Maui Land & Pineapple pany(US:MLP)2025-11-14 21:37Financial Performance - Total operating revenues for Q3 2025 reached $4,525,000, a 49.4% increase from $3,028,000 in Q3 2024[17] - Net income for Q3 2025 was $240,000, compared to a net loss of $2,237,000 in Q3 2024, marking a significant turnaround[17] - For the nine months ended September 30, 2025, total operating revenues were $14,932,000, up 83.5% from $8,153,000 in the same period of 2024[19] - The Company reported operating revenues of $14.932 million for Q3 2025, a significant increase from $8.153 million in Q3 2024[75] - Operating income for Q3 2025 was a loss of $2.849 million, compared to a loss of $5.516 million in Q3 2024, indicating improved performance[75] - For the nine months ended September 30, 2025, operating revenues were $14.932 million, up from $8.153 million in 2024, indicating an 83.5% increase[108] Assets and Liabilities - Total assets decreased to $45,839,000 as of September 30, 2025, down from $50,139,000 at the end of 2024, reflecting a 8.6% decline[15] - Current liabilities decreased to $7,347,000 in Q3 2025, down 34.5% from $11,197,000 in Q4 2024[15] - The accumulated deficit increased to $70,407,000 as of September 30, 2025, compared to $61,008,000 at the end of 2024[15] - The company’s total stockholders' equity increased to $33,722,000 as of September 30, 2025, up from $33,181,000 at the end of 2024[15] - Total property and equipment decreased from $54,340 thousand at December 31, 2024, to $48,247 thousand at September 30, 2025, reflecting a reduction in asset value[35] Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2025, was $(1,646) thousand, compared to $147 thousand in 2024, indicating a significant decline[23] - Cash flows from investing activities showed a net increase of $90 thousand in 2025, a recovery from a net cash used of $(2,620) thousand in 2024[23] - The company reported a net decrease in cash and cash equivalents of $(1,909) thousand for the nine months ended September 30, 2025, compared to an increase of $438 thousand in 2024[23] - Cash and cash equivalents were $4.9 million at September 30, 2025, down from $6.8 million at December 31, 2024[127] - Net cash used in operating activities for the nine months ended September 30, 2025, was $1.6 million, compared to $0.1 million provided in the same period of 2024[132] - Net cash provided by investing activities for the nine months ended September 30, 2025, was approximately $90,000, a significant improvement from $2.6 million used in the prior year[135] Share-Based Compensation - Share-based compensation expenses for Q3 2025 were $754,000, down from $2,094,000 in Q3 2024, indicating a reduction of 64.0%[17] - As of September 30, 2025, there were 266,666 shares of unvested stock options, representing $1.0 million of unrecognized compensation cost[65] - Share-based compensation expenses for Q3 2025 totaled $0.8 million, down from $2.1 million in Q3 2024, with stock options vesting decreasing from $1.2 million to $0.3 million[69] - For the nine months ended September 30, 2025, share-based compensation expenses were $3.1 million, compared to $4.7 million for the same period in 2024[69] Leasing and Revenue Generation - Total leasing revenues for the nine months ended September 30, 2025, were $6,875,000, an increase from $5,749,000 in the same period of 2024[59] - Minimum rentals for the three months ended September 30, 2025, were $1,185,000, compared to $1,083,000 for the same period in 2024[59] - Percentage rentals for the nine months ended September 30, 2025, were $1,828,000, slightly up from $1,783,000 in 2024[59] - Operating revenues from leasing activities for the three months ended September 30, 2025, were $3.5 million, an increase of 29.5% compared to $2.7 million for the same period in 2024[115] - For the nine months ended September 30, 2025, operating revenues from leasing activities reached $9.9 million, up 39.4% from $7.1 million in the prior year[115] - The increase in operating revenues is attributed to efforts in re-tenanting and converting below market leases to current market rates across three commercial centers[115] Development and Projects - Deferred development costs for development projects increased slightly from $14.4 million at December 31, 2024, to $14.5 million at September 30, 2025[33] - The company capitalized $1.0 million in deferred development costs related to its new Agave venture as of September 30, 2025, up from $30,000 in 2024[34] - The company initiated the planting of over 15,000 agave plants in the second quarter of 2025, with a growth cycle of seven to nine years until maturity for production[106] - Land development and sales operating revenues for the three months ended September 30, 2025, included $0.2 million from the Honokeana Homes project and $0.6 million from non-strategic remnant parcels[109] - The company has identified unimproved land for long-term lease and ongoing asset management, which may be expected to be leased for diversified agricultural, conservation, and cultural uses for the next ten or more years[105] Legal and Regulatory Matters - The company is involved in ongoing legal disputes regarding irrigation water rights, with potential financial impacts yet to be determined[52][53] - The company submitted a corrective action plan to the State of Hawai'i Department of Health on March 14, 2024, to address wastewater effluent issues[51] - The company has no material legal proceedings to report[146] Internal Controls and Compliance - There have been no significant changes in the company's internal controls over financial reporting during the nine months ended September 30, 2025[144] - The company's disclosure controls and procedures were effective as of September 30, 2025, providing reasonable assurance for timely reporting[143] - The company maintains disclosure controls designed to ensure compliance with SEC rules and timely decision-making[141]