Kaanapali Land, LLC

What they do

The company sells developed and undeveloped land parcels, which it states are its only source of significant cash proceeds, and operates a commercial coffee farming business on Maui. Its Pioneer Mill site in Lahaina held its offices, coffee mill, warehouses and a leased coffee store, all destroyed in the August 2023 wildfire. It also grows bananas and citrus and maintains roughly 660 acres of fenced pasture for cattle grazing and about 40 acres for goats. The company employed 22 people as of March 1, 2026.

Revenue drivers

• Land sales — Proceeds from land sales are the company's only source of significant cash proceeds; the sale of four Lahaina parcels aggregating about 21 acres closed March 10, 2026 for $19.9 million in cash, driving the $20.4 million in revenue reported for the quarter ended 2026-03-31.
• Coffee farming and sales — Maui-origin specialty coffee; the mill's destruction prevented processing and sale of the 2023 and 2024 crops, and sales only resumed in December 2025 using outsourced pulping and drying plus a temporary dry mill at a leased warehouse.
• License and other income — Short-term license agreements for portions of the Pioneer Mill site generated income until the destroyed structures and the USACE clean-up contractor's lease, which expired July 23, 2025, ended that use.
• Minor agriculture — Bananas from about 14 acres sold to customers on Maui, plus small amounts of citrus; the company describes revenue from these operations as minor but notes property tax advantages from active agricultural use.

Recent performance

Annual revenue fell from $9.2 million in 2022 to $5.3 million in 2023, $2.0 million in 2024 and $1.6 million in 2025, while net income went from $3.7 million in 2023 to losses of $1.1 million in 2024 and $3.7 million in 2025. Operating cash flow was negative $2.8 million in 2024 and negative $5.9 million in 2025. Quarterly revenue was $467,000 at 2025-09-30 and $362,000 at 2025-12-31, then jumped to $20.4 million at 2026-03-31 on the March 2026 land sale, before dropping back to $620,000 at 2026-06-30. At 2026-06-30 the company reported total assets of $97.3 million, total liabilities of $8.4 million, shareholder equity of $88.9 million and cash and equivalents of $38.0 million.

Strategy

The company's stated operations are reliant on net proceeds of developed and undeveloped land sales to fund working capital, and it does not anticipate making any distributions for the foreseeable future. It has completed the design to relocate its coffee mill to agriculture land it owns and is assessing bids received in March 2026 to determine feasibility of rebuilding, while also exploring alternatives to rebuilding the mill. Coffee operations continue through outsourced pulping and drying at an unaffiliated Maui mill that became operational in January 2025 and hulling, grading and bagging at a temporary leased warehouse. In 2025 the company harvested its coffee crop and resumed coffee sales in December 2025. Management says if existing resources and future property sales are insufficient it will likely pursue alternate financing, though it cannot determine what alternatives may be available or at what cost.

Risks

• Liquidity dependent on land sales — The company states land sale proceeds are its only source of significant cash proceeds, and it had negative operating cash flow of $5.9 million in 2025.
• Lahaina wildfire losses — The fire destroyed the company's offices, coffee mill, warehouses and a leased coffee store building, and there can be no assurance it will be fully compensated or that insurance proceeds will be sufficient to rebuild.
• Expired business interruption coverage — Insurance coverage for business interruption relating to the fire expired in August 2025, and further claims could be denied or subject to deductibles or exclusions.
• Coffee production and crop risk — The company filed a 2026 insurance claim due to low 2025 harvest yields from severe drought, coffee berry borer (CBB) and coffee leaf rust (CLR).
• Deferred tax asset valuation allowance — Of a $9,220 deferred tax asset related to federal net operating losses, $4,063 is subject to a valuation allowance that depends on management assumptions and future taxable income.

Outlook

Management states it believes it has sufficient liquidity to fund operations and capital needs over the near term, but that this depends on insurance proceeds, the impact of the wildfire on property marketability, coffee sales and completing property sales on acceptable terms. The company does not anticipate making distributions for the foreseeable future. It says if existing resources and future property sales are insufficient it will likely pursue alternate financing, though it cannot determine what alternatives may be available or at what cost. Coffee sales resumed in December 2025, and the company is assessing March 2026 bids to determine whether rebuilding the coffee mill is feasible.