MLP · Maui Land & Pineapple Company, Inc.

Maui Land & Pineapple Company, Inc. delivered strong top-line growth in fiscal 2025, with total operating revenues surging 68% to $19.5 million, primarily fueled by leasing revenue up 33% to $12.8 million from executing 15 new leases and land sales revenues of $5.8 million from six non-strategic parcels generating $2.4 million. CEO Race Randle highlighted purposeful placemaking in Kapalua and Hāli‘imaile town centers driving recurring revenue momentum. Land development and sales segment net operating income improved dramatically by 416% to $5.8 million, reflecting successful monetization of assets. Adjusted EBITDA rose 146% to $1.8 million, the second consecutive year of gains, underscoring core operational progress excluding non-cash items. GAAP operating loss narrowed 38% to $4.5 million, aided by 15% lower G&A and share-based compensation expenses to $9.1 million, with reduced option usage expected to continue. However, net loss expanded 43% to $10.6 million ($0.54 per share) due to $6.9 million pension expenses from annuitizing the qualified plan on September 30, 2025 ($6.6 million non-cash), fulfilling legacy obligations to former employees. Cash and investments convertible to cash declined to $5.3 million from $9.5 million, reflecting $1.0 million pension contributions and $4.5 million in land development, asset investments, and the new 38-acre blue weber agave venture on Maui. Fourteen additional land parcels remain marketed for sale to fund growth. Management emphasized strategic initiatives in housing, agriculture, and economic vitality on Maui.