Pineapple Financial Reports Q3 Fiscal 2025 Results: Reduced Losses, Improved Cash Flow, and Sustainable Growth in a Shifting Market
Pineapple Financial (OTC Pink: PAPLF) reported its Q3 fiscal 2025 results, showing improved financial performance and strategic positioning. The company achieved 15.23% growth in Gross Billings to $14.23 million and 11.78% revenue growth to $2.26 million. Operating expenses decreased by 3.48% to $4.25 million, while operating losses narrowed by 16.76% to $1.99 million.
The company announced a 1-for-20 reverse stock split to support NYSE American relisting requirements. Pineapple's PineappleONE platform now serves over 700 brokers across Canada, with significant opportunity ahead as over $400 billion in Canadian mortgages are set to renew by 2026. The company maintains access to a $15 million Equity Line of Credit for future liquidity needs.
Pineapple Financial (OTC Pink: PAPLF) ha comunicato i risultati del terzo trimestre fiscale 2025, evidenziando un miglioramento delle performance finanziarie e del posizionamento strategico. L'azienda ha registrato una crescita del 15,23% nelle Gross Billings, raggiungendo 14,23 milioni di dollari e una crescita dell'11,78% nei ricavi, pari a 2,26 milioni di dollari. Le spese operative sono diminuite del 3,48%, attestandosi a 4,25 milioni di dollari, mentre le perdite operative si sono ridotte del 16,76%, arrivando a 1,99 milioni di dollari.
L'azienda ha annunciato un raggruppamento azionario inverso 1 per 20 per supportare i requisiti di riammissione al NYSE American. La piattaforma PineappleONE di Pineapple serve ora oltre 700 broker in tutto il Canada, con un'importante opportunit脿 futura dato che oltre 400 miliardi di dollari di mutui canadesi saranno in scadenza entro il 2026. L'azienda mantiene accesso a una linea di credito azionaria da 15 milioni di dollari per esigenze di liquidit脿 future.
Pineapple Financial (OTC Pink: PAPLF) inform贸 sus resultados del tercer trimestre fiscal 2025, mostrando una mejora en el desempe帽o financiero y en su posicionamiento estrat茅gico. La compa帽铆a logr贸 un crecimiento del 15,23% en las Gross Billings hasta 14,23 millones de d贸lares y un crecimiento del 11,78% en ingresos hasta 2,26 millones de d贸lares. Los gastos operativos disminuyeron un 3,48% hasta 4,25 millones de d贸lares, mientras que las p茅rdidas operativas se redujeron un 16,76% hasta 1,99 millones de d贸lares.
La empresa anunci贸 un split inverso de acciones 1 por 20 para cumplir con los requisitos de re-listado en NYSE American. La plataforma PineappleONE de Pineapple ahora atiende a m谩s de 700 corredores en todo Canad谩, con una oportunidad significativa por delante ya que m谩s de 400 mil millones de d贸lares en hipotecas canadienses vencer谩n para 2026. La compa帽铆a mantiene acceso a una l铆nea de cr茅dito de capital por 15 millones de d贸lares para futuras necesidades de liquidez.
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Pineapple Financial (OTC Pink : PAPLF) a publi茅 ses r茅sultats du troisi猫me trimestre de l'exercice 2025, montrant une am茅lioration de ses performances financi猫res et de son positionnement strat茅gique. La soci茅t茅 a enregistr茅 une croissance de 15,23 % des Gross Billings 脿 14,23 millions de dollars et une croissance du chiffre d'affaires de 11,78 % 脿 2,26 millions de dollars. Les d茅penses d'exploitation ont diminu茅 de 3,48 % pour s'茅tablir 脿 4,25 millions de dollars, tandis que les pertes d'exploitation se sont r茅duites de 16,76 % 脿 1,99 million de dollars.
La soci茅t茅 a annonc茅 un regroupement d'actions invers茅 de 1 pour 20 afin de r茅pondre aux exigences de relisting sur le NYSE American. La plateforme PineappleONE de Pineapple dessert d茅sormais plus de 700 courtiers 脿 travers le Canada, avec une opportunit茅 importante 脿 venir puisque plus de 400 milliards de dollars de pr锚ts hypoth茅caires canadiens arriveront 脿 茅ch茅ance d'ici 2026. La soci茅t茅 conserve un acc猫s 脿 une ligne de cr茅dit en actions de 15 millions de dollars pour ses besoins futurs de liquidit茅.
Pineapple Financial (OTC Pink: PAPLF) meldete seine Ergebnisse f眉r das dritte Quartal des Gesch盲ftsjahres 2025 und zeigte dabei eine verbesserte finanzielle Leistung sowie strategische Positionierung. Das Unternehmen erzielte ein Wachstum der Bruttobuchungen um 15,23 % auf 14,23 Millionen US-Dollar und ein Umsatzwachstum von 11,78 % auf 2,26 Millionen US-Dollar. Die Betriebskosten sanken um 3,48 % auf 4,25 Millionen US-Dollar, w盲hrend sich der operative Verlust um 16,76 % auf 1,99 Millionen US-Dollar verringerte.
Das Unternehmen k眉ndigte einen Aktienzusammenlegung im Verh盲ltnis 1 zu 20 an, um die Anforderungen f眉r die Wiedernotierung an der NYSE American zu erf眉llen. Die PineappleONE-Plattform von Pineapple bedient inzwischen 眉ber 700 Makler in ganz Kanada, mit erheblichen Chancen, da 眉ber 400 Milliarden US-Dollar kanadische Hypotheken bis 2026 f盲llig werden. Das Unternehmen beh盲lt den Zugang zu einer 15-Millionen-Dollar-Aktienkreditlinie f眉r zuk眉nftige Liquidit盲tsbed眉rfnisse.
- Gross Billings increased 15.23% year-over-year to $14.23 million
- Revenue grew 11.78% to $2.26 million
- Operating expenses reduced by 3.48% to $4.25 million
- Operating loss narrowed by 16.76% to $1.99 million
- Net cash used in operations improved significantly to $439,198 from $1.44 million
- Cash position strengthened to $1.13 million from $580,356
- Access to $15 million Equity Line of Credit for future liquidity
- Company remains unprofitable with $1.99 million operating loss
- Trading downgraded to OTC Pink Market from NYSE American
- Implementing 1-for-20 reverse stock split, which may impact share liquidity
- Increased short-term loan of $633,259 compared to zero in previous period
Toronto, Ontario--(Newsfile Corp. - July 14, 2025) - Pineapple Financial Inc. (OTC Pink: PAPLF) ("Pineapple" or the "Company"), a leading Canadian mortgage technology and brokerage platform, today announced its unaudited financial results for the three and nine months ended May 31, 2025.
In a year defined by uncertainty, Pineapple remained focused on its core principles of fiscal discipline, innovation, and responsible growth. The Company made deliberate progress in improving operating efficiency, investing in technology, and positioning itself to navigate the next phase of the Canadian mortgage cycle.
Q3 Fiscal 2025 Financial Highlights (Nine Months Ended May 31, 2025):
Gross Billings reached
$14.23 million , up15.23% from$12.35 million in the same period last yearRevenue rose
11.78% to$2.26 million , compared to$1.97 million in 2024Operating Expenses declined
3.48% to$4.25 million , down from$4.42 million last yearOperating Loss narrowed by
16.76% to$1.99 million , compared to$2.45 million in the prior yearNet Cash Used in Operations improved significantly to
$439,198 , from$1.44 million in the same period last yearCash on Hand stood at
$1.13 million as of May 31, 2025, compared to$580,356 at August 31, 2024
"We've built Pineapple with care and clarity, always choosing to do what's right over what's easy," said Shubha Dasgupta, CEO of Pineapple Financial. "In times like these, it's not about reacting to the noise, but about staying true to our values, supporting our people, and earning the trust of those who believe in us. We remain focused on steady progress, thoughtful innovation, and creating long-term value for everyone we serve."
Strategic and Corporate Developments
On June 26, 2025, Pineapple's Board approved a 1-for-20 reverse stock split to support NYSE American relisting requirements and align long-term shareholder value
The Company continues to engage with the NYSE American appeal process and currently trades on the OTC Markets (OTC Pink: PAPLF)
Pineapple maintains access to a
$15 million Equity Line of Credit, supporting future liquidity needs
"We continue to make careful and intentional decisions to strengthen our foundation," said Sarfraz Habib, Chief Financial Officer. "From managing expenses to reinforcing liquidity, every choice is made with long-term sustainability in mind. We are grateful for the trust of our investors and remain committed to protecting it."
Platform Innovation and Scalable Technology
Pineapple continued to enhance its proprietary PineappleONE platform throughout Q3. The technology now powers over 700 brokers across Canada, offering real-time analytics, automation, and a seamless deal submission experience. These improvements have resulted in stronger customer retention, higher productivity, and greater operational leverage.
The Company's digital infrastructure enables it to grow without overextending expenses, allowing scalable expansion as Canada enters a pivotal mortgage renewal cycle. Over
Market Resilience and Outlook
The Canadian mortgage market remains fundamentally resilient, with over
Pineapple Financial Inc.
Condensed Interim Consolidated Balance Sheets - Unaudited
(Expressed in US Dollars)
| As at: | May 31, 2025 | August 31, 2024 | |||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 1,134,583 | $ | 580,356 | |||
| Trade and other receivables | 180,462 | 155,224 | |||||
| Prepaid expenses and deposits | 81,821 | 157,911 | |||||
| 1,396,866 | 893,491 | ||||||
| Investment | 9,847 | 10,042 | |||||
| Right-of-use asset | 656,070 | 828,674 | |||||
| Property and equipment | 84,570 | 152,610 | |||||
| Intangible assets | 2,555,050 | 2,211,775 | |||||
| $ | 4,702,403 | $ | 4,096,592 | ||||
| Liabilities and Shareholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued liabilities | $ | 1,462,844 | $ | 1,125,477 | |||
| Deferred revenue | 151,328 | 111,921 | |||||
| Short term loan | 633,259 | - | |||||
| Current portion of lease liability | 166,355 | 161,508 | |||||
| 2,413,786 | 1,398,906 | ||||||
| Deferred government incentive | 410,087 | 491,251 | |||||
| Lease liability | 672,622 | 815,599 | |||||
| Warrant liability | 363,343 | 41,520 | |||||
| $ | 3,859,838 | $ | 2,747,276 | ||||
| Shareholders' Equity | |||||||
| Common shares, no par value; unlimited authorized; 20,092,025 issued and outstanding shares as of May 31, 2025 and 8,425,358 as at August 31, 2024. | 9,920,070 | 8,559,856 | |||||
| Additional paid-in capital | 2,955,944 | 2,955,944 | |||||
| Accumulated other comprehensive loss | (461,363) | (408,510) | |||||
| Accumulated deficit | (11,572,086) | (9,757,974) | |||||
| 842,565 | 1,349,316 | ||||||
| $ | 4,702,403 | $ | 4,096,592 | ||||
Pineapple Financial Inc.
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
For the three month and nine month ended May 31, 2025
(Expressed in US Dollars)
| Three months ended | Nine months ended | ||||||||||||
| May 31, 2025 | May 31, 2024 | May 31, 2025 | May 31, 2024 | ||||||||||
| For the period ended | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Revenue | $ | 746,903 | 736,448 | $ | 2,259,396 | 1,971,377 | |||||||
| Expenses | |||||||||||||
| Selling, general and administrative | 527,835 | 491,666 | 1,522,778 | 1,545,900 | |||||||||
| Advertising and Marketing | 292,489 | 265,395 | 617,987 | 648,197 | |||||||||
| Salaries, wages and benefits | 394,648 | 593,202 | 1,223,722 | 1,825,786 | |||||||||
| Interest expense and bank charges | 31,216 | 40,373 | 306,267 | 42,825 | |||||||||
| Depreciation | 219,355 | 220,190 | 648,991 | 535,575 | |||||||||
| Share-based compensation | - | - | - | - | |||||||||
| Government Incentive | (22,109) | 21,770 | (70,657) | (176,326) | |||||||||
| Total expenses | $ | 1,443,434 | 1,632,596 | $ | 4,249,088 | 4,421,957 | |||||||
| Loss from operations | (696,531) | (896,148) | (1,989,692) | (2,450,580) | |||||||||
| Foreign exchange gain (loss) | (6,018) | - | (1,905) | 10,751 | |||||||||
| Gain (loss) on change in fair value of warrant liability | 309,516 | 29,479 | 341,765 | 42,251 | |||||||||
| Gain (loss) on change in fair value of conversion feature liability | - | 18,064 | - | 18,134 | |||||||||
| Financing costs - warrant issuance | (164,703) | - | (164,280) | - | |||||||||
| Loss before income taxes | $ | (557,736) | (848,605) | $ | (1,814,112) | (2,379,444) | |||||||
| Income taxes (recovery) expense | - | - | - | - | |||||||||
| Net loss | $ | (557,736) | (848,605) | $ | (1,814,112) | (2,379,444) | |||||||
| Foreign currency translation adjustment | (34,703) | (41,676) | 52,853 | (62,666) | |||||||||
| Net loss and comprehensive loss | $ | (592,439) | (890,281) | $ | (1,761,259) | (2,442,110) | |||||||
| Loss per share - basic and diluted ($) | (0.05) | (0.12) | (0.17) | (0.33) | |||||||||
| Weighted average number of common shares outstanding - basic and diluted | 12,714,242 | 7,181,978 | 10,067,480 | 7,181,978 | |||||||||
| Loss per share - basic and diluted ($) (Post reverse split : 20 shares to 1 share) | (0.93) | (2.48) | (3.50) | (6.80) | |||||||||
| Weighted average number of Common shares outstanding - basis and diluted (Post reverse split: 20 Shares to 1 Share) | 635,712 | 359,099 | 503,374 | 359,0991 | |||||||||
About Pineapple
Pineapple is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.
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Safe Harbor Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. It encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at
Media Contact:
For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple.
Email: [email protected]
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Investor Relations Contact:
For investor relations inquiries, please contact Pineapple Financial Inc.
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FAQ
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