Mission Produce Q1 Revenue $278.6M, Volume +14%, Adjusted EBITDA Rises 5%
Mission Produce reported fiscal Q1 revenue of $278.6 million, achieving 14% avocado volume growth and a net loss of $0.7 million that includes $7 million in transaction advisory costs. Adjusted EBITDA rose 5% to $18.5 million and the Calavo Growers acquisition, poised to close in Q3, should unlock $25 million in annual synergies.
1. Financial Results Overview
In fiscal Q1 2026, Mission Produce generated $278.6 million in revenue, down 17% year-over-year due to a 30% decline in per-unit avocado prices partially offset by 14% higher volume. The company reported a net loss of $0.7 million, which included $7.0 million of transaction advisory costs, while adjusted net income was flat at $7.3 million and adjusted EBITDA increased 5% to $18.5 million, with gross margin expanding by 190 basis points to 11.3%.
2. Segment Performance Details
The Marketing & Distribution segment saw sales fall 21% to $234.8 million, but segment adjusted EBITDA climbed 33% on higher volume and improved per-unit margins. International Farming sales rose 15% to $10.6 million and segment adjusted EBITDA grew 28%, driven by better packhouse utilization ahead of the Peruvian harvest season, which peaks in Q3 and Q4.
3. Calavo Growers Acquisition Progress
Mission Produce is advancing its pending acquisition of Calavo Growers, expected to close in the fiscal third quarter. The deal aims to diversify the product portfolio into prepared foods and deliver at least $25 million in annual synergies, with integration planning already underway leveraging the company’s strong balance sheet and free cash flow.