Quarterly ResultMay 13, 2026, 04:42 PM
KAANAPALI LAND Q1 Net Income $13.3M, Revenue $20.4M; Sells Pioneer Mill
AI Summary
KAANAPALI LAND LLC reported a significant financial turnaround in Q1 2026, with net income reaching $13.3 million, a substantial improvement from a net loss of $1.2 million in Q1 2025. This was primarily driven by a dramatic increase in total revenues to $20.4 million, largely due to the $19.9 million sale of the Pioneer Mill site. The company also received $4.0 million in insurance proceeds related to property damage and lost profits from the Lahaina wildfire, contributing to a strong cash position, though it recorded a $1.1 million credit loss reserve for an arbitration-related receivable.
Key Highlights
- Net income surged to $13.3 million ($7.22 per share) in Q1 2026, up from a net loss of $1.2 million ($0.63 per share) in Q1 2025.
- Total revenues dramatically increased to $20.4 million in Q1 2026 from $0.4 million in Q1 2025.
- Sales and lease income reached $20.2 million in Q1 2026, compared to $0.2 million in Q1 2025.
- Company closed the sale of the Pioneer Mill site for $19.9 million on March 10, 2026.
- Cash and cash equivalents increased to $37.7 million as of March 31, 2026, from $15.8 million at December 31, 2025.
- Received $4.0 million in insurance payments for property damage and lost profits in January 2026.
- Net cash provided by operating activities was $20.9 million in Q1 2026, compared to a use of $1.7 million in Q1 2025.
- Recorded a $1.1 million credit loss reserve for a receivable from Newport Hospital Corporation due to arbitration.