Maui Land & Pineapple Company Reports Revenue Growth to $4.6 Million in Q2 2025

Maui Land & Pineapple Company, Inc. reported a significant increase in financial performance for the second quarter of 2025, with total operating revenues reaching $4.6 million, up from $2.6 million in the same period last year. The company’s land development and sales segment contributed $1.1 million, a notable rise from $200,000 in the prior year, primarily driven by revenue from the Honokeana Homes project and the sale of a non-strategic parcel. Leasing revenues also increased to $3.2 million from $2.2 million, reflecting a recovery in tourism and improved occupancy rates in commercial properties.

Despite the revenue growth, Maui Land & Pineapple reported a net loss of $999,000 for the quarter, compared to a loss of $1.9 million in the previous year. The operating loss for the quarter was $711,000, an improvement from the $1.9 million loss reported in the same quarter of 2024. The company attributed the losses to increased operating costs, particularly in land development and leasing, which rose to $5.3 million from $4.5 million year-over-year. The increase in costs was driven by higher property maintenance expenses and share-based compensation.

Strategically, the company has undergone leadership changes, appointing a new CEO and Chairperson in April 2023, both of whom bring extensive experience in real estate management. This transition aims to enhance the company’s asset management and community development efforts. Additionally, Maui Land & Pineapple has initiated a new agave cultivation venture, with over 12,000 plants planted, expected to mature in seven to nine years for production purposes. The company is also actively working on various land development projects, including the Honokeana Homes project, which is part of its strategy to address housing shortages exacerbated by the recent wildfires in Maui.

Operationally, the company reported an increase in occupancy rates for its commercial properties, rising from 86% to 89% as of June 30, 2025. The total leased area for commercial real estate increased by 9,115 square feet, indicating a positive trend in tenant engagement and property utilization. The company continues to focus on maximizing the productivity of its land and commercial properties, with plans for further improvements and tenant enhancements to attract high-quality tenants.

Looking ahead, Maui Land & Pineapple remains optimistic about its growth trajectory, particularly as tourism recovers and the local economy stabilizes. The company plans to leverage its available credit facility of $12 million to fund ongoing development projects and operational needs. However, it acknowledges potential risks, including market conditions and the impact of natural disasters, which could affect future performance. The company is committed to enhancing its asset value while contributing to the community's long-term needs, particularly in housing and sustainable agriculture.