Goodwill and Intangible Assets

12 Months Ended

Oct. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

A summary of the change in the carrying amount of goodwill is as follows (in thousands):


	Goodwill Carrying Amount
Balance at October 31, 2023	$	1,512
Foreign currency translation adjustment	(8)
Balance at October 31, 2024	$	1,504
Foreign currency translation adjustment	2
Balance at October 31, 2025	$	1,506

Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. The Company concluded that no potential impairment indicators existed during any interim period and performed its annual assessment of goodwill impairment as of July 31, 2025 with no impairment noted. The Company did not incur any goodwill impairment losses for fiscal years 2025, 2024 or 2023, as the estimated fair values of its reporting units were in excess of their carrying values.

As of October 31, 2025, the Company allocated goodwill to its reportable segments as follows: Fresh Lemons $936,000 and Lemon Packing $570,000, respectively.

8. Goodwill and Intangible Assets (continued)

Intangible assets consist of the following as of October 31 (in thousands):



	October 31, 2025							October 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years
Trade names and trademarks	$	2,108	(1,513)		595		8	$	2,108	$	(1,308)	$	800	8
Customer relationships	2,707		(2,160)		547		8	2,707		(1,842)		865		8
Non-competition agreement	437		(242)		195		8	437		(187)		250		8
Acquired water and mineral rights	1,284		—		1,284		Indefinite	3,306		—		3,306		Indefinite
	$	6,536	$	(3,915)	$	2,621		$	8,558	$	(3,337)	$	5,221

Amortization expense totaled $578,000, $677,000, and $730,000 for fiscal years 2025, 2024 and 2023, respectively.

In January 2025, the Company sold acquired water rights in the Santa Paula Basin for $30,000 per acre-foot in two transactions. The total selling price was $1,440,000 and the Company recorded a gain on sales of water rights of $1,200,000.

As discussed in Note 3 - Asset Sales and Disposals, the Company’s Chilean water rights were reclassified as assets held for sale as of October 31, 2025 and were sold November 7, 2025.

Estimated future amortization expense of intangible assets are as follows (in thousands):


2026	$	578
2027	294
2028	294
2029	171


	$	1,337