MLP · Maui Land & Pineapple Company, Inc.

Maui Land & Pineapple Company reported a net loss of $2.1 million for the first quarter ended March 31, 2026, compared to a net loss of $8.6 million in the same period last year. The improvement was primarily driven by a significant reduction in pension and other post-retirement expenses, which fell from $6.9 million to $0.02 million. Total operating revenues decreased 41% to $3.4 million from $5.8 million, largely due to a $2.4 million decline in land development and sales revenue, attributed to the suspension of the Honokeana Homes Housing Project by the State of Hawaii in April 2025. Operating loss widened to $2.0 million from $1.8 million, as cost reductions in land development and sales were offset by increased expenses in land leasing and management. Adjusted EBITDA turned negative to -$0.9 million from positive $0.2 million. The company revised its reportable segments to four: Land Development & Sales, Commercial Real Estate Leasing, Land Leasing & Management, and Agribusiness Ventures. Management highlighted accelerating deal flow with over $11 million in contracted land sales, $12 million in new property listings, and ongoing negotiations for water-related asset sales. Commercial real estate leasing maintained stable revenues of $2.0 million and net operating income of $1.2 million, with occupancy at 93%. Land leasing and management saw a 33.7% increase in leased agricultural acres to 6,268, though expenses rose $1.1 million to $1.8 million as raw land is prepared for utilization. Agribusiness ventures spent $0.3 million on agave cultivation, with cumulative investment of $2.0 million. CEO Race Randle expressed optimism about the company's strategic repositioning and pipeline of projects.