OXNARD, CA - Mission Produce, Inc., a world leader in sourcing, producing, and distributing fresh Hass avocados, reported its financial results for the fiscal second quarter ended April 30, 2025.

Fiscal Second Quarter 2025 Financial Overview:

• Total revenue increased 28% to $380.3 million compared to the same period last year
• Net income of $3.1 million, or $0.04 per diluted share, compared to $7.0 million, or $0.10 per diluted share, for the same period last year
• Adjusted net income of $8.7 million, or $0.12 per diluted share, compared to $9.8 million, or $0.14 per diluted share, for the same period last year
• Adjusted EBITDA of $19.1 million, compared to $20.2 million in the same period last year
• Repurchased $5.2 million of the Company’s common stock during the quarter

CEO Message

Steve Barnard, CEO of Mission, stated in the recent release, "We delivered record second quarter revenue and stronger than expected adjusted EBITDA performance. Our commercial teams successfully navigated typical seasonal supply challenges by leveraging our industry-leading global source network to satisfy customer commitments. While market pricing remained elevated during the second quarter and surpassed our expectation, distributed volumes were flat with the prior year period which speaks to the durability of consumption and the growing consistency of the category at retail. We are also pleased with the progression of key strategic priorities to enhance our position with customers, both in terms of products and global markets. Our mango business gained significant market share and achieved record volumes, establishing Mission as a leading U.S. distributor, while our operations in the United Kingdom are steadily gaining momentum through enhanced customer penetration which has optimized facility utilization following the strategic investment in the region. Looking ahead to the second half of the year, we are well-positioned to generate solid cash flow as we typically do through leveraging our own increased Peruvian supply to meet strong market demand."

Mr. Barnard concluded, “During the quarter, we also executed $5.2 million of share repurchases, capitalizing on an opportunity to return value to shareholders given our belief that the share price was undervalued relative to our demonstrated strength in operational execution and financial performance in the prior fiscal year and first half of 2025. Given the strength of our balance sheet, we will continue to review our ability to opportunistically repurchase shares while balancing competing strategic priorities.”

See the full report here.