MAUI LAND & PINEAPPLE CO INC (MLP)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 showed sequential revenue growth and improved net margin versus Q3, but GAAP results remained negative as elevated non‑cash share‑based compensation and development/leasing costs weighed on profitability, culminating in FY 2024 operating revenues of $11.565M (+25% YoY) and a net loss of $7.391M .
• Leasing momentum continued, with FY 2024 leasing revenues up 14% to $9.621M and resort amenities revenues up 72% (+$596K), driven by improved occupancy, market‑rate resets, and stronger club membership collections .
• Liquidity improved: Cash and investments convertible to cash reached $9.522M at 12/31/24, aided by pipeline asset listings and JV land sale proceeds; Adjusted EBITDA turned positive at $0.492M for FY 2024 (non‑GAAP) .
• Potential stock catalysts include non‑strategic asset sales (three parcels totaling 16.4 acres actively listed for $10.9M) and visibility from administering $35.5M state‑funded Honokeana Homes infrastructure for wildfire relief (no direct profit) .
• No formal numeric guidance or call transcript available; consensus estimates via S&P Global were unavailable for Q4, limiting comparison to Street expectations .

What Went Well and What Went Wrong

What Went Well

• “Operating revenues totaled $11,565,000 in 2024, an increase of $2,276,000 or 25%,” reflecting progress in land sales/development, leasing, and resort amenities .
• Leasing revenues rose to $9,621,000 (+14% YoY) on improved occupancy, market‑rate lease resets, new leases, and >1,000 acres of former pineapple land leased for agriculture .
• Adjusted EBITDA was positive at $492,000 for FY 2024 (non‑GAAP), a $1.154M improvement from FY 2023, indicating operational progress despite non‑cash items .
• CEO emphasized advancing a broad spectrum of land and housing projects and strong cash positioning to fuel growth via pipeline and non‑strategic parcel sales .

What Went Wrong

• Operating costs and expenses increased $4,659,000 YoY to $18,919,000, driven primarily by a $3,466,000 increase in non‑cash stock compensation tied to board and CEO option grants and accelerated vesting in August 2024 .
• FY 2024 GAAP net loss widened to $(7,391,000), or $(0.38) per share, due to non‑cash stock comp, higher development/leasing costs, and $448,000 severance for the former CEO .
• Additional pressures included higher leasing costs (insurance, property management, commissions), direct development costs tied to the Honokeana project, and accelerated vesting expense of $631,000 .

Financial Results

Quarterly Performance (oldest → newest)

Values retrieved from S&P Global.*

Annual Segment Mix and Results

KPIs and Liquidity

Guidance Changes

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was available; themes reflect Q2/Q3 press releases and FY release.

Management Commentary

• “In 2024, our team made significant strides in implementing a strategic plan to put our vast portfolio to its most productive use... Our progress in advancing a broad spectrum of land and housing projects can be credited to the exceptional talent we’ve added to our board and management team” — CEO Race Randle .
• “The Company ended the year in a strong cash position, with increased operating revenue and a strong foundation for growth from an expanding volume of active, value‑adding projects in the pipeline and non‑strategic parcels listed for sale to fuel progress” .
• Q3 tone highlighted momentum: “strong momentum across all business segments, with an 18.6% increase in revenue compared to last year,” and planning on >3,500 acres in West Maui and >600 acres in Hali‘imaile .
• Q2 focus: activating prime assets, supporting local businesses, and improving quality of life on Maui, with a sense of urgency .

Q&A Highlights

• No earnings call transcript located for Q4 2024; no Q&A details or guidance clarifications available [functions.ListDocuments result: none].

Estimates Context

• S&P Global consensus coverage for Q4 2024 was unavailable for EPS and revenue; we therefore cannot assess beats/misses versus Street expectations .
• Actual Q4 results used for reference: Revenue $3.412M*, Net Income $(1.907)M*, EBITDA $(2.360)M*, Diluted EPS $(0.10). Values retrieved from S&P Global.

Key Takeaways for Investors

• Leasing and resort amenities demonstrated durable recovery and pricing power, lifting FY operating revenues +25% YoY and supporting a positive FY Adjusted EBITDA despite elevated non‑cash expenses .
• Non‑cash share‑based compensation and targeted investment in commercial leasing and land initiatives remain the primary headwinds to GAAP profitability; watch for normalization of stock‑comp expense rates in 2025 .
• Liquidity is adequate for near‑term execution, with $9.522M in cash and investments convertible to cash at 12/31/24 and active asset monetization opportunities (16.4 acres listed at $10.9M) .
• Honokeana relief‑housing administration ($35.5M infrastructure, at cost) provides community impact and execution credibility, but limited direct margin contribution; investor focus should be on the broader land monetization pipeline .
• Absence of formal guidance and no Q4 call transcript reduces near‑term estimate visibility; monitoring 8‑K/press updates and 10‑K/10‑Q filings is critical for timing/scale of asset sales and development milestones .
• JV land transactions (recognized $561K revenue on $1.8M sale; subsequent $2.4M sale in Feb 2025) underscore monetization potential beyond core leasing; track JV contributions to OI&E .
• Short‑term trading: headlines around parcel listings/sales and permitting milestones could be catalysts; medium‑term thesis hinges on leasing stability, disciplined capex for asset repositioning, and paced monetization to improve GAAP and cash results .

Notes:

• Values retrieved from S&P Global.*