Monitor the closing of the $11.2M in escrowed land sales and the $15.0M in contract negotiations — successful closings would provide a significant cash infusion and validate the land sales pipeline. The $2.5M draw on the line of credit and declining cash position suggest near-term liquidity pressure if sales do not close soon.
Price Chart
Executive Summary
Maui Land & Pineapple reported Q1 2026 operating revenue of $3.4M, down 41% YoY from $5.8M, driven by a $2.4M decline in land development and sales revenue due to the suspension of the Honokeana Homes project. Net loss improved to -$2.1M from -$8.6M YoY, primarily due to a $6.9M reduction in pension and post-retirement expenses. The company highlighted $11.2M in contracted land sales in escrow and a 33.7% increase in leased agricultural acreage, but operating cash flow remains negative and the company drew $2.5M on its line of credit.
Key Financial Metrics
Key Facts
- Total operating revenue fell 41% YoY to $3.4M from $5.8M, driven by a $2.4M decline in land development and sales revenue
- Net loss improved to -$2.1M from -$8.6M YoY, but the improvement was entirely due to a $6.9M reduction in pension/post-retirement expenses, not operational improvement
- Adjusted EBITDA turned negative to -$0.9M from +$0.2M in the prior year
- Company drew $2.5M on its line of credit (balance $6.5M vs $4.0M at year-end 2025), reducing cash to $3.8M from $5.3M
- Land leasing and management expenses surged $1.1M to $1.8M, more than doubling YoY, while segment revenue was flat at $1.2M
- Two binding land sales totaling $11.2M are in escrow, with $15.0M in contract negotiations and $12.0M of parcels listed for sale
- Commercial real estate leasing occupancy reached 93% with stable revenue of $2.0M and NOI of $1.2M
- Leased agricultural acreage increased 33.7% to 6,268 acres, but this has not yet translated to revenue growth
Financial Impact
Revenue decline of $2.4M (41% YoY) and negative adjusted EBITDA of -$0.9M; $11.2M in pending land sales provide potential near-term cash inflow
Risk Factors
- Suspension of Honokeana Homes project by State of Hawaii continues to weigh on land development revenue
- Cash burn rate of ~$1.5M/quarter (operating loss + capex) with only $3.8M cash on hand
- Line of credit utilization increased 63% to $6.5M, reducing financial flexibility
- Land leasing expenses more than doubled without corresponding revenue growth, pressuring segment margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3296150 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 11d ago | SC 13G/A | $14.70 | awaiting T+60 | — | $14.19 (−3.47%) |
Aug 14, 2026 10w ago | Press Release | $15.98 | awaiting T+60 | — | $14.19 (−11.20%) |
Jun 9, 2026 19w ago | Press Release | $17.73 $16.44 | ▼ −7.28% | ▼ −13.86% | $14.19 (−19.97%) |
Jun 9, 2026 19w ago | 8-K | $17.73 $16.44 | ▼ −7.28% | ▼ −13.86% | $14.19 (−19.97%) |
Jun 2, 2026 20w ago | 8-K | $16.70 $15.84 | ▼ −5.15% | ▼ −7.65% | $14.19 (−15.03%) |
May 15, 2026 23w ago | 8-K | $14.97 $15.95 | ▼ −6.55% | ▼ −1.70% | $14.19 (+5.21%) |
May 15, 2026 23w ago | Press Release | $14.97 $15.95 | ▼ −6.55% | ▼ −1.70% | $14.19 (+5.21%) |
Apr 1, 2026 29w ago | Press Release | $16.10 $18.13 | ▲ +12.61% | ▼ −0.77% | $14.19 (−11.86%) |
US Market Status
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