MLP Q1 rev up 134% but net loss widens to $8.6M on pension charge; launches agave venture

MAUI LAND & PINEAPPLE CO INC

Operating revenues $5.8M (+134% YoY); leasing up 45% to $3.2M; land development revenue $2.3M from Honokeana Homes project.
Net loss $8.6M ($0.44/share) vs. $1.4M loss year ago; includes non-cash pension expense ~$6.8M from annuitization.
Adjusted EBITDA improved to $200K from ($212K) in prior-year quarter.
New agave cultivation venture to utilize underutilized croplands; may be funded with partners; targets vertical integration and global expansion.
Former CEO severance fully settled; pension annuitization to terminate by Sept 30, 2025; share-based comp expected to decrease.

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