Pineapple Financial (PAPL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Jul 20, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PAPL SEC filings page.
Pineapple Financial Inc. (PAPL) reported $2.8M in revenue over the twelve months to May 31, 2026, down 2.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
PAPL’s gross profit has returned, but overhead, depreciation, and financing needs still leave the business dependent on outside capital.
In FY2025, gross profit was$1.38M while SG&A alone was$2.25M ; the positive gross margin therefore did not translate into operating profitability. Depreciation rose to$1.46M as operating cash outflow improved to$947K from$1.71M in FY2024, indicating reported losses still overstate the cash drain somewhat, but cash generation remains negative.
Revenue grew
Financing cash flow supplied
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Pineapple Financial Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Pineapple Financial Inc. held $2.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $947K of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Pineapple Financial Inc. scores 55/100 among other emerging companies.
Pineapple Financial Inc. had 1M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Pineapple Financial Inc. scores 90/100 among other emerging companies.
Not available for Pineapple Financial Inc., so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
Pineapple Financial Inc. reported revenue of $3.0M in fiscal year 2025, against $2.7M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Pineapple Financial Inc. scores 53/100 among other emerging companies.
Pineapple Financial Inc.'s operations used $947K of cash in fiscal year 2025, against $1.7M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Pineapple Financial Inc. scores 77/100 among other emerging companies.
Pineapple Financial Inc.'s cash, cash equivalents and investments came to $2.1M at the end of fiscal year 2025, against $4.5M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Pineapple Financial Inc. scores 43/100 among other emerging companies.
Pineapple Financial Inc. scores -1.70, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $13.4M against total assets of $5.4M. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Pineapple Financial Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Pineapple Financial Inc. reported a net loss of $3.6M while operations used $947K of cash. With neither figure positive, the ratio between the two carries no quality signal.
Pineapple Financial Inc. reported an operating loss of $2.9M against $49K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Pineapple Financial Inc. generated $623K in revenue in Q3 2026. This represents a decrease of 16.7% from the same quarter a year earlier. Against the prior quarter it is down 12.0%.
Pineapple Financial Inc.'s EBITDA was $25.2M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Pineapple Financial Inc. reported $25.3M in net income in Q3 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
Pineapple Financial Inc. recorded an outflow of $859K in free cash flow in Q3 2026, representing a cash shortfall after capex. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Pineapple Financial Inc. held $5.1M in cash as of Q3 2026; no long-term debt figure is on record for that period.
Not reported for Q3 2026.
Margins & Returns
Pineapple Financial Inc.'s gross margin was 50.5% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is down 17.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.6 percentage points.
Pineapple Financial Inc.'s quarterly ROE was 48.9% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 115.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 120.9 percentage points.
Not shown for Q3 2026: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q3 2026: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Pineapple Financial Inc. invested $6 in capex in Q3 2026, funding long-term assets and infrastructure. Against the prior quarter it is down 60.0%.
Not reported for Q3 2026.
Not reported for Q3 2026.
PAPL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $623K-16.7% | $707K-4.8% | $722K-5.8% | $731K+22.1% | $747K+1.4% | $743K-5.3% | $766K+34.6% | $598K+16.5% |
| Cost of Revenue | $308K+27.5% | $362K-14.0% | $363K-12.3% | $528K+55.3% | $242K-41.1% | $421K+22.1% | $414K+51.6% | $340K |
| Gross Profit | $314K-37.8% | $346K+7.2% | $358K+1.8% | $203K-21.6% | $505K+55.1% | $322K-26.8% | $352K+18.8% | $259K |
| SG&A Expenses | $553K+4.7% | $660K+15.2% | $395K-5.4% | $736K-0.3% | $528K+7.4% | $573K-3.3% | $417K-25.5% | $738K+125.3% |
| Operating Income | $24.9Mn/m | -$17.8Mn/m | -$6.6Mn/m | -$959Kn/m | -$697Kn/m | -$599Kn/m | -$694Kn/m | -$1.4M |
| EBITDA | $25.2Mn/m | -$17.6Mn/m | -$6.2Mn/m | -$151Kn/m | -$477Kn/m | -$357Kn/m | -$508Kn/m | -$1.4M |
| Interest Expense | $449K+1336.8% | $365K+264.8% | $237K+35.7% | -$257K-8032.0% | $31K-22.7% | $100K+251.5% | $175K+715.2% | $3Kn/m |
| Net Income | $25.3Mn/m | -$19.5Mn/m | -$6.4Mn/m | -$1.8Mn/m | -$558Kn/m | -$595Kn/m | -$657Kn/m | -$1.7Mn/m |
| EPS (Basic) | $0.99 | -$1.21 | -$4.79 | -$1.81 | -$0.93 | -$1.73 | -$2.60 | -$0.20 |
| EPS (Diluted) | $0.99 | -$1.21 | -$4.79 | -$1.81 | -$0.93 | -$1.73 | -$2.60 | -$0.20 |
| Diluted Shares (Avg) | 26M | 16M | 1M | N/A | 635,712 | 451,300 | 357,297 | N/A |
Not reported in any period shown, so not listed: R&D Expenses, Income Tax.
PAPL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $75.9M+1513.1% | $48.9M+1132.8% | $10.6M+156.9% | $5.4M+32.2% | $4.7M+9.1% | $4.0M-28.9% | $4.1M-35.6% | $4.1M-11.5% |
| Current Assets | $23.5M+1581.9% | $23.4M+2581.9% | $1.8M+87.0% | $2.3M+159.6% | $1.4M+32.8% | $871K-64.0% | $957K-72.0% | $893K-47.4% |
| Cash & Equivalents | $5.1M+348.6% | $17.7M+3493.2% | $1.5M+138.7% | $2.1M+264.8% | $1.1M+51.5% | $494K-63.2% | $620K-73.5% | $580K-19.4% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Accounts Receivable | $12.4M | $214K | $144K | $92K-40.6% | N/A | N/A | N/A | $155K |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $24.2M+527.8% | $21.8M+575.2% | $16.1M+439.8% | $4.5M+64.2% | $3.9M+70.6% | $3.2M+22.9% | $3.0M+6.3% | $2.7M-3.4% |
| Current Liabilities | $23.5M+875.3% | $20.3M+851.8% | $14.8M+728.0% | $3.6M+159.8% | $2.4M+249.9% | $2.1M+79.2% | $1.8M+57.9% | $1.4M+19.2% |
| Non-Current Liabilities | $691K-52.2% | $1.5M+37.6% | $1.3M+10.3% | $876K-35.0% | $1.4M-8.0% | $1.1M-23.7% | $1.2M-28.5% | $1.3M-19.2% |
| Total Equity | $51.6M+6026.4% | $27.1M+3563.7% | -$5.5M-506.8% | $907K-32.8% | $843K-58.8% | $740K-74.9% | $1.3M-62.7% | $1.3M-24.4% |
| Retained Earnings | -$14.7Mn/m | -$39.3Mn/m | -$19.8Mn/m | -$13.4Mn/m | -$11.6Mn/m | -$11.0Mn/m | -$10.4Mn/m | -$9.8Mn/m |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
PAPL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$859K-316.3% | -$3.3Mn/m | -$490Kn/m | -$508Kn/m | $397K+222.7% | -$173Kn/m | -$664Kn/m | -$265Kn/m |
| Depreciation & Amortization | $255K+16.3% | $242K-0.2% | $405K+118.5% | $376K-31.7% | $219K-43.1% | $242K-12.3% | $186K+35.0% | $550K+296.6% |
| Stock-Based Compensation | N/A | $142K | N/A | N/A | N/A | N/A | N/A | N/A |
| Capital Expenditures | $6 | $15 | $2K | N/A | N/A | N/A | N/A | $29-99.7% |
| Free Cash Flow | -$859K | -$3.3M | -$492K | N/A | N/A | N/A | N/A | -$265Kn/m |
| Investing Cash Flow | -$7.6Mn/m | -$7.2Mn/m | -$12.1Mn/m | -$133Kn/m | -$272Kn/m | -$257Kn/m | -$282Kn/m | -$216Kn/m |
| Financing Cash Flow | $1.8M+189.5% | $26.2M+68453.9% | $12.0M+906.2% | $1.6M+273.9% | $610Kn/m | $38Kn/m | $1.2M-57.2% | $432K+9.1% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
PAPL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.5%-17.1pp | 48.9%+5.5pp | 49.6%+3.7pp | 27.8%-15.5pp | 67.6%+23.4pp | 43.4%-12.7pp | 45.9%-6.1pp | 43.2% |
| Operating Margin | 4005.4% | -2518.8% | -909.1% | -131.3% | -93.3% | -80.6%+3.4pp | -90.5% | -232.8% |
| Net Margin | 4056.2% | -2756.2% | -891.6% | -250.3% | -74.7% | -80.1%+3.7pp | -85.8% | -288.0% |
| Return on Equity | 48.9%+115.1pp | -71.9%+8.6pp | N/A | -201.7%-73.9pp | -66.2%-24.8pp | -80.5%-58.2pp | -48.7%-23.9pp | -127.7%-96.7pp |
| Return on Assets | 33.3%+45.1pp | -39.9%-24.9pp | -60.6%-44.7pp | -33.8%+8.3pp | -11.9%+7.8pp | -15.0%-3.2pp | -15.9%-1.9pp | -42.1%-30.1pp |
| Current Ratio | 1.00+0.4x | 1.15+0.7x | 0.12-0.4x | 0.640.0x | 0.58-0.9x | 0.41-1.6x | 0.54-2.5x | 0.64-0.8x |
| Liabilities-to-Equity | 0.47-4.1x | 0.80-3.6x | N/A | 4.97+2.9x | 4.58+3.5x | 4.36+3.5x | 2.21+1.4x | 2.04+0.4x |
| Asset Turnover | 0.01-0.2x | 0.01-0.2x | 0.07-0.1x | 0.130.0x | 0.160.0x | 0.190.0x | 0.19+0.1x | 0.150.0x |
| FCF Margin | -137.9% | -462.7% | -68.1% | N/A | N/A | N/A | N/A | -44.2%-8.4pp |
Not reported in any period shown, so not listed: Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: The current ratio is below 1.0 (0.64), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Pineapple Financial Inc. PAPL | FY2025 | $3.0M | -$3.6M | N/A | $24.8M | 64/100 |
| CNFinance Holdings Limited CNF | FY2025 | $16.0M | -$67.3M | N/A | $32.9M | 51/100 |
| Income Opportunity Realty Investors, Inc. IOR | FY2025 | N/A | $4.0M | N/A | $75.3M | — |
| Better Home & Finance Holding Company Warrant BETRW | FY2025 | $164.9M | -$165.9M | N/A | N/A | 52/100 |
| Security National Financial Co SNFCA | FY2025 | $344.6M | $32.2M | 9.3% | $238.3M | 47/100 |
| Greystone Housing Impact Investors LP Beneficial Unit Certificates representing assignments of limited partnership interests GHI | FY2025 | $85.4M | -$7.6M | -8.9% | $119.7M | 31/100 |
Where Pineapple Financial Inc. Ranks
Frequently Asked Questions
What is Pineapple Financial Inc.'s annual revenue?
Pineapple Financial Inc. (PAPL) reported $3.0M in total revenue for fiscal year 2025. This represents a 11.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Pineapple Financial Inc.'s revenue growing?
Pineapple Financial Inc. (PAPL) revenue grew by 11.1% year-over-year, from $2.7M to $3.0M in fiscal year 2025.
Is Pineapple Financial Inc. profitable?
No, Pineapple Financial Inc. (PAPL) reported a net loss of $2.5M over the trailing 12 months to May 31, 2026. In fiscal year 2025 it reported a net loss of $3.6M.
What is Pineapple Financial Inc.'s EBITDA?
Pineapple Financial Inc. (PAPL) had EBITDA of -$1.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Pineapple Financial Inc.'s gross margin?
Pineapple Financial Inc. (PAPL) had a gross margin of 46.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Pineapple Financial Inc.'s operating margin?
Pineapple Financial Inc. (PAPL) had an operating margin of -98.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Pineapple Financial Inc.'s return on equity (ROE)?
Pineapple Financial Inc. (PAPL) has a return on equity of -401.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Pineapple Financial Inc.'s operating cash flow?
Pineapple Financial Inc. (PAPL) recorded an outflow of $947K in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Pineapple Financial Inc.'s total assets?
Pineapple Financial Inc. (PAPL) had $5.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Pineapple Financial Inc.'s current ratio?
Pineapple Financial Inc. (PAPL) had a current ratio of 0.64 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Pineapple Financial Inc.'s liabilities-to-equity ratio?
Pineapple Financial Inc. (PAPL) had a liabilities-to-equity ratio of 4.97 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Pineapple Financial Inc.'s return on assets (ROA)?
Pineapple Financial Inc. (PAPL) had a return on assets of -67.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Pineapple Financial Inc.'s P/E ratio?
Pineapple Financial Inc. (PAPL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to May 31, 2026). The market capitalization is $24.8M as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Pineapple Financial Inc.'s price-to-sales ratio?
Pineapple Financial Inc. (PAPL) trades at 8.9x sales, its market capitalization divided by $2.8M revenue, trailing 12 months to May 31, 2026. The market capitalization is $24.8M as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Pineapple Financial Inc.'s Altman Z-Score?
Pineapple Financial Inc. (PAPL) has an Altman Z-Score of -1.70, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Pineapple Financial Inc.'s Piotroski F-Score?
Pineapple Financial Inc. (PAPL) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Pineapple Financial Inc.'s earnings high quality?
Pineapple Financial Inc. (PAPL) reported a net loss of $3.6M while operations used $947K of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Pineapple Financial Inc. cover its interest payments?
Pineapple Financial Inc. (PAPL) reported an operating loss of $2.9M against $49K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Pineapple Financial Inc.?
Pineapple Financial Inc. (PAPL) scores 64 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Pineapple Financial Inc. it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.