MLP revenue drops 41% on project pause, but adds $10M land sale and 1,581-acre ag lease

Filed May 15, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~1 min read

Key Changes

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  Q1 2026 revenue fell 41% to $3.4M as the Honokeana Homes temporary housing project remained on hold since April 2025, eliminating $2.3M in prior-year revenue. Net loss improved to $2.1M from $8.6M due to lower pension expenses.

  MD&A: Revenue and Net Loss verify on EDGAR →
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  Executed $10M purchase agreement with Harvest Church for 6.5-acre parcel, expected to close in 2027, adding material near-term revenue to the pipeline.

  MD&A: Land Sales verify on EDGAR →
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  New 1,581-acre agricultural lease in West Maui increased leased acreage from 4,653 (45% of total) to 6,237 acres (60%), returning fallow pineapple fields to productive ranching use.

  MD&A: Agricultural Leasing verify on EDGAR →