Pineapple Financial Inc. Financials
This page shows Pineapple Financial Inc. (PAPL) financial statements, including the 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).
Gross economics have turned positive, but the company still runs on outside funding because overhead and liabilities outrun scale.
From FY2023 to FY2025, gross margin flipped from a deeply negative structure to46.3% while operating cash burn narrowed to-$947K , which suggests the core service is no longer being delivered at a loss and the main constraint has shifted to fixed costs. In FY2025, net loss was-$3.6M but operating cash flow was only-$947K , so depreciation and other non-cash charges are making the income statement look worse than near-term cash usage.
Liquidity improved because cash rose to
This is a low-capex but high-overhead model: capital spending was only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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. scores -1.40, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($27.0M) relative to total liabilities ($4.5M). 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 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Pineapple Financial Inc. generates $0.26 in operating cash flow (-$947K OCF vs -$3.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Pineapple Financial Inc. earns $-60.7 in operating income for every $1 of interest expense (-$2.9M vs $49K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Pineapple Financial Inc. generated $3.0M in revenue in fiscal year 2025. This represents an increase of 11.1% from the prior year.
Pineapple Financial Inc.'s EBITDA was -$1.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 50.0% from the prior year.
Pineapple Financial Inc. reported -$3.6M in net income in fiscal year 2025. This represents an increase of 11.3% from the prior year.
Pineapple Financial Inc. earned $-5.31 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Pineapple Financial Inc. held $2.1M in cash against $0 in long-term debt as of fiscal year 2025.
Pineapple Financial Inc. had 1M shares outstanding in fiscal year 2025.
Margins & Returns
Pineapple Financial Inc.'s gross margin was 46.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.8 percentage points from the prior year.
Pineapple Financial Inc.'s operating margin was -98.7% in fiscal year 2025, reflecting core business profitability. This is up 43.5 percentage points from the prior year.
Pineapple Financial Inc.'s net profit margin was -121.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 30.8 percentage points from the prior year.
Pineapple Financial Inc.'s ROE was -401.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 97.2 percentage points from the prior year.
Capital Allocation
PAPL Income Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $623K-12.0% | $707K-2.0% | $722K-1.2% | $731K-2.2% | $747K+0.5% | $743K-3.0% | $766K+28.0% | $598K |
| Cost of Revenue | $308K-14.8% | $362K-0.5% | $363K-31.1% | $528K+118.2% | $242K-42.5% | $421K+1.6% | $414K+22.0% | $340K |
| Gross Profit | $314K-9.1% | $346K-3.5% | $358K+76.6% | $203K-59.8% | $505K+56.6% | $322K-8.3% | $352K+36.0% | $259K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $553K-16.2% | $660K+67.1% | $395K-46.3% | $736K+39.4% | $528K-7.9% | $573K+37.2% | $417K-43.5% | $738K |
| Operating Income | $24.9M+239.9% | -$17.8M-171.5% | -$6.6M-584.3% | -$959K-37.7% | -$697K-16.3% | -$599K+13.6% | -$694K+50.2% | -$1.4M |
| Interest Expense | $449K+23.0% | $365K+54.0% | $237K+192.1% | -$257K-923.8% | $31K-68.8% | $100K-42.7% | $175K+5282.6% | $3K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $25.3M+229.5% | -$19.5M-203.0% | -$6.4M-252.0% | -$1.8M-227.8% | -$558K+6.3% | -$595K+9.4% | -$657K+61.9% | -$1.7M |
| EPS (Diluted) | $0.99+181.8% | $-1.21 | $-4.79 | N/A | $-0.93+46.2% | $-1.73+33.5% | $-2.60 | N/A |
PAPL Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $75.9M+55.2% | $48.9M+359.9% | $10.6M+96.2% | $5.4M+15.2% | $4.7M+18.6% | $4.0M-4.2% | $4.1M+1.0% | $4.1M |
| Current Assets | $23.5M+0.6% | $23.4M+1204.9% | $1.8M-22.8% | $2.3M+66.1% | $1.4M+60.4% | $871K-9.0% | $957K+7.1% | $893K |
| Cash & Equivalents | $5.1M-71.3% | $17.7M+1099.1% | $1.5M-30.1% | $2.1M+86.6% | $1.1M+129.9% | $494K-20.3% | $620K+6.8% | $580K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $12.4M+5700.7% | $214K+48.6% | $144K+55.9% | $92K | N/A | N/A | N/A | $155K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $24.2M+11.3% | $21.8M+35.1% | $16.1M+257.3% | $4.5M+16.9% | $3.9M+19.7% | $3.2M+8.0% | $3.0M+8.7% | $2.7M |
| Current Liabilities | $23.5M+16.2% | $20.3M+37.0% | $14.8M+307.0% | $3.6M+50.6% | $2.4M+13.4% | $2.1M+19.2% | $1.8M+27.7% | $1.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $51.6M+90.5% | $27.1M+593.7% | -$5.5M-705.3% | $907K+7.6% | $843K+13.9% | $740K-45.2% | $1.3M0.0% | $1.3M |
| Retained Earnings | -$14.7M+62.5% | -$39.3M-98.3% | -$19.8M-48.0% | -$13.4M-15.8% | -$11.6M-5.1% | -$11.0M-5.7% | -$10.4M-6.7% | -$9.8M |
PAPL Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$859K+73.8% | -$3.3M-568.3% | -$490K+3.5% | -$508K-227.9% | $397K+330.0% | -$173K+74.0% | -$664K-150.7% | -$265K |
| Capital Expenditures | $6-60.0% | $15-99.2% | $2K | N/A | N/A | N/A | N/A | $29 |
| Free Cash Flow | -$859K+73.8% | -$3.3M-565.7% | -$492K | N/A | N/A | N/A | N/A | -$265K |
| Investing Cash Flow | -$7.6M-5.3% | -$7.2M+40.6% | -$12.1M-9020.4% | -$133K+51.2% | -$272K-5.8% | -$257K+8.9% | -$282K-30.6% | -$216K |
| Financing Cash Flow | $1.8M-93.3% | $26.2M+119.6% | $12.0M+640.3% | $1.6M+164.7% | $610K+1493.3% | $38K-96.8% | $1.2M+175.1% | $432K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PAPL Financial Ratios
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.5%+1.6pp | 48.9%-0.8pp | 49.6%+21.9pp | 27.8%-39.9pp | 67.6%+24.2pp | 43.4%-2.5pp | 45.9%+2.7pp | 43.2% |
| Operating Margin | 4005.4%+6524.2pp | -2518.8%-1609.7pp | -909.1%-777.9pp | -131.3%-38.0pp | -93.3%-12.7pp | -80.6%+10.0pp | -90.5%+142.3pp | -232.8% |
| Net Margin | 4056.2%+6812.4pp | -2756.2%-1864.6pp | -891.6%-641.3pp | -250.3%-175.6pp | -74.7%+5.4pp | -80.1%+5.6pp | -85.8%+202.3pp | -288.0% |
| Return on Equity | 48.9%+120.9pp | -71.9% | N/A | -201.7%-135.5pp | -66.2%+14.3pp | -80.5%-31.8pp | -48.7%+79.0pp | -127.7% |
| Return on Assets | 33.3%+73.2pp | -39.9%+20.7pp | -60.6%-26.8pp | -33.8%-21.9pp | -11.9%+3.2pp | -15.0%+0.9pp | -15.9%+26.2pp | -42.1% |
| Current Ratio | 1.00-0.2 | 1.15+1.0 | 0.12-0.5 | 0.64+0.1 | 0.58+0.2 | 0.41-0.1 | 0.54-0.1 | 0.64 |
| Debt-to-Equity | 0.47-0.3 | 0.80+3.7 | -2.94-7.9 | 4.97+0.4 | 4.58+0.2 | 4.36+2.1 | 2.21+0.2 | 2.04 |
| FCF Margin | -137.9%+324.8pp | -462.7%-394.6pp | -68.1% | N/A | N/A | N/A | N/A | -44.2% |
Note: The current ratio is below 1.0 (0.64), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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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 income of -$3.6M in fiscal year 2025, with a net profit margin of -121.8%.
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 net profit margin?
Pineapple Financial Inc. (PAPL) had a net profit margin of -121.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
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) generated -$947K in operating cash flow during fiscal year 2025, representing cash generated from 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 debt-to-equity ratio?
Pineapple Financial Inc. (PAPL) had a debt-to-equity ratio of 4.97 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
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 cash runway?
Based on fiscal year 2025 data, Pineapple Financial Inc. (PAPL) had $2.1M in cash against an annual operating cash burn of $947K. This gives an estimated cash runway of approximately 27 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Pineapple Financial Inc.'s Altman Z-Score?
Pineapple Financial Inc. (PAPL) has an Altman Z-Score of -1.40, 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 2 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) has an earnings quality ratio of 0.26x, considered low quality (accrual-driven). 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) has an interest coverage ratio of -60.7x, meaning it can struggle to cover its interest obligations. 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 56 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite 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. 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.