Traders should monitor whether the company can sustain leasing momentum and execute on land sales to replenish cash. The agave venture and pension resolution are long-term positives, but near-term liquidity pressure and reliance on non-recurring land sales may limit upside.
Price Chart
Executive Summary
Maui Land & Pineapple Company (MLP) reported strong operational improvements in 2025, with total operating revenue up 68% and Adjusted EBITDA surging 146% year-over-year, driven by a 33% increase in leasing revenue and $2.4M in land sales. However, GAAP net loss widened to $10.6M due to a $6.9M non-cash pension expense, primarily from funding legacy obligations.
Key Financial Metrics
Key Facts
- Total operating revenue increased 68% to $19.46M in 2025 from $11.57M in 2024
- Leasing revenue grew 33% to $12.8M, driven by 42 new leases over two years
- Adjusted EBITDA improved 146% to $1.77M from $0.72M in 2024
- Net loss widened 43% to $10.58M due to $6.9M in pension-related expenses, $6.6M of which was non-cash
- Company launched a 38-acre agave venture and funded pension plan, with final $1.6M obligation expected in Q4 2026
- Cash and investments convertible to cash declined to $5.3M from $9.5M due to pension contributions and capital investments
Financial Impact
Revenue up $7.9M YoY, Adjusted EBITDA up $1.05M, but cash balance down $4.2M
Risk Factors
- Declining cash reserves ($5.3M from $9.5M) amid ongoing development and pension obligations
- Net loss expansion despite revenue growth, due to structural non-cash pension costs
- Land sales and leasing growth may not be sustainable at current pace
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3266382 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 11d ago | SC 13G/A | $14.70 | awaiting T+60 | — | $14.06 (−4.32%) |
Aug 14, 2026 10w ago | Press Release | $15.98 | awaiting T+60 | — | $14.06 (−11.98%) |
Jun 9, 2026 19w ago | Press Release | $17.73 $16.44 | ▼ −7.28% | ▼ −13.86% | $14.06 (−20.67%) |
Jun 9, 2026 19w ago | 8-K | $17.73 $16.44 | ▼ −7.28% | ▼ −13.86% | $14.06 (−20.67%) |
Jun 2, 2026 20w ago | 8-K | $16.70 $15.84 | ▼ −5.15% | ▼ −7.65% | $14.06 (−15.78%) |
May 15, 2026 23w ago | 8-K | $14.97 $15.95 | ▼ −6.55% | ▼ −1.70% | $14.06 (+6.05%) |
May 15, 2026 23w ago | Press Release | $14.97 $15.95 | ▼ −6.55% | ▼ −1.70% | $14.06 (+6.05%) |
Apr 1, 2026 29w ago | Press Release | $16.10 $18.13 | ▲ +12.61% | ▼ −0.77% | $14.06 (−12.64%) |
US Market Status
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