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 ...

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]