Maui Land & Pineapple Company, Inc. Reports Fiscal First Quarter 2025 Results and Announces New Scalable Agri-Business Venture
- Kristen Kunimura
- 5 minutes ago
- 2 min read
On May 15, 2025, Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported financial results covering the three-month period ended March 31, 2025. The Company also announced a new agriculture-based business venture designed to maximize the value of currently underutilized croplands and stimulate economic revitalization on Maui.
“In the first quarter of 2025, we advanced efforts to strengthen the fundamentals of our business segments and build the foundation for future growth by launching new initiatives to activate our landholdings. We delivered a 134% year-over-year gain in operating revenue, driven in part by significant increases in occupancy and income from commercial real estate leasing.” – Race Randle, CEO of Maui Land & Pineapple Company, Inc.
First Quarter 2025 Highlights:
Operating revenues totaled $5,804,000, an increase of $3,321,000 or 134%, driven by $2,278,000 in contracting revenue from the Honokeana Homes Relief Housing Project and a $1,003,000 increase in leasing revenue. Growth in leasing reflects efforts to improve occupancy, bring leases to market rates and activate dormant cropland for new agricultural use.
Operating costs and expenses totaled $7,583,000, an increase of $3,701,000, compared to the same period last year.
Net loss was $8,640,000 or $0.44 per common share, driven primarily by non-cash stock compensation costs, increased expenses related to development and leasing and severance paid to the former CEO.
Adjusted EBITDA (Non-GAAP) was $200,000.
Cash and investments convertible to cash totaled $9,455,000 on March 31, 2025, a decrease of $67,000, as compared to $9,522,000 at March 31, 2024.
MLP Announces New Agri-Business Venture
MLP is launching a new scalable business initiative to cultivate Agave, a drought tolerant, low maintenance crop which utilizes minimal water and is attracting a growing global demand for value-added products. This initiative will honor MLP’s agricultural roots and aligns with our focus on accelerating the productivity of underutilized croplands, creating living wage jobs for local families, connecting people to the land, and boosting environmental and economic sustainability.
“We believe this new venture represents a significant opportunity to create long-term growth potential for the company which may be funded partially in partnership with mission-aligned partners. Our strategy complements our ongoing leasing and development projects while utilizing our prime landholdings to enable revenue upside potential from vertical integration with on-island distillation, regenerative agri-tourism, local distribution, and global expansion,” explained Randle.