Android project builds in Xamarin Studio, but not from command-line

I recently added the Android Support Library v7 AppCompat component to my project.

From Xamarin Studio, it builds and runs as expected. However, when I build it from command-line:

"/Applications/Xamarin Studio.app/Contents/MacOS/mdtool" -v build "--configuration:"Debug:Android MyApplication.sln

the build fails (See below for full log). Input that helps me understand what is going on here would be much appreciated, as the situation seems bizarre to me - being able to build only from within Xamarin Studio.

Thanks in advance.

Build log:

MonoDevelop Build Tool
    INFO:Found Xcode, version 5.0.2 (3335.32).
    INFO:Found Xamarin.iOS, version 7.0.4.209.
    Loading solution: /Users/mikkel/myApp/MyApplication.sln
      Loading solution: /Users/mikkel/myApp/MyApplication.sln
         Loading projects ..
    ERROR [2013-12-20 11:22:46Z]: ANDROID: Adb server launch operation failed: 
    ERROR [2013-12-20 11:22:46Z]: ANDROID: Adb server launch operation failed: 
    ERROR [2013-12-20 11:22:46Z]: Component 'xamandroidsupportv7appcompat' entered state 'ResolveError' (was: Resolved)
    System.NullReferenceException: Object reference not set to an instance of an object
     at Xwt.Application.Invoke (System.Action action) [0x00035] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/monodevelop/main/external/xwt/Xwt/Xwt/Application.cs:128 
     at Xamarin.Components.Ide.Component.SetState (ComponentState newState) [0x000cf] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Components.Ide/Components/Component.cs:161 
     at Xamarin.Components.Ide.Component.InfoDownloadCompleted (System.Object sender, System.EventArgs args) [0x00077] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Components.Ide/Components/Component.cs:386 
         ERROR: Could not load solution: /Users/mikkel/myApp/MyApplication.sln. Object reference not set to an instance of an object
    FATAL ERROR [2013-12-20 11:22:46Z]: System.NullReferenceException: Object reference not set to an instance of an object

    Server stack trace: 
     at Xwt.Application.Invoke (System.Action action) [0x00035] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/monodevelop/main/external/xwt/Xwt/Xwt/Application.cs:128 
     at Xamarin.Components.Ide.Component.SetState (ComponentState newState) [0x000cf] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Components.Ide/Components/Component.cs:161 
     at Xamarin.Components.Ide.Component.InfoDownloadCompleted (System.Object sender, System.EventArgs args) [0x000ce] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Components.Ide/Components/Component.cs:397 
     at Xamarin.Components.Ide.ComponentDownload.add_Completed (System.EventHandler value) [0x0004d] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Components.Ide/Components/ComponentDownload.cs:89 
     at Xamarin.Components.Ide.Component.BeginResolve () [0x0003b] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Components.Ide/Components/Component.cs:313 
     at Xamarin.Components.Ide.Component.StartResolving (Boolean installAssemblies) [0x0009a] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Components.Ide/Components/Component.cs:302 
     at Xamarin.Ide.Components.XamarinComponentReference.BindToProject (IComponentReferencingProjectAdaptor adaptor) [0x00060] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Ide/Xamarin.Ide.Components/XamarinComponentReference.cs:45 
     at Xamarin.Ide.Components.ComponentReferencingProjectAdaptor.BindToProject () [0x0002d] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Ide/Xamarin.Ide.Components/ComponentReferencingProjectAdaptor.cs:73 
     at (wrapper managed-to-native) System.Runtime.Remoting.RemotingServices:InternalExecute (System.Reflection.MethodBase,object,object[],object[]&)
     at System.Runtime.Remoting.RemotingServices.InternalExecuteMessage (System.MarshalByRefObject target, IMethodCallMessage reqMsg) [0x000c2] in /private/tmp/source/bockbuild-xamarin/profiles/mono-mac-xamarin/build-root/mono-3.2.5/mcs/class/corlib/System.Runtime.Remoting/RemotingServices.cs:151 

    Exception rethrown at [0]: 

     at Xwt.Application.Invoke (System.Action action) [0x00035] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/monodevelop/main/external/xwt/Xwt/Xwt/Application.cs:128 
     at Xamarin.Components.Ide.Component.SetState (ComponentState newState) [0x000cf] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Components.Ide/Components/Component.cs:161 
     at Xamarin.Components.Ide.Component.InfoDownloadCompleted (System.Object sender, System.EventArgs args) [0x000ce] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Components.Ide/Components/Component.cs:397 
     at Xamarin.Components.Ide.ComponentDownload.add_Completed (System.EventHandler value) [0x0004d] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Components.Ide/Components/ComponentDownload.cs:89 
     at Xamarin.Components.Ide.Component.BeginResolve () [0x0003b] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Components.Ide/Components/Component.cs:313 
     at Xamarin.Components.Ide.Component.StartResolving (Boolean installAssemblies) [0x0009a] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Components.Ide/Components/Component.cs:302 
     at Xamarin.Ide.Components.XamarinComponentReference.BindToProject (IComponentReferencingProjectAdaptor adaptor) [0x00060] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Ide/Xamarin.Ide.Components/XamarinComponentReference.cs:45 
     at Xamarin.Ide.Components.ComponentReferencingProjectAdaptor.BindToProject () [0x0002d] in /Users/builder/data/lanes/monodevelop-lion-license-sync/c5f82958/source/md-addins/Xamarin.Ide/Xamarin.Ide/Xamarin.Ide.Components/ComponentReferencingProjectAdaptor.cs:73 
     at (wrapper managed-to-native) System.Runtime.Remoting.RemotingServices:InternalExecute (System.Reflection.MethodBase,object,object[],object[]&)
     at System.Runtime.Remoting.RemotingServices.InternalExecuteMessage (System.MarshalByRefObject target, IMethodCallMessage reqMsg) [0x000c2] in /private/tmp/source/bockbuild-xamarin/profiles/mono-mac-xamarin/build-root/mono-3.2.5/mcs/class/corlib/System.Runtime.Remoting/RemotingServices.cs:151