Maui Land & Pineapple Company Reports Fiscal 2024 Year-End Results

On March 31, 2025, Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported financial results covering the year ended December 31, 2024. 

“In 2024, our team made significant strides in implementing a strategic plan to put our vast portfolio to its most productive use in a way that contributes to building stronger, more resilient communities. Our progress in advancing a broad spectrum of land and housing projects can be credited to the exceptional talent we’ve added to our board and management team paired with a renewed focus on engaging and understanding the communities we serve. The company ended the year in a strong cash position, with increased operating revenue and a strong foundation for growth from an expanding volume of active, value-adding projects in the pipeline and non­ strategic parcels listed for sale to fuel progress. Looking ahead, our focus remains on realizing the full potential of our landholdings to create value and meet Maui’s need for increased housing inventory, job opportunities, farms for local food production, water security and stronger connections to this special place.”  – Race Randle, CEO of Maui Land & Pineapple Company, Inc. 

Fiscal Year 2024 Highlights

• Operating revenues totaled $11,565,000 an increase of $2,276,000 or 25% compared to $9,289,000 in 2023, driven by new land development revenues, higher leasing revenues and increased resort amenities memberships.

• Operating costs and expenses totaled $78,919,000, an increase of $4,659,000 compared to the prior year, primarily due to increased non-cash stock compensation, land development and leasing expenses, and one-time accelerated vesting costs. Relief Housing Project, higher leasing expenses, and accelerated vesting expenses from cancelled grants.

• Net loss was $7,391,000 or $0.38 per common share, driven primarily by non-cash stock compensation costs, increased expenses related to development and leasing and severance paid to the former CEO.

• Adjusted EBITDA (Non-GAAP) was $492,000.

• Cash and liquid investments convertible to cash totaled $9,522,000, an increase of $687,000 compared to $8,835,000 at December 31, 2023.

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