Core Insights - Maui Land & Pineapple Company, Inc. reported a significant 134% year-over-year increase in operating revenue for Q1 2025, totaling $5,804,000 compared to $2,483,000 in Q1 2024, driven by higher occupancy and commercial real estate leasing income [2][6] - The company is launching a new agriculture-based business venture focused on cultivating Agave, which is expected to enhance productivity of underutilized croplands and create local jobs [3][4] - Despite increased operating expenses, the company maintained strong liquidity and improved Adjusted EBITDA, which was $200,000 for Q1 2025, a favorable increase from a loss of $212,000 in Q1 2024 [2][12] Financial Performance - Operating revenues for Q1 2025 were $5,804,000, a $3,321,000 increase from Q1 2024, with land development and sales revenues at $2,298,000, attributed to the Honokeana Homes Relief Housing Project [6][19] - Leasing revenues increased by 45% to $3,219,000 in Q1 2025 from $2,216,000 in Q1 2024, due to efforts to improve occupancy and market rates [6][19] - Operating costs rose to $7,583,000 in Q1 2025 from $3,882,000 in Q1 2024, primarily due to increased construction costs related to the housing project and higher leasing costs [6][19] Future Outlook - The new Agave venture is seen as a long-term growth opportunity, potentially funded in partnership with mission-aligned partners, and aims to integrate local distillation and agri-tourism [4][3] - The company anticipates improved GAAP income moving forward due to successful pension restructuring and a decrease in share-based compensation expenses [2][12] - The net GAAP loss for Q1 2025 was ($8,640,000), or ($0.44) per share, compared to a net loss of ($1,375,000) or ($0.07) per share in Q1 2024, largely driven by non-cash pension expenses [12][19]

[Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section outlines potential risks and uncertainties that could cause actual results to differ from projections, including natural disasters, economic conditions, and financial compliance - **Natural Disasters & Pandemics:** Risks from events like the August 2023 Maui wildfires and contagious diseases[8](index=8&type=chunk) - **Economic & Market Conditions:** Risks related to unstable macroeconomic conditions, including interest rates, inflation, and credit markets[8](index=8&type=chunk) - **Real Estate & Development:** Risks associated with real estate demand in Hawaii, obtaining land use entitlements, and completing development projects on time and within budget[8](index=8&type=chunk) - **Financial & Operational Risks:** Risks include credit concentration, cyber-attacks, compliance with debt covenants, and availability of capital[8](index=8&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 for Q1 2025 and 2024, including balance sheets, operations, and cash flows [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to $47.2 million, liabilities increased to $20.5 million, and stockholders' equity decreased to $26.7 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (unaudited) | December 31, 2024 (audited) | | :--- | :--- | :--- | | **Total Assets** | **$47,232** | **$50,139** | | Total Current Assets | $12,562 | $15,127 | | Property & Equipment, Net | $17,350 | $17,401 | | **Total Liabilities** | **$20,516** | **$16,958** | | Total Current Liabilities | $15,753 | $11,197 | | **Total Stockholders' Equity** | **$26,716** | **$33,181** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) In Q1 2025, net loss widened to $8.6 million from $1.4 million in Q1 2024, driven by a $6.9 million pension settlement expense, despite operating revenues doubling Q1 2025 vs. Q1 2024 Statement of Operations (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Operating Revenues | $5,804 | $2,483 | | Operating Loss | $(1,779) | $(1,399) | | Pension and other post-retirement expenses | $(6,919) | $(78) | | **Net Loss** | **$(8,640)** | **$(1,375)** | | **Net Loss Per Share** | **$(0.44)** | **$(0.07)** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash from operations was $157,000, investing provided $1.2 million, and financing used $301,000, increasing cash to $7.9 million Q1 2025 vs. Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Cash Provided By (Used In) Operating Activities | $157 | $(10) | | Net Cash Provided By (Used In) Investing Activities | $1,191 | $(245) | | Net Cash Used In Financing Activities | $(301) | $(68) | | **Net Increase (Decrease) in Cash** | **$1,047** | **$(323)** | | **Cash and Cash Equivalents at End of Period** | **$7,882** | **$5,377** | [Notes to Condensed Consolidated Interim Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Interim%20Financial%20Statements) The notes detail the company's 22,300 acres of land, $15 million credit facility, a $6.8 million non-cash pension settlement expense, and its three reportable segments - The company owns approximately **22,300 acres** of land, with over 20,000 acres in West Maui and 1,500 acres in Upcountry Maui[33](index=33&type=chunk) - In Q1 2025, the company recognized a non-cash settlement expense of **$6.8 million** related to the termination of its qualified pension plan, which is expected to be finalized in Q3 2025[46](index=46&type=chunk) - The company has a **$15 million** revolving credit facility with First Hawaiian Bank, of which **$3 million** was outstanding and **$12 million** was available as of March 31, 2025[41](index=41&type=chunk) - The company is working with the Hawaii Department of Health (DOH) to resolve a Notice of Violation regarding its Upcountry Maui wastewater treatment facility and has submitted a corrective action plan[47](index=47&type=chunk)[48](index=48&type=chunk) - Share-based compensation expense increased to **$1.6 million** in Q1 2025 from **$1.0 million** in Q1 2024, primarily due to stock options vesting[61](index=61&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The MD&A details the company's strategic shift to maximize land and commercial assets, discusses segment operational results, and outlines its land utilization and liquidity plans [Overview and Strategic Initiatives](index=21&type=section&id=Overview%20and%20Strategic%20Initiatives) New leadership is maximizing the company's 22,000 acres of land and commercial assets, focusing on increasing occupancy, activating land for housing, and launching an agave cultivation business - A new leadership team appointed in April 2023 is driving a renewed mission to maximize asset value and improve quality of life on Maui[82](index=82&type=chunk) - Commercial property occupancy increased from **72% to 86%** between January 1, 2024, and March 31, 2025[84](index=84&type=chunk) - The company has a strategic plan to activate its land holdings, including providing up to **50 acres** for temporary housing for Lahaina wildfire victims and developing projects for homes, farms, and resort use[87](index=87&type=chunk)[90](index=90&type=chunk) - A new scalable business venture to cultivate agave has been initiated to reactivate dormant croplands, aiming to create jobs and capitalize on growing demand for agave-based products[93](index=93&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) In Q1 2025, net loss widened to $8.6 million due to a $6.9 million pension expense, despite operating revenues increasing to $5.8 million, driven by land development and leasing growth Segment Operating Results (in thousands) | Segment | Q1 2025 Revenue | Q1 2024 Revenue | Q1 2025 Operating Income/(Loss) | Q1 2024 Operating Income/(Loss) | | :--- | :--- | :--- | :--- | :--- | | Land Development & Sales | $2,298 | $0 | $(25) | $(266) | | Leasing | $3,219 | $2,216 | $1,855 | $1,224 | | Resort Amenities & Other | $287 | $267 | $(325) | $(169) | - Land development revenue of **$2.3 million** in Q1 2025 was primarily from the Honokeana Homes project, which supports wildfire relief[96](index=96&type=chunk)[98](index=98&type=chunk) - The increase in leasing revenue reflects a return of tourism to pre-pandemic levels and successful efforts to re-tenant commercial properties at current market rates[101](index=101&type=chunk) - General & administrative and share-based compensation costs increased to **$3.1 million** in Q1 2025 from **$2.0 million** in Q1 2024, driven by higher option valuation expenses[107](index=107&type=chunk)[108](index=108&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by $7.9 million in cash, $1.6 million in investments, and $12.0 million available credit, deemed sufficient for the next twelve months Liquidity Position as of March 31, 2025 (in millions) | Resource | Amount | | :--- | :--- | | Cash and cash equivalents | $7.9 | | Investments in bond fund | $1.6 | | Available Credit Facility | $12.0 | - The company was in compliance with all financial covenants of its credit facility as of March 31, 2025[118](index=118&type=chunk) - Management believes that cash balances, cash from operations, and available borrowings will provide sufficient liquidity for the next twelve months and the foreseeable longer term[121](index=121&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material interest rate or foreign currency risks but is subject to consumer behavior and regulatory risks impacting travel and tourism, potentially affecting rental income - The company states it has no material exposure to interest rate or foreign currency risks[123](index=123&type=chunk) - The company is subject to risks from changes in consumer behavior and travel restrictions due to its location as a vacation destination, which could potentially impact rental income through deferrals and abatements[124](index=124&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no significant changes in internal controls over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[127](index=127&type=chunk) - There were no significant changes in internal controls over financial reporting during the first quarter of 2025[128](index=128&type=chunk) [PART II. OTHER INFORMATION](index=30&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) This section details a Notice of Violation from the Hawaii DOH regarding a wastewater treatment facility, for which the company is actively pursuing a corrective action plan - The company is addressing a Notice and Finding of Violation and Order from the Hawaii DOH regarding its Upcountry Maui wastewater treatment facility[47](index=47&type=chunk)[130](index=130&type=chunk) - A corrective action plan has been submitted to the DOH, and the company continues to work towards a resolution[48](index=48&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors described in its Annual Report on Form 10-K during Q1 2025 - There were no material changes to the company's risk factors during the first quarter of 2025[131](index=131&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications by the CEO and CFO, and Inline XBRL financial data files - Certifications by the CEO and CFO (Exhibits 31.1, 31.2, 32.1, 32.2)[134](index=134&type=chunk) - Inline XBRL documents (Exhibits 101 and 104)[134](index=134&type=chunk)

Core Viewpoint - Millennial Potash Corp. has successfully extended drillhole BA-001-EXT at its Banio Potash Project in Gabon, intersecting significant potash resources, which may enhance the project's overall mineral resource estimate and feasibility study [1][2]. Group 1: Drillhole Results - Drillhole BA-001-EXT was extended to approximately 678m, intersecting numerous carnallitite seams within about 290m of interbedded carnallitite and halite from 364m to 657m [1][2]. - The extension of BA-001-EXT exceeded expectations with over 250m of interbedded carnallitite and halite identified [2]. Group 2: Future Plans - Following the completion of BA-001-EXT, the drill rig will move 3.7km east to drillhole BA-004, aimed at evaluating the lateral extent of potash horizons in an untested area [6]. - The Phase 2 drill program is expected to be completed in Q2 2025, followed by a revised Mineral Resource Estimate [8]. Group 3: Resource Estimates - The current Indicated Mineral Resource Estimate (MRE) stands at 657 million tonnes grading 15.9% KCl, while the Inferred MRE is at 1.159 billion tonnes grading 16% KCl [7]. - The identification of additional potash horizons may extend the known mineralization strike length to 8,000m and significantly increase project resources [7].

Group 1 - Millennial Potash Corp. welcomes the election of President Brice Oligui Nguema, who secured 90.35% of the vote in a recent election with a voter turnout of 70.4% [1][2] - President Nguema has been instrumental in guiding Gabon through political and economic transformations since August 2023, focusing on stabilizing the nation and fostering economic growth [2][3] - The election of President Nguema marks a new era for Gabon, with a commitment to infrastructure improvements that align with Millennial Potash's goals for the Banio Potash Project [3][4] Group 2 - Millennial Potash looks forward to continued collaboration with the Gabonese government under President Nguema's leadership to achieve shared objectives and drive sustainable growth [4]

Group 1 - The market experienced a steep decline at the opening on Monday, followed by a significant spike attributed to fake news regarding a 90-day tariff [1] Group 2 - The article emphasizes that past performance is not indicative of future results and does not provide specific investment recommendations [2] - It clarifies that the views expressed may not reflect those of the entire platform and that the analysts involved may not be licensed or certified [2]

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 an energy infrastructure MLP fund valued at nearly $9 billion and has outperformed the market by double digits since the last article [2] - The Value Portfolio focuses on building retirement portfolios using a fact-based research strategy, which includes analyzing 10Ks, analyst commentary, market reports, and investor presentations [2] Group 2 - The analyst has a beneficial long position in AMLP through stock ownership, options, or other derivatives [3] - Seeking Alpha emphasizes that past performance does not guarantee future results and does not provide specific investment recommendations [4]

Core Viewpoint - Millennial Potash Corp. has initiated its Phase 2 drilling program at the Banio Potash Project in Gabon, aiming to enhance potash resources and prepare for a feasibility study [1][2]. Drilling Program Details - The Phase 2 program includes two potash-specific drill holes totaling approximately 1,100 meters, extending historic hole BA-001 by about 400 meters and drilling a new hole BA-004 to a planned depth of 700 meters [1][2]. - Hole BA-001 was previously drilled to a depth of 364 meters in 2017 and will now be extended to evaluate deeper potash horizons [2][3]. - Hole BA-004 is located approximately 4 kilometers east of BA-001 and is designed to assess the lateral extent of potash horizons in an untested area supported by seismic surveys [3]. Objectives and Expected Outcomes - The objectives of the Phase 2 program are to evaluate the presence of potash-rich horizons at depth and laterally, which may extend the known mineralization strike length to 8,000 meters [4]. - Current Indicated Mineral Resource Estimate (MRE) stands at 657 million tonnes grading 15.9% KCl, while Inferred MRE is at 1.159 billion tonnes grading 16% KCl [4]. - The drilling data may allow for upgrading some resources from Indicated to Measured status and potentially shift Inferred material to Indicated status [4]. Financial Position - Millennial Potash has recently closed a financing round of $4.9 million, ensuring adequate funding for the second drill program and a revised 43-101 resource estimate report [2][4]. Timeline - The Phase 2 drill program is expected to be completed in Q2 2025, followed by a revised Mineral Resource Estimate also planned for completion in Q2 2025 [5].

Financial Performance - Operating revenues for the year ended December 31, 2024, increased to $11.565 million from $9.289 million in 2023, representing a growth of approximately 24.5%[121] - The net loss for the year ended December 31, 2024, was $7.391 million, compared to a net loss of $3.080 million in 2023, indicating a worsening financial position[121] - Leasing revenues for the year ended December 31, 2024, were $9.621 million, up from $8.461 million in 2023, reflecting an increase of approximately 13.7%[126] - Revenue from percentage rents and land licensing in 2024 was $2.3 million, up from $2.2 million in 2023, reflecting a $0.1 million increase[128] - Operating revenues for the Resort Amenities segment decreased to $828,000 in 2024 from $1.424 million in 2023, resulting in an operating loss of $704,000[131] - Investment income from the money market and bond portfolio was approximately $0.3 million in 2024, down from $0.5 million in 2023[135] - Cash on hand increased to $6.8 million in 2024 from $5.7 million in 2023, indicating improved liquidity[140] - The company had $12.0 million available under a revolving credit facility as of December 31, 2024, down from $15.0 million in 2023[142] - Net cash flow from operating activities was $0.4 million in 2024, compared to a negative $1.4 million in 2023[144] Property and Leasing - The occupancy rate of commercial properties improved from 72% to 86% during 2024, contributing to an increase in leasing revenue[112] - The total leased area for commercial real estate increased by 12,098 square feet in 2024, with a total occupancy of 86%[112] - The company identified and addressed critical deferred maintenance in town centers, which has enhanced occupancy and leasing revenue over the past year[112] - The company anticipates cash flow from commercial properties to increase as the Maui market recovers from the 2023 wildfires[112] - The company anticipates that percentage rents will return to pre-wildfire levels by 2025 to 2026 as tourist traffic increases[128] Development and Projects - The company completed strategic plans across all 22,300 acres of land to prioritize actions for future development[113] - Approximately $35.5 million is expected to be funded by the State of Hawai'i for the necessary horizontal improvements for the Honokeana Homes Temporary Housing Project[118] - Approximately 1,000 acres of unimproved land has been leased to Ka Ike Ranch for diversified agricultural use, supporting local food production[119] - Land development costs budgeted for 2025 are $6.0 million, aimed at various projects totaling approximately 7,900 acres[147] - Maintenance and capital improvements budgeted at $0.6 million for commercial assets and $2.8 million for water assets and infrastructure[149] Accounting and Taxation - Management calculates income tax provisions and deferred tax assets, with valuation allowances applied to tax credits that are unlikely to be realized[158] - The results of operations could be affected by significant litigation or contingencies, with accruals recorded when liabilities are probable and estimable[158] - The construction contract for the Honokeana Homes Temporary Housing Project follows the cost to cost accounting method, recognizing revenues and expenses based on actual costs incurred[158] - Project billings in excess of recognized revenues are recorded as deferred revenue, while costs recognized in excess of billings are recorded as deferred expenses[158] Equity and Compensation - The company recorded a return of equity of approximately $0.6 million from the BRE2 LLC joint venture in 2024, following a ranch lot sale for $1.8 million[135] - Stock options were issued to the Chairperson of the Board, members of the Board, and the Chief Executive Officer, with valuation expenses recognized over the duration of the exercisable period[158]

Revenue Performance - Operating revenues for fiscal 2024 totaled $11,565,000, an increase of $2,276,000 or 25% compared to $9,289,000 in 2023[4] - Land development and sales revenues amounted to $520,000, attributed to $320,000 from the Honokeana Homes Relief Housing Project[4] - Leasing revenues increased by $1,160,000 or 14%, totaling $9,621,000 in 2024 compared to $8,461,000 in 2023[4] - Resort amenities revenues rose by $596,000 or 72%, reaching $1,424,000 in 2024[4] Net Loss and EBITDA - Net loss for 2024 was ($7,391,000), or ($0.38) per share, compared to a net loss of ($3,080,000) or ($0.15) per share in 2023[5] - Adjusted EBITDA for 2024 was $492,000, an increase of $1,154,000 from the reported Adjusted EBITDA of ($662,000) in 2023[5] - Adjusted EBITDA improved to a loss of $492,000 in 2024 from a loss of $662,000 in 2023, showing a positive trend[17] Cash and Investments - Cash and investments convertible to cash totaled $9,522,000, an increase of $687,000 from $8,835,000 at the end of 2023[5] - Cash and cash equivalents increased to $6,835,000 in 2024 from $5,700,000 in 2023, reflecting a growth of 19.9%[17] - Total cash and investments convertible to cash reached $9,522,000 in 2024, compared to $8,835,000 in 2023, an increase of 7.8%[17] Operating Costs and Expenses - Operating costs and expenses increased by $4,659,000 to $18,919,000 in 2024, primarily due to a $3,466,000 rise in non-cash stock compensation costs[4] Assets and Liabilities - Total assets increased to $50,139,000 in 2024 from $42,223,000 in 2023, representing a growth of 18.5%[16] - Current assets rose to $15,127,000 in 2024, up from $10,004,000 in 2023, marking a 51.3% increase[16] - Total current liabilities surged to $11,197,000 in 2024, up from $2,480,000 in 2023, an increase of 351.6%[16] - Total stockholders' equity decreased to $33,181,000 in 2024 from $34,704,000 in 2023, a decline of 4.4%[16] - Investments in joint ventures decreased to $968,000 in 2024 from $1,608,000 in 2023, a drop of 39.7%[16] - Long-term liabilities increased to $5,761,000 in 2024 from $5,039,000 in 2023, an increase of 14.3%[16] Strategic Initiatives - The company has identified twelve non-strategic assets for sale, with a combined listing price of $10.9 million for three actively listed parcels[4] - The company aims to maximize the productive use of its landholdings to address housing inventory needs and community development in Maui[3]

Core Insights - Maui Land & Pineapple Company, Inc. reported a net loss of $7,391,000 for the fiscal year 2024, compared to a net loss of $3,080,000 in 2023, primarily due to non-cash stock compensation expenses and increased operating costs [9][14][17] - The company achieved operating revenues of $11,565,000 in 2024, a 25% increase from $9,289,000 in 2023, driven by land sales, leasing, and resort amenities [3][13] - Adjusted EBITDA for 2024 was $492,000, a significant improvement from a loss of $662,000 in 2023, indicating positive operational performance [9][17] Financial Performance - Operating revenues increased by $2,276,000 or 25% from 2023 to 2024, with land development and sales revenues reaching $520,000, attributed to the Honokeana Homes Relief Housing Project [3][9] - Leasing revenues rose to $9,621,000 in 2024, up 14% from $8,461,000 in 2023, due to improved occupancy and new leases [3][9] - Resort amenities revenue increased by 72% to $1,424,000, reflecting new memberships and better collection of dues [3][9] Costs and Expenses - Total operating costs and expenses for 2024 were $18,919,000, an increase of $4,659,000 from 2023, mainly due to non-cash stock compensation costs [3][14] - The increase in operating costs included $3,466,000 in non-cash stock compensation, $509,000 in land development costs, and $586,000 in leasing costs [3][14] Assets and Liquidity - Cash and investments convertible to cash totaled $9,522,000 as of December 31, 2024, an increase of $687,000 from $8,835,000 in 2023 [9][17] - The company identified twelve non-strategic assets for sale, with a combined listing price of $10.9 million [3][9] Strategic Focus - The company aims to maximize the productive use of its landholdings to address housing needs, job opportunities, and food production in Maui [2][8] - The strategic plan includes engaging with local communities to enhance resilience and sustainability [2][8]