Maui Land & Pineapple Company (MLP) Q1 2026 earnings summary

Executive summary

• Operating revenues for Q1 2026 were $3.4 million, down from $5.8 million in Q1 2025, primarily due to the pause of the Honokeana Homes Temporary Housing Project and lower land development sales.

• Net loss for Q1 2026 was $2.1 million, a significant improvement from a net loss of $8.6 million in Q1 2025, which included a $6.8 million non-cash pension settlement expense.

• Commercial property occupancy increased to 93% as of March 31, 2026, up from 86% at the end of 2025, reflecting successful leasing efforts post-wildfire.

• The company reorganized its segments in Q1 2026 to better align with its business strategy, now reporting Land Development & Sales, Commercial Real Estate Leasing, Land Leasing & Management, and Agribusiness Ventures.

• Operational progress includes over $11 million in contracted land sales, $12 million in new property listings, and ongoing negotiations for water-related asset sales.

Financial highlights

• Operating revenues decreased 41% year-over-year, mainly due to the absence of construction revenue from the Honokeana Homes project.

• Operating loss was $2.0 million in Q1 2026, compared to $1.8 million in Q1 2025.

• Share-based compensation and general/admin expenses declined to $2.2 million from $3.0 million year-over-year.

• Cash and cash equivalents were $3.8 million at March 31, 2026, down from $5.3 million at year-end 2025.

• Adjusted EBITDA loss was $0.9 million for Q1 2026, compared to $0.2 million in Q1 2025.

Outlook and guidance

• Management expects commercial property cash flows to stabilize as the Maui market recovers from the 2023 wildfires and as tenant improvements are completed.

• Near-term sales revenues are anticipated from remnant and non-strategic parcels, with a $10 million sale pending for a 6.5-acre parcel.

• Agribusiness Ventures segment is expected to generate future revenue as agave crops mature.

• Ongoing negotiations for land and water asset sales are expected to contribute to future results.

• Strategic focus on advancing development and leasing projects to create shareholder and community value.