MAUI LAND & PINEAPPLE CO INC

For the period ended Sep 30, 2025. Filed Nov 14, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 14, 2025

MLP$15.26+5.6%Stored close · as of Nov 6, 2026

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Contents

Cautionary Note Regarding Forward-Looking Statements

This quarterly report on Form 10-Q (this “Quarterly Report”) and other reports filed by us with the U.S. Securities and Exchange Commission (the “SEC”) contain “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements include all statements included in or incorporated by reference to this Quarterly Report that are not statements of historical facts, which can generally be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “project,” “pursue,” “will,” “would,”* *or the negative or other variations thereof or comparable terminology. We caution you that the foregoing list may not include all of the forward-looking statements made in this Quarterly Report. Actual results could differ materially from those projected in forward-looking statements as a result of the following factors, among others:

•	the occurrence of natural disasters such as the Maui wildfires that occurred on August 8, 2023, changes in weather conditions, or threats of the spread of contagious diseases, such as the COVID-19 pandemic and its variants;

•	concentration of credit risk on deposits held at banks in excess of the Federal Deposit Insurance Corporation (the “FDIC”) insured limits and in receivables due from our commercial leasing portfolio;

•	unstable macroeconomic market conditions, including, but not limited to, energy costs, credit markets, interest rates, tariffs, inflationary pressures, and changes in income and asset values;

•	risks associated with real estate investments, including demand for real estate and tourism in Hawai‘i and Maui;

•	security incidents through cyber-attacks or intrusions on our information systems;

•	our ability to complete land development projects within forecasted time and budget expectations;

•	risks associated with crop damages and losses;

•	our ability to obtain required land use entitlements at reasonable costs;

•	our ability to compete with other developers of real estate on Maui;

•	risks associated with joint ventures;

•	potential liabilities and obligations under various federal, state, and local environmental regulations;

•	our ability to cover catastrophic losses in excess of insurance coverages;

•	unauthorized use of our trademarks could negatively impact our business;

•	our ability to establish and maintain effective internal controls over financial reporting;

•	our ability to comply with funding requirements of our retirement plans;

•	our ability to comply with the terms of our indebtedness, including financial covenants, and to extend maturity dates, or refinance such indebtedness, prior to its maturity date;

•	availability of capital on terms favorable to us, and our ability to raise capital through the sale of certain real estate assets, or at all;

•	risks related to our common stock, including stock price volatility, low trading volume and affiliate ownership; and

•	changes in U.S. accounting standards adversely impacting us.

Such risks and uncertainties also include those risks and uncertainties discussed in the sections entitled “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”) and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report, as well as other factors described from time to time in our reports filed with the SEC. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable as of the date of this Quarterly Report, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from the views and expectations set forth in this Quarterly Report. Thus, you should not place undue reliance on any forward-looking statements. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Further, any forward-looking statements speak only as of the date made and, except as required by law, we undertake no obligation to publicly revise our forward-looking statements to reflect events or circumstances that arise after the date of this Quarterly Report. We qualify all of our forward-looking statements by these cautionary statements.

PART I FINANCIAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2025	December 31, 2024
	(unaudited)	(audited)
(in thousands except share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$4,926	$6,835
Accounts receivable, net	2,412	5,016
Investments	120	2,687
Prepaid expenses and other assets	1,065	507
Assets held for sale	1,598	82
Total current assets	10,121	15,127
PROPERTY & EQUIPMENT, NET	17,530	17,401
OTHER ASSETS
Investment in unconsolidated joint venture	-	968
Deferred development costs - Development projects	14,528	14,380
Deferred development costs - Agave venture	1,032	30
Other noncurrent assets	2,628	2,233
Total other assets	18,188	17,611
TOTAL ASSETS	$45,839	$50,139
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES
CURRENT LIABILITIES
Accounts payable	$2,070	$2,321
Payroll and employee benefits	584	908
Accrued retirement benefits, current portion	140	140
Deferred revenue, current portion	904	833
Long-term debt, current portion	85	85
Line of credit	3,000	3,000
Other current liabilities	564	730
Contract overbillings	-	3,180
Total current liabilities	7,347	11,197
LONG-TERM LIABILITIES
Accrued retirement benefits, noncurrent portion	1,451	2,368
Deferred revenue, noncurrent portion	1,133	1,233
Deposits	1,938	1,968
Long-term debt, noncurrent portion	123	168
Other noncurrent liabilities	125	24
Total long-term liabilities	4,770	5,761
TOTAL LIABILITIES	12,117	16,958
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock--$0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding	-	-
Common stock--$0.0001 par value; 43,000,000 shares authorized; 19,742,880 and 19,663,780 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	87,318	85,877
Additional paid-in-capital	17,025	15,202
Accumulated deficit	(70,407)	(61,008)
Accumulated other comprehensive loss	(214)	(6,890)
Total stockholders' equity	33,722	33,181
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$45,839	$50,139

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Three Months Ended September 30,
2025 · 2024
(in thousands except per share amounts)
OPERATING REVENUES
Land development and sales	$769	$	-
Leasing	3,525		2,729
Resort amenities and other	231		299
Total operating revenues	4,525		3,028
OPERATING COSTS AND EXPENSES
Land development and sales	490		237
Leasing	2,084		1,333
Resort amenities and other	204		251
General and administrative	1,063		1,158
Share-based compensation	754		2,094
Depreciation	290		187
Total operating costs and expenses	4,885		5,260
OPERATING LOSS	(360)		(2,232)
Other income	71		75
Pension and other post-retirement benefit (expenses)	587		(78)
Interest expense	(58)		(2)
NET INCOME (LOSS)	$240		$(2,237)
Other comprehensive income - pension, net	6,597		68
TOTAL COMPREHENSIVE INCOME (LOSS)	$6,837		$(2,169)
NET INCOME (LOSS) PER COMMON SHARE-BASIC AND DILUTED	$0.01		$(0.11)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Nine Months Ended September 30,
	2025	2024
	(in thousands except
	per share amounts)
OPERATING REVENUES
Land development and sales	$4,211	$200
Leasing	9,947	7,148
Resort amenities and other	774	805
Total operating revenues	14,932	8,153
OPERATING COSTS AND EXPENSES
Land development and sales	3,705	687
Leasing	5,450	3,447
Resort amenities and other	1,066	992
General and administrative	3,654	3,336
Share-based compensation	3,075	4,676
Depreciation	831	531
Total operating costs and expenses	17,781	13,669
OPERATING LOSS	(2,849)	(5,516)
Gain on asset disposal	1	-
Other income	525	271
Pension and other post-retirement expenses	(6,914)	(234)
Interest expense	(162)	(5)
NET LOSS	$(9,399)	$(5,484)
Other comprehensive income - pension, net	6,676	204
TOTAL COMPREHENSIVE LOSS	$(2,723)	$(5,280)
NET LOSS PER COMMON SHARE-BASIC	$(0.48)	$(0.28)
NET LOSS PER COMMON SHARE-DILUTED	$(0.48)	$(0.27)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’** EQUITY**

For the Three and Nine Months Ended September 30, 2025 and 2024

(in thousands)

Accumulated
Additional · Other
Common Stock · Paid in · Accumulated · Comprehensive
	Shares	Amount	Capital	Deficit	Loss	Total
Balance, December 31, 2024 (audited)	19,664	$85,877	$15,202	$(61,008)	$(6,890)	$33,181
Share-based compensation	44	864	2,033	-	-	2,897
Vested restricted stock issued	26	535	(535)	-	-	-
Shares cancelled to pay tax liability	(4)	(224)	-	-	-	(224)
Other comprehensive income - pension	-	-	-	-	79	79
Net loss	-	-	-	(9,639)	-	(9,639)
Balance, June 30, 2025	19,730	$87,052	$16,700	$(70,647)	$(6,811)	$26,294
Share-based compensation	-	-	611	-	-	611
Vested restricted stock issued	14	286	(286)	-	-	-
Shares cancelled to pay tax liability	(1)	(20)	-	-	-	(20)
Other comprehensive income - pension	-	-	-	-	6,597	6,597
Net income	-	-	-	240	-	240
Balance, September 30, 2025	19,743	$87,318	$17,025	$(70,407)	$(214)	$33,722
Balance, December 31, 2023 (audited)	19,615	$84,680	$10,538	$(53,617)	$(6,897)	$34,704
Share-based compensation	18	411	2,293	-	-	2,704
Vested restricted stock issued	21	356	(356)	-	-	-
Shares cancelled to pay tax liability	(4)	(78)	-	-	-	(78)
Other comprehensive income - pension	-	-	-	-	136	136
Net loss	-	-	-	(3,247)	-	(3,247)
Balance, June 30, 2024	19,650	$85,369	$12,475	$(56,864)	$(6,761)	$34,219
Share-based compensation	-	-	1,320	-	-	1,320
Restricted stock and options cancellation	-	258	372	-	-	630
Vested restricted stock issued	7	141	(141)	-	-	-
Shares cancelled to pay tax liability	-	(10)	-	-	-	(10)
Other comprehensive income - pension	-	-	-	-	68	68
Net loss	-	-	-	(2,237)	-	(2,237)
Balance, September 30, 2024	19,657	$85,758	$14,026	$(59,101)	$(6,693)	$33,990

See Notes to Condensed Consolidated Interim Financial Statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.