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MAUI LAND & PINEAPPLE CO INC (MLP)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 operating revenue rose 134% year-over-year to $5.804M, driven by land development contracting on the Honokeana Homes Relief Housing Project and a 45% increase in leasing revenue from improved occupancy and market-rate resets .
  • GAAP net loss widened to $8.640M (−$0.44 EPS) due largely to a non-cash pension annuitization expense (~$6.8M), non-cash share-based compensation, and higher G&A; Adjusted EBITDA turned positive at $0.2M, up $0.412M YoY .
  • Management announced a new agri-business venture to cultivate agave on underutilized cropland, targeting long-term growth via potential vertical integration (distillation, agri-tourism, distribution) and mission-aligned funding partners .
  • No formal guidance was issued; management expects share-based compensation to decline and the pension annuitization’s comprehensive gain to offset the Q1 GAAP charge in Q2 2025, supporting improved GAAP income going forward .

What Went Well and What Went Wrong

What Went Well

  • Leasing performance: Leasing revenue increased 45% YoY to $3.219M, reflecting higher occupancy, market-rate leasing, and new agreements across renovated properties and cropland .
  • Land development contracting: $2.298M of land development and sales revenue, primarily from Honokeana Homes Relief Housing Project contracting ($2.278M), contributed to total revenue growth; MLP is administering horizontal improvements at cost with no direct profit .
  • Liquidity and operations: Adjusted EBITDA positive at $0.2M, while Cash and Investments Convertible to Cash was $9.455M; management highlighted improved operational efficiencies despite higher expenses .
  • Quote: “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.” — CEO Race Randle .

What Went Wrong

  • GAAP profitability: Net loss widened to $8.640M (−$0.44 EPS) due to non-cash GAAP pension expenses (~$6.8M), non-cash stock compensation, increased G&A, and $115K in severance (now fully settled) .
  • Cost inflation and scale-up: Operating costs rose $3.701M YoY to $7.583M, including $2.278M Honokeana direct construction costs; leasing costs increased $372K on insurance, property management, and leasing commissions .
  • Share-based comp: Non-cash share-based compensation increased by $622K YoY, primarily from option vesting for six directors; while options usage is expected to decline, it weighed on Q1 GAAP results .

Financial Results

Core P&L (GAAP) vs prior quarters and prior year

MetricQ3 2024Q4 2024Q1 2025
Revenue ($USD Millions)$3.028*$3.412*$5.804
Net Income ($USD Millions)$(2.237)*$(1.907)*$(8.640)
Diluted EPS ($USD)$(0.1136)*$(0.0973)*$(0.44)
EBIT ($USD Millions)$(2.310)*$(2.552)*$(8.698)*
EBITDA ($USD Millions)$(2.123)*$(2.360)*$(8.512)*
EBITDA Margin (%)−70.11%*−69.17%*−146.66%*
Net Income Margin (%)−73.88%*−55.89%*−148.86%*
EBIT Margin (%)−76.29%*−74.79%*−149.86%*

Values with * retrieved from S&P Global.

Segment revenue breakdown (Q1 2025 vs Q1 2024)

SegmentQ1 2024 ($USD Millions)Q1 2025 ($USD Millions)
Land Development & Sales$0.000 $2.298
Leasing$2.216 $3.219
Resort Amenities & Other$0.267 $0.287
Total Operating Revenues$2.483 $5.804

KPIs (Non-GAAP)

KPIQ1 2024Q1 2025
Adjusted EBITDA ($USD Millions)$(0.212) $0.200
Cash and Investments Convertible to Cash ($USD Millions)$9.522 $9.455

Key drivers: Honokeana contracting revenues ($2.278M) and leasing uplift (+45% YoY) supported revenue growth; GAAP loss driven by a non-cash pension annuitization charge (~$6.8M), higher share-based comp, and increased G&A .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
GAAP Income TrajectoryFY 2025NoneExpect improved GAAP income as share-based comp declines; pension annuitization comprehensive gain to offset Q1 charge in Q2 2025 Narrative improvement
Share-based CompensationFY 2025NoneCompany does not anticipate using options; expects share-based comp to decrease Lowered (qualitative)
Pension PlanFY 2025NoneQualified plan annuitization originated Q1; termination expected by Sep 30, 2025; comprehensive gain expected in Q2 Update (timing/offset)
Revenue/Margins/Tax Rate/OpEx/OI&EFY 2025N/ANo formal numerical guidance providedMaintained (no guidance)
DividendFY 2025N/ANo update providedN/A

No formal quantitative guidance was issued; management commentary indicates improving GAAP optics as one-time non-cash items roll off .

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was available.

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q1 2025)Trend
Leasing/OccupancyFY 2024: Leasing revenue +14% YoY; improved occupancy and >1,000 acres leased for agriculture Leasing revenue +45% YoY; focused on occupancy, market-rate resets, new leases Improving
Honokeana Relief HousingQ3 2024: Administering $35.5M state-funded improvements; revenues recognized at cost; no profit $2.278M contracting revenue; $2.278M direct construction costs; no direct profit Scaling execution
Agave VentureNot highlighted in Q3/FY releasesNew agri-business to cultivate agave; explore vertical integration and mission-aligned funding Initiated
Share-based CompensationFY 2024: Elevated due to one-time option grants and accelerated vesting in Aug 2024 Non-cash SBC +$622K YoY; expect decline as options not anticipated Normalizing lower
PensionFY 2024: OPEB/pension expenses modest Non-cash annuitization charge (~$6.8M), comprehensive gain expected Q2 Transitional (offset coming)
LiquidityQ3 2024: Cash & investments convertible to cash $9.239M $9.455M; strong liquidity Stable

Management Commentary

  • “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.” — CEO Race Randle .
  • “Despite higher operating expenses, we maintained strong liquidity and improved positive Adjusted EBIDTA, buoyed by greater operational efficiencies, higher operating revenue, and proceeds from the sales of non-strategic land parcels.” — CEO Race Randle .
  • “With the successful pension restructuring, the severance obligations to former leaders fully settled, and share-based compensation expenses expected to decrease, we are well-positioned to see improved GAAP income moving forward.” — CEO Race Randle .
  • “We believe this new [agave] venture represents a significant opportunity to create long-term growth… vertical integration with on-island distillation, regenerative agri-tourism, local distribution, and global expansion.” — CEO Race Randle .

Q&A Highlights

No Q1 2025 earnings call transcript was available; no Q&A to report.

Estimates Context

  • S&P Global consensus coverage for Q1 2025 appears unavailable for EPS and revenue; attempts to retrieve consensus means and number of estimates returned no data (Primary EPS Consensus Mean; Revenue Consensus Mean; # of Estimates all empty). Values retrieved from S&P Global.
  • Actual revenue was $5.804M; without consensus estimates, we cannot classify beat/miss versus Street for Q1 2025 . Values retrieved from S&P Global.
MetricQ1 2025 ConsensusQ1 2025 Actual
Revenue ($USD Millions)N/A*$5.804
Primary EPS ($USD)N/A*$(0.44)

Values with * retrieved from S&P Global.

Key Takeaways for Investors

  • Revenue mix is improving: contracting on Honokeana and leasing uplift drove a 134% YoY revenue increase; leasing momentum should continue as occupancy rises and market-rate resets flow through .
  • GAAP optics should improve sequentially: Q1’s large non-cash pension annuitization charge is expected to be offset by a comprehensive gain in Q2; options-based share comp is not anticipated going forward, implying lower non-cash drag .
  • Liquidity remains solid at $9.455M Cash and Investments Convertible to Cash, supporting ongoing development and leasing initiatives without formal guidance dependency .
  • New agave venture adds a potential multi-year growth vector with optionality for vertical integration and mission-aligned funding partners; early-stage, but could diversify cash flows beyond leasing .
  • Honokeana project is revenue-recognized at cost with no direct profit, so margin contribution is limited; however, it demonstrates execution capabilities and strengthens community ties—an intangible asset for approvals and future development .
  • Near-term focus: monitor Q2 for the pension comprehensive gain and any updates on asset monetization (non-strategic parcel sales) and leasing cadence; watch SBC normalization impact on GAAP income .
  • With no Street coverage, trading may be headline-driven (program milestones, asset sales, leasing signings); the narrative is pivoting to operational momentum and strategic asset activation (agave, leasing, development) .