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MAUI LAND & PINEAPPLE CO INC
MLPCIK 0000063330NYSENon-AcceleratedSmaller ReportingReal EstateHawaiiFY ends Dec 31
Period
FY 2025
Revenue
$19.46M
Net Income
$-10.58M
Total Assets
$47.97M
Equity
$33.06M
Shares Out
19.87M
Op. Cash Flow
$2.08M
Business
MAUI LAND & PINEAPPLE CO INC owns and manages a large portfolio of land and real estate assets and operates as a landholding and operating parent company with subsidiaries. It develops, plans, entitles, constructs and sells residential, resort, commercial, agricultural and industrial real estate, leases commercial, agricultural and industrial property, licenses trademarks, operates water systems, and provides resort club amenities. Its business is organized into three segments: Land Development & Sales, Leasing, and Resort Amenities. The company’s operations and distribution are concentrated on the island of Maui, Hawai‘i.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Operating Lease, Lease Income | 13 | 10 | 8 | 9 | 8 | |
| Total operating revenues | 19 | 12 | 9 | 21 | 12 | |
| Leasing | 8 | 5 | 4 | 4 | — | |
| General and administrative | 5 | 4 | 4 | 3 | 3 | |
| Share-based compensation | 4 | 6 | 3 | 1 | 1 | |
| Depreciation | 1 | 723,000 | 869,000 | 1 | 1 | |
| Total operating costs and expenses | 24 | 19 | 14 | 11 | 11 | |
| OPERATING LOSS | −5 | −7 | −5 | 10 | 2 | |
| Gain (loss) on assets disposal | −15,000 | 48,000 | 0 | — | — | |
| Other income, net | 1 | 924,000 | 707,000 | 71,000 | 13,000 | |
| Pension and other post-retirement expenses | −7 | −948,000 | −436,000 | −8 | −5 | |
| Interest expense | −216,000 | −61,000 | −6,000 | −6,000 | −122,000 | |
| NET LOSS | −11 | −7 | −3 | 2 | −3 | |
| Other comprehensive income - pension, net | 7 | 7,000 | 1 | 7 | −6 | |
| TOTAL COMPREHENSIVE LOSS | −4 | −7 | −2 | 9 | 3 | |
| NET LOSS PER COMMON SHARE-BASIC AND DILUTED (in dollars per share) | −0.54 | −0.38 | −0.15 | 90 | −0.18 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 5 | 7 | 6 | 8 | 6 | |
| Accounts receivable, net | 1 | 5 | 1 | 892,000 | 1 | |
| Investments, current portion | 0 | 3 | 3 | 2 | 0 | |
| Prepaid expenses and other assets | 608,000 | 507,000 | 467,000 | 368,000 | 333,000 | |
| Assets held for sale | 2 | 82,000 | 0 | — | — | |
| Total current assets | 9 | 15 | 10 | 15 | 10 | |
| PROPERTY & EQUIPMENT, NET | 18 | 17 | 16 | 16 | 17 | |
| Investment in joint venture | 0 | 968,000 | 2 | 0 | — | |
| Total Lease Assets | 518,000 | 24,000 | — | — | — | |
| Other noncurrent assets | 3 | 2 | 1 | 1 | 1 | |
| Total other assets | 21 | 18 | 16 | 11 | 11 | |
| TOTAL ASSETS | 48 | 50 | 42 | 42 | 38 | |
| Accounts payable | 3 | 2 | 1 | 589,000 | 580,000 | |
| Payroll and employee benefits | 1 | 908,000 | 502,000 | 869,000 | 949,000 | |
| Accrued retirement benefits, current portion | 2 | 140,000 | 142,000 | 142,000 | 142,000 | |
| Deferred revenue, current portion | 833,000 | 833,000 | 217,000 | 227,000 | 217,000 | |
| Long-term debt, current portion | 85,000 | 85,000 | 0 | — | — | |
| Line of credit | 0 | 3 | 0 | — | — | |
| Lease liability, current portion | 106,000 | 12,000 | — | — | — | |
| Other current liabilities | 786,000 | 730,000 | 465,000 | 480,000 | 509,000 | |
| Contract overbillings | 0 | 3 | 0 | — | — | |
| Total current liabilities | 7 | 11 | 2 | 2 | 2 | |
| Accrued retirement benefits, noncurrent portion | 0 | 2 | 2 | 3 | 8 | |
| Line of credit | 4 | 0 | — | — | — | |
| Long-term debt, noncurrent portion | 102,000 | 168,000 | 0 | — | — | |
| Lease liability, noncurrent portion | 413,000 | 12,000 | — | — | — | |
| Total long-term liabilities | 8 | 6 | 5 | 6 | 12 | |
| TOTAL LIABILITIES | 15 | 17 | 8 | 9 | 14 | |
| COMMITMENTS AND CONTINGENCIES | — | — | — | — | — | |
| Preferred stock--$0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding | 0 | 0 | 0 | — | — | |
| Common stock--$0.0001 par value; 43,000,000 shares authorized; 19,755,431 and 19,663,780 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 88 | 86 | 85 | 83 | 82 | |
| Additional paid-in-capital | 17 | 15 | 11 | 9 | 9 | |
| Accumulated deficit | −72 | −61 | −54 | −51 | −52 | |
| Accumulated other comprehensive loss | −276,000 | −7 | −7 | −8 | −16 | |
| Total stockholders' equity | 33 | 33 | 35 | 34 | 24 | |
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 48 | 50 | 42 | 42 | 38 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash receipts from customers and other receipts | 20 | 10 | 10 | 21 | 13 | |
| Cash paid to vendors | −13 | −7 | −9 | −13 | −10 | |
| Cash paid for payroll and taxes | −5 | −3 | −2 | −1 | −2 | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 2 | 370,000 | −1 | 6 | 1 | |
| Purchases of bond securities | −15,000 | −3 | −3 | −3 | 0 | |
| Maturities of bond securities | 3 | 4 | 3 | 97,000 | 0 | |
| Purchases of property and equipment | −3 | −2 | −618,000 | 0 | −29,000 | |
| Payments for deferred development | −5 | −2 | 0 | — | — | |
| Distributions from (Contribution to) unconsolidated joint venture | 1 | 981,000 | 0 | — | — | |
| NET CASH USED IN INVESTING ACTIVITIES | −3 | −2 | −864,000 | −3 | 4 | |
| Borrowing under line of credit | 1 | 3 | 0 | — | — | |
| Principal payments on long term debt | −151,000 | −21,000 | — | 0 | −800,000 | |
| Common stock issuance costs and other | −268,000 | −111,000 | −574,000 | −335,000 | — | |
| NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | −240,000 | 3 | −574,000 | −335,000 | −760,000 | |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | −2 | 1 | −3 | 3 | 5 | |
| Depreciation and amortization | 1 | 723,000 | 785,000 | 1 | 1 | |
| Provision for credit losses and impairments | 460,000 | 227,000 | 142,000 | 28,000 | 68,000 | |
| Restricted Stock or Unit Expense | 4 | 6 | 3 | 855,000 | 705,000 | |
| Loss on disposal of property, net | 15,000 | 84,000 | −2 | 0 | 29,000 | |
| Debt financed equipment | 0 | −274,000 | — | — | — | |
| Revenue from investment in JV | 0 | −341,000 | — | — | — | |
| Accounts receivable | 3 | −4 | −416,000 | 183,000 | 191,000 | |
| Retirement liabilities | 6 | 823,000 | 308,000 | 2 | 3 | |
| Accounts payable | 936,000 | 873,000 | 102,000 | 9,000 | −319,000 | |
| Deferred revenue | −133,000 | 2 | 0 | — | — | |
| Contract overbilling | −3 | 3 | 0 | — | — | |
| Other operating assets and liabilities | 575,000 | −1 | −200,000 | 62,000 | −570,000 | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 2 | 370,000 | — | — | — |
Filings
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