The Alerian MLP ETF (NYSEARCA: AMLP ) is a very interesting investment option, and it deserves a "BUY" recommendation, as we will explain. It perfectly suits investors who are looking for medium- to long-term positions. The diversification it offers by nature, across some of the bestMr. Mavroudis is a professional portfolio manager specializing in institutional and private portfolios. He focuses on risk management, which is accompanied by in-depth financial market analysis (fundamental, macro and technical) ...

Group 1 - The article discusses a comparison between MPLX LP and Western Midstream to determine which MLP is a better investment choice [1] - The author, Roberts Berzins, has over a decade of experience in financial management and has contributed to the development of financial strategies for top-tier corporates [1] - Berzins has also worked on institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] Group 2 - The article does not provide any specific financial data or performance metrics for MPLX LP or Western Midstream [1] - There is no mention of any recent events or news that could impact the performance of these companies [1]

Core Viewpoint - Millennial Potash Corp. has secured a strategic investment of up to US $3,000,000 from the U.S. International Development Finance Corporation (DFC) for its Banio Potash Project in Gabon, which will support a feasibility study and enhance food security in Africa [2][3]. Group 1: Investment Details - The DFC's investment will be utilized for project development funding, specifically for a feasibility study on the Banio Potash Project, which is set to begin in the coming months [2][4]. - The funding from DFC will be released based on milestone activities completed during the feasibility study, with no interest payable and repayment triggered by the company securing financing for project construction [5]. Group 2: Strategic Importance - The DFC recognizes the Banio Potash Project's potential to stabilize and enhance food availability across Africa, positioning Gabon as an emerging exporter in the agricultural supply chain [3]. - The investment is seen as timely for Millennial Potash as it transitions from exploration to development, with the DFC's involvement helping to derisk the project [3][4]. Group 3: Government and Community Support - The Government of Gabon fully supports the DFC investment, with the President of Gabon attending the signing ceremony, highlighting the collaboration between the U.S. and Gabon for economic growth [3][9]. - DFC's Head of Investments emphasized the project's role in boosting domestic potash production, which is crucial for increasing crop yields and fostering sustainable agriculture in Africa [3].

Core Insights - Millennial Potash Corp. has successfully completed drillhole BA-004 at the Banio Potash Project in Gabon, intersecting over 100m of potash mineralization within the Salt Sequence [1][2] - The drilling results from BA-004 and BA-001-EXT have exceeded expectations, indicating significant potential for increasing the project's potash resources [2] - An updated Mineral Resource Estimate is anticipated following the interpretation of drillhole results, which will support a forthcoming Feasibility Study [2] Drilling Program Details - Drillhole BA-004 reached a depth of 667m and intersected the evaporite-bearing Salt Sequence from approximately 260m to the bottom [1] - The drillhole is located about 3.7km east of BA-001-EXT and was designed to explore the eastward extension of previously identified potash mineralization [2] - Preliminary logging indicates similarities with other drillholes, revealing approximately 7 evaporite cycles with potash mineralization present in each cycle [2] Resource Potential - The combined strike length of known potash mineralization has been extended to approximately 8,000m, potentially adding significant tonnage to the current resources [5] - Current Indicated Mineral Resource Estimate (MRE) stands at 657 million tonnes grading 15.9% KCl, while Inferred MRE is 1.159 billion tonnes grading 16% KCl [5] - The Phase 2 drilling data may facilitate upgrading some resources from Indicated to Measured status and shifting Inferred tonnage to Indicated status [5] Future Plans - Core preparation and sampling will be conducted over the next few weeks, with samples sent to the Saskatchewan Research Council for analysis [2] - The company plans to utilize the data from the Phase 2 drill program for dissolution and geotechnical test-work, which will inform the upcoming Feasibility Study [5]

Group 1 - Energy Transfer (NYSE: ET) achieved mid single-digit EBITDA growth in the first quarter year-over-year [1] - The midstream platform of Energy Transfer is positioned for strong growth in the current year [1] - The company generates a high degree of EBITDA and cash flow from fee-based operations [1]

Group 1 - The article discusses the performance of the AMLP ETF, which experienced a decline due to Liberation Day, but the underlying companies have maintained steady operations [1] - The author emphasizes a diverse investment strategy that includes cyclical industries, bonds, commodities, and forex, highlighting the potential for significant returns during economic recovery [1] - The author's background in various industries and international education provides a unique perspective on market dynamics and investment opportunities [1] Group 2 - No relevant content available for this section [2][3]

Core Viewpoint - The Zacks Oil and Gas - Pipeline MLP industry faces an uncertain outlook due to conservative capital expenditures by upstream companies and a significant debt burden impacting midstream energy companies' ability to fund new projects and withstand economic downturns [1][4]. Industry Overview - The Zacks Oil and Gas - Pipeline MLP industry consists of master limited partnerships that transport oil, natural gas, refined petroleum products, and natural gas liquids in North America, generating stable fee-based revenues from transportation and storage services [3]. - The industry is capital-intensive, with a debt-to-capitalization ratio of 55%, which can limit financial flexibility for midstream energy companies [4]. Current Challenges - A shift towards renewable energy is expected to reduce demand for oil and natural gas pipeline and storage networks, posing challenges for the industry [5]. - Oil and gas exploration companies are under pressure to prioritize shareholder returns over production growth, negatively impacting the demand for pipeline and storage assets [6]. Industry Ranking and Performance - The Zacks Oil and Gas - Pipeline MLP industry holds a Zacks Industry Rank of 162, placing it in the bottom 34% of over 250 Zacks industries, indicating weak near-term prospects [7][8]. - Despite the challenges, the industry has outperformed the broader Zacks Oil - Energy sector and the S&P 500, with a 17.5% increase over the past year compared to a 4.1% decline in the sector and a 12.4% increase in the S&P 500 [10]. Valuation Metrics - The industry is currently trading at an EV/EBITDA ratio of 11.47X, lower than the S&P 500's 16.51X but significantly above the sector's 4.56X [14]. - Over the past five years, the industry's EV/EBITDA has ranged from a high of 12.88X to a low of 7.48X, with a median of 9.95X [14]. Key Companies - Enterprise Products Partners LP (EPD) has a diversified asset portfolio with over 50,000 miles of pipelines and a storage capacity of 300 million barrels, generating stable fee-based revenues [17]. - Energy Transfer LP (ET) operates a vast pipeline network across 125,000 miles, also generating stable fee-based revenues and expected to see earnings growth of 12.5% this year [21]. - Plains All American Pipeline (PAA) benefits from stable fee-based revenues and is projected to achieve top-line growth of 5.1% in 2025 [24].

[Maui Land & Pineapple Company, Inc. Q1 2025 Results](index=1&type=section&id=Maui%20Land%20%26%20Pineapple%20Company%2C%20Inc.%20Q1%202025%20Results) [Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) MLP reports strong Q1 2025 revenue growth and positive Adjusted EBITDA despite a GAAP net loss - Operating revenue saw a **134% year-over-year gain**, primarily driven by significant increases in occupancy and income from commercial real estate leasing[2](index=2&type=chunk) - The company is positioned for improved GAAP income moving forward due to a successful pension restructuring, full settlement of severance obligations to former leaders, and an expected decrease in share-based compensation expenses[2](index=2&type=chunk) Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Revenues | $5.8M | $2.5M | +134% | | Net Loss (GAAP) | ($8.6M) | ($1.4M) | ($7.2M) | | EPS (Diluted) | ($0.44) | ($0.07) | ($0.37) | | Adjusted EBITDA (Non-GAAP) | $0.2M | ($0.2M) | +$0.4M | [New Agri-Business Venture](index=1&type=section&id=New%20Agri-Business%20Venture) The company launched a new, scalable agricultural initiative focused on cultivating drought-tolerant Agave - MLP is launching a new scalable business initiative to cultivate Agave, a drought-tolerant, low-maintenance crop[3](index=3&type=chunk) - The initiative aims to accelerate the productivity of underutilized croplands, create living wage jobs, and boost environmental and economic sustainability[3](index=3&type=chunk) - The strategy includes potential for revenue upside from vertical integration with on-island distillation, regenerative agri-tourism, and local/global distribution[4](index=4&type=chunk) [Detailed Financial Results (Q1 2025 vs Q1 2024)](index=1&type=section&id=Detailed%20Financial%20Results%20(Q1%202025%20vs%20Q1%202024)) Q1 2025 saw significant revenue growth but a higher GAAP net loss due to non-cash expenses [Operating Revenues](index=1&type=section&id=Operating%20Revenues) Operating revenues grew 134% year-over-year, driven by new land development and increased leasing income Operating Revenues Breakdown (in thousands) | Revenue Source | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Land development and sales | $2,298 | $0 | N/A | | Leasing | $3,219 | $2,216 | +45% | | **Total Operating Revenues** | **$5,804** | **$2,483** | **+134%** | - Land development revenue of **$2,278,000** is attributed to contracting revenues from the Honokeana Homes Relief Housing Project with the State of Hawai'i[6](index=6&type=chunk) - The **45% increase in leasing revenue** was driven by efforts to improve occupancy, bring leases to market rates, and sign new leases for renovated properties[6](index=6&type=chunk) [Costs and Expenses](index=1&type=section&id=Costs%20and%20Expenses) Total operating costs rose significantly due to construction, leasing, G&A, and share-based compensation - Operating costs and expenses increased by **$3.7 million to $7.6 million** in Q1 2025[6](index=6&type=chunk) - Key drivers of the cost increase include: **$2.3M in direct construction costs**, **$372k in leasing costs**, **$460k in G&A expenses**, and **$622k in non-cash share-based compensation**[6](index=6&type=chunk) [Net Loss and Profitability](index=3&type=section&id=Net%20Loss%20and%20Profitability) A large non-cash pension expense drove a GAAP net loss, while Adjusted EBITDA improved year-over-year Profitability Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Loss (GAAP) | ($8,640,000) | ($1,375,000) | | EPS (Diluted) | ($0.44) | ($0.07) | | Adjusted EBITDA (Non-GAAP) | $200,000 | ($212,000) | - A non-cash GAAP pension expense of approximately **$6,800,000** was recorded due to a pension plan annuitization and is expected to be offset by a corresponding non-cash gain in Q2 2025[7](index=7&type=chunk) - The former CEO's severance payments have been fulfilled and will not be a recurring expense after March 31, 2025[7](index=7&type=chunk) [Liquidity](index=3&type=section&id=Liquidity) The company maintained a stable liquidity position with $9.5 million in cash and convertible investments Cash and Investments Convertible to Cash (Non-GAAP, in thousands) | Date | Amount | | :--- | :--- | | March 31, 2025 | $9,455 | | March 31, 2024 | $9,522 | [Financial Statements (Unaudited)](index=6&type=section&id=Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated statements of operations and balance sheets for Q1 2025 [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) The statement details revenues and expenses, resulting in a net loss of $8.64 million for the quarter Consolidated Statements of Operations (in thousands) | | Three Months Ended March 31, | | | :--- | :--- | :--- | | | **2025** | **2024** | | **Total operating revenues** | **$5,804** | **$2,483** | | **Total operating costs and expenses** | **$7,583** | **$3,882** | | **OPERATING LOSS** | **($1,779)** | **($1,399)** | | Pension and other post-retirement expenses | ($6,919) | ($78) | | **NET LOSS** | **($8,640)** | **($1,375)** | | **NET LOSS PER COMMON SHARE-BASIC AND DILUTED** | **($0.44)** | **($0.07)** | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet shows total assets of $47.2 million and total stockholders' equity of $26.7 million Consolidated Balance Sheet Highlights (in thousands) | | March 31, 2025 (unaudited) | December 31, 2024 (audited) | | :--- | :--- | :--- | | Total current assets | $12,562 | $15,127 | | **TOTAL ASSETS** | **$47,232** | **$50,139** | | Total current liabilities | $15,753 | $11,197 | | **TOTAL LIABILITIES** | **$20,516** | **$16,958** | | **Total stockholders' equity** | **$26,716** | **$33,181** | [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) The company uses Adjusted EBITDA and other non-GAAP metrics to clarify core performance and liquidity - The company presents Adjusted EBITDA and Cash and Investments Convertible to Cash to help investors understand financial results, condition, and performance prospects[8](index=8&type=chunk) - Adjusted EBITDA is defined as net income (loss) excluding interest, taxes, depreciation, amortization, and further adjusted for non-cash stock-based compensation, pension expenses, and other non-recurring items[9](index=9&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | | Three Months Ended March 31, | | | :--- | :--- | :--- | | | **2025** | **2024** | | **NET LOSS** | **($8,640)** | **($1,375)** | | Depreciation | $186 | $172 | | Share-based compensation (total) | $1,579 | $958 | | Pension and other post-retirement expenses | $6,897 | $55 | | Other adjustments | $178 | ($22) | | **ADJUSTED EBITDA (LOSS)** | **$200** | **($212)** | [About the Company & Forward-Looking Statements](index=4&type=section&id=About%20the%20Company%20%26%20Forward-Looking%20Statements) MLP is a land stewardship company managing over 22,000 acres on Maui and provides forward-looking statements - MLP is dedicated to the stewardship of its portfolio, including **over 22,000 acres of land** and approximately **247,000 square feet of commercial real estate**[12](index=12&type=chunk) - Company assets include land within the Kapalua Resort, home to luxury hotels, championship golf courses, and the Pu'u Kukui Watershed, the largest private nature preserve in Hawai'i[13](index=13&type=chunk) - The press release contains forward-looking statements regarding the productive use of land, the Agave venture, and future expenses, which are subject to significant uncertainties and risks[14](index=14&type=chunk)

KAPALUA, Hawaii, May 15, 2025 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) today reported financial results covering the quarter ended March 31, 2025. The Company also announced a new agriculture-based business venture designed to maximize the value of currently underutilized croplands and stimulate economic revitalization on Maui. Additional updates from the Company will be shared at its Annual Meeting of Stockholders, which will be held virtually on Wednesday, May 21, 2025, at 8:30 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR (808) 877-3351 (Registrant's telephone number, including area code) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-06510 MAUI LAND & PINEAPPLE COMPANY, INC. ...