Maui Land & Pineapple Sees 68% Revenue Surge, 146% Adjusted EBITDA Gain
Operating revenues increased 68% in 2025, supported by a 33% rise in leasing revenue to $12.8 million and $2.435 million from six land parcel sales. Adjusted EBITDA climbed 146% to $1.8 million while GAAP operating loss narrowed 38% to a $4.5 million deficit.
1. Fiscal Year 2025 Results
Maui Land & Pineapple reported operating revenues up 68% year-over-year, driven by strong recurring leasing and land sales. Adjusted EBITDA rose 146% to $1.8 million, and GAAP operating loss improved 38% to a $4.5 million deficit.
2. Leasing and Land Sales
Leasing revenues grew 33% to $12.8 million with execution of 42 new leases covering 83,812 square feet of commercial space and 1,131 acres of land. Six non-strategic land parcels generated $2.435 million, with fourteen additional parcels listed or privately marketed.
3. Agave Venture and Pension Funding
The company planted approximately 38 acres of drought-tolerant blue weber agave in Upcountry Maui as part of a new scalable agricultural venture. A $6.6 million non-cash GAAP pension funding was recognized to annuitize former employee pensions, with $1.6 million remaining in Q4 2026.
4. Cash Position and Outlook
Cash and investments convertible to cash declined to $5.3 million at December 31, 2025 from $9.5 million a year earlier, reflecting $1.0 million in pension contributions and about $4.5 million spent on land development and the agave venture.