Mission Produce's fiscal Q2 (the three months ended April 30, 2026) is a quarter where two things happened at once, and the stock has to reconcile them. Reported revenue fell 24% to $290.9 million, GAAP net loss attributable to the company widened to $(7.2) million or $(0.10) per diluted share (versus $3.1 million income a year earlier), and adjusted EBITDA compressed to $7.1 million from $19.1 million; the print was driven by a 36% drop in per-unit avocado selling prices that only partially offset a 15% gain in avocado volume, with a "mismatch in supply and demand for core fruit sizes" concentrated in April that forced the company to lean on more expensive California and Peru supply. Three weeks after the quarter closed, Mission consummated the all-stock-plus-cash acquisition of Calavo Growers on May 28, 2026 (17,530,823 shares plus roughly $266 million in cash, an aggregate $465 million consideration), bringing the prepared-foods category inside the perimeter and the share count to 88.3 million; the new $100 million three-year buyback authorization announced the same week is the offsetting capital-return signal. Following the June 8 reaction the shares traded as low as $10.11, recovered into the low-$13s, and sit at $13.06 against a $1.15 billion market cap, with consensus targeting $16.50. The open question is whether the second-half adj EBITDA guide of $84–88 million (including a partial-quarter Calavo contribution) is conservative or aspirational when April's same-store margin compression and a 15% YoY pricing headwind for Q3 are in the comp.