Kaanapali Land, LLC returned to profitability in early 2026, driven by a major land sale and wildfire insurance recoveries. For the quarter ended March 31, 2026, total revenues rose to $20.4 million from $0.4 million a year earlier, mainly from $19.9 million of real estate sales at the Pioneer Mill site and resumed agricultural sales. Net income was $13.3 million, compared with a $1.2 million loss in 2025, and earnings per share were $7.22 versus a loss of $0.63.
Results also reflect $4.0 million of gains from wildfire-related property damage and lost profits plus $0.5 million in crop insurance proceeds. Operating cash flow improved sharply to $20.9 million from negative $1.7 million, lifting cash and cash equivalents to $37.7 million. The company maintains about 3,880 acres on Maui and continues planning large development projects such as KCF Mauka and Puukolii Village.
Key uncertainties remain, including arbitration with Newport Hospital Corporation over an infrastructure agreement, reliance on land sales for liquidity, the impact and rebuilding needs following the Lahaina wildfire, dam and reservoir compliance requirements, and the need to secure long-term water use permits that are important for future development.
Kaanapali Land, LLC is a Delaware-based company focused on real estate development and agriculture on west Maui, primarily land projects and coffee farming. Its business is shaped by complex Hawaiian entitlement rules, water-use permitting, and exposure to natural hazards.
The Lahaina wildfire destroyed the Pioneer Mill Site coffee mill, offices, and related structures, halting 2023–2024 coffee sales. The company received multiple insurance payments, including approximately $1M in October 2023, $4.9M in June 2024, $1.1M in August 2024 and $4M in January 2026, and has resumed coffee sales using temporary facilities while designing a new mill.
On March 10, 2026, subsidiary PMC closed a sale of about 21 acres in Lahaina for $20M, receiving $19.9M in cash. As of December 31, 2025, the company held about $16M in cash and continues to rely on land sales to fund operations, development plans such as Puukolii Village and KCF Mauka, and potential wildfire rebuilding costs.
Kaanapali Land, LLC completed the sale of four land parcels totaling about 21 acres in Lahaina, Hawaii, through its indirect subsidiary Pioneer Mill Company, LLC. The buyer, Pioneer Mill Site LLC, paid $19,900,000 in cash, subject to closing cost and proration adjustments under a June 13, 2024 purchase agreement.
The company prepared unaudited pro forma information in narrative form under Regulation S‑X Article 11 to illustrate how this land sale would affect its consolidated balance sheet as of September 30, 2025 and its results for the year ended December 31, 2024 and nine months ended September 30, 2025.
Kaanapali Land, LLC reported a net loss of $2.0 million for the nine months ended September 30, 2025, compared with net income of $0.7 million a year earlier, as prior-year wildfire insurance gains did not repeat. Total revenues were $1.3 million versus $1.4 million in the prior-year period, with modest growth in agriculture and property revenues offset by higher segment losses and a credit loss reserve on a land development receivable.
Cash and cash equivalents were $18.1 million at September 30, 2025, versus $23.1 million at year-end 2024, reflecting operating cash use and investment in property and coffee mill replacement. The Company continues to manage impacts from the Lahaina wildfire, pursue a $20.0 million land sale in Lahaina, and advance long-term development plans for KCF Mauka and Puukolii Village on Maui while relying on land sales and existing cash for liquidity.