Maui Land & Pineapple Company, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, showing notable changes in revenue and profitability compared to the previous fiscal period. The company generated operating revenues of $3.028 million for the third quarter of 2024, a significant increase from $2.101 million in the same period of 2023. For the nine months ended September 30, 2024, operating revenues reached $8.153 million, up from $6.872 million in 2023. The increase was primarily driven by a rise in leasing revenue, which amounted to $2.729 million in Q3 2024, compared to $1.931 million in Q3 2023, and $7.148 million for the nine months, up from $6.249 million in the prior year.

Despite the revenue growth, the company reported an operating loss of $(2.232 million) for the third quarter of 2024, worsening from $(1.189 million) in 2023. The nine-month operating loss also increased to $(5.516 million) from $(3.902 million) in the previous year. The net loss for the third quarter was $(2.237 million), compared to $(1.192 million) in 2023, while the nine-month net loss rose to $(5.484 million) from $(3.673 million).

Total operating costs and expenses for the third quarter of 2024 were $5.260 million, up from $3.290 million in 2023, reflecting increased costs associated with property maintenance and management. Share-based compensation expenses also rose significantly, totaling $4.7 million for the nine months ended September 30, 2024, compared to $2.5 million in 2023, largely due to new stock options granted to executives.

The company’s total assets increased to $45.916 million as of September 30, 2024, from $42.223 million at the end of 2023. Total stockholders' equity decreased slightly to $33.990 million from $34.704 million. Current liabilities rose to $4.006 million, up from $2.480 million, while long-term liabilities increased to $7.920 million from $5.039 million.

Strategically, Maui Land & Pineapple has focused on maximizing the productivity of its land and commercial properties, with a new leadership initiative aimed at enhancing tenant composition and improving property management. The company also entered a joint venture in December 2023, contributing 30 acres of land valued at $1.6 million, which will be restated as a gain in the upcoming annual report. Additionally, the company has committed to leasing land to the State of Hawaii for temporary housing for individuals displaced by the Maui wildfires, with the state funding all project costs.

Overall, while the company has seen revenue growth, it continues to face challenges in profitability and rising operational costs.