Kaanapali Land, LLC reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenues of $1.95 million, down from $5.25 million in 2023. The company experienced a net loss of $1.09 million, compared to a net income of $3.71 million in the previous year. This downturn is primarily attributed to a drastic reduction in coffee sales due to the devastating Lahaina wildfire that occurred in August 2023, which destroyed the company's coffee mill and disrupted operations. The company received approximately $6 million in insurance proceeds related to the wildfire, which partially offset losses.
In terms of operational changes, Kaanapali Land has been actively involved in the planning and development of its properties, particularly the Kaanapali 2020 Development Plan. However, the wildfire has caused significant disruptions to these plans, particularly affecting the Pioneer Mill Site, which is currently leased to a contractor for cleanup operations. The company is also in the process of relocating its coffee mill to its farm in Kaanapali, although this new facility is not expected to be operational in time for the upcoming coffee harvest.
The company’s employee count remained stable at 24 as of March 1, 2025. Kaanapali Land's liquidity position is relatively strong, with cash and cash equivalents totaling approximately $23 million as of December 31, 2024. This liquidity is crucial for funding ongoing operations, including the rebuilding of the coffee mill and addressing various regulatory and development costs. However, the company has indicated that it does not anticipate making any distributions to shareholders in the foreseeable future.
Looking ahead, Kaanapali Land faces several challenges, including the need to secure water use permits from the State of Hawaii Commission on Water Resource Management, which are critical for its agricultural operations and future developments. The company is also navigating the complexities of obtaining necessary entitlements for its development projects, which have been further complicated by the aftermath of the wildfire. Despite these challenges, Kaanapali Land remains committed to its long-term development goals and is hopeful for community support in its planning processes.
About KAANAPALI LAND LLC
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