Pineapple Financial Reports Fiscal Year End 2025 Financial Results

Rhea-AI Summary

Pineapple Financial (NYSE American: PAPL) reported audited results for fiscal year ended August 31, 2025. Revenue rose 11.1% to $3.0M and gross billings increased 7.1% to $17.4M. Total expenses fell to $5.9M and loss from operations improved to $3.0M, a 22.9% reduction year-over-year. Net cash used in operations improved to $0.9M and cash on hand was $2.1M as of August 31, 2025.

Subsequent to period end the company launched a $100M Injective Digital Asset Treasury (DAT), completed initial INJ purchases and began staking operations, with several anchor investors participating. A conference call is scheduled for Dec 3, 2025 at 5:00 p.m. ET.

Positive

• Revenue +11.1% to $3.0M in FY2025
• Gross billings +7.1% to $17.4M
• Loss from operations improved by 22.9% to $3.0M
• Net cash used in operations improved to $0.9M
• Cash on hand increased to $2.1M
• $100M Injective DAT launched; initial INJ purchases and staking completed

Negative

• Operating loss remains at $3.0M for FY2025
• $100M DAT creates concentrated exposure to INJ tokens on the balance sheet

Insights

Financial Operations Analyst

Revenue and cash improved, operating loss narrowed, and a large crypto treasury initiative adds strategic complexity.

Pineapple reports full‑year revenue of $3.0 million, a 11.1% increase year‑over‑year, with gross billings of $17.4 million (up 7.1%). Total expenses fell to $5.9 million, enabling the company to reduce its loss from operations to about $3.0 million, a 22.9% improvement; net cash used in operations improved to $0.9 million, and cash on hand rose to $2.1 million.

These metrics show clearer cost control and modest top‑line growth, which strengthen near‑term liquidity and operational stability. However, the company remains unprofitable on an operating basis and revenue remains small in absolute terms; the announced $100 million Injective Digital Asset Treasury (DAT) strategy materially changes the balance sheet profile and introduces blockchain‑specific risks and dependencies tied to token holdings, staking yields, and counterparties.

Monitor three concrete items over the next 3–12 months: actual cash deployment and accounting treatment of the $100 million DAT purchases, realized staking yields and any related revenue recognition, and quarterly operating cash flow trends including whether operating losses continue to shrink. Given the disclosed facts, this release is informative for stakeholders but neutral in directional impact until the DAT program’s financial effects and integration are clearly reported.

Reports FY 2025 revenue of $3.0 million, up 10% from $2.7 million in 2024

Pineapple to host a call to discuss its results Wednesday, December 3, 2025 at 5:00 pm ET

Toronto, Ontario--(Newsfile Corp. - December 3, 2025) - Pineapple Financial Inc. (NYSE American: PAPL) ("Pineapple" or the "Company"), a leading fintech platform, today announced audited financial results for the three and twelve month periods ended August 31, 2025.

Full Year Fiscal 2025 Financial Highlights

• Gross Billings reached $17.4 million, up 7.1% from $16.3 million in the same period last year
• Revenue rose 11.1% to $3.0 million, compared to $2.7 million in 2024
• Total Expenses declined 8.9% to $5.9 million, down from $6.5 million last year
• Loss from operations decreased from $3.8 million to $3.0 million, representing a 22.9% reduction.
• Net Cash Used in Operations improved significantly to $ 0.9 million, from $ 1.7 million in the same period last year
• Cash on Hand was $2.1 million as of August 31, 2025, compared to $ 0.6 million at August 31, 2024

"Over the past decade, Pineapple has been a pioneer in modernizing the Canadian mortgage industry, reshaping a traditional and fragmented space into a technology-driven, data-powered ecosystem," said Shubha Dasgupta, CEO of Pineapple Financial. "Through relentless innovation and disciplined execution, we've built one of Canada's fastest-growing mortgage companies and a platform that's redefining efficiency, transparency, and scalability for brokers and consumers alike."

Mr. Dasgupta added, "This year marked the beginning of the next phase in our evolution as we bridge traditional finance with the on-chain economy through our $100 million Injective Digital Asset Treasury strategy. The initiative positions Pineapple as the world's largest publicly traded holder of INJ tokens and establishes a new institutional benchmark for digital asset treasuries."

Strategic and Corporate Developments

Over the past year, Pineapple strengthened its fiscal governance framework and continued executing a disciplined approach to capital management. The Company reduced its loss from operations from $3.8 million to $2.9 million, representing a 22.9 percent improvement year-over-year, driven by tighter expense controls, refined cost structures, and more efficient allocation of resources. These actions reflect Pineapple's commitment to responsible growth and long-term financial sustainability as it continues to scale its technology and brokerage operations.

Sarfraz Habib, Chief Financial Officer of Pineapple Financial, commented, "Our focus this year was on enhancing financial discipline across the organization while ensuring that every dollar deployed supports our long-term strategic objectives. Through stronger governance, improved cost management, and more efficient capital utilization, we significantly narrowed our operating loss and strengthened the foundation on which Pineapple will continue to innovate and grow."

Subsequent to quarter end, Pineapple launched its $100 million Injective Digital Asset Treasury ("DAT") strategy, marking a major step in bridging traditional finance with the on-chain economy. The program positions Pineapple as the world's largest publicly traded holder of INJ tokens and establishes a new institutional standard for digital asset treasuries.

The Injective Foundation and its co-founders personally invested in the initiative at a premium and under long-term lock-ups, underscoring confidence in Pineapple's vision and execution. Additional anchor investors include FalconX, Monarq Asset Management, Canary Capital, and Kraken, among others.

The Company has since completed its first purchases of INJ tokens and commenced staking operations, with yields generated through network participation and on-chain transaction activity. Built on Injective's finance-focused blockchain, the DAT strategy is designed to generate sustainable yield while enhancing Pineapple's balance sheet strength and long-term revenue profile.

Mr. Dasgupta concluded, "By combining a profitable mortgage platform with a blockchain-based treasury, we're unlocking new sources of revenue and expanding what's possible in fintech. Our mortgage data, AI systems, and on-chain products now work together to create a cycle of innovation and growth that benefits both customers and shareholders. We're proud to be leading this transformation and excited to continue building the future of finance from the ground up."

Market Resilience and Outlook

The Canadian mortgage market remains fundamentally resilient, with over $1.8 trillion in outstanding residential mortgage credit as of 2025 (Bank of Canada). Despite affordability concerns, demand continues to be supported by population growth, multigenerational purchasing trends, and constrained housing supply.

Conference Call Details

The Company will host a conference call to discuss the results for its fourth quarter and full year ended September 30, 2025, on Wednesday, December 3, 2025 at 5:00 p.m. Eastern Time. Full call details can be found below:

Event: Pineapple Financial FY 2025 Earnings Call
Date: Wednesday, December 3, 2025
Time: 5:00 p.m. ET
Live Call: 1-877-407-0784 (U.S. Toll-Free) or 1-201-689-8560 (International)
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1744432&tp_key=557ed295f1

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until December 17, and can be accessed by dialing 1-844-512-2921 (U.S. Toll Free) or 1-412-317-6671 (International) and entering replay pin number: 13757332.

About Pineapple Financial Inc.

Pineapple Financial Inc. 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.

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, fluctuations in the market price of INJ and any associated impairment charges that we may incur as a result of a decrease in the market price of INJ below the value at which INJ is carried on our balance sheet; changes in the accounting treatment relating to our INJ holdings; the Company's financial condition, customer acceptance of our INJ treasury strategy, and other factors discussed in the "Risk Factors" section of the registration statements, and periodic reports 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 www.sec.gov.

Media Contact:
KCSA Strategic Communications
Kristin Cwalinski
pineapple@kcsa.com

Investor Relations:
KCSA Strategic Communications
Jack Perkins
pineapple@kcsa.com

Follow us on social media:
Instagram: @pineapplemortgage @empoweredbypineapple
Facebook: Pineapple Mortgage
LinkedIn: Pineapple Mortgage
X (Formerly Twitter): @PAPLpineapple

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276687

FAQ

What were Pineapple Financial (PAPL) FY2025 revenue and gross billings?

Pineapple reported $3.0M in revenue and $17.4M in gross billings for FY2025.

How much did Pineapple Financial (PAPL) reduce its operating loss in FY2025?

Loss from operations improved by 22.9% to $3.0M year-over-year.

When is the Pineapple Financial (PAPL) FY2025 earnings call and how can I join?

The call is on Dec 3, 2025 at 5:00 p.m. ET; dial 1-877-407-0784 or join the webcast link provided in the announcement.

What is Pineapple Financial's $100M Injective Digital Asset Treasury announced in 2025?

The company launched a $100M Injective DAT to purchase and stake INJ tokens and generate yield through network participation.

How much cash did Pineapple Financial (PAPL) report at August 31, 2025?

Pineapple reported $2.1M in cash on hand as of August 31, 2025.

Which investors participated in Pineapple Financial's Injective DAT initiative?

Anchor participants cited include the Injective Foundation co-founders, FalconX, Monarq Asset Management, Canary Capital, and Kraken.