Shares of Maui Land & Pineapple Company, Inc. MLP have fallen 1.1% since reporting 2024 results. This compares with the S&P 500 index’s 0.4% growth over the same time frame. Over the past month, the stock has lost 11% compared with the S&P 500’s 2.7% decline.
Revenue Growth Amid Net Loss
For the year ended Dec. 31, 2024, Maui Land & Pineapple reported operating revenues of $11.57 million, representing a 25% increase from $9.29 million in 2023. This uptick was driven by contributions from land development and sales, leasing, and resort amenities. Land development and sales, which had no revenues in 2023, contributed $520,000 in 2024 due to a state-funded relief housing project. Leasing revenues rose 14% year over year to $9.62 million, whereas resort amenities saw a 72% increase to $1.42 million.
Despite revenue growth, the company reported a GAAP net loss of $7.39 million, or 38 cents per share, in 2024, widening from the $3.08 million loss, or 15 cents per share, in 2023. The larger loss was primarily attributed to elevated non-cash stock compensation expenses and increased operating costs. Adjusted EBITDA, however, turned positive at $492,000 from a loss of $662,000 in the prior year.
Maui Land & Pineapple Company, Inc. Price, Consensus and EPS Surprise
Maui Land & Pineapple Company, Inc. price-consensus-eps-surprise-chart | Maui Land & Pineapple Company, Inc. Quote
Business Segment Performance
Land Development and Sales: Land development and sales revenues amounted to $520,000, supported by $320,000 in contracting revenues from the Honokeana Homes Relief Housing Project and $200,000 from a non-strategic parcel sale. This was a meaningful shift from 2023, when no revenues were generated by this segment.
Leasing: Leasing revenues reached $9.62 million in 2024 from $8.46 million in 2023. The increase stemmed from efforts to improve occupancy, update lease rates and sign agreements for renovated properties. Additionally, more than 1,000 acres of dormant agricultural land were newly leased for farming, contributing to the revenue boost.
Resort Amenities: Resort amenity revenues increased by $596,000 to $1.42 million in 2024 due to new memberships and improved collection of dues.
Management Commentary
CEO Race Randle highlighted the company’s strategic progress in deploying its land assets to address community needs. He emphasized advancements in housing and agricultural projects, backed by an expanded leadership team and a mission-driven approach. Randle pointed to the company’s strong cash position, the ongoing monetization of non-strategic land, and a growing project pipeline as cornerstones of long-term value creation.
Factors Influencing Results
The company cited one-time non-cash stock compensation costs totaling $6.31 million as a major contributor to the higher net loss. These were associated with stock option grants to the newly appointed board and CEO. Additional cost increases included $509,000 in land development expenses (mainly related to the Honokeana project), $586,000 in leasing-related costs (notably insurance and management fees), and $631,000 from the accelerated vesting of canceled stock options.
Operating costs rose 33% year over year to $18.92 million, whereas non-operating income increased by $217,000 to $924,000. This included a $561,000 gain from the sale of a ranch lot via a joint venture. Pension and post-retirement expenses also rose to $948,000 from $436,000.
Liquidity & Balance Sheet Position
As of Dec. 31, 2024, cash and investments convertible to cash totaled $9.52 million, up from $8.83 million in 2023. Total assets rose to $50.14 million from $42.22 million, while total liabilities more than doubled to $16.96 million, driven in part by a $3-million draw on a line of credit and $3.18 million in contract overbillings.
Other Developments
Maui Land & Pineapple identified 12 non-strategic land parcels for sale, totaling 373.7 acres. As of the year-end, three parcels (16.4 acres) were actively listed with a combined asking price of $10.9 million. The company continues to use these asset sales to fund development initiatives without pursuing direct profits from its housing relief project.
In February 2025, a land development joint venture sold a 25-acre agricultural lot for $2.4 million, representing $150,000 per usable acre. This followed a previous joint venture sale of a 6-acre ranch lot in 2024 for $1.8 million, or $300,000 per usable acre. These transactions underscore the company’s ongoing strategy to unlock land value through selective asset sales and partnerships.
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