Thu, May 15, 8:47 PM (38 days ago)
**Maui Land & Pineapple Company, Inc. (MLP) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** Total operating revenues increased to $5.8 million in Q1 2025 from $2.5 million in Q1 2024, driven by land development and sales ($2.3 million), leasing ($3.2 million), and resort amenities ($287,000). - **Profit Margins:** Operating loss widened to $1.8 million in Q1 2025 from $1.4 million in Q1 2024. Net loss significantly increased to $8.6 million from $1.4 million, primarily due to a $6.9 million pension settlement expense. - **Cash Flow:** Net cash provided by operating activities was $157,000 in Q1 2025, compared to a net outflow of $10,000 in Q1 2024. Investing activities provided $1.2 million, while financing activities used $301,000. - **Earnings Changes:** Net loss per share was $0.44 in Q1 2025, compared to $0.07 in Q1 2024. **Quarterly Performance Discussion:** - **Land Development and Sales:** Revenue of $2.3 million was primarily from the Honokeana Homes project. No real estate sales occurred in Q1 2025 or 2024. - **Leasing:** Revenue increased to $3.2 million in Q1 2025 from $2.2 million in Q1 2024, driven by commercial, industrial, and agricultural leases, as well as licensing fees and water system sales. - **Resort Amenities:** Revenue increased to $287,000 in Q1 2025 from $267,000 in Q1 2024, due to new memberships sold. - **General and Administrative Costs:** Increased to $3.1 million in Q1 2025 from $2.0 million in Q1 2024, primarily due to share-based compensation expenses. **Trends and Uncertainties:** - **Market Conditions:** The company faces competition and uncertainties related to real estate investments, tourism demand, and regulatory risks. - **Future Operations:** The company plans to maximize the use of its assets, increase occupancy rates, and complete land development projects. Funding may come from remnant parcel sales and the revolving line of credit. - **Liquidity:** The company has $7.9 million in cash and cash equivalents and $12.0 million available from its revolving line of credit. It expects sufficient liquidity to meet working capital requirements and debt obligations. **Future Operations Impact:** - **Strategic Planning:** The company is focusing on activating land holdings, increasing occupancy rates, and completing development projects. - **Funding:** The company may borrow under its credit facility to invest in assets and fund working capital if economic conditions deteriorate. - **Risk Management:** The company is subject to market risks, regulatory risks, and potential changes in consumer behavior due to its location as a vacation destination.