MAUI LAND & PINEAPPLE CO INC SEC 10-Q Report

Maui Land & Pineapple Co Inc's Q3 2025 10-Q report shows improved financial performance with operating revenues rising to $4.5 million from $3.0 million last year. Operating loss reduced to $0.36 million from $2.2 million, and net income reached $0.24 million, reversing a $2.2 million loss. Revenue growth was driven by leasing, land development, and resort amenities. The company is enhancing commercial properties and pursuing sustainable agriculture with agave planting. Future plans include supporting community needs through housing and agriculture projects.

Maui Land & Pineapple Co Inc, a company primarily engaged in land development, leasing, and resort amenities in Maui, Hawaii, has released its Form 10-Q report for the third quarter of 2025. The report highlights significant improvements in both financial performance and business operations, indicating a positive turnaround for the company.

Financial Highlights

Total Operating Revenues: $4.5 million, increased from $3.0 million in the same quarter last year, indicating a recovery in leasing and land development activities.
Operating Loss: $0.36 million, improved from a loss of $2.2 million in the same quarter last year, reflecting better cost management and increased revenues.
Net Income: $0.24 million, compared to a net loss of $2.2 million in the same quarter last year, driven by increased revenues and a significant pension-related income.
Net Income (Loss) Per Common Share - Basic: $0.01, compared to a loss of $0.11 per share in the same quarter last year, reflecting improved profitability.
Net Income (Loss) Per Common Share - Diluted: $0.01, compared to a loss of $0.11 per share in the same quarter last year, indicating a positive turnaround in earnings.

Business Highlights

Revenue Segments: The company reported operating revenues from three main segments: Land Development and Sales, Leasing, and Resort Amenities. The Leasing segment showed significant growth, with revenues increasing from $7.1 million in 2024 to $9.9 million in 2025, driven by commercial, industrial, and agricultural leases.
Geographical Performance: The company's operations are primarily based in Maui, Hawaii, with significant landholdings and commercial properties. The report highlights efforts to maximize the productivity of these assets, particularly in West Maui and Upcountry Maui.
Sales Units: The company has been actively involved in land sales, with three non-strategic parcel sales completed in the first nine months of 2025. Additionally, the Honokeana Homes project contributed to land development revenues.
New Product Launches: The company initiated the planting of agave in the second quarter of 2025, marking the start of a new venture aimed at producing agave-based products. This aligns with their strategy to create sustainable agricultural opportunities.
New Production Launches: The company is involved in the Honokeana Homes project, which includes leasing land to the State of Hawaii for temporary housing to support wildfire victims. This project involves significant horizontal improvements funded by the state.
Future Outlook: The company plans to continue enhancing its commercial properties to attract top-tier tenants and expects cash flow from these properties to increase. They are also progressing with strategic plans for their landholdings to meet community needs, including housing and agriculture.

SEC Filing: MAUI LAND & PINEAPPLE CO INC [ MLP ] - 10-Q - Nov. 14, 2025