Maui Land & Pineapple Company, Inc. Reports Improved 2025 Financial Results, Significant Progress in Land Sales and Leasing
Lahaina, HI – March 31, 2026: Maui Land & Pineapple Company, Inc. (“the Company”, NYSE: MLP) has released its financial results for the fiscal year ended December 31, 2025. The report highlights a year of robust operational improvements, strategic asset sales, and strengthened leasing revenues, marking a pivotal period for the Company and its investors.
Key Highlights from the 2025 Financial Results
- Substantial Growth in Operating Revenues: The Company’s total operating revenues surged by 68% in 2025, primarily reflecting a significant uptick in land sales and continued expansion in leasing revenues.
- Land Sales Activity: During the year, Maui Land & Pineapple sold six non-strategic land parcels, generating \$2.435 million in sales revenue. These proceeds were used to fund ongoing planning and development of active projects. As of year-end, there are 14 additional parcels actively listed or privately marketed for sale—future transactions which could further impact the Company’s performance and liquidity.
- Leasing Revenue Growth: Leasing revenues increased by 33%, reaching \$12.8 million in 2025 compared to \$9.6 million in 2024, representing a year-over-year improvement of \$3.2 million.
- Improvement in Land Development Segment: The land development and sales business segment posted a net operating income of \$5.8 million, a dramatic turnaround from a loss of \$0.5 million in the prior year—a 416% improvement.
- Adjusted EBITDA Soars: Non-GAAP Adjusted EBITDA climbed by 146% to \$1.8 million, up from \$0.7 million in 2024, showcasing a substantial \$1.1 million year-over-year improvement.
- Reduced Operating Losses: The Company’s GAAP Operating Loss improved by 38%, narrowing to (\$4.5) million from (\$7.4) million in 2024—a \$2.9 million positive shift.
- Net Loss Per Share: Net loss per common share improved to \$(0.38), compared to \$(0.54) in the prior year.
- Cash and Liquidity: As of December 31, 2025, the Company reported \$5.3 million in cash and investments convertible to cash, supporting short-term liquidity.
Other Notable Items for Shareholders
- Stockholder Equity: Total stockholders’ equity increased to \$33.2 million from \$33.1 million, with 19,755,431 shares outstanding as of December 31, 2025.
- No Preferred Stock Outstanding: The Company has 5,000,000 shares of preferred stock authorized but none issued or outstanding.
- Additional Paid-in Capital: Increased to \$17.3 million from \$15.2 million, driven by equity-related compensation and stock options vesting.
- Commitments and Contingencies: The report references ongoing commitments and contingencies, although no new material items were specifically disclosed in this release.
- Forward-Looking Land Sales: Fourteen parcels remain for sale, and further successful dispositions could meaningfully boost liquidity and operational flexibility.
Non-GAAP Metrics and Usefulness
The Company emphasizes the use of non-GAAP metrics such as Adjusted EBITDA and Cash and Investments Convertible to Cash. Management believes these measures provide important insight into operating performance and liquidity, particularly as they exclude non-recurring or non-cash items and focus on core operations. However, investors should note these are supplemental and not a substitute for GAAP measures.
Potential Price-Sensitive and Shareholder-Relevant Information
- Strong Revenue and Profitability Improvement: The 68% surge in revenue, the 38% reduction in operating losses, and the swing to positive net operating income in land development are likely to be viewed positively by investors and could drive share price appreciation.
- Active Asset Sales Program: The ongoing sale of land parcels, with the potential for further liquidity events, represents an upside catalyst. If successful, these could further strengthen the Company’s balance sheet and capacity for investment or shareholder returns.
- Leasing Business Momentum: The steady growth in leasing revenues underscores the resilience and scalability of the Company’s core income-generating assets.
- Reduced Net Loss Per Share: The Company’s improving bottom line, though still in a loss position, signals a positive trajectory for earnings and shareholder value, especially if operational trends continue.
Contact Information
For further information, investors may contact:
Wade Kodama, Chief Financial Officer
Email: [email protected]
Disclaimer: This article is based on public filings and press releases issued by Maui Land & Pineapple Company, Inc. The information provided is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. Investors are encouraged to review the Company’s filings with the U.S. Securities and Exchange Commission (SEC) and consult with their financial adviser before making investment decisions. Actual results may differ from forward-looking statements due to various risks and uncertainties as disclosed by the Company.
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