Core Insights - Maui Land & Pineapple Company, Inc. reported strong financial performance with a 103% increase in operating revenues for the first half of 2025 compared to the same period in 2024, totaling $10,406,000 [3][9] - The company is focusing on maximizing land productivity and diversifying revenue streams, including launching an agave venture and improving leasing revenues, which increased by 46% year-over-year [2][3] Financial Performance - Operating revenues for the six months ended June 30, 2025, were $10,406,000, up from $5,128,000 in the same period in 2024, marking an increase of $5,278,000 [3][9] - Land development and sales revenues rose to $3,442,000 from $200,000, primarily due to contracting revenues from the Honokeana Homes Relief Housing Project [3][9] - Leasing revenues increased to $6,421,000 from $4,388,000, attributed to improved occupancy and updated leases [3][9] Costs and Expenses - Total operating costs and expenses for the first half of 2025 were $12,897,000, compared to $8,409,000 in 2024, an increase of $4,488,000 [3][9] - The increase in operating costs was mainly due to land development and sales costs of $3,157,000 related to the Honokeana Homes project [3][9] - Water and conservation costs rose to $1,253,000 from $709,000, reflecting increased operations and maintenance costs [3][9] Net Loss and Adjusted EBITDA - The net GAAP loss for the first half of 2025 was ($9,639,000), or ($0.49) per share, compared to a loss of ($3,247,000) or ($0.16) per share in 2024 [3][9] - Adjusted EBITDA for the six months ended June 30, 2025, was ($192,000), an improvement of $55,000 from ($247,000) in the same period in 2024 [3][9] Cash and Investments - Cash and Investments Convertible to Cash totaled $7,028,000 on June 30, 2025, down from $9,522,000 at the end of 2024, primarily due to pension termination contributions and development expenditures [3][9]