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MAUI LAND & PINEAPPLE CO INC (MLP)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 delivered a small GAAP profit ($0.24M; $0.01 per share) as operating margin improved to -8.0% from -73.7% a year ago, despite a slight sequential revenue dip; revenue grew 49.4% year over year to $4.53M, but fell 1.7% quarter over quarter .
  • Leasing remained the growth engine (Q3 leasing revenue $3.53M vs. $2.73M YoY; segment operating income $1.44M), supported by higher occupancy and water system revenue; land sales also contributed ($0.77M) .
  • Year-to-date Adjusted EBITDA turned positive to $1.63M (vs. $(0.07)M in 2024 YTD) as share-based comp fell and land sales/leasing scaled; however, GAAP YTD net loss widened due to one-time pension termination accounting ($6.9M mostly non‑cash) now completed in Q3 with a $0.59M settlement recovery recognized in the quarter .
  • Potential catalysts: ongoing strategic review of water assets for potential sale/lease, continued parcel monetization, stabilization of leasing portfolio; near-term watch items include State relief housing reimbursements (project currently paused pending State direction) and credit facility renewal targeted for Dec 31, 2025 .

What Went Well and What Went Wrong

  • What Went Well

    • Leasing scale-up and monetization: “recurring leasing revenue year to date” up 39% YoY with ~30 leases executed/commenced since late 2024; Q3 leasing NOI rose to $1.44M (from $1.40M in Q2) on occupancy and water revenue strength .
    • Positive YTD Adjusted EBITDA and GAAP profitability in Q3: “We are pleased to have achieved positive Adjusted EBITDA year-to-date…position for continued growth” (CEO); Q3 GAAP net income reached $0.24M vs. $(2.24)M in Q3’24 .
    • Cost discipline and compensation normalization: Combined G&A and share-based comp fell 16% YTD; company “does not anticipate using options” for director comp going forward, lowering future share-based expenses .

  • What Went Wrong

    • Liquidity drawdown to fund operations and projects: Cash and investments convertible to cash declined to $5.05M (9/30) from $9.52M (12/31) due chiefly to pension cash contributions and development/agave spending .
    • Relief Housing Project uncertainty: $3.376M of reimbursements drove YTD revenue, but project “has been paused pending further direction from the State,” introducing timing risk to recognized/ongoing revenues .
    • Legal and drought/water headwinds: New lawsuits related to irrigation water; state data showed Honokohau rainfall ~46% of normal (Sep’24–Aug’25), tightening water availability and raising operational/legal complexity .

Financial Results

MetricQ3 2024Q2 2025Q3 2025
Revenue ($USD)$3.03M $4.60M $4.53M
Operating Income (Loss)$(2.23)M $(0.71)M $(0.36)M
Operating Margin %-73.7% (calc. from )-15.5% (calc. from )-8.0% (calc. from )
Net Income (Loss)$(2.24)M $(1.00)M $0.24M
Diluted EPS ($)$(0.11) $(0.05) $0.01
YoY Revenue Growth——+49.4% YoY (calc. from )
QoQ Revenue Growth——-1.7% QoQ (calc. from )
vs. Estimates (Revenue, EPS)n/an/aS&P Global consensus not available for MLP this quarter (no EPS/Revenue consensus)*

Segment performance (Quarterly)

SegmentQ2 2025 RevenueQ2 2025 Op. IncomeQ3 2025 RevenueQ3 2025 Op. Income
Land Development & Sales$1.14M $0.17M $0.77M $0.28M
Leasing$3.20M $1.23M $3.53M $1.44M
Resort Amenities & Other$0.26M $0.01M $0.23M $0.03M

Operating KPIs and Balance/Liquidity

KPIQ2 2025Q3 2025
Commercial real estate occupancy89% (220,685 of 247,328 sq ft) 91% (224,332 of 247,328 sq ft)
Leases executed/commenced17 executed (Jul’24–Jun’25) ~30 since late 2024 through Sep 30, 2025
Cash & investments convertible to cash$7.03M (6/30) $5.05M (9/30)
Credit facility availability$12.0M available (6/30) $12.0M available; renewal in final stages for 12/31/25 effective date
Adjusted EBITDA (YTD)$(0.19)M (6M) $1.63M (9M)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Formal Revenue/EPS/Margin guidanceFY/Q4 2025Not providedNot providedMaintained (no formal guidance)
Credit FacilityRenewalIn discussions (Q2) “Final stages” for 12/31/25 effective date Progressing
Pension (Defined Plan)2025Termination in progress Terminated; $0.59M recovery booked in Q3 Completed
SERP (Non‑qualified plan)Q4 2026n/aTermination scheduled; est. cost ~$1.6M New disclosure
Strategic Water Assets2025+n/aStrategic review initiated; evaluating sale/lease options New initiative
Relief Housing Project2025Active/reimbursed Paused pending State direction (reimbursement recognized YTD) Paused (timing risk)

Earnings Call Themes & Trends

Note: No public Q3’25 earnings call transcript was available; themes are synthesized from the 10‑Q/8‑K and Q1/Q2 disclosures.

TopicPrevious Mentions (Q1 & Q2 2025)Current Period (Q3 2025)Trend
Leasing/OccupancyLeasing revenue up 45–46% YoY in 1H; CRE occupancy 89% at Q2; re-tenanting ongoing Leasing revenue $3.53M; NOI up; occupancy 91%; ~30 leases commenced since late 2024 Improving/stabilizing
Land sales/DevelopmentTwo non-strategic parcel sales YTD; Honokeana Homes admin revenues recognized Three parcel sales YTD; additional parcels marketed; Honokeana reimbursements recognized YTD but project paused Monetization continues; timing risk
Pension/CompensationAnnuity/termination drove large non‑cash expense; options usage to decline Defined Plan terminated (Q3 recovery booked); expects lower share-based comp (no director options) De‑risking; expense normalization
Agave ventureLaunch announced; 12,000 plants by Q2 15,000 plants; $1.0M deferred costs; long growth cycle (7–9 years) Early buildout
Water assetsn/aStrategic review for potential sale/lease to enhance water security and fund priorities Optionality emerging
Regulatory/legal/watern/a in Q1; Q2: general risk factors Multiple water-related suits; severe drought reduces stream flow to 46% of normal (12 mos) Heightened risk backdrop

Management Commentary

  • “Our third-quarter results reflect the successful execution of our strategic initiatives, highlighted by a 39% increase in recurring leasing revenue year-over-year… strong progress in our land development segment” — Race Randle, CEO .
  • “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.” — Race Randle, CEO .
  • “We made the strategic financial decision to annuitize former employees’ pensions, which temporarily impacted our GAAP earnings this quarter and will be offset next quarter with a comprehensive gain.” — Wade Kodama, CFO (Q2 PR for context) .

Q&A Highlights

  • No Q3 2025 earnings call transcript was available; no public Q&A to report. Company disclosures centered on filings and press releases .

Estimates Context

  • S&P Global consensus was not available for MLP in Q3 2025 for EPS or Revenue; therefore, no beat/miss analysis vs. Street is presented.*

*Values retrieved from S&P Global.

Key Takeaways for Investors

  • Leasing momentum is intact and driving mix shift: higher occupancy, water revenues, and normalized comp support improving operating leverage; leasing NOI expanded sequentially in Q3 .
  • YTD Adjusted EBITDA turned positive and Q3 GAAP profit signals an inflection; watch sustainability as some YTD revenue tied to State reimbursements that are currently paused .
  • Balance sheet liquidity is adequate (cash/investments $5.05M; $12M undrawn revolver), but cash trended lower as the company funded development and pension; renewal of the facility by year end is a near-term milestone .
  • Optionality via strategic review of water assets and continued parcel monetization could unlock capital for priority housing/land initiatives, potentially de‑risking funding for multi‑year development pipelines .
  • Legal/drought headwinds around water are non‑trivial; investors should monitor litigation progress and State/drought dynamics, which may influence water operations and community relations .
  • Execution focus: stabilize leasing to reduce origination costs, progress entitlements/sales, and manage cost discipline (lower share-based comp) to sustain profitability trajectory .
  • Trading setup: lack of formal guidance and microcap coverage limit near-term estimate anchors; catalysts include water asset outcomes, additional parcel sales, and confirmation of credit facility renewal .