Maui Land & Pineapple Reports Revenue Growth to $5.8 Million Despite Increased Net Loss

Maui Land & Pineapple Company, Inc. reported a significant increase in financial performance for the first quarter of 2025, with total operating revenues reaching $5.8 million, compared to $2.5 million in the same period of 2024. The company attributed this growth primarily to its land development and leasing operations, which generated $2.3 million and $3.2 million in revenues, respectively. However, the company also reported a net loss of $8.6 million for the quarter, a substantial increase from the $1.4 million loss recorded in the prior year. This loss was influenced by higher operating costs, including a notable $6.9 million in pension and post-retirement expenses.

In terms of operational changes, Maui Land & Pineapple has undergone a leadership transition, appointing a new Chief Executive Officer and Chairperson of the Board in April 2023. This new leadership team is focused on maximizing the productivity of the company's land and commercial properties. The company has seen an increase in occupancy rates for its commercial properties, rising from 72% to 86% over the past year, reflecting efforts to enhance tenant experiences and attract quality tenants. The company also reported a total of 19.7 million shares outstanding as of May 1, 2025.

The company's balance sheet showed total assets of $47.2 million as of March 31, 2025, down from $50.1 million at the end of 2024. Current liabilities increased to $15.8 million, up from $11.2 million, largely due to higher accounts payable and accrued retirement benefits. The company’s cash and cash equivalents rose to $7.9 million, compared to $6.8 million at the end of 2024, indicating improved liquidity. The company also has a revolving line of credit with $12 million available, which it may utilize for future investments and operational needs.

Maui Land & Pineapple's strategic initiatives include ongoing land development projects, with a focus on meeting community needs for housing and agriculture, particularly in the wake of the devastating wildfires in Maui in August 2023. The company has initiated a new venture to cultivate agave, aiming to create jobs and enhance sustainability. Looking ahead, the company anticipates continued revenue growth from its leasing operations as tourism recovers and occupancy rates improve. However, it remains cautious about potential market risks, including economic conditions and competition in the real estate sector.