Shares of Maui Land & Pineapple Company, Inc. MLP have gained 12.2% since reporting results for the first quarter of 2026. This compares with the S&P 500 index’s 0.3% return over the same time frame. Over the past month, the stock has gained 11.8% compared with the S&P 500’s 5.7% rise.
Maui Land & Pineapple reported a first-quarter 2026 net loss of $2.1 million, or 10 cents per share, compared with a net loss of $8.6 million, or 44 cents per share, in the year-ago quarter. Total operating revenues fell 41.3% year over year to $3.4 million from $5.8 million due to lower land development and sales activity. The operating loss widened to $2 million from $1.8 million a year earlier. The prior-year quarter included $6.8 million in non-cash pension settlement expenses, which significantly affected year-over-year comparisons.
Maui Land & Pineapple Company, Inc. Price, Consensus and EPS Surprise
Maui Land & Pineapple Company, Inc. price-consensus-eps-surprise-chart | Maui Land & Pineapple Company, Inc. Quote
Segment Performance & Operating Metrics
Land Development and Sales revenues declined sharply to $257,000 from $2.6 million in the prior-year quarter. The decrease stemmed primarily from the State of Hawaii's suspension of the Honokeana Homes Temporary Housing Project in April 2025. Segment operating loss narrowed to $81,000 from $314,000 in the prior-year period as related construction expenses also declined. Management noted there were no remnant parcel sales in the quarter compared with six parcel sales generating $2.4 million in proceeds during 2025.
Commercial Real Estate Leasing remained stable, with revenues holding flat at $2 million. Segmental operating income was $1.2 million compared with $1.24 million a year earlier. Commercial portfolio occupancy reached 93% during the quarter, supported by new leases and tenant relocations following the 2023 Maui wildfires. Percentage rents from tourism-related tenants improved to approximately $700,000 from $600,000 a year earlier as visitor traffic gradually recovered.
Land Leasing and Management revenues were steady at $1.2 million, but the segment swung to an operating loss of $592,000 from an operating income of $582,000 in the prior-year quarter. Operating expenses increased $1.1 million due to higher land management, watershed conservation and utilities infrastructure costs as the company prepared raw land for future productive use.
The Agribusiness Venture segment had not yet generated revenue during the quarter and recorded operating expenses of $55,000 tied mainly to labor and agricultural development activities. The company continues to advance its drought-resistant agave cultivation initiative.
Management Commentary & Strategic Initiatives
Chief executive officer Race Randle said that the company continued repositioning its multi-asset portfolio to “maximize productivity, create new value, and contribute to meeting the needs of Maui’s local businesses and families.” Management highlighted more than $11 million in contracted land sales, $12 million in new property listings and ongoing negotiations involving water-related assets.
In the quarter, Maui Land & Pineapple revised its reportable operating segments to better align with its evolving strategy and improve transparency. The new reporting structure includes Land Development & Sales, Commercial Real Estate Leasing, Land Leasing & Management, and Agribusiness Ventures.
The company also continued advancing long-term land development projects across more than 22,000 acres. These include resort residential projects in Kapalua, agricultural farm lot developments and workforce housing initiatives. Management said that it expects certain improved land parcels and remnant properties to generate near-term sales revenues over the next one to three years.
Liquidity & Outlook
Cash and cash equivalents totaled $3.8 million as of March 31, 2026, down from $5.3 million at the end of 2025. Net cash used in operating activities was $2 million during the quarter against a positive operating cash flow of $157,000 in the prior-year period.
The company had $18.5 million of available borrowing capacity under its revolving credit facility with First Hawaiian Bank as of the quarter-end. In December 2025, Maui Land & Pineapple expanded the facility limit to $25 million and extended the maturity to Dec. 31, 2030. Management stated that existing cash balances, operating cash flow and borrowing availability are expected to provide sufficient liquidity for at least the next 12 months.
Management did not provide any formal financial guidance but indicated expectations for commercial leasing revenue stabilization as Maui tourism continues recovering from the wildfires. The company also anticipates future revenue generation from mature agave production and potential farm-to-bottle joint ventures.
Other Developments
In the first quarter, the company entered a related-party transaction involving the sale of a 30-acre parcel in Lahaina, HI, to chief executive officer Race Randle for $1.2 million. The agreement includes a value-adjustment mechanism tied to future fair market value, occupancy requirements and profit-sharing provisions if the property is sold before the 10th anniversary.
Maui Land & Pineapple also continued addressing legal and environmental matters, including wastewater treatment facility remediation efforts and ongoing litigation related to irrigation water access and Kapalua Resort annexations.
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