalisco. Avocados de Jalisco is a Mexican corporation created to engage in procuring, packing and selling avocados. As of April 30, 2025, this entity was approximately 83% owned by Calavo and was consolidated in our interim financial statements. Avocados de Jalisco built a packinghouse located in Jalisco, Mexico, which began operations in June of 2017. During the three months ended April 30, 2025 and 2024, we purchased approximately $1.6 million and $1.1 million of avocados from the partners of Avocado de Jalisco. During the six months ended April 30, 2025 and 2024 we purchased approximately $1.8 million and $3.6 million of avocados from the partners of Avocados de Jalisco.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Subsequent Events (Details) - $ / shares	1 Months Ended	3 Months Ended		6 Months Ended
Subsequent Events (Details) - $ / shares	Jun. 03, 2025	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024
Subsequent Events
Dividend declared (in dollars per share)		$ 0.2	$ 0.1	$ 0.2	$ 0.1
Subsequent event \| Q3 2025 Dividends
Subsequent Events
Dividends date declared	Jun. 03, 2025
Dividend declared (in dollars per share)	$ 0.2
Dividends date paid	Jul. 30, 2025
Dividends record date	Jun. 30, 2025

Related party transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024	Oct. 31, 2024	Oct. 31, 2020
Related-Party Transactions
Investments in unconsolidated entities		$ 3,004		$ 3,004		$ 2,424
Advances to suppliers-related party note				(4,293)	$ (4,088)
Advances to suppliers		$ 10,277		$ 10,277		14,570
Don Memo \| Agricola Belher \| Don Memo
Related-Party Transactions
Ownership interest (as a percent)		50.00%		50.00%
Directors
Related-Party Transactions
Purchases from related parties		$ 900	$ 300	$ 1,400	300
Accounts payable to related parties		400		400		0
Chief Executive Officer
Related-Party Transactions
Purchases from related parties		2,300	1,400	3,400	1,400
Accounts payable to related parties		1,400		1,400		0
Equity method-Don Memo
Related-Party Transactions
Purchases from related parties		400	3,100	8,300	7,300
Investments in unconsolidated entities		3,000		3,000		2,400
Advances to suppliers-related party note		1,700	3,500	1,900	4,500
Commitment amount							$ 2,400
Advances to suppliers		6,700		6,700		7,700
Loan receivable fixed interest rate (as a percent)							7.25%
Loan to related parties		$ 1,600		$ 1,600		$ 1,600
Equity method-Don Memo \| Don Memo
Related-Party Transactions
Ownership interest (as a percent)		50.00%		50.00%		50.00%
Other related party \| Agricola Belher
Related-Party Transactions
Purchases from related parties		$ 10,400	22,000	$ 13,100	25,000
Advances to suppliers-related party note			500	200	500
Advances to suppliers		5,200		5,200		$ 5,100
Amount loaned	$ 3,500
Loan receivable fixed interest rate (as a percent)	10.00%
Loan to related parties		1,100		1,100		1,100
Other related party \| Agricola Belher \| Prepaid expenses and other current assets
Related-Party Transactions
Loan to related parties		600		600		600
Other related party \| Agricola Belher \| Other assets
Related-Party Transactions
Loan to related parties		500		500		$ 500
Subsidiary-Avocados de Jalisco
Related-Party Transactions
Purchases from related parties		$ 1,600	$ 1,100	$ 1,800	$ 3,600
Subsidiary-Avocados de Jalisco \| Avocados De Jalisco
Related-Party Transactions
Subsidiary ownership (as a percent)		83.00%		83.00%

Information regarding our operations in different segments - Gross Profit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024
Segment reporting information
Net sales	$ 190,546	$ 184,383	$ 344,931	$ 311,989
Cost of sales	172,457	163,845	311,114	280,691
Gross profit	18,089	20,538	33,817	31,298
Sales and cost of sales eliminated	300	200	700	600
Fresh
Segment reporting information
Net sales	174,661	166,755	314,456	279,781
Cost of sales	160,608	150,525	288,266	257,121
Gross profit	14,053	16,230	26,190	22,660
Prepared
Segment reporting information
Net sales	15,885	17,628	30,475	32,208
Cost of sales	11,849	13,320	22,848	23,570
Gross profit	$ 4,036	$ 4,308	$ 7,627	$ 8,638

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Apr. 30, 2025	May 31, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2025
Document Transition Report	false
Securities Act File Number	000-33385
Entity Registrant Name	CALAVO GROWERS, INC
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	33-0945304
Entity Address, Address Line One	1141-A Cummings Road
Entity Address, City or Town	Santa Paula
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93060
City Area Code	805
Local Phone Number	525-1245
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	CVGW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,837,172
Entity Central Index Key	0001133470
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

Other events (Details) $ / shares in Units, $ in Thousands, $ in Millions		1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Aug. 18, 2021	Jan. 31, 2018 MXN ($)	Apr. 30, 2025 USD ($) $ / shares	Jan. 31, 2025 USD ($) $ / shares	Apr. 30, 2024 $ / shares	Apr. 30, 2025 USD ($) $ / shares	Apr. 30, 2024 USD ($) $ / shares	Oct. 31, 2024 USD ($)	Apr. 30, 2025 MXN ($)	Jul. 31, 2021 USD ($)	Jun. 25, 2021 USD ($)
Dividend declared (in dollars per share) \| $ / shares			$ 0.2		$ 0.1	$ 0.2	$ 0.1
Dividend amount paid to shareholders						$ 7,141	$ 3,561
Q1 2025 Dividends
Dividends date paid				Jan. 31, 2025
Dividend declared (in dollars per share) \| $ / shares				$ 0.2
Dividend amount paid to shareholders				$ 3,600
Dividends record date				Jan. 10, 2025
Q2 2025 Dividends
Dividends date paid			Apr. 29, 2025
Dividend declared (in dollars per share) \| $ / shares			$ 0.2
Dividend amount paid to shareholders			$ 3,600
Dividends record date			Apr. 01, 2025
Assigned leases
Term of contract								5 years 3 months 18 days
Operating lease cost								$ 32,000
Variable lease cost								$ 13,300
Mexican Tax Authority \| Tax Assessment 2013
Amount disputed		$ 2,600				132,800
Estimate of loss			$ 153,300			153,300			$ 3,000
Percentage of tax on fruit purchase deposits	16.00%
Tax dispute liability accrued										$ 11,000
Settlement related fees			200			600
Fixed assets net book value under lien											$ 26,000
Bank accounts under lien											$ 1,000
Mexican Tax Authority \| Tax Assessment 2013 \| Employee Profit Sharing
Estimate of loss			$ 6,000			$ 6,000			$ 118

Information regarding our operations in different segments

6 Months Ended

Apr. 30, 2025

Information regarding our operations in different segments

Information regarding our operations in different segments

2. Information regarding our operations in different segments

During the first quarter of fiscal 2025, we changed the name of our ‘Grown’ reportable segment to ‘Fresh’ to more accurately represent the segment’s business activities. This change in title only does not affect the segment’s composition, financial results, or how we assess performance internally. We report our operations in two different business segments: Fresh and Prepared. The Fresh segment consists of fresh avocados, tomatoes and papayas. The Prepared segment comprises all our guacamole products sold at retail and food service as well as avocado pulp sold to foodservice. These two business segments are presented based on how information is used by our Chief Executive Officer to measure performance and allocate resources. Selling, general and administrative expenses, as well as other non-operating income/expense items, are evaluated by our Chief Executive Officer in the aggregate. We do not allocate assets, or specifically identify them, to our operating segments. The sales data in the following tables is presented in thousands:


	Three months ended April 30, 2025						Three months ended April 30, 2024
	Fresh		Prepared		Total		Fresh		Prepared		Total

Avocados	$	160,531	$	—	$	160,531	$	136,055	$	—	$	136,055
Tomatoes		11,952		—		11,952		28,513		—		28,513
Papayas		2,966		—		2,966		2,850		—		2,850
Other fresh income		16		—		16		22		—		22
Guacamole		—		17,159		17,159		—		19,640		19,640
Total gross sales		175,465		17,159		192,624		167,440		19,640		187,080
Less: sales allowances		(804)		(1,274)		(2,078)		(685)		(2,012)		(2,697)
Net sales	$	174,661	$	15,885	$	190,546	$	166,755	$	17,628	$	184,383


	Six months ended April 30, 2025						Six months ended April 30, 2024

	Fresh		Prepared		Total		Fresh		Prepared		Total

Avocados	$	284,370	$	—	$	284,370	$	235,686	$	—	$	235,686
Tomatoes		24,999		—		24,999		39,352		—		39,352
Papayas		6,123		—		6,123		5,932		—		5,932
Other fresh income		40		—		40		48		—		48
Guacamole		—		33,142		33,142		—		35,719		35,719
Total gross sales		315,532		33,142		348,674		281,018		35,719		316,737
Less sales allowances		(1,076)		(2,667)		(3,743)		(1,237)		(3,511)		(4,748)
Net sales	$	314,456	$	30,475	$	344,931	$	279,781	$	32,208	$	311,989



	Fresh		Prepared		Total

	(All amounts are presented in thousands)
Three months ended April 30, 2025
Net sales	$	174,661	$	15,885	$	190,546
Cost of sales		160,608		11,849		172,457
Gross profit	$	14,053	$	4,036	$	18,089

Three months ended April 30, 2024
Net sales	$	166,755	$	17,628	$	184,383
Cost of sales		150,525		13,320		163,845
Gross profit	$	16,230	$	4,308	$	20,538

	Fresh		Prepared		Total

	(All amounts are presented in thousands)
Six months ended April 30, 2025
Net sales	$	314,456	$	30,475	$	344,931
Cost of sales		288,266		22,848		311,114
Gross profit	$	26,190	$	7,627	$	33,817

Six months ended April 30, 2024
Net sales	$	279,781	$	32,208	$	311,989
Cost of sales		257,121		23,570		280,691
Gross profit	$	22,660	$	8,638	$	31,298

For the three months ended April 30, 2025 and 2024, intercompany sales and cost of sales of $0.3 million and $0.2 million between Fresh products and Prepared products were eliminated. For the six months ended April 30, 2025 and 2024, intercompany sales and cost of sales of $0.7 million and $0.6 million between Grown products and Prepared products were eliminated.

Sales to customers outside the U.S. were approximately $13.1 million and $12.9 million for the three months ended April 30, 2025, and 2024. Sales to customers outside the U.S. were approximately $24.8 million and $23.8 million for the six months ended April 30, 2025 and 2024.

The net carrying value of long-lived assets attributed to geographic areas as of April 30, 2025, and October 31, 2024, are as follows (in thousands):


	United States		Mexico		Consolidated
April 30, 2025	$	22,901	$	28,157	$	51,058
October 31, 2024	$	24,531	$	29,669	$	54,200

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Description of the business (Details)	6 Months Ended
Description of the business (Details)	Apr. 30, 2025 segment
Description of the business
Number of reportable segments	2

Other assets (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Oct. 31, 2024
Other assets.
Mexican IVA (i.e. value-added) taxes receivable, net	$ 50,748	$ 48,739
Infrastructure advances	467	467
Other	623	710
Total	$ 51,838	$ 49,916

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024
Earnings per share
Net income from continuing operations	$ 6,940	$ 6,507	$ 11,375	$ 3,933
Net income attributable to noncontrolling interest	(90)	(37)	(110)	(47)
Net income from continuing operations attributable to Calavo Growers, Inc.	6,850	6,470	11,265	3,886
Net loss from discontinued operations (Note 10)		(408)		(4,091)
Net income (loss) attributable to Calavo Growers, Inc.	$ 6,850	$ 6,062	$ 11,265	$ (205)
Weighted average shares - Basic (in shares)	17,815	17,800	17,841	17,800
Effect on dilutive securities - Restricted stock/units/options (in shares)	13	72	62	66
Weighted average shares - Diluted (in shares)	17,828	17,872	17,903	17,866
Net income from continuing operations
Basic, Continuing Operations (in dollars per shares)	$ 0.38	$ 0.36	$ 0.63	$ 0.22
Diluted, Continuing Operations (in dollars per shares)	0.38	0.36	0.63	0.22
Net loss from discontinued operations (Note 10)
Basic, Discontinued Operations (in dollars per shares)		(0.02)		(0.23)
Diluted, Discontinued Operations (in dollars per shares)		(0.02)		(0.23)
Net income per share attributable to Calavo Growers, Inc:
Net income (loss) - Basic (in dollars per shares)	0.38	0.34	0.63	(0.01)
Net income (loss) - Diluted (in dollars per shares)	$ 0.38	$ 0.34	$ 0.63	$ (0.01)

Information regarding our operations in different segments - Product (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2025 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2025 USD ($) segment	Apr. 30, 2024 USD ($)
Segment reporting information
Number of reportable segments \| segment			2
Total gross sales	$ 192,624	$ 187,080	$ 348,674	$ 316,737
Less sales allowances	(2,078)	(2,697)	(3,743)	(4,748)
Net sales	190,546	184,383	344,931	311,989
Avocados
Segment reporting information
Total gross sales	160,531	136,055	284,370	235,686
Tomatoes
Segment reporting information
Total gross sales	11,952	28,513	24,999	39,352
Papayas
Segment reporting information
Total gross sales	2,966	2,850	6,123	5,932
Other fresh income
Segment reporting information
Total gross sales	16	22	40	48
Guacamole
Segment reporting information
Total gross sales	17,159	19,640	33,142	35,719
Fresh
Segment reporting information
Total gross sales	175,465	167,440	315,532	281,018
Less sales allowances	(804)	(685)	(1,076)	(1,237)
Net sales	174,661	166,755	314,456	279,781
Fresh \| Avocados
Segment reporting information
Total gross sales	160,531	136,055	284,370	235,686
Fresh \| Tomatoes
Segment reporting information
Total gross sales	11,952	28,513	24,999	39,352
Fresh \| Papayas
Segment reporting information
Total gross sales	2,966	2,850	6,123	5,932
Fresh \| Other fresh income
Segment reporting information
Total gross sales	16	22	40	48
Prepared
Segment reporting information
Total gross sales	17,159	19,640	33,142	35,719
Less sales allowances	(1,274)	(2,012)	(2,667)	(3,511)
Net sales	15,885	17,628	30,475	32,208
Prepared \| Guacamole
Segment reporting information
Total gross sales	$ 17,159	$ 19,640	$ 33,142	$ 35,719

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Apr. 30, 2025	Oct. 31, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Allowances of accounts receivable	$ 3,399	$ 3,624
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	17,841	17,802
Common stock, shares outstanding	17,841	17,802

Other assets

6 Months Ended

Apr. 30, 2025

Other assets

Other assets

5.	Other assets

Other assets consist of the following (in thousands):


	April 30,		October 31,
	2025		2024
Mexican IVA (i.e., value-added) taxes receivable, net (see Note 10)	$	50,748	$	48,739
Infrastructure advances		467		467
Other		623		710
Total	$	51,838	$	49,916

Description of the business (Policies)	6 Months Ended
Description of the business (Policies)	Apr. 30, 2025
Description of the business
Business	Business Calavo Growers, Inc. (“Calavo,” the “Company,” “we,” “us,” or “our”) is a global leader in sourcing, packing and distribution of fresh avocados, tomatoes, papayas and processing of guacamole and other avocado products. Drawing on decades of expertise with fresh and prepared produce, we deliver a broad portfolio of products to retail grocers, club and mass-merchandise stores, foodservice operators, and wholesalers worldwide. We procure avocados from California, Mexico, and other key growing regions. Across our operating facilities, we (i) sort, pack, ripen, and ship avocados, tomatoes, and Hawaiian-grown papayas and (ii) process and package fresh and frozen guacamole. Our products are distributed both domestically and internationally. In the first quarter of fiscal 2025, we renamed our “Grown” reportable segment to “Fresh” to better reflect its activities; the change did not affect the segment’s composition, financial results, or internal performance metrics. We report results under two segments: Fresh and Prepared.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) have been prepared by the Company in accordance with accounting principles generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, the accompanying interim financial statements contain all adjustments, consisting of adjustments of a normal recurring nature necessary to present fairly the Company’s financial position, results of operations and cash flows. The results of operations for interim periods are not necessarily indicative of the results that may be expected for a full year. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024. Prior period amounts related to foreign currency translation gains (losses) have been reclassified from cost of sales to foreign currency gain (loss) to conform to the current period presentation.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 “Disaggregation of Income Statement Expenses” which expands interim and annual requirements to disclose about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The guidance will be effective for annual periods beginning after December 15, 2026, with either retrospective or prospective application. The standard allows for early adoption of these requirements. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures”. This ASU amends ASC 740 to enhance the nature of disclosures for income taxes. Specifically, the ASU requires public business entities to disclose additional information in categories defined within the ASU within the reconciliation of the effective tax rate to the statutory rate for federal, state and foreign income taxes. Additionally, the ASU requires disclosure of taxes paid, net of refunds received, disaggregated by federal, state and foreign taxes. ASU 2023-09 is effective for years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures. In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Cash Flows from Operating Activities:
Net income (loss)	$ 11,375	$ (158)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	3,801	6,633
Non-cash operating lease expense	706	(720)
Net income from unconsolidated entities	(580)	(205)
Provision for uncollectible Mexican IVA taxes receivable		165
Stock-based compensation expense	595	1,446
Amortization of debt issuance costs	91
Gain on sale of Temecula packinghouse	(111)	(108)
(Gain) loss on disposal of property, plant, and equipment	(10)	56
Effect on cash of changes in operating assets and liabilities:
Accounts receivable, net	(15,694)	(21,298)
Inventories	(7,468)	(9,609)
Prepaid expenses and other current assets	519	2,617
Advances to suppliers	4,293	4,088
Income taxes receivable/payable	(765)	(970)
Other assets	(2,013)	(5,746)
Payable to growers	30,191	22,703
Trade accounts payable, accrued expenses and other liabilities	(13,666)	3,256
Net cash provided by operating activities	11,264	2,150
Cash Flows from Investing Activities:
Purchases of property, plant, and equipment	(415)	(2,377)
Net cash used in investing activities	(415)	(2,377)
Cash Flows from Financing Activities:
Payment of dividend to shareholders	(7,141)	(3,561)
Proceeds from revolving credit facility		83,176
Payments on revolving credit facility		(76,175)
Payments of minimum withholding taxes on net share settlement of equity awards	(46)	(625)
Payments on term loan		(241)
Payments on long-term obligations and finance leases	(332)	(926)
Net cash provided by (used in) financing activities	(7,519)	1,648
Net increase in cash, cash equivalents	3,330	1,421
Cash, cash equivalents, beginning of period	57,031	2,852
Cash, cash equivalents, end of period	60,361	4,273
Noncash Investing and Financing Activities:
Right of use assets obtained in exchange for new financing lease obligations		640
Settlement of Agricola Belher infrastructure advance offset against payable to growers		600
Declared dividends payable	7
Property, plant, and equipment included in trade accounts payable and accrued expenses	$ 234	$ 29

Assets Held for Sale and Discontinued Operations (Details) - Fresh - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Apr. 30, 2024	Apr. 30, 2024	Aug. 15, 2024
Held for Sale and Discontinued Operations
Consideration for sale				$ 83,000
Results of operations
Impairment of goodwill	$ 9,300
Select cash flow information
Net cash used in operating activities			$ (1,970)
Net cash used in investing activities			(353)
Discontinued Operations, Disposed by Sale
Results of operations
Net sales		$ 83,959	170,372
Cost of sales		80,149	165,731
Gross profit		3,810	4,641
Selling, general and administrative		4,207	8,703
Operating loss		(397)	(4,062)
Interest expense		(26)	(54)
Other income, net		15	25
Loss from discontinued operations before income taxes and gain on sale		(408)	(4,091)
Net loss from discontinued operations		$ (408)	$ (4,091)

Inventories (Tables)

6 Months Ended

Apr. 30, 2025

Inventories

Schedule of Inventories

Inventories consist of the following (in thousands):


	April 30,		October 31,
	2025		2024

Fresh fruit	$	24,953	$	20,002
Packing supplies and ingredients		8,958		6,936
Finished prepared foods		7,714		7,219
Total	$	41,625	$	34,157

Inventories

6 Months Ended

Apr. 30, 2025

Inventories

Inventories

3.	Inventories

Inventories consist of the following (in thousands):


	April 30,		October 31,
	2025		2024

Fresh fruit	$	24,953	$	20,002
Packing supplies and ingredients		8,958		6,936
Finished prepared foods		7,714		7,219
Total	$	41,625	$	34,157

Inventories are stated at the lower of cost or net realizable value. We periodically review the value of items in inventory and record any necessary write downs of inventory based on our assessment of market conditions. Inventory

includes reserves of $0.3 million in slow moving inventories as of April 30, 2025 and $0.4 million as of October 31, 2024.

Earnings per share (Tables)

6 Months Ended

Apr. 30, 2025

Earnings per share

Schedule of basic and diluted net income per share

Basic and diluted net income (loss) per share is calculated as follows (data in thousands, except per share data):


	Three months ended April 30,
	2025		2024
Numerator:
Net income from continuing operations	$	6,940	$	6,507
Less: Net income attributable to noncontrolling interest		(90)		(37)
Net income from continuing operations attributable to Calavo Growers, Inc.		6,850		6,470
Net loss from discontinued operations (Note 10)		—		(408)
Net income attributable to Calavo Growers, Inc.	$	6,850	$	6,062

Denominator:
Weighted average shares - Basic		17,815		17,800
Effect on dilutive securities – Restricted stock/units/options		13		72
Weighted average shares - Diluted		17,828		17,872

Net income from continuing operations
Basic	$	0.38	$	0.36
Diluted	$	0.38	$	0.36

Net loss from discontinued operations (Note 10)
Basic	$	—	$	(0.02)
Diluted	$	—	$	(0.02)

Net income per share attributable to Calavo Growers, Inc:
Basic	$	0.38	$	0.34
Diluted	$	0.38	$	0.34


	Six months ended April 30,
	2025		2024
Numerator:
Net income from continuing operations	$	11,375	$	3,933
Add: Net income attributable to noncontrolling interest		(110)		(47)
Net income from continuing operations attributable to Calavo Growers, Inc.		11,265		3,886
Net loss from discontinued operations (Note 10)		—		(4,091)
Net income (loss) attributable to Calavo Growers, Inc.	$	11,265	$	(205)

Denominator:
Weighted average shares - Basic		17,841		17,800
Effect on dilutive securities – Restricted stock/units/options		62		66
Weighted average shares - Diluted		17,903		17,866

Net income from continuing operations
Basic	$	0.63	$	0.22
Diluted	$	0.63	$	0.22

Net loss from discontinued operations (Note 10)
Basic	$	—	$	(0.23)
Diluted	$	—	$	(0.23)

Net income (loss) per share attributable to Calavo Growers, Inc:
Basic	$	0.63	$	(0.01)
Diluted	$	0.63	$	(0.01)

Other assets (Tables)

6 Months Ended

Apr. 30, 2025

Other assets

Schedule of Other Assets

Other assets consist of the following (in thousands):


	April 30,		October 31,
	2025		2024
Mexican IVA (i.e., value-added) taxes receivable, net (see Note 10)	$	50,748	$	48,739
Infrastructure advances		467		467
Other		623		710
Total	$	51,838	$	49,916

Other events

6 Months Ended

Apr. 30, 2025

Other events

Other events

6.	Other events

Dividends

On January 31, 2025, we paid a dividend of $0.20 per share, or an aggregate of $3.6 million, to shareholders of record on January 10, 2025. On April 29, 2025, we paid a dividend of $0.20 per share, or an aggregate of $3.6 million to shareholders of record on April 1, 2025.

Litigation

From time to time, we are involved in litigation arising in the ordinary course of our business that we do not believe will have a material impact on our financial position, results of operations, or cash flows.

Compliance matters

We continue to cooperate fully with the SEC and the Department of Justice (DOJ) investigations relating to the Foreign Corrupt Practices Act (FCPA). On February 5, 2025, Attorney General Bondi issued a memorandum stating, in regard to the FCPA, that the DOJ “shall prioritize investigations related to foreign bribery that facilitates the criminal operations of Cartels and Transnational Criminal Organizations, and shift focus away from investigations and cases that do not involve such a connection. Examples of such cases include bribery of foreign officials to facilitate human smuggling and the trafficking of narcotics and firearms.” While the DOJ’s policy may evolve, we are currently unaware of any facts suggesting conduct of any of our employees that would fall within the examples provided in the DOJ’s February 5, 2025, memoranda.

Additionally, on February 10, 2025, President Trump issued an Executive Order “Pausing Foreign Corrupt Practices Act Enforcement to Further American Economic and National Security,” which stated that for a period of 180 days following the date of the order, “the Attorney General shall review guidelines and policies governing investigations and enforcement actions under the FCPA. During the review period, the Attorney General shall: . . . (ii) review in detail all existing FCPA investigations or enforcement actions and take appropriate action with respect to such matters to restore

proper bounds on FCPA enforcement and preserve Presidential foreign policy prerogatives; and (iii) issue updated guidelines or policies, as appropriate…”

On February 18, 2025, President Trump issued Executive Order “Ensuring Accountability for All Agencies” that stated, “it shall be the policy of the executive branch to ensure Presidential supervision and control of the entire executive branch” and that “independent regulatory agency chairmen shall regularly consult with and coordinate policies and priorities with the directors of OMB, the White House Domestic Policy Council, and the White House National Economic Council.”  On February 18, 2025, the SEC notified us that activity in the investigation has been postponed, after President Trump issued Executive Orders on February 10 and February 18, 2025. Given the Attorney General’s February 5, 2025 Memo and the President’s Executive Orders, along with a potential shift in DOJ and SEC priorities, we do not currently anticipate any near-term action from the government’s FCPA inquiry that would likely have a material impact on our short-term financial outlook.

Mexico tax audits

We conduct business both domestically and internationally and, as a result, one or more of our subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, we are subject to examination by tax authorities, primarily in Mexico and the United States.

2013 Assessment

In January 2017, Calavo de Mexico (“CDM”) received preliminary observations from the Servicio de Administración Tributaria in Mexico (the “SAT”) related to an audit for fiscal year 2013 outlining certain proposed adjustments primarily related to intercompany funding, deductions for services from certain vendors/suppliers and VAT. We provided a written rebuttal to these preliminary observations during our third fiscal quarter of 2017.

In January 2018, the SAT’s local office in Uruapan issued to CDM a final tax assessment (the “2013 Assessment”) totaling approximately 2.6 billion Mexican pesos (which includes annual adjustments for inflation, and equals approximately $132.8 million USD at April 30, 2025) related to income tax, flat rate business tax, value added tax and fines, related to this fiscal 2013 tax audit. This amount has been adjusted for inflation as of April 30, 2025 to the amount of 3 billion Mexican pesos (approx. $153.3 million USD). Additionally, the tax authorities have determined that we owe our employees profit-sharing liability, totaling approximately 118 million Mexican pesos (approx. $6 million USD at April 30, 2025). In August 2018, we filed an Administrative Appeal on the 2013 Assessment, appealing our case to the SAT’s central legal department in Michoacan.

On June 25, 2021, we became aware that the Administrative Appeal had been resolved by the SAT against CDM on March 12, 2021, and that we had allegedly failed to timely respond to and challenge the SAT’s notification of such resolution, therefore rendering the 2013 Assessment as definitive. Consequently, the SAT placed liens on the fixed assets of CDM, with a net book value of approximately $26 million USD, and on bank accounts of CDM totaling approximately $1 million USD in order to guarantee the 2013 Assessment. Based on legal counsel from our tax advisory firm, we and our tax advisory firm have concluded that the March notification was not legally communicated.

On August 18, 2021, we filed an Administrative Reconsideration (the “Reconsideration”) before the Central Legal Department of the SAT located in Mexico City, asserting that the resolution in March of the Administrative Appeal was wrongly concluded, in particular with respect to the following matters:

o

Failure to recognize CDM as a “maquiladora”;

o

Considering the Company to have a permanent establishment in Mexico;

o

Including fruit purchase deposits transferred by the Company to CDM as taxable;

o

Application of 16% VAT tax to fruit purchase deposits; and

o

Imposing double-taxation on the fruit purchase transactions.

On August 20, 2021 CDM filed an Nullity Trial (the “Nullity Trial”) with the Federal Tax Court, which among other things, strongly contends that the notifications made by the SAT to CDM and its designated advisors of the resolution of

the Administrative Appeal in March 2021 were not legally communicated. In addition, the Nullity Trial asserts the same matters central to the Reconsideration, as described above, as wrongly concluded in the resolution of the Administrative Appeal.

On October 13, 2023, the Company filed an extension of the Nullity Trial filed on August 20, 2021, as a result of the response to the lawsuit filed by the tax authority, pointing out that the tax authority’s resolution is unlawful due to improper substantiation and motivation, because of the following:

●

The QR Code does not allow the company to verify the veracity of the document,

●

The notification of the tax assessment was not sent to the phone number indicated by the company, when the tax authority was obliged to do so, among others.

On November 14, 2023, the Tax Court acknowledged the admission of the extension to the lawsuit. Additionally, in November 2024, the Administrative Reconsideration and related Injunction action were finalized. The tax authority determined that the filing of the Administrative Reconsideration was not legally viable, citing the existence of a concurrent legal remedy—the Nullity Trial. Furthermore, the SAT noted a presumption that the Nullity Trial was filed within the required timeframe, as evidenced by its admission by the Tax Court.

These resolutions can be used as supervening evidence to support the arguments that the Nullity Petition should be admitted. The resolutions will contribute to demonstrate that the SAT considers that the Nullity Petition was filed on time. This is a statement made within a formal procedure that contradicts what the SAT had been arguing (within the reconsideration procedure).

While we continue to believe that the tax assessment for fiscal year 2013 is completely without merit, and that we will prevail on the Nullity Trial in the Tax Court, we also believe that it is in the best interest of CDM and the Company to settle the 2013 Assessment as quickly as possible. In accordance with our cumulative probability analysis on uncertain tax positions, settlements made by the SAT in other cases, the 2011 tax assessment reached by CDM with the Ministry of Finance and Administration of the government of the State of Michoacan, Mexico, and the value of CDM assets, we recorded a provision of $11 million, in the third quarter of fiscal year 2021, as a discrete item in Income Tax Provision. The provision includes estimated fines, interest and inflationary adjustments.

We believe that this provision remains appropriate as of April 30, 2025 based on our cumulative probability analysis. We incurred $0.2 million and $0.6 million of related professional fees for the three and six months ended April 30, 2025 which have been recorded in Expenses related to Mexican Tax matters on the consolidated statements of operations.

Lease contingency

In conjunction with the sale of the Fresh Cut business on August 15, 2024, the Company assigned certain leases to the buyer. As a result of these lease assignments, the buyer is the primary obligor under the leases, with the Company secondarily liable as a guarantor. If the buyer fails to perform under a lease, the Company could be responsible for fulfilling any remaining lease obligation. The leases had a remaining average term of 5.3 years as of October 31, 2024, with a maximum exposure of $32.0 million in undiscounted future minimum lease payments, plus $13.3 million in potential additional payments related to common area maintenance, taxes, insurance, and other obligations.

As of April 30, 2025, we have not experienced any changes related to this contingency, and there are no new developments affecting its likelihood or potential financial impact. We continue to assess this obligation, but do not believe it is probable that it will be required to fulfill any obligations under these leases.

Mexican IVA taxes receivable (Details) - Mexican Tax Authority $ in Millions, $ in Millions	Apr. 30, 2025 USD ($)	Apr. 30, 2025 MXN ($)	Oct. 31, 2024 USD ($)	Oct. 31, 2024 MXN ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2022 MXN ($)
IVA receivables
VAT receivables balance	$ 50.7	$ 1,000.0	$ 48.7	$ 976.0
Unrecoverable value added tax					$ 0.4	$ 6.9

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interest	Total
Beginning balance at Oct. 31, 2023	$ 18	$ 176,481	$ 32,338	$ 1,392	$ 210,229
Beginning balance, shares at Oct. 31, 2023	17,761
Issuance of common stock in connection with stock-based compensation, net of tax withholdings		(625)			(625)
Issuance of common stock in connection with stock-based compensation, net of tax withholdings (in shares)	39
Stock-based compensation expense		1,446			1,446
Dividends declared to shareholders			(3,561)		(3,561)
Avocados de Jalisco noncontrolling interest				47	47
Net income (loss) attributable to Calavo Growers, Inc.			(205)		(205)
Ending balance at Apr. 30, 2024	$ 18	177,302	28,572	1,439	207,331
Ending balance, shares at Apr. 30, 2024	17,800
Beginning balance at Jan. 31, 2024	$ 18	176,823	24,290	1,402	202,533
Beginning balance, shares at Jan. 31, 2024	17,800
Issuance of common stock in connection with stock-based compensation, net of tax withholdings		(26)			(26)
Stock-based compensation expense		505			505
Dividends declared to shareholders			(1,780)		(1,780)
Avocados de Jalisco noncontrolling interest				37	37
Net income (loss) attributable to Calavo Growers, Inc.			6,062		6,062
Ending balance at Apr. 30, 2024	$ 18	177,302	28,572	1,439	207,331
Ending balance, shares at Apr. 30, 2024	17,800
Beginning balance at Oct. 31, 2024	$ 18	177,973	22,341	1,444	201,776
Beginning balance, shares at Oct. 31, 2024	17,802
Issuance of common stock in connection with stock-based compensation, net of tax withholdings		(46)			(46)
Issuance of common stock in connection with stock-based compensation, net of tax withholdings (in shares)	74
Stock-based compensation expense		595			595
Dividends declared to shareholders			(7,141)		(7,141)
Avocados de Jalisco noncontrolling interest				110	110
Net income (loss) attributable to Calavo Growers, Inc.			11,265		11,265
Ending balance at Apr. 30, 2025	$ 18	178,522	26,465	1,554	206,559
Ending balance, shares at Apr. 30, 2025	17,876
Beginning balance at Jan. 31, 2025	$ 18	178,198	23,189	1,464	202,869
Beginning balance, shares at Jan. 31, 2025	17,837
Issuance of common stock in connection with stock-based compensation, net of tax withholdings		1			1
Issuance of common stock in connection with stock-based compensation, net of tax withholdings (in shares)	39
Stock-based compensation expense		323			323
Dividends declared to shareholders			(3,574)		(3,574)
Avocados de Jalisco noncontrolling interest				90	90
Net income (loss) attributable to Calavo Growers, Inc.			6,850		6,850
Ending balance at Apr. 30, 2025	$ 18	$ 178,522	$ 26,465	$ 1,554	$ 206,559
Ending balance, shares at Apr. 30, 2025	17,876

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-24

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-23

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 46: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15

Reference 47: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16

Reference 48: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Sale of Fresh Cut Business

6 Months Ended

Apr. 30, 2025

Sale of Fresh Cut Business

Sale of Fresh Cut Business

11.Sale of Fresh Cut Business

Asset Purchase Agreement and Purchase and Sale Agreement

On August 15, 2024, we completed the sale of our Fresh Cut business and related real estate for a total transaction value of $83 million. The sale included certain assets, leasehold interests, and specified liabilities related to the Fresh Cut business, while the guacamole business was retained.

The purchase price for the business assets was $52.0 million, subject to customary adjustments, and the real estate was sold separately for $31.0 million. See Note 6.

Amendment to Credit Agreement

On August 15, 2024, we entered into a First Amendment to Credit Agreement and Consent (as amended, the “Credit Agreement”) with Wells Fargo Bank, National Association, as agent and lender (“Agent”), whereby (i) the Credit Agreement was amended to reduce the revolving commitments thereunder from $90,000,000 to $75,000,000, among other minor adjustments to align the borrowing base with our current asset base excluding the Fresh Cut business, and (ii) we obtained consent from Agent for entry into the Asset Purchase Agreement and Purchase and Sale Agreement.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Apr. 30, 2025	Oct. 31, 2024
Current assets:
Cash and cash equivalents	$ 60,361	$ 57,031
Accounts receivable, net of allowances of $3,399 (2025) and $3,624 (2024)	57,603	41,909
Inventories	41,625	34,157
Prepaid expenses and other current assets	9,457	9,976
Advances to suppliers	10,277	14,570
Income taxes receivable	936	936
Total current assets	180,259	158,579
Property, plant, and equipment, net	51,058	54,200
Operating lease right-of-use assets	17,610	18,316
Investments in unconsolidated entities	3,004	2,424
Deferred income tax assets	7,473	7,473
Goodwill	10,211	10,211
Other assets	51,838	49,916
Total assets	321,453	301,119
Current liabilities:
Payable to growers	48,568	18,377
Trade accounts payable	6,808	8,742
Accrued expenses	17,491	28,149
Income tax payable	2,002	2,767
Other current liabilities	11,000	11,000
Current portion of operating leases	3,466	3,296
Current portion of finance leases	836	874
Total current liabilities	90,171	73,205
Long-term liabilities:
Long-term portion of operating leases	16,466	17,476
Long-term portion of finance leases	3,873	4,274
Other long-term liabilities	4,384	4,388
Total long-term liabilities	24,723	26,138
Commitments and contingencies (Note 6)
Shareholders' equity:
Common stock ($0.001 par value, 100,000 shares authorized; 17,841 (2025) and 17,800 (2024) shares issued and outstanding)	18	18
Additional paid-in capital	178,522	177,973
Noncontrolling interest	1,554	1,444
Retained earnings	26,465	22,341
Total shareholders' equity	206,559	201,776
Total liabilities and shareholders' equity	$ 321,453	$ 301,119

Information regarding our operations in different segments - Geographic (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024	Oct. 31, 2024
Segment reporting information
Net sales	$ 190,546	$ 184,383	$ 344,931	$ 311,989
Long-lived assets	51,058		51,058		$ 54,200
Outside United States
Segment reporting information
Net sales	13,100	$ 12,900	24,800	$ 23,800
United States
Segment reporting information
Long-lived assets	22,901		22,901		24,531
Mexico
Segment reporting information
Long-lived assets	$ 28,157		$ 28,157		$ 29,669

- Definition

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (PARENTHETICAL) - $ / shares	3 Months Ended		6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
Dividend declared (in dollars per share)	$ 0.2	$ 0.1	$ 0.2	$ 0.1

Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Noncontrolling Interest (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024
Noncontrolling interest.
Noncontrolling interest, beginning	$ 1,464	$ 1,402	$ 1,444	$ 1,392
Net income attributable to noncontrolling interest of Avocados de Jalisco	90	37	110	47
Noncontrolling interest, ending	$ 1,554	$ 1,439	$ 1,554	$ 1,439

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

+ Details

Assets Held for Sale and Discontinued Operations (Tables)

6 Months Ended

Apr. 30, 2025

Assets Held for Sale and Discontinued Operations

Schedule of information being reported as discontinued operations

The following table summarizes the results of operations of the Fresh Cut business that are being reported as discontinued operations (in thousands):


	Three months ended		Six months ended
	April 30,		April 30,
	2024		2024

Net sales	$	83,959	$	170,372
Cost of sales		80,149		165,731
Gross profit		3,810		4,641
Selling, general and administrative		4,207		8,703
Operating loss		(397)		(4,062)
Interest expense		(26)		(54)
Other income, net		15		25
Loss from discontinued operations before income taxes and gain on sale		(408)		(4,091)
Income tax benefit		—		—
Net loss from discontinued operations	$	(408)	$	(4,091)

Select cash flow information related to the Fresh Cut business follows (in thousands):


	Six months ended
	April 30,
	2024

Net cash used in operating activities	$	(1,970)
Net cash used in investing activities	$	(353)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Assets Held for Sale and Discontinued Operations

6 Months Ended

Apr. 30, 2025

Assets Held for Sale and Discontinued Operations

Assets Held for Sale and Discontinued Operations

10.Assets Held for Sale and Discontinued Operations

In August 2024, we completed the sale of our Fresh Cut business and related real estate for $83 million. The Fresh Cut business represented substantially all the Prepared segment, excluding the retained guacamole business.

As previously disclosed, the Fresh Cut business was classified as held for sale and discontinued operations in the first quarter of fiscal 2024. In connection with the sale, we recorded a $9.3 million goodwill impairment charge in the quarter ended July 31, 2024, based on the transaction’s sale price.

The following table summarizes the results of operations of the Fresh Cut business that are being reported as discontinued operations (in thousands):


	Three months ended		Six months ended
	April 30,		April 30,
	2024		2024

Net sales	$	83,959	$	170,372
Cost of sales		80,149		165,731
Gross profit		3,810		4,641
Selling, general and administrative		4,207		8,703
Operating loss		(397)		(4,062)
Interest expense		(26)		(54)
Other income, net		15		25
Loss from discontinued operations before income taxes and gain on sale		(408)		(4,091)
Income tax benefit		—		—
Net loss from discontinued operations	$	(408)	$	(4,091)

Select cash flow information related to the Fresh Cut business follows (in thousands):


	Six months ended
	April 30,
	2024

Net cash used in operating activities	$	(1,970)
Net cash used in investing activities	$	(353)

Mexican IVA taxes receivable

6 Months Ended

Apr. 30, 2025

Mexican IVA taxes receivable

Mexican IVA taxes receivable

9.	Mexican IVA taxes receivable

Included in other assets are tax receivables due from the Mexican government for value-added taxes (“IVA”) paid in advance. CDM is charged IVA by vendors on certain expenditures in Mexico, which, insofar as they relate to the exportation of goods, translate into VAT amounts recoverable from the Mexican government.

As of April 30, 2025, and October 31, 2024, CDM VAT receivables, net of our estimated provision for uncollectable amounts, totaled $50.7 million (1.0 billion Mexican pesos) and $48.7 million (976.0 million Mexican pesos). Historically, CDM received VAT refund payments from the Mexican tax authorities on a timely basis. Beginning in fiscal 2014 and continuing into fiscal 2025, the tax authorities began objecting to refund requests and supporting documentation that had previously been deemed acceptable to process a refund. Additionally, they are also contesting the refunds requested attributable to VAT paid to certain suppliers that allegedly did not fulfill their own tax obligations. We believe these factors and others have contributed to delays in the processing of VAT claims by the Mexican tax authorities. Currently, we are in the process of collecting such balances primarily through regular administrative processes, but these amounts may ultimately need to be recovered through Administrative Appeals and/or other legal means.

During the first quarter of fiscal 2017, the tax authorities informed us that their internal opinion, based on the information provided by the local SAT office, considers that CDM was not properly documented relative to its declared tax structure and therefore CDM could not claim the refundable VAT balance. CDM has strong arguments and supporting documentation to sustain its declared tax structure for VAT and income tax purposes. CDM started an Administrative Appeal for the VAT related to the request of the months of July, August and September of 2015 (the “2015 Appeal”) in order to assert its argument that CDM is properly documented and to therefore change the SAT’s internal assessment. In August 2018, we received a favorable ruling from the SAT’s Legal Administration in Michoacan

on the 2015 Appeal indicating that they believe CDM’s legal interpretation of its declared tax structure is indeed accurate. While favorable on this central matter of CDM’s declared tax structure, the ruling, however, still does not recognize the taxpayer’s right to a full refund for the VAT related to the months of July, August and September 2015. Therefore, in October 2018, CDM filed a substance-over-form Annulment Suit in the Federal Tax Court to recover its full refund for VAT over the subject period.

In April 2022, the Chamber specializing in exclusive resolution of substantial matter belonging to the Tax Court issued the ruling for the months of July, August and September 2015 through which it was declared that the following resolutions were resolved:

●

It is recognized that CDM operates as a maquila under the authorization of the Ministry of Finance.

●

It is recognized that all bank deposits corresponding to the purchase of avocados on behalf of Calavo, are subject to the maquila program and it is not accruable income for purposes of Income Tax nor activities subject to VAT.

●

It is recognized that VAT is recoverable, since CDM demonstrated the existence of operations carried under the maquila services.

●

It is resolved that certain VAT amounts attributed to the purchase of certain packing materials are not recoverable as CDM was not the buyer on record and therefore did not pay for the materials, which approximated 6.9 million Mexican pesos (approximately $0.4 million USD).

We believe that our operations in Mexico are properly documented, and our internationally recognized tax advisors believe that there are legal grounds to prevail in collecting the corresponding VAT amounts. With assistance from our internationally recognized tax advisory firm, as of April 30, 2025, CDM filed Administrative Appeals for months for which VAT refunds have been denied by the SAT, and will continue filing such appeals for any months for which refunds are denied in the future. Therefore, we believe it is probable that the Mexican tax authorities will ultimately authorize the refund of the remaining VAT amounts.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Net sales	$ 190,546	$ 184,383	$ 344,931	$ 311,989
Cost of sales	172,457	163,845	311,114	280,691
Gross profit	18,089	20,538	33,817	31,298
Selling, general and administrative	10,303	13,020	20,590	26,483
Expenses related to Mexican tax matters	156	202	551	585
Operating income	7,630	7,316	12,676	4,230
Foreign currency (loss) gain	957	(181)	(5)	1,527
Interest income	762		1,607
Interest expense	(204)	(962)	(417)	(1,786)
Other income, net	613	520	725	720
Income before income taxes and net income (loss) from unconsolidated entities	9,758	6,693	14,586	4,691
Income tax expense	(2,536)	(390)	(3,791)	(963)
Net income (loss) from unconsolidated entities	(282)	204	580	205
Net income from continuing operations	6,940	6,507	11,375	3,933
Net loss from discontinued operations (Note 10)		(408)		(4,091)
Net income (loss)	6,940	6,099	11,375	(158)
Less: Net income attributable to noncontrolling interest	(90)	(37)	(110)	(47)
Net income (loss) attributable to Calavo Growers, Inc.	$ 6,850	$ 6,062	$ 11,265	$ (205)
Earnings Per Share, Basic
Basic, Continuing Operations (in dollars per shares)	$ 0.38	$ 0.36	$ 0.63	$ 0.22
Basic, Discontinued Operations (in dollars per shares)		(0.02)		(0.23)
Net income (loss) - Basic (in dollars per shares)	0.38	0.34	0.63	(0.01)
Earnings Per Share, Diluted
Diluted, Continuing Operations (in dollars per shares)	0.38	0.36	0.63	0.22
Diluted, Discontinued Operations (in dollars per shares)		(0.02)		(0.23)
Net income (loss) - Diluted (in dollars per shares)	$ 0.38	$ 0.34	$ 0.63	$ (0.01)
Number of shares used in per share computation:
Basic (in shares)	17,815	17,800	17,841	17,800
Diluted (in shares)	17,828	17,872	17,903	17,866

Description of the business

6 Months Ended

Apr. 30, 2025

Description of the business

Description of the business

1. Description of the business

Business

Calavo Growers, Inc. (“Calavo,” the “Company,” “we,” “us,” or “our”) is a global leader in sourcing, packing and distribution of fresh avocados, tomatoes, papayas and processing of guacamole and other avocado products. Drawing on decades of expertise with fresh and prepared produce, we deliver a broad portfolio of products to retail grocers, club and mass-merchandise stores, foodservice operators, and wholesalers worldwide. We procure avocados from California, Mexico, and other key growing regions. Across our operating facilities, we (i) sort, pack, ripen, and ship avocados, tomatoes, and Hawaiian-grown papayas and (ii) process and package fresh and frozen guacamole. Our products are distributed both domestically and internationally.

In the first quarter of fiscal 2025, we renamed our “Grown” reportable segment to “Fresh” to better reflect its activities; the change did not affect the segment’s composition, financial results, or internal performance metrics. We report results under two segments: Fresh and Prepared.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements (the “interim financial statements”) have been prepared by the Company in accordance with accounting principles generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, the accompanying interim financial statements contain all adjustments, consisting of adjustments of a normal recurring nature necessary to present fairly the Company’s financial position, results of operations and cash flows. The results of operations for interim periods are not necessarily indicative of the results that may be expected for a full year. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024.

Prior period amounts related to foreign currency translation gains (losses) have been reclassified from cost of sales to foreign currency gain (loss) to conform to the current period presentation.

Recently Issued Accounting Standards

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 “Disaggregation of Income Statement Expenses” which expands interim and annual requirements to disclose about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The guidance will be effective for annual periods beginning after December 15, 2026, with either retrospective or prospective application. The standard allows for early adoption of these requirements. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures”. This ASU amends ASC 740 to enhance the nature of disclosures for income taxes. Specifically, the ASU requires public business entities to disclose additional information in categories defined within the ASU within the reconciliation of the effective tax rate to the statutory rate for federal, state and foreign income taxes. Additionally, the ASU requires disclosure of taxes paid, net of refunds received, disaggregated by federal, state and foreign taxes. ASU 2023-09 is effective for years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

Information regarding our operations in different segments (Tables)

6 Months Ended

Apr. 30, 2025

Information regarding our operations in different segments

Schedule of sales by product and segment

The sales data in the following tables is presented in thousands:


	Three months ended April 30, 2025						Three months ended April 30, 2024
	Fresh		Prepared		Total		Fresh		Prepared		Total

Avocados	$	160,531	$	—	$	160,531	$	136,055	$	—	$	136,055
Tomatoes		11,952		—		11,952		28,513		—		28,513
Papayas		2,966		—		2,966		2,850		—		2,850
Other fresh income		16		—		16		22		—		22
Guacamole		—		17,159		17,159		—		19,640		19,640
Total gross sales		175,465		17,159		192,624		167,440		19,640		187,080
Less: sales allowances		(804)		(1,274)		(2,078)		(685)		(2,012)		(2,697)
Net sales	$	174,661	$	15,885	$	190,546	$	166,755	$	17,628	$	184,383


	Six months ended April 30, 2025						Six months ended April 30, 2024

	Fresh		Prepared		Total		Fresh		Prepared		Total

Avocados	$	284,370	$	—	$	284,370	$	235,686	$	—	$	235,686
Tomatoes		24,999		—		24,999		39,352		—		39,352
Papayas		6,123		—		6,123		5,932		—		5,932
Other fresh income		40		—		40		48		—		48
Guacamole		—		33,142		33,142		—		35,719		35,719
Total gross sales		315,532		33,142		348,674		281,018		35,719		316,737
Less sales allowances		(1,076)		(2,667)		(3,743)		(1,237)		(3,511)		(4,748)
Net sales	$	314,456	$	30,475	$	344,931	$	279,781	$	32,208	$	311,989

Schedule of segment gross margin



	Fresh		Prepared		Total

	(All amounts are presented in thousands)
Three months ended April 30, 2025
Net sales	$	174,661	$	15,885	$	190,546
Cost of sales		160,608		11,849		172,457
Gross profit	$	14,053	$	4,036	$	18,089

Three months ended April 30, 2024
Net sales	$	166,755	$	17,628	$	184,383
Cost of sales		150,525		13,320		163,845
Gross profit	$	16,230	$	4,308	$	20,538

	Fresh		Prepared		Total

	(All amounts are presented in thousands)
Six months ended April 30, 2025
Net sales	$	314,456	$	30,475	$	344,931
Cost of sales		288,266		22,848		311,114
Gross profit	$	26,190	$	7,627	$	33,817

Six months ended April 30, 2024
Net sales	$	279,781	$	32,208	$	311,989
Cost of sales		257,121		23,570		280,691
Gross profit	$	22,660	$	8,638	$	31,298

Schedule of long-lived assets by geographic areas

The net carrying value of long-lived assets attributed to geographic areas as of April 30, 2025, and October 31, 2024, are as follows (in thousands):


	United States		Mexico		Consolidated
April 30, 2025	$	22,901	$	28,157	$	51,058
October 31, 2024	$	24,531	$	29,669	$	54,200

Noncontrolling interest

6 Months Ended

Apr. 30, 2025

Noncontrolling interest.

Noncontrolling interest

7.	Noncontrolling interest

The following table reconciles shareholders’ equity attributable to noncontrolling interest related to Avocados de Jalisco (in thousands).



	Three months ended April 30,
Avocados de Jalisco noncontrolling interest	2025		2024

Noncontrolling interest, beginning	$	1,464	$	1,402
Net income attributable to noncontrolling interest of Avocados de Jalisco		90		37
Noncontrolling interest, ending	$	1,554	$	1,439


	Six months ended April 30,
Avocados de Jalisco noncontrolling interest	2025		2024

Noncontrolling interest, beginning	$	1,444	$	1,392
Net income attributable to noncontrolling interest of Avocados de Jalisco		110		47
Noncontrolling interest, ending	$	1,554	$	1,439

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Apr. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false