The midstream energy space is generally less vulnerable to fluctuations in oil and natural gas prices. Despite this, the outlook for the Zacks Oil and Gas - Pipeline MLP industry is gloomy now. With the conservative spending of exploration and production companies, demand for transportation and storage assets is not going to be lucrative. Despite these developments, players like Delek US Holdings, Inc. (DK) , Energy Transfer LP (ET) and Plains All American Pipeline LP (PAA) are well-positioned to sail throu ...

Core Points - Millennial Potash Corp. has received approval from the TSX Venture Exchange for three investor relations agreements [1][2] - The agreements include the Vorticom Agreement, the Proactive Agreement, and the Fundamental Research Agreement [1] - Fundamental Research will be overseen by Mr. Sid Rajeev, CFA, with the agreement set to expire on February 26, 2027 [2] Company Agreements - The company has entered into three investor relations agreements as disclosed in the news release dated September 19, 2025 [1] - Services are currently being provided under all three agreements [2] - The Fundamental Research Agreement has a term of 18 months [2]

Group 1 - The objective of investing is to create a stress-free portfolio that generates cash flow for consumption without reliance on a payroll [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, assisting top-tier corporates in shaping financial strategies and executing large-scale financings [2] - Significant efforts have been made to institutionalize the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [2] - Contributions include the development of national SOE financing guidelines and frameworks for channeling private capital into affordable housing [2] - Roberts is a CFA Charterholder and holds an ESG investing certificate, with experience from an internship at the Chicago Board of Trade [2] - Actively involved in thought-leadership activities to support the development of pan-Baltic capital markets [2]

Core Viewpoint - InfraCap MLP ETF has adjusted its deferred tax liability estimate, resulting in an additional accrual of approximately $4 million, or about $0.41 per share, to be recorded in the net asset value of the Fund on September 19, 2025 [1] Summary by Relevant Categories - **Deferred Tax Liability** - The Fund has modified its estimate of deferred tax liability based on ongoing assessments of the tax impact from its Master Limited Partnerships (MLPs) [1] - **Financial Impact** - An additional accrual of approximately $4 million will be recorded, translating to about $0.41 per share [1] - **Information Reliance** - The Fund continues to depend primarily on information provided by the MLPs, which is largely reported on a delayed basis [1]

Core Viewpoint - Maui Land & Pineapple Company, Inc. (MLP) is conducting a strategic review to explore options for the potential sale or lease of its water source and infrastructure assets, which began in early 2025 [1][4]. Group 1: Company Assets - MLP owns critical water-related assets on Maui, including the Pi'iholo Well with a capacity of over 1 million gallons per day, and various groundwater wells and surface water systems that serve significant portions of Lahaina's drinking water and irrigation needs [2][3]. - The company has invested tens of millions of dollars over the past century to develop and manage essential water infrastructure across Maui [3]. Group 2: Strategic Intent - The newly formed subcommittee, chaired by Ken Ota, aims to evaluate the sale of water-related assets to support other business priorities, including the creation of much-needed housing [4]. - The company has not established a timeline for the evaluation process and will disclose further information only if deemed necessary [4]. Group 3: Company Vision - MLP manages over 22,000 acres of land and approximately 247,000 square feet of commercial real estate, with a vision for resilient communities that ensure housing supply, economic stability, and food and water security [6]. - The company continues its legacy of stewardship through conservation, agriculture, community building, and land management, aiming to maximize the productive use of its assets for current and future generations [6].

Group 1 - The Retirement Forum offers actionable ideas, a high-yield safe retirement portfolio, and macroeconomic outlooks to help maximize capital and income [1] - Alerian MLP ETF (AMLP) is composed of MLPs primarily earning commodity-based cash flows from the energy infrastructure industry, and operates as a C-corporation [2] - The Value Portfolio focuses on building retirement portfolios using a fact-based research strategy, including extensive analysis of 10Ks, analyst commentary, market reports, and investor presentations [2]

Core Viewpoint - Maui Land & Pineapple Company, Inc. has experienced a decline in share price despite significant revenue growth, indicating investor caution regarding its financial performance and outlook [1] Financial Performance Overview - For Q2 2025, operating revenues reached $4.6 million, a 74% increase from $2.6 million in Q2 2024 [2] - Year-to-date revenues for the first half of 2025 surged 103% to $10.4 million from $5.1 million [2] - Leasing revenues increased by 46% in the first half of 2025, driven by higher occupancy and rental rates [2] Net Loss Analysis - The net loss for Q2 2025 was narrowed to $1 million, or 5 cents per share, compared to a loss of $1.9 million, or 10 cents per share, in the same quarter last year [3] - For the first half of 2025, the net loss widened to $9.6 million, or 49 cents per share, from a loss of $3.2 million, or 16 cents per share, in the prior year [4] - The increase in losses was primarily attributed to a $7.5 million pension settlement expense recognized in H1 2025 [4] Key Business Metrics - Commercial leasing occupancy improved from 86% at the end of 2024 to 89% by June 2025 [5] - Industrial properties had 89% occupancy, retail at 94%, and office space achieved 100% occupancy [5] - The Honokeana Homes Relief Housing Project generated $3.1 million in contracting revenues in the first half of 2025 [6] Management Commentary - The CEO emphasized the validation of the company's strategy to maximize land and commercial asset productivity [7] - The CFO noted that pension annuitization created significant non-cash GAAP expenses but will lead to a comprehensive gain in the next quarter [7] Factors Influencing Results - Pension settlement costs accounted for $7.5 million in expenses in the first half of 2025 [8] - General and administrative expenses increased due to new hires, while leasing costs rose by over 50% year over year [8] Other Income and Cash Flow - The company recognized $0.5 million in other income from a COVID-era Employee Retention Credit [9] - Distributions from its BRE2 joint venture contributed an additional $0.7 million to cash flow [9] Guidance - Management reiterated a focus on asset optimization and capital deployment towards development and diversification initiatives [10] - A non-cash gain related to pension plan termination is expected in Q3 2025, which will offset second-quarter expenses [10] Other Developments - The company advanced its agave venture by planting over 12,000 blue weber agave plants, supporting diversification into agriculture [11] - Asset recycling continued with the sale of non-strategic parcels, anticipated to fund development and conservation projects [11]

[Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) The report contains forward-looking statements subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially - The report contains forward-looking statements subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[8](index=8&type=chunk) - Key risk factors include natural disasters (e.g., Maui wildfires), credit risk concentration, unstable macroeconomic conditions (energy costs, interest rates, inflation), real estate investment risks (demand in Hawai'i/Maui), cybersecurity incidents, ability to complete land development projects on time/budget, crop damages, and environmental regulations[8](index=8&type=chunk) - The company cautions against undue reliance on forward-looking statements and undertakes no obligation to publicly revise them, except as required by law[9](index=9&type=chunk) [PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated interim financial statements, including balance sheets, statements of operations and comprehensive loss, statements of changes in stockholders' equity, and statements of cash flows, along with detailed notes explaining significant accounting policies and financial performance for the periods ended June 30, 2025 and 2024 [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The company's total assets decreased by **8.77%** from December 31, 2024, to June 30, 2025, primarily due to reduced current assets, while total liabilities increased by **14.67%**, leading to a **20.76%** decrease in total stockholders' equity | Item | June 30, 2025 (unaudited) (in thousands) | December 31, 2024 (audited) (in thousands) | Change (in thousands) | % Change | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------- | :------- | | **ASSETS** | | | | | | Total current assets | $11,398 | $15,127 | $(3,729) | -24.65% | | Property & equipment, net | $17,534 | $17,401 | $133 | 0.76% | | Total other assets | $16,807 | $17,611 | $(804) | -4.56% | | **TOTAL ASSETS** | **$45,739** | **$50,139** | **$(4,400)** | **-8.77%** | | **LIABILITIES** | | | | | | Total current liabilities | $14,747 | $11,197 | $3,550 | 31.70% | | Total long-term liabilities | $4,698 | $5,761 | $(1,063) | -18.45% | | **TOTAL LIABILITIES** | **$19,445** | **$16,958** | **$2,487** | **14.67%** | | **STOCKHOLDERS' EQUITY** | | | | | | Total stockholders' equity | $26,294 | $33,181 | $(6,887) | -20.76% | [Condensed Consolidated Statements of Operations and Comprehensive Loss (Three Months)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%2C%20Three%20Months%20Ended%20June%2030%2C%202025%2C%20and%202024) For the three months ended June 30, 2025, operating revenues increased by **74.18%** year-over-year, driven by land development and sales and leasing, leading to a **62.15%** decrease in operating loss and a **46.63%** improvement in net loss | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Change (in thousands) | % Change | | :--------------------------------- | :------------------------------- | :------------------------------- | :-------------------- | :------- | | Operating revenues | $4,602 | $2,645 | $1,957 | 74.18% | | Total operating costs and expenses | $5,313 | $4,526 | $787 | 17.39% | | Operating loss | $(711) | $(1,881) | $1,170 | -62.15% | | Net loss | $(999) | $(1,872) | $873 | -46.63% | | Net loss per common share | $(0.05) | $(0.10) | $0.05 | -50.00% | [Condensed Consolidated Statements of Operations and Comprehensive Loss (Six Months)](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%2C%20Six%20Months%20Ended%20June%2030%2C%202025%2C%20and%202024) For the six months ended June 30, 2025, operating revenues increased by **102.94%** year-over-year, primarily from land development and sales and leasing, but a significant **4708.33%** increase in pension expenses resulted in a **196.86%** higher net loss of **$(9.639) million** | Metric | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | Change (in thousands) | % Change | | :--------------------------------- | :----------------------------- | :----------------------------- | :-------------------- | :------- | | Operating revenues | $10,406 | $5,128 | $5,278 | 102.94% | | Total operating costs and expenses | $12,897 | $8,409 | $4,488 | 53.37% | | Operating loss | $(2,491) | $(3,281) | $790 | -24.08% | | Pension and other post-retirement expenses | $(7,501) | $(156) | $(7,345) | 4708.33% | | Net loss | $(9,639) | $(3,247) | $(6,392) | 196.86% | | Net loss per common share | $(0.49) | $(0.16) | $(0.33) | 206.25% | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%2C%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%2C%20and%202024) Total stockholders' equity decreased by **$6.887 million** from December 31, 2024, to June 30, 2025, primarily due to net losses of **$(8.640) million** and **$(0.999) million**, partially offset by share-based compensation | Item | December 31, 2024 (audited) (in thousands) | June 30, 2025 (unaudited) (in thousands) | Change (in thousands) | | :-------------------------- | :-------------------------- | :------------------------ | :-------------------- | | Total Stockholders' Equity | $33,181 | $26,294 | $(6,887) | | Net loss (March 31, 2025) | - | $(8,640) | $(8,640) | | Net loss (June 30, 2025) | - | $(999) | $(999) | | Share-based compensation | $1,520 | $2,300 | $780 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%2C%20Six%20Months%20Ended%20June%2030%2C%202025%2C%20and%202024) For the six months ended June 30, 2025, the company experienced a net decrease in cash and cash equivalents of **$(0.299) million**, an improvement from the prior year, driven by cash provided by investing activities despite increased cash used in operating and financing activities | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | Change (in thousands) | | :-------------------------------------- | :----------------------------- | :----------------------------- | :-------------------- | | Net cash provided by (used in) operating activities | $(714) | $(543) | $(171) | | Net cash provided by (used in) investing activities | $747 | $(1,346) | $2,093 | | Net cash provided by (used in) financing activities | $(332) | $(78) | $(254) | | Net decrease in cash and cash equivalents | $(299) | $(1,967) | $1,668 | | Cash and cash equivalents at end of period | $6,536 | $3,733 | $2,803 | - Non-cash investing and financing activities for the six months ended June 30, 2025, included **$1.2 million** in common stock issued under the Equity Plan, **$0.5 million** in capitalized property and deferred development costs in accounts payable, and **$1.5 million** in assets transferred from deferred development to assets held for sale[24](index=24&type=chunk) [Notes to Condensed Consolidated Interim Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Interim%20Financial%20Statements%20(unaudited)) These notes provide essential details and explanations for the unaudited condensed consolidated interim financial statements, covering accounting policies, specific asset and liability components, debt, retirement benefits, commitments, leasing, share-based compensation, and recent accounting pronouncements [1. Basis of Presentation](index=12&type=section&id=1.%20BASIS%20OF%20PRESENTATION) The company reincorporated from Hawai'i to Delaware on July 18, 2022, and its common stock is listed on the NYSE under the ticker symbol 'MLP' - The company reincorporated from Hawai'i to Delaware on July 18, 2022, and its common stock is listed on the NYSE under the ticker symbol 'MLP'[27](index=27&type=chunk) [2. Cash and Cash Equivalents](index=12&type=section&id=2.%20CASH%20AND%20CASH%20EQUIVALENTS) Cash and cash equivalents include cash on hand, deposits in banks, and money market funds - Cash and cash equivalents include cash on hand, deposits in banks, and money market funds[28](index=28&type=chunk) [3. Investments in Debt Securities](index=12&type=section&id=3.%20INVESTMENTS%20IN%20DEBT%20SECURITIES) The company's investments in debt securities, primarily short-term, decreased significantly from **$2.692 million** at December 31, 2024, to **$0.492 million** at June 30, 2025 | Item | June 30, 2025 (unaudited) (in thousands) | December 31, 2024 (audited) (in thousands) | | :---------------- | :-------------------------- | :-------------------------- | | Amortized cost | $492 | $2,687 | | Unrealized gains | - | $5 | | Fair value | $492 | $2,692 | | Maturities (One year or less) | $492 | $2,687 | [4. Deferred Development Costs - Development Projects](index=13&type=section&id=4.%20DEFERRED%20DEVELOPMENT%20COSTS%20-%20DEVELOPMENT%20PROJECTS) Capitalized costs for real estate development projects decreased to **$13.7 million** at June 30, 2025, from **$14.4 million** at June 30, 2024 - Capitalized costs for real estate development projects were **$13.7 million** at June 30, 2025, down from **$14.4 million** at June 30, 2024[32](index=32&type=chunk) [5. Deferred Development Costs - Agave Venture](index=13&type=section&id=5.%20DEFERRED%20DEVELOPMENT%20COSTS%20-%20AGAVE%20VENTURE) Capitalized costs for the new Agave venture increased significantly to **$0.6 million** at June 30, 2025, from **$30,000** at June 30, 2024 - Capitalized costs for the new Agave venture increased significantly to **$0.6 million** at June 30, 2025, from **$30,000** at June 30, 2024[33](index=33&type=chunk) [6. Property & Equipment, Net](index=13&type=section&id=6.%20PROPERTY%20%26%20EQUIPMENT%2C%20NET) Net property and equipment remained stable at **$17.534 million** at June 30, 2025, and the company manages over **22,300 acres** of land on Maui, including **900 acres** entitled for mixed-use development | Item | June 30, 2025 (unaudited) (in thousands) | December 31, 2024 (audited) (in thousands) | | :-------------------------- | :-------------------------- | :-------------------------- | | Total property and equipment | $47,961 | $54,340 | | Less accumulated depreciation | $(30,427) | $(36,939) | | Property and equipment, net | $17,534 | $17,401 | - The company owns and manages over **22,300 acres** of land on Maui, with over **20,000 acres** in West Maui (including **900 acres** entitled for mixed-use development in Kapalua Resort) and approximately **1,500 acres** in Upcountry Maui (Hali'imaile)[34](index=34&type=chunk) [7. Investment in Unconsolidated Joint Venture](index=15&type=section&id=7.%20INVESTMENT%20IN%20UNCONSOLIDATED%20JOINT%20VENTURE) The company entered a joint venture (BRE2 LLC) in December 2023, contributing **31 acres** valued at **$1.6 million**, and received distributions of approximately **$1.2 million** in Q1 and April 2025 - The company entered a joint venture (BRE2 LLC) in December 2023, contributing **31 acres** valued at **$1.6 million**. Distributions of approximately **$0.7 million** were received in Q1 2025 and an additional **$0.5 million** in April 2025[39](index=39&type=chunk) [8. Contract Assets and Liabilities](index=15&type=section&id=8.%20CONTRACT%20ASSETS%20AND%20LIABILITIES) Receivables from customer contracts decreased from **$4.3 million** at December 31, 2024, to **$1.1 million** at June 30, 2025, with deferred license fee revenue of **$66,667** recognized in both six-month periods - Receivables from contracts with customers decreased from **$4.3 million** at December 31, 2024, to **$1.1 million** at June 30, 2025[40](index=40&type=chunk) - Deferred license fee revenue recognized was **$66,667** for both six-month periods ended June 30, 2025 and 2024[41](index=41&type=chunk) [9. Long-Term Debt](index=15&type=section&id=9.%20LONG-TERM%20DEBT) The company has a **$15.0 million** revolving line of credit, with **$12.0 million** available and **$3.0 million** borrowed at June 30, 2025, maintaining compliance with debt covenants - The company has a **$15.0 million** revolving line of credit facility with First Hawaiian Bank, maturing on December 31, 2025. **$12.0 million** was available at June 30, 2025, with **$3.0 million** borrowed[42](index=42&type=chunk) - The interest rate on the Credit Facility was **6.375%** at June 30, 2025, down from **6.625%** at December 31, 2024[42](index=42&type=chunk) - The company was in compliance with debt covenants at June 30, 2025, which include a minimum liquidity of **$2.0 million** and a maximum of **$45.0 million** in total liabilities[43](index=43&type=chunk)[44](index=44&type=chunk) [10. Accrued Retirement Benefits](index=16&type=section&id=10.%20ACCRUED%20RETIREMENT%20BENEFITS) Total accrued retirement benefits significantly increased to **$8.808 million** at June 30, 2025, from **$2.508 million** at December 31, 2024, primarily due to a **$7.457 million** settlement expense for pension plan termination | Item | June 30, 2025 (unaudited) (in thousands) | December 31, 2024 (audited) (in thousands) | | :-------------------------------------- | :-------------------------- | :-------------------------- | | Defined benefit pension plan | $7,230 | $912 | | Non-qualified retirement plans | $1,578 | $1,596 | | Total accrued retirement benefits | $8,808 | $2,508 | | Non-current portion | $1,438 | $2,368 | - A settlement expense of **$7.457 million** was recognized during the six months ended June 30, 2025, primarily due to the estimated costs to terminate the qualified pension plan, including a **$1.060 million** cash contribution[47](index=47&type=chunk) [11. Commitments and Contingencies](index=17&type=section&id=11.%20COMMITMENTS%20AND%20CONTINGENCIES) The company is addressing a 2018 State of Hawai'i Department of Health Order for alleged wastewater effluent violations at its Upcountry Maui facility, with a proposed solution submitted in March 2024 - The company is addressing a 2018 State of Hawai'i Department of Health Order for alleged wastewater effluent violations at its Upcountry Maui facility, with a proposed solution submitted in March 2024[48](index=48&type=chunk)[49](index=49&type=chunk) [12. Leasing Arrangements](index=17&type=section&id=12.%20LEASING%20ARRANGEMENTS) Total leasing revenues increased to **$2.194 million** for the three months and **$4.432 million** for the six months ended June 30, 2025, reflecting growth across minimum rentals, percentage rentals, and licensing fees | Revenue Type | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Minimum rentals | $1,214 | $1,058 | $2,530 | $2,022 | | Percentage rentals | $590 | $444 | $1,187 | $1,049 | | Licensing fees | $41 | $36 | $72 | $69 | | Other | $349 | $184 | $643 | $351 | | **Total** | **$2,194** | **$1,722** | **$4,432** | **$3,491** | [13. Share-Based Compensation](index=18&type=section&id=13.%20SHARE-BASED%20COMPENSATION) Share-based compensation expenses decreased to **$0.7 million** for the three months and **$2.3 million** for the six months ended June 30, 2025, with **$1.6 million** in unrecognized costs for unvested options - Share-based compensation expenses decreased to **$0.7 million** for the three months ended June 30, 2025 (from **$1.6 million** in 2024) and to **$2.3 million** for the six months ended June 30, 2025 (from **$2.6 million** in 2024)[61](index=61&type=chunk) - Unvested share options at June 30, 2025, include **133,333 shares** for the Chairperson (**$0.4 million** unrecognized cost) and **266,666 shares** for the CEO (**$1.2 million** unrecognized cost)[56](index=56&type=chunk)[57](index=57&type=chunk) - Voluntary cancellations of stock options and common stock grants by certain directors and the CEO in August 2024 resulted in a **$631,000** expense recognition in Q3 2024[59](index=59&type=chunk) [14. Income Taxes](index=19&type=section&id=14.%20INCOME%20TAXES) The company uses the liability method for income taxes and has established a full valuation allowance for deferred income tax assets at June 30, 2025, and December 31, 2024 - The company uses the liability method for income taxes and has established a full valuation allowance for deferred income tax assets at June 30, 2025, and December 31, 2024[62](index=62&type=chunk) [15. Loss Per Share](index=19&type=section&id=15.%20LOSS%20PER%20SHARE) Basic and diluted weighted-average shares outstanding were **19.7 million** for the six months ended June 30, 2025, and **19.6 million** for the six months ended June 30, 2024 - Basic and diluted weighted-average shares outstanding were **19.7 million** for the six months ended June 30, 2025, and **19.6 million** for the six months ended June 30, 2024[64](index=64&type=chunk) [16. Reportable Operating Segments](index=20&type=section&id=16.%20REPORTABLE%20OPERATING%20SEGMENTS) The company's reportable segments include Land development and sales, Leasing, and Resort amenities, with consolidated operating revenues of **$10.406 million** and an operating loss of **$(2.491) million** for the six months ended June 30, 2025 | Segment | Operating Revenues (6M 2025) (in thousands) | Operating Revenues (6M 2024) (in thousands) | Operating Income (Loss) (6M 2025) (in thousands) | Operating Income (Loss) (6M 2024) (in thousands) | Assets (June 30, 2025) (in thousands) | Assets (June 30, 2024) (in thousands) | | :------------------------ | :--------------------------- | :--------------------------- | :-------------------------------- | :-------------------------------- | :--------------------- | :--------------------- | | Land development & sales | $3,442 | $200 | $(235) | $(577) | $16,920 | $16,042 | | Leasing | $6,421 | $4,388 | $2,067 | $1,502 | $17,320 | $14,973 | | Resort amenities | $543 | $540 | $(442) | $(309) | $1,332 | $1,195 | | Other | - | - | $(3,881) | $(3,897) | $10,167 | $9,726 | | **Consolidated** | **$10,406** | **$5,128** | **$(2,491)** | **$(3,281)** | **$45,739** | **$41,936** | - Reportable operating segments include Land development and sales, Leasing, and Resort amenities. The 'Other' category includes general and administrative expenses not allocated to specific segments[66](index=66&type=chunk)[69](index=69&type=chunk) [17. Fair Value Measurements](index=21&type=section&id=17.%20FAIR%20VALUE%20MEASUREMENTS) The company classifies financial assets and liabilities into a three-level hierarchy for fair value measurements: Level 1 (quoted market prices), Level 2 (observable market-based inputs), and Level 3 (unobservable inputs) - The company classifies financial assets and liabilities into a three-level hierarchy for fair value measurements: Level 1 (quoted market prices), Level 2 (observable market-based inputs), and Level 3 (unobservable inputs)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [18. New Accounting Standard Adopted](index=21&type=section&id=18.%20NEW%20ACCOUNTING%20STANDARD%20ADOPTED) The company adopted ASU 2023-07, Segment Reporting (Topic 280), which requires disclosure of significant expenses and other segment items on an interim and annual basis, resulting in modifications to reportable segment disclosures - The company adopted ASU 2023-07, Segment Reporting (Topic 280), which requires disclosure of significant expenses and other segment items on an interim and annual basis, resulting in modifications to reportable segment disclosures[76](index=76&type=chunk) [19. Recently Issued Accounting Pronouncements](index=22&type=section&id=19.%20RECENTLY%20ISSUED%20ACCOUNTING%20PRONOUNCEMENTS) The company is evaluating the impact of ASU 2023-09 (Income Taxes) and ASU 2024-03 (Expense Disaggregation Disclosures), effective for fiscal years beginning after December 15, 2024, and December 15, 2026, respectively - The company is evaluating the impact of ASU 2023-09 (Income Taxes) and ASU 2024-03 (Expense Disaggregation Disclosures), effective for fiscal years beginning after December 15, 2024, and December 15, 2026, respectively[78](index=78&type=chunk)[79](index=79&type=chunk) [20. Reclassification](index=22&type=section&id=20.%20RECLASSIFICATION) Deferred development costs on the balance sheet have been reclassified to separate 'Deferred development – development projects' from 'Deferred development – Agave venture' - Deferred development costs on the balance sheet have been reclassified to separate 'Deferred development – development projects' from 'Deferred development – Agave venture'[80](index=80&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations, highlighting strategic initiatives, segment performance, and liquidity, emphasizing efforts to maximize asset utilization, address community needs, and manage financial resources amidst market changes [Overview](index=23&type=section&id=Overview) The company, a landholding and operating entity with over **22,000 acres** on Maui, focuses on strategically maximizing asset use and improving quality of life, with recent initiatives including increasing commercial property occupancy, advancing land utilization plans, and launching a new Agave venture - The company owns and manages over **22,000 acres** of land on Maui, Hawai'i, and approximately **247,000 square feet** of commercial real estate[83](index=83&type=chunk) - Strategic mission is to maximize asset use, resulting in added value to the Company and improved quality of life on Maui for future generations[85](index=85&type=chunk) | Commercial Real Estate | Total (Sq. ft.) | Leased (Sq. ft.) | Percent Leased | Net increase (decrease) in leased area (in 2025) (Sq. ft.) | | :--------------------- | :-------------- | :--------------- | :------------- | :-------------------------------------------------------- | | Industrial | 168,880 | 150,469 | 89% | 8,316 | | Office | 10,105 | 10,105 | 100% | - | | Retail | 61,004 | 57,111 | 94% | 799 | | Residential | 7,339 | 3,000 | 41% | - | | **Total CRE** | **247,328** | **220,685** | **89%** | **9,115** | | Land | Total (Acres) | Leased (Acres) | Percent Leased | Net increase (decrease) in leased area (in 2025) (Acres) | | :--------------- | :------------ | :------------- | :------------- | :------------------------------------------------------- | | Comm./Ind. | 19 | 19 | 100% | - | | Residential | 866 | 336 | 39% | 324 | | Agriculture | 10,356 | 4,653 | 45% | - | | Conservation | 11,045 | - | 0% | - | | **Total Land** | **22,286** | **4,684** | **21%** | **-** | - The company has initiated a new scalable business venture to cultivate agave, with planting begun in Q2 2025, anticipating a 7-9 year growth cycle for production[94](index=94&type=chunk)[99](index=99&type=chunk) - For the Honokeana Homes project, the company agreed to lease up to **50 acres** to the State of Hawai'i for up to seven years with no lease revenue, to support Lahaina wildfire victims, administering horizontal improvements on a cost recovery basis[96](index=96&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) The company's operating revenues significantly increased across segments for both the three and six months ended June 30, 2025, compared to 2024, with improved operating losses, though the six-month net loss widened due to substantial pension settlement expenses [Consolidated Results](index=27&type=section&id=Consolidated%20Results) Consolidated operating revenues increased significantly for both three and six-month periods ended June 30, 2025, leading to reduced operating losses, but a substantial increase in pension expenses resulted in a higher net loss of **$(9.639) million** for the six months | Metric | 3 Months Ended June 30, 2025 (in thousands) | 3 Months Ended June 30, 2024 (in thousands) | 6 Months Ended June 30, 2025 (in thousands) | 6 Months Ended June 30, 2024 (in thousands) | | :--------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Operating revenues | $4,602 | $2,645 | $10,406 | $5,128 | | Operating loss | $(711) | $(1,881) | $(2,491) | $(3,281) | | Pension and other post-retirement expenses | $(582) | $(78) | $(7,501) | $(156) | | Net loss | $(999) | $(1,872) | $(9,639) | $(3,247) | | Net loss per Common Share | $(0.05) | $(0.10) | $(0.49) | $(0.16) | [Land Development and Sales](index=28&type=section&id=Land%20Development%20and%20Sales) Land development and sales operating revenues significantly increased to **$1.143 million** for the three months and **$3.442 million** for the six months ended June 30, 2025, primarily from the Honokeana Homes project and parcel sales, resulting in positive operating income | Metric | 3 Months Ended June 30, 2025 (in thousands) | 3 Months Ended June 30, 2024 (in thousands) | 6 Months Ended June 30, 2025 (in thousands) | 6 Months Ended June 30, 2024 (in thousands) | | :------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Operating revenues | $1,143 | $200 | $3,442 | $200 | | Operating costs and expenses | $(973) | $(187) | $(3,300) | $(450) | | Operating income (loss) | $170 | $13 | $142 | $(250) | - Operating revenues for the three months ended June 30, 2025, included **$0.9 million** from the Honokeana Homes project and **$0.2 million** from a non-strategic parcel sale. For the six months, revenues primarily consisted of the Honokeana Homes project and two real estate sales[101](index=101&type=chunk) - The Kapalua Central Resort project, despite an expired sale agreement, continues to be marketed for sale or development, with an SMA permit extension application ongoing[102](index=102&type=chunk) [Leasing](index=28&type=section&id=Leasing) Leasing operating revenues increased to **$3.203 million** for the three months and **$6.421 million** for the six months ended June 30, 2025, reflecting successful re-tenanting and market rate conversions, indicating a return of tourism post-Maui wildfires | Metric | 3 Months Ended June 30, 2025 (in thousands) | 3 Months Ended June 30, 2024 (in thousands) | 6 Months Ended June 30, 2025 (in thousands) | 6 Months Ended June 30, 2024 (in thousands) | | :------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Operating revenues | $3,203 | $2,173 | $6,421 | $4,388 | | Operating costs and expenses | $(1,973) | $(1,122) | $(3,367) | $(2,114) | | Operating income | $1,230 | $1,051 | $3,054 | $2,274 | - The increase in leasing operating revenues reflects efforts to re-tenant, re-merchandise, and convert below-market leases to current market rates across commercial centers, indicating a return of tourism and visitor traffic towards pre-pandemic levels after the Maui wildfires[107](index=107&type=chunk) - Increased leasing operating costs are attributed to higher property maintenance, increased property management fees and commissions due to increased occupancy, and costs associated with improving tenant composition[108](index=108&type=chunk) [Resort Amenities and Other](index=30&type=section&id=Resort%20Amenities%20and%20Other) Resort amenities operating revenues remained stable, with a steady intake of new memberships to the Kapalua Club, which was restructured in 2023 to better align club dues and expenses | Metric | 3 Months Ended June 30, 2025 (in thousands) | 3 Months Ended June 30, 2024 (in thousands) | 6 Months Ended June 30, 2025 (in thousands) | 6 Months Ended June 30, 2024 (in thousands) | | :------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Operating revenues | $256 | $272 | $543 | $540 | | Operating costs and expenses | $(243) | $(305) | $(854) | $(741) | | Operating income (loss) | $13 | $(33) | $(311) | $(201) | - Operating revenues remained stable, with a steady intake of new memberships to the Kapalua Club, which was restructured in 2023 to better align club dues and expenses[111](index=111&type=chunk) [General and Administrative Costs, Share-Based Compensation](index=30&type=section&id=General%20and%20Administrative%20Costs%2C%20Share-Based%20Compensation) Total general and administrative costs and share-based compensation decreased to **$(1.769) million** for the three months ended June 30, 2025, primarily due to reduced share-based compensation as directors' stock options fully vested | Metric | 3 Months Ended June 30, 2025 (in thousands) | 3 Months Ended June 30, 2024 (in thousands) | 6 Months Ended June 30, 2025 (in thousands) | 6 Months Ended June 30, 2024 (in thousands) | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | General and administrative | $(1,027) | $(1,118) | $(2,514) | $(2,178) | | Share-based compensation | $(742) | $(1,623) | $(2,321) | $(2,582) | | **Total** | **$(1,769)** | **$(2,741)** | **$(4,835)** | **$(4,760)** | - The **$0.3 million** decrease in share-based compensation for the six months ended June 30, 2025, is attributed to directors' stock options that fully vested at the end of Q1 2025[114](index=114&type=chunk) - The company expects a decrease in future share-based compensation expenses as it does not anticipate using options as part of its compensation strategy going forward[117](index=117&type=chunk) [Other Income](index=31&type=section&id=Other%20Income) Other income for the six months ended June 30, 2025, increased to **$0.5 million**, primarily from interest earned on savings, dividends from an investment bond fund, and Employee Retention Credit revenue | Metric | 6 Months Ended June 30, 2025 (in millions) | 6 Months Ended June 30, 2024 (in millions) | | :----------- | :--------------------------- | :--------------------------- | | Other income | $0.5 | $0.2 | - Other income for the six months ended June 30, 2025, was primarily from interest earned on savings, dividends from an investment bond fund, and Employee Retention Credit revenue[118](index=118&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity through cash, investments, and an available revolving line of credit, actively seeking proposals for a new credit facility as the current one expires soon, with capital resources deemed sufficient for working capital and debt obligations [Liquidity](index=31&type=section&id=Liquidity) The company's liquidity includes **$6.5 million** in cash and cash equivalents, **$0.5 million** in investments, and a **$12.0 million** available credit facility, with discussions ongoing for a new facility as the current one matures in December 2025 | Item | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :------------------------ | :------------ | :---------------- | | Cash and cash equivalents | $6.5 | $6.8 | | Investments (bond fund) | $0.5 | $2.7 | | Available Credit Facility | $12.0 | $12.0 | - The company was in compliance with its Credit Facility covenants at June 30, 2025, and is in discussions with lenders for a new credit facility as the current one expires on December 30, 2025[122](index=122&type=chunk)[123](index=123&type=chunk) [Cash Flows](index=32&type=section&id=Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was **$0.7 million**, while investing activities provided **$0.7 million**, primarily due to debt security maturities, offsetting cash used in financing activities | Cash Flow Activity | 6 Months Ended June 30, 2025 (in millions) | 6 Months Ended June 30, 2024 (in millions) | | :-------------------------------------- | :--------------------------- | :--------------------------- | | Net cash used in operating activities | $0.7 | $0.5 | | Net cash provided by (used in) investing activities | $0.7 | $(1.3) | | Net cash used in financing activities | $0.3 | $0.078 | - The increase in cash provided by investing activities was primarily due to **$2.2 million** in maturities of debt securities, with no new purchases, offset by **$2.1 million** in payments for property and deferred development costs[126](index=126&type=chunk) [Capital Resources](index=32&type=section&id=Capital%20Resources) The company believes its cash, investment balances, cash from operations, and available credit facility will provide sufficient liquidity for working capital, contractual obligations, and debt service for the next twelve months and foreseeable longer term - The company believes its cash, investment balances, cash from operations, and available credit facility will provide sufficient liquidity for working capital, contractual obligations, and debt service for the next twelve months and foreseeable longer term[128](index=128&type=chunk) [Critical Accounting Policies and Estimates](index=32&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) There have been no material changes to the critical accounting policies and key estimates and assumptions disclosed in the Annual Report - There have been no material changes to the critical accounting policies and key estimates and assumptions disclosed in the Annual Report[129](index=129&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material exposure to market risks, specifically regarding changes in interest rates related to borrowing and investing activities, or foreign currency risks - The company has no material exposure to changes in interest rates related to borrowing and investing activities[130](index=130&type=chunk) - The company has no material exposure to foreign currency risks[130](index=130&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, and reported no significant changes in internal controls over financial reporting during the three months ended June 30, 2025 - The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were effective as of June 30, 2025[133](index=133&type=chunk) - There have been no significant changes in internal controls over financial reporting during the three months ended June 30, 2025[134](index=134&type=chunk) [PART II. OTHER INFORMATION](index=33&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 11 of the financial statements for detailed information regarding the company's legal proceedings, commitments, and contingencies - Information related to legal proceedings is detailed in Note 11, Commitments and Contingencies, to the unaudited condensed consolidated interim financial statements[136](index=136&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) The company directs readers to its Annual Report and this Quarterly Report for a comprehensive discussion of risk factors, confirming that there were no material changes to these risks during the six months ended June 30, 2025 - No material changes to the risk factors described in Part I, Item 1A, 'Risk Factors,' of the Annual Report occurred during the six months ended June 30, 2025[137](index=137&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications from the Principal Executive Officer and Principal Financial Officer, as well as Inline XBRL documents - Exhibits include certifications of the Principal Executive Officer and Principal Financial Officer (31.1, 31.2, 32.1, 32.2) and various Inline XBRL documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[144](index=144&type=chunk) [Signature](index=36&type=section&id=Signature) - The report was signed on August 14, 2025, by Wade K. Kodama, Chief Financial Officer (Principal Financial Officer, Principal Accounting Officer)[148](index=148&type=chunk)

[Fiscal Second Quarter 2025 Results Overview](index=1&type=section&id=Fiscal%20Second%20Quarter%202025%20Results%20Overview) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted strong H1 2025 financial performance, attributing growth to maximizing land productivity and strategic asset management - CEO Race Randle stated that the strong financial performance validates the company's strategy to unlock value by maximizing the productivity of its land and commercial properties[2](index=2&type=chunk) - Key strategic actions in Q2 include: - Selling non-strategic parcels to fund projects - Investing in an agave venture by planting blue weber agave on underutilized croplands - Reinvesting in asset management, resulting in a **46% increase** in leasing revenue over the same six-month period last year[3](index=3&type=chunk) - CFO Wade Kodama explained that the strategic decision to annuitize former employees' pensions temporarily impacted GAAP earnings in Q2, but this will be offset by a comprehensive gain in Q3[4](index=4&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) H1 2025 operating revenues surged 103% to $10.4 million, with net GAAP loss widening to $9.6 million from a non-cash pension expense Key Financial Metrics (Six Months Ended June 30) | Metric | 2025 | 2024 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenues | $10,406,000 | $5,128,000 | +$5,278,000 | +103% | | Net Loss | ($9,639,000) | ($3,247,000) | -$6,392,000 | -197% | | Net Loss Per Share | ($0.49) | ($0.16) | -$0.33 | -206% | | Adjusted EBITDA (Non-GAAP) | ($192,000) | ($247,000) | +$55,000 | +22% | [Detailed Financial Performance Analysis](index=1&type=section&id=Detailed%20Financial%20Performance%20Analysis) [Operating Revenues](index=1&type=section&id=Operating%20Revenues) H1 2025 operating revenues more than doubled to $10.4 million, driven by land development sales and a 46% rise in leasing revenue Operating Revenues Breakdown (Six Months Ended June 30) | Revenue Source | 2025 (in thousands) | 2024 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Land development and sales | $3,442 | $200 | +1621% | | Leasing | $6,421 | $4,388 | +46% | | **Total Operating Revenues** | **$10,406** | **$5,128** | **+103%** | - Land development and sales revenue growth was mainly attributed to **$3.1 million** from the Honokeana Homes Relief Housing Project with the State of Hawai'i[4](index=4&type=chunk) - The **46% increase** in leasing revenue resulted from focused efforts to improve occupancy, update leases to market rates, and lease underutilized croplands[4](index=4&type=chunk) [Operating Costs and Expenses](index=1&type=section&id=Operating%20Costs%20and%20Expenses) H1 2025 operating costs increased by $4.5 million to $12.9 million, primarily from land development and sales costs for the Honokeana Homes project Operating Costs Breakdown (Six Months Ended June 30) | Cost Category | 2025 (in thousands) | 2024 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Land development and sales | $3,300 | $450 | +633% | | Leasing | $3,367 | $2,114 | +59% | | General and administrative | $2,514 | $2,178 | +15% | | **Total Operating Costs** | **$12,897** | **$8,409** | **+53%** | - The increase in operating costs was primarily due to **$3.16 million** in direct construction costs for the Honokeana Homes project[4](index=4&type=chunk) - Water and conservation costs rose by **77%** (or **$544 thousand**), driven by increased operations, maintenance, and higher electricity costs for groundwater wells[4](index=4&type=chunk) [Profitability and Other Items](index=2&type=section&id=Profitability%20and%20Other%20Items) H1 2025 net loss significantly increased to $9.6 million, primarily due to a $7.3 million rise in pension expenses from plan annuitization Profitability Metrics (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | Operating Loss | ($2,491) | ($3,281) | | Pension and other post-retirement expenses | ($7,501) | ($156) | | **Net Loss** | **($9,639)** | **($3,247)** | | **Net Loss Per Share** | **($0.49)** | **($0.16)** | - Pension expenses increased by **$7.345 million**, of which approximately **$6.397 million** is a non-cash GAAP expense due to the pension plan annuitization[5](index=5&type=chunk) - The large pension expense is expected to be offset by a corresponding non-cash gain reported as other comprehensive gain in the third quarter of 2025[5](index=5&type=chunk) [Liquidity and Capital Resources](index=2&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, Cash and Investments Convertible to Cash totaled $7.0 million, a $2.5 million decrease from pension contributions and capital expenditures Cash and Investments Convertible to Cash (Non-GAAP) | Date | Amount (in thousands) | | :--- | :--- | | June 30, 2025 | $7,028 | | December 31, 2024 | $9,522 | - The primary uses of cash included **$1.06 million** for pension termination contributions and **$2.104 million** for development activities, capital expenditures, and the agave venture[5](index=5&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The unaudited H1 2025 statement of operations shows a net loss of $9.6 million, with $10.4 million in revenues and $12.9 million in costs Consolidated Statements of Operations (Unaudited, in thousands) | | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | | **Total operating revenues** | **$10,406** | **$5,128** | | **Total operating costs and expenses** | **$12,897** | **$8,409** | | **OPERATING LOSS** | **($2,491)** | **($3,281)** | | Other income | $455 | $193 | | Pension and other post-retirement expenses | ($7,501) | ($156) | | Interest expense | ($103) | ($3) | | **NET LOSS** | **($9,639)** | **($3,247)** | | **NET LOSS PER COMMON SHARE** | **($0.49)** | **($0.16)** | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased to $45.7 million, liabilities increased to $19.4 million, and stockholders' equity declined to $26.3 million Consolidated Balance Sheet Highlights (Unaudited, in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | **$11,398** | **$15,127** | | **TOTAL ASSETS** | **$45,739** | **$50,139** | | **Total current liabilities** | **$14,747** | **$11,197** | | **TOTAL LIABILITIES** | **$19,445** | **$16,958** | | **Total stockholders' equity** | **$26,294** | **$33,181** | | **TOTAL LIABILITIES & STOCKHOLDERS' EQUITY** | **$45,739** | **$50,139** | [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) [Definitions and Use](index=3&type=section&id=Definitions%20and%20Use) The company uses non-GAAP measures like Adjusted EBITDA and Cash and Investments Convertible to Cash to provide additional insights into financial results and liquidity - Adjusted EBITDA is defined as net income (loss) excluding interest, taxes, depreciation, amortization, non-cash stock-based compensation, pension expenses, and bad debt[7](index=7&type=chunk) - Cash and Investments Convertible to Cash is defined as cash and cash equivalents plus investments that can be converted to cash within 48 hours[8](index=8&type=chunk) [Reconciliation of Non-GAAP Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) H1 2025 Adjusted EBITDA loss improved to $191 thousand, reconciled from a GAAP net loss of $9.6 million by adding back non-cash expenses Reconciliation of Net Loss to Adjusted EBITDA (Unaudited, in thousands) | | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | | **NET LOSS** | **($9,639)** | **($3,247)** | | Depreciation | $541 | $344 | | Share-based compensation | $2,321 | $2,582 | | Bad debt expense | $252 | $5 | | Pension and other post-retirement expenses (non-cash) | $6,397 | $133 | | Other non-cash items | ($63) | ($64) | | **ADJUSTED EBITDA (LOSS)** | **($191)** | **($247)** | [Other Information](index=3&type=section&id=Other%20Information) [About Maui Land & Pineapple Company](index=3&type=section&id=About%20Maui%20Land%20%26%20Pineapple%20Company) Maui Land & Pineapple Company manages over 22,000 acres and 247,000 square feet of commercial real estate on Maui, focused on community stewardship - The company's portfolio includes over **22,000 acres** of land and approximately **247,000 square feet** of commercial real estate[10](index=10&type=chunk) - Assets include land for future development within the Kapalua Resort and the Pu'u Kukui Watershed nature preserve[11](index=11&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section cautions that forward-looking statements regarding future events and performance are subject to significant business, economic, and competitive risks - The press release contains forward-looking statements regarding the company's ability to put its land into productive use, cultivate and commercialize Agave, resolve legacy obligations, sell non-strategic parcels, and reduce share-based compensation expenses[12](index=12&type=chunk)

Core Insights - Maui Land & Pineapple Company, Inc. reported strong financial performance with a 103% increase in operating revenues for the first half of 2025 compared to the same period in 2024, totaling $10,406,000 [3][9] - The company is focusing on maximizing land productivity and diversifying revenue streams, including launching an agave venture and improving leasing revenues, which increased by 46% year-over-year [2][3] Financial Performance - Operating revenues for the six months ended June 30, 2025, were $10,406,000, up from $5,128,000 in the same period in 2024, marking an increase of $5,278,000 [3][9] - Land development and sales revenues rose to $3,442,000 from $200,000, primarily due to contracting revenues from the Honokeana Homes Relief Housing Project [3][9] - Leasing revenues increased to $6,421,000 from $4,388,000, attributed to improved occupancy and updated leases [3][9] Costs and Expenses - Total operating costs and expenses for the first half of 2025 were $12,897,000, compared to $8,409,000 in 2024, an increase of $4,488,000 [3][9] - The increase in operating costs was mainly due to land development and sales costs of $3,157,000 related to the Honokeana Homes project [3][9] - Water and conservation costs rose to $1,253,000 from $709,000, reflecting increased operations and maintenance costs [3][9] Net Loss and Adjusted EBITDA - The net GAAP loss for the first half of 2025 was ($9,639,000), or ($0.49) per share, compared to a loss of ($3,247,000) or ($0.16) per share in 2024 [3][9] - Adjusted EBITDA for the six months ended June 30, 2025, was ($192,000), an improvement of $55,000 from ($247,000) in the same period in 2024 [3][9] Cash and Investments - Cash and Investments Convertible to Cash totaled $7,028,000 on June 30, 2025, down from $9,522,000 at the end of 2024, primarily due to pension termination contributions and development expenditures [3][9]