Maui Land & Pineapple Company, Inc. Reports Fiscal Third Quarter 2025 Results
- Kristen Kunimura
- Nov 14
- 3 min read
On November 14, 2025, Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported financial results covering the quarter ended September 30, 2025.
“Our third-quarter results reflect the successful execution of our strategic initiatives, highlighted by a 39% increase in recurring leasing revenue year-over-year. This remarkable growth was complemented by strong progress in our land development segment, demonstrating our commitment to unlocking the value of our assets and accelerating the growth in housing, economic vitality and employment on Maui.” said Race Randle, CEO, Maui Land & Pineapple Company, Inc.
Notable Achievements During this Period:
Recurring leasing revenue increased 39% year-to-date compared to 2024 and 59% compared to 2023, supported by new commercial, industrial, and land lease tenants across Upcountry and West Maui, including the Maui Pineapple Store, Malia Coffee Company, Maui Sunriders Bike Shop, Big Wave Shave Ice, and the 1,000+ acre Ka Ike Cattle Ranch.
Sale of three land parcels through the third quarter of 2025, following a review of landholdings to identify non-strategic parcels. Five additional parcels are publicly marketed for sale, with another parcel closing in October 2025.
Launched a new agriculture venture with the hiring of Director of Agricultural Operations Darren Strand and the planting of 15,000 blue weber agave plants on 25 acres of underutilized croplands in Upcountry Maui.
Fulfilled the Company’s largest remaining legacy obligation by funding, annuitizing, and terminating the qualified pension plan at an expense of $6.9 million. The remaining SERP obligation is scheduled for termination in Q4 2026.
Third Quarter 2025 Financial Highlights from the Company's 10Q:
“We are pleased to have achieved positive Adjusted EBITDA year-to-date, a meaningful improvement over 2024 which reflects our operational progress and position for continued growth.” said Randle.
Operating profit/loss improved by 48.4% to $2.8 million, compared to a loss of $5.5 million for the nine months ended September 30, 2024, a $2.7 improvement.
Operating revenues totaled $14.9 million, an increase of $6.8 million or 83.1%, driven in part by $3,376,000 in cost reimbursements from the State Relief Housing Project.
Operating costs and expenses totaled $17.8 million, an increase of $4.1 million or 30.1% compared to the same period last year, primarily due to reimbursed direct costs associated with the State Relief Housing Project.
Adjusted EBITDA (Non-GAAP) was $1.6 million, an improvement of $1.7 million compared to the same period in 2024.
Land development and sales segment net operating income improved 203.9% to $0.5 million, compared to a loss of $0.4 million 2024, driven by three parcel sales in Upcountry and West Maui.
Leasing segment net operating income increased 21.5% to $4.5 million compared to $3.7 million, driven by improved occupancy, market-rate lease updates, and new leases across renovated commercial properties and underutilized cropland
Combined General and administrative and share-based compensation expenses decreased 16% to $6.7 million compared to $8.0 million, primarily due to a $1.6 million reduction in share-based compensation from decreased use of options.
Net loss was $9.4 million or $0.48 per common share, driven primarily by $6.9 million in pension termination expenses, of which $6.6 million were non-cash.
Cash and investments convertible to cash totaled $5.0 million on September 30, 2025, a decrease of $4.5 million compared to December 31, 2024, as compared to $9.5 million at December 31, 2024.