Maui Land & Pineapple Company, Inc.

What they do

The company owns approximately 22,300 acres of land and 247,000 square feet of commercial property on Maui, Hawaii, operated through a subsidiary, Kapalua Land Company, Ltd. It runs three segments: Land Development and Sales (planning, entitlement, development and sales), Leasing (commercial, agricultural and industrial leases, trademark licensing, water system management and conservation stewardship), and Resort Amenities (the private, non-equity Kapalua Club). Its principal development is the Kapalua Resort in West Maui, a master-planned destination resort and residential community.

Revenue drivers

• Commercial Real Estate Leasing — Owns 247,000 square feet of commercial property on Maui; the portfolio ran at 93% occupancy and produced $3.9 million for the six months ended June 30, 2026, consistent with the prior year.
• Land Leasing and Management — Leases agricultural, industrial and other land and manages potable and non-potable water systems; segment revenue rose $0.2 million year over year in the first half of 2026, while segment expenses rose $1.4 million to $3.1 million on portfolio improvements and maintenance.
• Land Development and Sales — Sells entitled and developed Maui parcels; this segment produced approximately $5,811,000, or 30% of total operating revenues, in 2025, and is lumpy, tied to individual transactions and closing conditions.
• Resort Amenities — Operates the Kapalua Club, a private non-equity club offering members programs and privileges at Kapalua Resort amenities; the smallest of the three reported segments.

Recent performance

Annual revenue was $19.5 million in 2025 against a net loss of $10.6 million, or $0.54 per diluted share, following 2024 revenue of $11.6 million and a net loss of $7.4 million. Quarterly revenue was $4.5 million in each of the third and fourth quarters of 2025, then $3.4 million in Q1 2026 and $3.7 million in Q2 2026. The company reported a net loss of $3.7 million for the first half of 2026; recurring commercial and land leasing revenue was approximately $6.6 million for that six-month period. The year-over-year revenue decline was attributed almost entirely to the pause of the Honokeana Homes Temporary Housing Project, whose roughly $3.2 million of prior-year revenue was matched by an equivalent amount of cost. At June 30, 2026, total assets were $49.6 million, total liabilities $18.6 million, equity $31.1 million and cash $3.3 million.

Strategy

Management describes reinvesting recurring leasing cash flow into development projects, agricultural ventures and infrastructure. In the first half of 2026 the company invested approximately $1.6 million in development projects and $0.8 million in its agave venture, funded in part through its credit facility. It reported over $20.0 million in contracted land sales and $12.0 million of new listings, including a $10.0 million agreement with Harvest Church for a 6.5-acre Kapalua parcel in escrow and expected to close in 2027, and a $10.0 million agreement for an 8.783-acre Kapalua parcel also in escrow, both subject to closing conditions. The company has a memorandum of understanding with the County of Maui for a potential sale of certain water assets, and it appointed Ryan Panopio as Chief Investment Officer.

Risks

• Transaction-dependent land revenue — A large share of revenue comes from individual land sales, and the reported $20.0 million of contracted sales are subject to escrow and closing conditions, so timing and receipt are uncertain.
• Recurring losses — The company recorded net losses in 2021, 2023, 2024 and 2025, with the 2025 loss of $10.6 million exceeding the prior year's $7.4 million loss.
• Macroeconomic and tourism sensitivity — The 10-K states operations depend on global economic conditions and that tighter credit, reduced consumer confidence or weaker demand from tourists and real estate investors could materially reduce demand for its products and services.
• Concentration in Maui and the entitlement process — All landholdings and commercial property are on Maui, and the 10-K notes entitlement requires county, state and federal approvals that can take years and carry conditions such as infrastructure, impact fees and affordable housing requirements.

Outlook

Management states the commercial real estate and land leasing businesses provide a stable foundation and that it is reinvesting that stability into a development pipeline expected to produce meaningful land sales in the years ahead. It cites the two $10.0 million Kapalua parcel agreements in escrow, the potential County of Maui water asset sale, and the agave venture, which has reached 80 planted acres at the 325-acre Haliimaile Ranch with total investment of approximately $2.5 million. The company characterizes the first-half 2026 net loss as a deliberate choice to invest in long-term value rather than short-term earnings.