Maui Land & Pineapple pany(MLP) - 2025 Q3 - Quarterly Results

Revenue and Income - Recurring leasing revenue increased by 39% year-over-year, with a total of $9.9 million in the leasing segment for the nine months ended September 30, 2025, compared to $7.1 million in the same period in 2024[5] - Operating revenues rose by 83.1% to $14.9 million for the nine months ended September 30, 2025, up from $8.2 million in the same period in 2024[5] - Adjusted EBITDA improved by $1.7 million, reaching $1.6 million for the nine months ended September 30, 2025, compared to a loss of $0.1 million in the same period in 2024[5] - The land development and sales segment's net operating income increased by 203.9%, achieving $0.5 million compared to a loss of $0.5 million for the nine months ended September 30, 2024[5] - The leasing segment's net operating income improved by 21.5%, totaling $4.5 million compared to $3.7 million for the nine months ended September 30, 2024[5] Cash and Assets - Cash and Investments Convertible to Cash decreased to $5.0 million as of September 30, 2025, down from $9.5 million at December 31, 2024[6] - Total assets decreased from $50,139,000 on December 31, 2024, to $45,839,000 on September 30, 2025, representing a decline of approximately 8.6%[17] - Current assets fell from $15,127,000 to $10,121,000, a decrease of about 33.1%[17] - Cash and cash equivalents decreased from $6,835,000 on December 31, 2024, to $4,926,000 on September 30, 2025, a reduction of about 28.0%[19] - Investments decreased from $2,687,000 to $120,000, a decline of approximately 95.5%[19] Losses and Liabilities - GAAP net loss increased to $9.4 million, or $0.48 per share, for the nine months ended September 30, 2025, compared to a net loss of $5.5 million, or $0.28 per share, for the same period in 2024[6] - Net loss for the nine months ended September 30, 2025, was $9,399,000, compared to a net loss of $5,484,000 for the same period in 2024, indicating an increase in losses of approximately 71.5%[19] - Total current liabilities decreased from $11,197,000 to $7,347,000, a decline of approximately 34.5%[17] - Long-term liabilities decreased from $5,761,000 to $4,770,000, a reduction of approximately 17.2%[17] - The company reported a pension and other post-retirement expense of $6,914,000 for the nine months ended September 30, 2025, compared to $234,000 in the same period of 2024, indicating a significant increase[19] Business Developments - The company launched a new agriculture venture, planting 15,000 blue weber agave plants on 25 acres of underutilized croplands in Upcountry, Maui[5] - The company fulfilled its largest remaining legacy obligation by funding and terminating the qualified pension at an expense of $6.9 million[5] - The company is currently marketing five additional land parcels for sale to enhance liquidity and support ongoing development projects[5] Stockholders' Equity - Total stockholders' equity increased slightly from $33,181,000 to $33,722,000, an increase of about 1.6%[17]