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Maui Land & Pineapple Company reported fiscal first quarter 2026 results showing lower revenue but a much smaller loss than a year earlier. Operating revenues were $3.4 million versus $5.8 million in 2025, mainly due to a sharp decline in land development and sales.
The company posted a net loss of $2.1 million, a substantial improvement from an $8.6 million loss, helped by the absence of large pension and post-retirement expenses recorded in the prior year. However, Adjusted EBITDA was a loss of $0.9 million, down from positive $0.2 million, reflecting weaker underlying earnings.
Cash and cash equivalents were $3.8 million as of March 31, 2026, down from $5.3 million at year-end, while use of its line of credit increased to $6.5 million. Total assets were $47.9 million and stockholders’ equity was $32.1 million, indicating the balance sheet remains equity-heavy despite ongoing losses.
Maui Land & Pineapple Company, Inc. reported a net loss of $2.1 million for the quarter ended March 31, 2026, compared with a net loss of $8.6 million a year earlier, mainly because 2025 included a large non-cash pension settlement expense. Operating revenues were $3.4 million, down from $5.8 million, as prior-year land development revenue from the Honokeana Homes temporary housing project did not recur while the project remains on hold. Commercial real estate leasing revenue was stable at about $2.0 million and land leasing revenue was steady, though land management costs increased. The company ended the quarter with $3.8 million in cash and had $6.5 million drawn on a $25.0 million revolving credit facility, leaving additional borrowing capacity to support development and operating needs.
Maui Land & Pineapple Company, Inc. is holding its 2026 virtual annual meeting of stockholders on May 27, 2026 at 8:30 a.m. Hawaii Standard Time via conference call. Stockholders of record at the close of business on April 2, 2026 may attend and vote.
Stockholders will vote on electing seven directors for one-year terms, approving on a non-binding advisory basis the compensation of named executive officers, and ratifying Accuity LLP as independent registered public accounting firm for fiscal year 2026. The Board unanimously recommends voting “FOR ALL” director nominees and “FOR” Proposals 2 and 3.
As of the record date, 19,868,771 shares of common stock were outstanding, with one vote per share and no cumulative voting. In 2025, the chief executive officer received total compensation of $1,378,306 and the chief financial officer received $494,688, primarily in salary and restricted stock awards tied to performance and long-term incentives.
MAUI LAND & PINEAPPLE CO INC CFO reports routine tax withholding. CFO Wade K. Kodama had 640 shares of Common Stock withheld on a Form 4 transaction coded “F,” meaning shares were delivered to cover tax obligations rather than sold in the open market. After this non-market disposition, he directly holds 36,131 shares.
Maui Land & Pineapple Co. CEO Randle Race reported a tax-related share disposition. On this Form 4, 2,990 shares of common stock were withheld to cover tax obligations, rather than sold on the open market. After this non-cash transaction, he directly holds 84,821 shares.
Maui Land & Pineapple Company, Inc. filed a Notification of Late Filing (Form 12b-25) stating it cannot timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The original due date was March 31, 2026. The company attributes the delay to obtaining and compiling required information and expects to file the Annual Report "no later than the fifteenth calendar day following the prescribed due date." The notification is signed by the CFO on March 31, 2026.
Maui Land & Pineapple Company, Inc. reported strong fiscal 2025 results with total operating revenues of $19,457 thousand, up 68% from 2024. Growth was driven by land development and sales revenue of $5,811 thousand and leasing revenue of $12,799 thousand, aided by 15 new leases and broader asset management efforts.
Adjusted EBITDA rose to $1,766 thousand, a 146% increase from 2024, marking a second year of improvement. The company still posted a net loss of $10,579 thousand, or $0.54 per share, largely due to $6,600 thousand of pension and post-retirement expense related to funding and annuitizing its qualified pension plan.
Cash and investments convertible to cash totaled $5,295 thousand at year-end, down from $9,522 thousand a year earlier. The company highlighted targeted non-strategic land sales totaling $2,435 thousand and launched a 38-acre blue weber agave agricultural venture, while planning to resolve remaining pension obligations in late 2026 at an estimated $1,600 thousand.
Maui Land & Pineapple Company, Inc. reports full-year 2025 results showing continued land development progress and higher leasing activity while posting a larger net loss driven mainly by a pension plan settlement.
Operating revenues rose to $19.5 million from $11.6 million, led by leasing revenue of $12.8 million (about 66% of total) and land development and sales revenue of $5.8 million, including non-strategic parcel sales and Honokeana Homes project work. The company recorded a net loss of $10.6 million, or $0.54 per share, largely due to a one-time $6.6 million defined benefit pension settlement.
The company controls approximately 22,286 acres of land and 247,328 square feet of commercial space on Maui, with commercial real estate 92% leased at year-end 2025. It expanded its revolving credit facility to $25 million, with $4 million drawn and cash of $5.3 million, and is advancing multiple long-term Kapalua and Upcountry development projects while increasing leasing to support recurring cash flow.
Maui Land & Pineapple Co. Inc. CFO Wade K. Kodama reported a routine tax-related share disposition. On July 8, 2025, 618 shares of common stock were withheld to cover a tax liability, rather than sold on the open market. After this adjustment and a correction noted in the footnote, Kodama’s directly held common stock position stands at 26,895 shares. This Form 4/A is an amendment that updates the cumulative share balance, rather than indicating a new investment decision or discretionary trading activity.
MAUI LAND & PINEAPPLE CO INC director and 10% owner Stephen M. Case reported additional open-market purchases of company stock through his revocable trust. On August 21 and 22, 2025, the Stephen M. Case Revocable Trust bought 2,500 shares each day of common stock at weighted average prices of $16.15 and $16.52 per share, respectively. Case serves as sole trustee and has sole voting and disposition power over the shares held by the trust. Following these transactions, indirect holdings reported for the trust total 11,931,445 shares of common stock, while direct holdings reported in Case’s own name are 67,427 shares.