Maui Land & Pineapple Company, Inc. Reports Fiscal Second Quarter 2025 Results

Rhea-AI Summary

Maui Land & Pineapple Company (NYSE: MLP) reported significant financial growth in Q2 2025, with operating revenues reaching $10.4 million for the six months ended June 30, 2025, a 103% increase from the same period in 2024. The company's leasing revenues surged 46% to $6.4 million, while land development revenues increased to $3.4 million.

Despite strong operational performance, MLP reported a GAAP net loss of ($9.6 million), or ($0.49) per share, primarily due to a $7.5 million pension-related expense. This temporary impact is expected to be offset by a comprehensive gain in Q3 2025. The company's strategic initiatives include launching an agave venture on underutilized croplands and improving commercial property management.

Cash and investments convertible to cash stood at $7.0 million as of June 30, 2025, down from $9.5 million at the end of 2024, reflecting investments in development activities and pension termination contributions.

Positive

• Operating revenues increased 103% year-over-year to $10.4 million
• Leasing revenues grew 46% to $6.4 million due to improved occupancy and market rate updates
• Land development revenues increased significantly to $3.4 million from $200,000 year-over-year
• Successfully executed 17 new leases during the twelve-month period

Negative

• Net GAAP loss widened to ($9.6 million) from ($3.2 million) year-over-year
• Operating costs increased by $4.5 million or 53% year-over-year
• Cash position decreased by $2.5 million to $7.0 million since December 2024
• Water and conservation costs increased 77% to $1.3 million

Insights

Financial Analyst

MLP reports mixed Q2 results: 103% revenue growth offset by pension-related GAAP losses, with improving operational performance underneath accounting complexities.

Maui Land & Pineapple (MLP) delivered significant revenue growth for H1 2025, with total operating revenues reaching $10.4 million, a remarkable 103% increase year-over-year. This growth stemmed from two primary sources: land development revenues of $3.4 million (up from just $200,000) and leasing revenues of $6.4 million (a 46% increase).

The company's strategic repositioning is evident in both revenue streams. The land development revenue primarily came from the Honokeana Homes Relief Housing Project ($3.1 million), showing MLP's pivot toward development partnerships with government entities. Meanwhile, the leasing revenue jump reflects successful efforts to improve occupancy rates, update lease terms to market rates, and reposition renovated commercial properties.

However, these operational improvements are currently masked by accounting complexities. MLP reported a net GAAP loss of $9.6 million ($0.49 per share), but this was heavily influenced by non-cash pension expenses of $7.5 million related to pension plan annuitization. Management has clarified this will be offset by a corresponding non-cash gain in Q3 2025.

Looking at the adjusted EBITDA figure of ($192,000), which excludes $9.4 million in non-cash items, we see a modest $55,000 improvement compared to the same period last year. This suggests the core business is stabilizing despite significant accounting noise.

The liquidity position remains adequate but has declined, with cash and investments convertible to cash at $7 million, down $2.5 million from December 2024. This reduction was driven by pension termination contributions ($1.1 million) and investments in development activities and new ventures ($2.1 million).

The launch of an agave venture on underutilized croplands represents an interesting diversification play that could generate future revenue streams, though it will require patience before yielding returns. The significant increase in water and conservation costs (77%) warrants attention as it could impact long-term profitability.

KAPALUA, Hawai‘i, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) today reported financial results covering the quarter ended June 30, 2025.

“The Company’s strong financial performance and significant revenue growth in the first half of 2025 validate our path to unlock value by maximizing the productivity of our land and commercial properties,” said Race Randle, CEO, Maui Land & Pineapple Company, Inc.

“We continue to resolve legacy responsibilities and market non-strategic parcels for sale to fund projects and land improvements. Throughout the second quarter, we intentionally deployed capital to grow and diversify revenue streams, including the investment in materials and labor to launch our agave venture by planting blue weber agave on underutilized croplands in Upcounty, Maui. In addition, our reinvestment in asset management and commercial properties yielded strong results, with a 46% gain in leasing revenue over the same six month period last year.”

Second Quarter 2025 Highlights

“We made the strategic financial decision to annuitize former employees’ pensions, which temporarily impacted our GAAP earnings this quarter and will be offset next quarter with a comprehensive gain,” explained Wade Kodama, Chief Financial Officer.

• Operating Revenues – The Company’s operating revenues totaled $10,406,000 for the six months ended June 30, 2025, as compared to $5,128,000 during the same period in 2024, an increase of $5,278,000, or 103%. 
  • Land development and sales revenues amounted to $3,442,000 for the six months ended June 30, 2025, compared to $200,000 in revenue during the same period in 2024. This is primarily attributed to $3,100,000 of contracting revenues from the Honokeana Homes Relief Housing Project with the State of Hawai‘i and $265,000 from the sale of a non-strategic remnant land parcel in Pukalani, Maui. The $200,000 in the prior year’s six-month period was from the sale of an easement in West Maui.
  • Leasing revenues amounted to $6,421,000 for the six months ended June 30, 2025, as compared to $4,388,000 during the same period in 2024, an increase of $2,033,000, or 46%. This increase was the result of focused efforts to improve occupancy, update leases to market rates, reposition renovated commercial properties and lease underutilized croplands.
• Costs and expenses – Operating costs and expenses totaled $12,897,000 for the six months ended June 30, 2025, as compared to $8,409,000 for the same period in 2024, an increase of $4,488,000.
  • The increase in operating costs was primarily attributed to a $3,157,000 of land development and sales costs attributable to an increase in direct construction costs incurred on the Honokeana Homes Relief Housing Project as described above, $709,000 in leasing costs and $544,000 in water system operation and conservation costs. Total leasing costs are comprised of leasing and water costs.
    • Honokeana Homes direct construction costs amounted to $3,157,000 for the six months ended June 30, 2025 compared to $0 direct costs for the six months ended June 30, 2024, an increase of $3,157,000.
    • Leasing operational costs amounted to $2,114,000 for the six months ended June 30, 2025 compared to $1,405,000 for the six months ended June 30, 2024, an increase of $709,000 or 50.5%. During the twelve month period from July 1, 2024 to June 30, 2025, 17 leases were executed and commenced. Of the $709,000 increase in leasing expenses, the majority of the increase was attributable to insurance, professional services, repairs and maintenance, salaries and utilities associated with the newly executed leases.
    • Water and conservation costs for the six months ended June 30, 2025 totaled $1,253,000 as compared to $709,000 for the six-month period ended June 30, 2024, an increase of $544,000 or 77%. Of the $544,000 increase in costs, $269,000 was due to increased operations and maintenance as well as costs associated with watershed conservation and $191,000 in increased electricity costs to power the Company’s potable groundwater wells.
  • Other increases are attributable to $336,000 in general and administrative expenses for additional employees hired during mid-2024, and $197,000 in depreciation for assets placed in service in late 2024 and early 2025. Share-based compensation decreased by $261,000 primarily due to directors’ stock option vesting which concluded on March 31, 2025 for options issued in May 2024. While the Company will continue to use equity as part of its compensation strategy, it does not anticipate using options, which the Company expects to result in a decrease in share-based compensation expenses in the future and as demonstrated in the six month period ended June 30, 2025.
• Other Income (non-operating) – Other income totaled $455,000 for the six months ended June 30, 2025, as compared to $193,000 for the same period in 2024. The total increase amounting to $262,000 was primarily attributed to a $235,000 Employee Retention Credit received during the quarter from COVID era tax credits. Bond interest and dividends remained consistent year over year.
• Pension and post-retirement expense – Pension expenses totaled $7,501,000 for the six months ended June 30, 2025, as compared to $156,000 for the same period in 2024. Of this $7,345,000 increase, approximately $6,397,000 is a non-cash GAAP expense due to the qualified pension plan annuitization originated in the first quarter of 2025 and is expected to be fully terminated by September 30, 2025. This $7,501,000 GAAP expense will be offset by a corresponding non-cash gain to be reported as other comprehensive gain on the income statement. This is anticipated to occur and be reported in the third quarter of 2025.
• Net loss – The net GAAP loss was ($9,639,000), or ($0.49) per basic and diluted common share for the six months ended June 30, 2025, compared to net loss of ($3,247,000) or ($0.16) per basic and diluted common share for the same period in 2024. The net loss in the second quarter of 2025 was primarily driven by the non-cash GAAP pension expenses, non-cash stock compensation expenses, increased general and administrative expenses, and $115,000 attributable to the former CEO’s severance paid during the year.
• Adjusted EBITDA (Non-GAAP) – For the six months ended June 30, 2025, after adjusting for non-cash income and expenses of $9,447,000, Adjusted EBITDA was ($192,000). This represents a favorable increase of $55,000 as compared to the reported Adjusted EBITDA in the amount of ($247,000) for the six months ended June 30, 2024. The Adjusted EBITDA at June 30, 2025 was impacted by a ($560,000) cash pension contribution made in the second quarter as part of the plan termination expenses.
• Cash and Investments Convertible to Cash (Non-GAAP) – Cash and Investments Convertible to Cash totaled $7,028,000 on June 30, 2025, a decrease of $2,494,000, as compared to $9,522,000 at December 31, 2024. The decrease in cash is primarily attributed to $1,060,000 in pension termination contributions to the plan and cash expended on furthering our development activities, capital expenditures and agave venture in the amount of $2,104,000 but offset by net cash inflows from distributions from our investment in the BRE2 joint venture amounting to $656,000.

Non-GAAP Financial Measures

Certain non-GAAP financial measures are presented in this press release, including Adjusted EBITDA and Cash and Investments Convertible to Cash, to provide information that may assist investors in understanding the Company's financial results and financial condition and assessing its prospects for future performance. We believe that Adjusted EBITDA is an important indicator of our operating performance because it excludes items that are unrelated to, and may not be indicative of, our core operating results. We believe Cash and Investments Convertible to Cash are important indicators of liquidity because it includes items that are convertible into cash in the short term. These non-GAAP financial measures are not intended to represent and should not be considered more meaningful measures than, or alternatives to, measures of operating performance or liquidity as determined in accordance with GAAP. To the extent we utilize such non-GAAP financial measures in the future, we expect to calculate them using a consistent method from period to period.

EBITDA is a non-GAAP financial measure defined as net income (loss) excluding interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted for non-cash stock-based compensation expense, pension and post-retirement expenses, and bad debt Adjusted EBITDA is a key measure used by the Company to evaluate operating performance, generate future operating plans and make strategic decisions for the allocation of capital. The Company presents Adjusted EBITDA to provide information that may assist investors in understanding its financial results. However, Adjusted EBITDA is not intended to be a substitute for net income (loss). A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is provided further below.

Cash and Investments Convertible to Cash is a non-GAAP financial measure defined as cash and cash equivalents plus investments convertible to cash within forty eight hours. Cash and Cash Investments Convertible to Cash is a key measure used by the Company to evaluate internal liquidity.

Additional Information

More information about Maui Land & Pineapple Company’s second quarter 2025 operating results are available in the Form 10-Q filed with the Securities and Exchange Commission and posted at mauiland.com.

About Maui Land & Pineapple Company 

Maui Land & Pineapple Company, Inc. (NYSE: MLP) is dedicated to the thoughtful stewardship of its portfolio, including over 22,000 acres of land along with approximately 247,000 square feet of commercial real estate. The Company envisions a future where Maui residents thrive in more resilient communities with sufficient housing supply, economic stability, food and water security, and deep connections between people and place. For over a century, MLP has built a legacy of thoughtful stewardship through conservation, agriculture, community building, and land management. The Company continues this legacy today with a mission to thoughtfully maximize the productive use of its assets to meet the critical needs of current and future generations.

Company assets include land for future residential communities and mixed-use projects within the world-renowned Kapalua Resort, home to luxury hotels such as The Ritz-Carlton Maui and Montage Kapalua Bay, two championship golf courses, pristine beaches, a network of walking and hiking trails, and the Pu‘u Kukui Watershed, the largest private nature preserve in Hawai‘i. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company’s ability to put its land into productive use, our ability to cultivate and commercialize Agave, the resolution of legacy obligations, our ability to market and sell nonstrategic parcels in our portfolio, and our ability to reduce share-based compensation expenses. These forward-looking statements are based upon the current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties, and contingencies, many of which are beyond the control of the Company. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available on the SEC's Internet site (http://www.sec.gov). We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future developments or otherwise.

# # #

CONTACT

Investors:	Wade Kodama | Chief Financial Officer | Maui Land & Pineapple Company
	e: wade@mauiland.com
Media:	Ashley Takitani Leahey | Vice President | Maui Land & Pineapple Company e: ashley@mauiland.com Dylan Beesley | Senior Vice President | Bennet Group Strategic Communications e: dylan@bennetgroup.com

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited)
		Six Months Ended June 30,
		2025				2024
		(in thousands except per share amounts)
OPERATING REVENUES
Land development and sales		$	3,442			$	200
Leasing			6,421				4,388
Resort amenities and other			543				540
Total operating revenues			10,406				5,128
OPERATING COSTS AND EXPENSES
Land development and sales			3,300				450
Leasing			3,367				2,114
Resort amenities and other			854				741
General and administrative			2,514				2,178
Share-based compensation			2,321				2,582
Depreciation			541				344
Total operating costs and expenses			12,897				8,409
OPERATING LOSS			(2,491	)			(3,281	)
Gain on assets disposal			1				-
Other income			455				193
Pension and other post-retirement expenses			(7,501	)			(156	)
Interest expense			(103	)			(3	)
NET LOSS		$	(9,639	)		$	(3,247	)
Other comprehensive income - pension, net			79				136
TOTAL COMPREHENSIVE LOSS		$	(9,560	)		$	(3,111	)
NET LOSS PER COMMON SHARE-BASIC AND DILUTED		$	(0.49	)		$	(0.16	)

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
		June 30, 2025				December 31, 2024
		(unaudited)				(audited)
		(in thousands except share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	6,536			$	6,835
Accounts receivable, net			1,824				5,016
Investments			492				2,687
Prepaid expenses and other assets			947				507
Assets held for sale			1,599				82
Total current assets			11,398				15,127
PROPERTY & EQUIPMENT, NET			17,534				17,401
OTHER ASSETS
Investment in unconsolidated joint venture			42				968
Deferred development costs – development projects			13,736				14,380
Deferred development costs – Agave venture			587				30
Other noncurrent assets			2,442				2,233
Total other assets			16,807				17,611
TOTAL ASSETS		$	45,739			$	50,139
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES
CURRENT LIABILITIES
Accounts payable		$	2,340			$	2,321
Payroll and employee benefits			346				908
Accrued retirement benefits, current portion			7,370				140
Deferred revenue, current portion			998				833
Long-term debt, current portion			85				85
Line of credit			3,000				3,000
Other current liabilities			585				730
Contract overbillings			23				3,180
Total current liabilities			14,747				11,197
LONG-TERM LIABILITIES
Accrued retirement benefits, noncurrent portion			1,438				2,368
Deferred revenue, noncurrent portion			1,166				1,233
Deposits			1,938				1,968
Long-term debt, noncurrent portion			144				168
Other noncurrent liabilities			12				24
Total long-term liabilities			4,698				5,761
TOTAL LIABILITIES			19,445				16,958
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock--$0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding			-				-
Common stock--$0.0001 par value; 43,000,000 shares authorized; 19,730,202 and 19,663,780 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively			87,502				85,877
Additional paid-in-capital			16,700				15,202
Accumulated deficit			(70,647	)			(61,008	)
Accumulated other comprehensive loss			(6,811	)			(6,890	)
Total stockholders' equity			26,294				33,181
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY		$	45,739			$	50,139

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL INFORMATION (NON-GAAP) UNAUDITED
		Six Months Ended
		June 30,
		2025				2024
		(In thousands except per share
		amounts)
NET LOSS		$	(9,639	)		$	(3,247	)
Non-cash income and expenses
Interest expense (amortized, non-cash)			4				3
Depreciation			541				344
Amortization of licensing fee revenue			(67	)			(67	)
Share-based compensation
Vesting of Stock Options granted to Board Chair and Directors			1,098				1,541
Vesting of Stock Compensation granted to Board Chair and Directors			359				281
Vesting of Stock Options granted to CEO			400				395
Vesting of employee Incentive Stock			464				365
Bad debt expense			252				5
Pension and other post-retirement expenses (non-cash portion)			6,397				133
ADJUSTED EBITDA (LOSS)		$	(191	)		$	(247	)

 

		Six Months Ended				Year Ended
		June 30, 2025				December 31, 2024
		(unaudited)				(audited)
		(in thousands)
CASH AND INVESTMENTS
Cash and cash equivalents		$	6,536			$	6,835
Investments, current portion (convertible to cash within two days)			492				2,687
TOTAL CASH AND INVESTMENTS CONVERTIBLE TO CASH		$	7,028			$	9,522

FAQ

What were MLP's Q2 2025 earnings results?

MLP reported a net loss of ($9.6 million) or ($0.49) per share, with operating revenues of $10.4 million, up 103% year-over-year. The loss was primarily due to pension-related expenses.

How much did Maui Land & Pineapple's leasing revenue grow in Q2 2025?

MLP's leasing revenues increased by 46% to $6.4 million compared to the same period in 2024, driven by improved occupancy and updated market rates.

What caused MLP's increased net loss in Q2 2025?

The increased net loss was primarily due to a $7.5 million pension expense, which is expected to be offset by a comprehensive gain in Q3 2025, along with higher operating costs and administrative expenses.

How much cash does Maui Land & Pineapple (MLP) have as of Q2 2025?

MLP reported $7.0 million in cash and investments convertible to cash as of June 30, 2025, down from $9.5 million at the end of 2024.

What new ventures is MLP pursuing in 2025?

MLP launched a new blue weber agave venture on underutilized croplands in Upcounty, Maui, as part of their strategy to maximize land productivity and diversify revenue streams.