MLP Swings to Q3 Profit on Soaring Land Sales, Nine-Month Loss Widens

TL;DR

**MLP's Q3 profit is a mirage; the nine-month loss and cash burn mean this Hawaiian land play is still a risky bet.**

AI Summary

Maui Land & Pineapple Co. Inc. (MLP) reported a significant increase in total operating revenues for the nine months ended September 30, 2025, reaching $14.932 million, up from $8.153 million in the prior year, primarily driven by land development and sales which surged to $4.211 million from $200,000. Leasing revenues also saw a substantial rise to $9.947 million from $7.148 million. Despite this revenue growth, the company posted a net loss of $9.399 million for the nine-month period, a widening from the $5.484 million net loss in 2024, largely due to a $6.914 million pension and other post-retirement expenses, compared to $234,000 in the prior year. For the three months ended September 30, 2025, MLP achieved a net income of $240,000, a notable turnaround from a net loss of $2.237 million in the same period of 2024, with total operating revenues increasing to $4.525 million from $3.028 million. The company's cash and cash equivalents decreased to $4.926 million at September 30, 2025, from $6.835 million at December 31, 2024. Deferred development costs for the Agave venture increased significantly to $1.032 million from $30,000, indicating new strategic investments.

Why It Matters

MLP's significant revenue growth, particularly in land development and leasing, suggests a robust real estate market in Maui, which could signal broader economic health for the region and potentially other Hawaiian real estate developers. The swing to a Q3 net income of $240,000 from a loss of $2.237 million year-over-year indicates operational improvements and successful asset monetization, which is positive for investors. However, the widening nine-month net loss to $9.399 million, largely due to pension expenses, highlights a critical financial risk that could impact long-term shareholder value and employee benefits. Competitively, MLP's ability to execute land sales and development projects, like the Agave venture, positions it to capitalize on demand, but also exposes it to the inherent risks of the real estate cycle and local market dynamics.

Risk Assessment

Risk Level: high — The company reported a net loss of $9.399 million for the nine months ended September 30, 2025, a significant increase from the $5.484 million loss in the prior year, primarily driven by $6.914 million in pension and other post-retirement expenses. Cash and cash equivalents decreased by $1.909 million during the nine-month period, from $6.835 million to $4.926 million, indicating a negative cash flow from operations of $1.646 million.

Analyst Insight

Investors should exercise caution and thoroughly investigate the sustainability of MLP's Q3 profitability, given the substantial nine-month net loss and negative operating cash flow. Focus on the long-term implications of the increased pension expenses and the company's ability to generate consistent positive cash flow from its core real estate and leasing operations.

Key Numbers

• $14.932M — Total Operating Revenues (Increased from $8.153M for the nine months ended September 30, 2024, a 83% increase.)
• $9.399M — Nine-Month Net Loss (Widened from $5.484M in the prior year, primarily due to pension expenses.)
• $240K — Q3 Net Income (Turnaround from a $2.237M net loss in Q3 2024.)
• $6.914M — Pension and Other Post-Retirement Expenses (Significant increase from $234K in the prior year, impacting nine-month net loss.)
• $4.926M — Cash and Cash Equivalents (Decreased from $6.835M at December 31, 2024.)
• $4.211M — Land Development and Sales Revenue (Increased from $200K for the nine months ended September 30, 2024.)
• $9.947M — Leasing Revenue (Increased from $7.148M for the nine months ended September 30, 2024.)
• $1.032M — Agave Venture Deferred Development Costs (Increased from $30K at December 31, 2024, indicating new investment.)

Key Players & Entities

• MAUI LAND & PINEAPPLE CO INC (company) — registrant
• SEC (regulator) — U.S. Securities and Exchange Commission
• NYSE (regulator) — New York Stock Exchange
• $14.932 million (dollar_amount) — Total operating revenues for nine months ended September 30, 2025
• $8.153 million (dollar_amount) — Total operating revenues for nine months ended September 30, 2024
• $9.399 million (dollar_amount) — Net loss for nine months ended September 30, 2025
• $5.484 million (dollar_amount) — Net loss for nine months ended September 30, 2024
• $6.914 million (dollar_amount) — Pension and other post-retirement expenses for nine months ended September 30, 2025
• $240,000 (dollar_amount) — Net income for three months ended September 30, 2025
• $1.032 million (dollar_amount) — Deferred development costs for Agave venture at September 30, 2025

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value MLP NYSE Indicate by ch

Filing Documents

• mlp20250930_10q.htm (10-Q) — 1154KB
• ex_883199.htm (EX-31.1) — 15KB
• ex_883200.htm (EX-31.2) — 15KB
• ex_883201.htm (EX-32.1) — 6KB
• ex_883202.htm (EX-32.2) — 6KB
• 0001437749-25-035218.txt ( ) — 5422KB
• mlp-20250930.xsd (EX-101.SCH) — 47KB
• mlp-20250930_cal.xml (EX-101.CAL) — 34KB
• mlp-20250930_def.xml (EX-101.DEF) — 323KB
• mlp-20250930_lab.xml (EX-101.LAB) — 272KB
• mlp-20250930_pre.xml (EX-101.PRE) — 351KB
• mlp20250930_10q_htm.xml (XML) — 774KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5

Financial Statements

Item 1. Financial Statements 5 Condensed Consolidated Balance Sheets, September 30, 2025 (unaudited), and December 31, 2024 (audited) 5 Condensed Consolidated Statements of Operations and Comprehensive Loss, Three Months Ended September 30, 2025, and 2024 (unaudited) 6 Condensed Consolidated Statements of Operations and Comprehensive Loss, Nine Months Ended September 30, 2025, and 2024 (unaudited) 7 Condensed Consolidated Statements of Changes in Stockholders ' Equity, Three and Nine Months Ended September 30, 2025, and 2024 (unaudited) 8 Condensed Consolidated Statements of Cash Flows, Nine Months Ended September 30, 2025, and 2024 (unaudited) 9 Notes to Condensed Consolidated Interim Financial Statements (unaudited) 10

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION 30

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 31

Exhibits

Item 6. Exhibits 32 Signature 33 EXHIBIT INDEX Exhibit 31.1 Exhibit 31.2 Exhibit 32.1 Exhibit 32.2 Exhibit 101 Exhibit 104 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q (this "Quarterly Report") and other reports filed by us with the U.S. Securities and Exchange Commission (the "SEC") contain "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements include all statements included in or incorporated by reference to this Quarterly Report that are not statements of historical facts, which can generally be identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "project," "pursue," "will," "would," or the negative or other variations thereof or comparable terminology. We caution you that the foregoing list may not include all of the forward-looking statements made in this Quarterly Report. Actual results could differ materially from those projected in forward-looking statements as a result of the following factors, among others: the occurrence of natural disasters such as the Maui wildfires that occurred on August 8, 2023, changes in weather conditions, or threats of the spread of contagious diseases, such as the COVID-19 pandemic and its variants; concentration of credit risk on deposits held at banks in excess of the Federal Deposit Insurance Corporation (the "FDIC") insured limits and in receivables due from our commercial

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2025 December 31, 2024 (unaudited) (audited) (in thousands except share data) ASSETS CURRENT ASSETS Cash and cash equivalents $ 4,926 $ 6,835 Accounts receivable, net 2,412 5,016 Investments 120 2,687 Prepaid expenses and other assets 1,065 507 Assets held for sale 1,598 82 Total current assets 10,121 15,127 PROPERTY & EQUIPMENT, NET 17,530 17,401 OTHER ASSETS Investment in unconsolidated joint venture - 968 Deferred development costs - Development projects 14,528 14,380 Deferred development costs - Agave venture 1,032 30 Other noncurrent assets 2,628 2,233 Total other assets 18,188 17,611 TOTAL ASSETS $ 45,839 $ 50,139 LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES CURRENT LIABILITIES Accounts payable $ 2,070 $ 2,321 Payroll and employee benefits 584 908 Accrued retirement benefits, current portion 140 140 Deferred revenue, current portion 904 833 Long-term debt, current portion 85 85 Line of credit 3,000 3,000 Other current liabilities 564 730 Contract overbillings - 3,180 Total current liabilities 7,347 11,197 LONG-TERM LIABILITIES Accrued retirement benefits, noncurrent portion 1,451 2,368 Deferred revenue, noncurrent portion 1,133 1,233 Deposits 1,938 1,968 Long-term debt, noncurrent portion 123 168 Other noncurrent liabilities 125 24 Total long-term liabilities 4,770 5,761 TOTAL LIABILITIES 12,117 16,958 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock--$ 0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding - - Common stock--$ 0.0001 par value; 43,000,000 shares authorized; 19,742,880 and 19,663,780 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 87,318 85,877 Additional paid-in-capital 17,025 15,202 Accumulated deficit ( 70,

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