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Gladstone Land LAND Groundwater Credits — Other operating revenue

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Other financials

Income statement

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Revenue$12.7M+3.2%
Gross profit$19.7M-7.6%
Net income-$8.5M-7.4%
EPS (diluted)-$0.32+15.8%

Balance sheet

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Cash & equivalents$22.6M-26.0%
Total debt$464.9M-6.3%
Total equity$673.1M+0.5%
Total assets$1.2B-5.3%

Cash flow

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Operating cash flow$19.9M+405%

Valuation

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Market cap$350.7M+12.0%
Enterprise value$793.08M+1.8%
P/S-0.3×

Profitability

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Gross margin89.1%-10.9pp
Operating margin32.6%
Net margin-7.3%-18.0pp

Returns & leverage

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Return on equity-1%-2.1pp
Debt / equity0.7×0.0×

Where this comes from

Reported directly by Gladstone Land in its filing.

Tagged under the XBRL concept us-gaap:OtherOperatingIncome.

The source filing: Gladstone Land’s 10-K/A, filed April 7, 2026.

Filed
Apr 7, 2026, 4:01 PM EDT
Fiscal year
FY2025
Accession
0001495240-26-000011

Other operating revenue primarily consists of non-lease and non-crop related revenue generated as a result of activities performed on certain of our properties. During the years ended December 31, 2025, 2024, and 2023, we recognized approximately $49,000, $453,000, and $79,000 respectively, of non-cash revenue, in the form of groundwater credits, associated with the transfer and storing of surplus water on behalf of others (including a government municipality) using a groundwater recharge facility constructed on one of our farms. The timing of revenue recognition generally occurs once water credits are recognized by the respective water district at the estimated fair value of the resulting water credits. See Note 5, “Investments in Water Assets,” for further discussion.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Gladstone Land's groundwater credits — other operating revenue?
Gladstone Land (LAND) reported groundwater credits — other operating revenue of $12.25K in Q4 2025.
How has Gladstone Land's groundwater credits — other operating revenue changed year-over-year?
Gladstone Land's groundwater credits — other operating revenue decreased by 89.2% year-over-year, from $113.25K to $12.25K.
What is the long-term trend for Gladstone Land's groundwater credits — other operating revenue?
Over 2 years (2023 to 2025), Gladstone Land's groundwater credits — other operating revenue has grown at a -21.2% compound annual growth rate (CAGR), from $79K to $49K.
What does groundwater credits — other operating revenue mean?
This metric represents the revenue generated from the sale or transfer of groundwater usage rights and associated water credits within the company's agricultural portfolio. It reflects the monetization of water assets independent of traditional land lease payments, highlighting the company's ability to extract value from natural resource management. This revenue stream is sensitive to regional water scarcity, regulatory environments, and the specific water rights attached to the owned farmland.

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