KAANAPALI LAND LLC reported first-quarter 2026 results with revenue of $20.38M and net income of $13.31M, driven primarily by a major real estate sale; diluted earnings per share were $7.22 versus a loss in the prior-year quarter.
Financial Highlights
- Revenue: $20.38M for Q1 2026, compared with $0.44M in Q1 2025; increase driven by a $19.90M real estate sale.
- Net income: $13.31M for Q1 2026, versus a net loss of $1.17M in Q1 2025 (swing of $14.48M YoY).
- Diluted EPS: $7.22 for Q1 2026, versus $(0.63) in Q1 2025.
Business Highlights
- Insurance recovery and operations: The company received significant insurance proceeds through January 2026 and resumed coffee processing in December 2025 using outsourced and temporary mills.
- Major asset sale: The sale of the Pioneer Mill site (approximately 21 acres) closed on March 10, 2026, contributing substantially to Q1 sales and lease income.
- Land development: Progress continues on KCF Mauka and Puukolii Village plans while final county subdivision approvals and water permits from the CWRM are pending.
- Legal and project risk: A dispute over a 14.9-acre NHC site has moved to arbitration (rescheduled for July 2026); a $1.1M receivable reserve was recorded and may affect development timing.
- Liquidity and pensions: The company allocated QRP pension assets to participants and reported roughly $38M in cash on hand to support near-term operations and rebuilding efforts.
Original SEC Filing:
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