Maui Land & Pineapple Company, Inc. Reports Fiscal Third Quarter 2025 Results

Core Insights - Maui Land & Pineapple Company, Inc. reported a significant 39% year-over-year increase in recurring leasing revenue for the third quarter of 2025, reflecting successful strategic initiatives and strong progress in land development [2][5] - The company achieved positive Adjusted EBITDA year-to-date, marking a meaningful improvement over 2024, indicating operational progress and positioning for continued growth [4][5] Financial Highlights - Recurring revenue from the leasing segment increased by 39% year-to-date in 2025 compared to the same period in 2024, and by 59% compared to the same period in 2023 [5] - Operating revenues rose by 83.1% to $14.9 million for the nine months ended September 30, 2025, compared to $8.2 million for the same period in 2024 [5][19] - Operating profit improved by 48.4%, with a loss of $2.8 million compared to a loss of $5.5 million for the nine months ended September 30, 2024 [5][19] - Adjusted EBITDA for the nine months ended September 30, 2025, was $1.6 million, an increase of $1.7 million compared to a loss of $0.1 million for the same period in 2024 [5][22] Land Development and Sales - The land development and sales segment's net operating income improved by 203.9%, reaching $0.5 million compared to a loss of $0.5 million for the same period in 2024, driven by three parcel sales in the current year [5] - The company sold three land parcels through the third quarter of 2025 and has five additional parcels publicly marketed for sale [5] Leasing Segment Performance - 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] - Approximately 30 leases were executed and commenced from late 2024 to September 30, 2025, with expectations for continued increases in recurring net operating income as occupancy stabilizes [6] Cost Management - Operating costs and expenses increased by 30.1% to $17.8 million for the nine months ended September 30, 2025, primarily due to direct costs from the Relief Housing Project [5][19] - General and administrative and share-based compensation expenses decreased by 16.0% to $6.7 million compared to $8.0 million for the same period in 2024, driven by a reduction in share-based compensation [12] Pension Obligations - The company fulfilled its largest remaining legacy obligation by funding, annuitizing, and terminating the qualified pension at an expense of $6.9 million, with the final remaining pension obligation scheduled to be resolved in the fourth quarter of 2026 [5][12]