In This Story
Kaanapali Land LLC has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations in two primary business segments: Property and Agriculture. The Property segment focuses on land development and sales, while the Agriculture segment is primarily involved in coffee farming and milling operations.
Kaanapali Land LLC operates through various subsidiaries, with KLC Land being the direct subsidiary conducting most of the company's operations. The company owns significant land holdings on the island of Maui, Hawaii.
The report highlights the impact of the Lahaina wildfire that occurred in August 2023, which caused significant damage to the company's Pioneer Mill Site, including the destruction of its offices and coffee mill. The wildfire has disrupted the company's development plans and affected its coffee operations.
Kaanapali Land has received insurance payments totaling approximately $6 million related to the wildfire, but there is uncertainty regarding full compensation for the losses incurred.
The filing also discusses the company's Kaanapali 2020 Development Plan, which involves the development of lands on the west side of Maui. The plan includes various residential, commercial, and agricultural projects, subject to regulatory approvals.
The company is engaged in ongoing legal proceedings, including a demand for arbitration related to infrastructure improvements at a development site. The outcome of these proceedings could impact the company's financial results.
Kaanapali Land's financial statements show a net loss of $1.1 million for the year ended December 31, 2024, compared to a net income of $3.7 million in the previous year. The decrease in sales and the impact of the wildfire are significant factors in the financial results.
The company has cash and cash equivalents of approximately $23 million as of December 31, 2024, which is intended to support working capital requirements and ongoing development projects.
Kaanapali Land continues to face challenges related to regulatory approvals, market conditions, and natural events, which could affect its operations and financial performance in the future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kaanapali Land Llc annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.