STOCK TITAN

Pineapple Energy Inc. - $PEGY STOCK NEWS

Welcome to our dedicated page for Pineapple Energy news (Ticker: $PEGY), a resource for investors and traders seeking the latest updates and insights on Pineapple Energy stock.

Pineapple Energy Inc. (NASDAQ: PEGY) is a leading provider of sustainable solar energy solutions, dedicated to empowering households and small businesses with renewable power. Specializing in the end-to-end installation of residential solar energy systems, Pineapple Energy offers comprehensive services including design, engineering, procurement, permitting, construction, grid connection, warranty, monitoring, and maintenance. Additionally, the company provides battery storage solutions in select markets, ensuring backup power and energy security.

Pineapple Energy’s portfolio boasts several key brands such as SUNation Energy, Hawaii Energy Connection, E-Gear, Sungevity, and Horizon Solar Power. These subsidiaries enhance its market presence by delivering high-quality products and services spanning solar energy, battery storage, and grid services. Notably, SUNation Energy received Platinum Status from NYSERDA, becoming one of only five companies in New York to achieve this distinction.

The company is actively involved in national efforts to expand solar accessibility. Through initiatives like the EPA's Solar for All grant competition, Pineapple Energy contributes to bringing solar energy to underserved and low-income communities.

Financially, Pineapple Energy reported $13.2 million in revenue for the first quarter of 2024, despite facing challenging market conditions. The company showed resilience by maintaining strong sales performance and actively managing overhead expenses. However, the quarter did see a net loss attributable to common shareholders amounting to $10.1 million. Management is focused on optimizing operations and exploring acquisition opportunities to foster growth.

In recent corporate developments, the company announced a reverse stock split to regain compliance with Nasdaq listing requirements. Furthermore, Scott Maskin, founder of SUNation Energy, has been appointed as Interim CEO following the resignation of Kyle Udseth.

Pineapple Energy continues to champion the transition to renewable energy across the United States by nurturing grassroots growth in solar electricity paired with battery storage. Their mission remains steadfast: to provide sustainable and cost-effective energy solutions while driving innovation and growth within the renewable energy sector.

Rhea-AI Summary

Pineapple Energy's subsidiary, SUNation Energy, has made significant progress in renewable energy projects for the Shinnecock Nation. The company has completed two of three planned projects, which include bringing the local elementary school to 100% electric usage offset and supporting five new homes with solar and hydrogen fuel cell power. The third project, a $2.5 million community solar array, is in its final design phase and pending grant funding. Upon completion, this project will provide solar power to various buildings and residences within the 800-acre reservation. The solar panels for these projects were donated to the Shinnecock Reservation.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
-
Rhea-AI Summary

Pineapple Energy is investigating potential deliberate short selling of its stock.

The company has engaged Shareholder Intelligence Services (ShareIntel) for this purpose.

ShareIntel will provide detailed shareholder data, analyze trading patterns, and identify anomalies suggesting illegal naked short selling through its DRIL-Down™ platform.

This investigation aims to ensure fairness in trading and compliance with SEC and FINRA regulations.

Interim CEO Scott Maskin emphasizes the importance of maximizing shareholder benefits and mitigating illegal trading activities.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-20%
Tags
none
-
Rhea-AI Summary

Pineapple Energy announced a 1-for-15 reverse stock split effective June 12, 2024. The stock will continue trading under the symbol PEGY on Nasdaq. The split aims to increase the stock price to meet Nasdaq's listing requirements. Every 15 shares will be consolidated into one share, reducing authorized shares from 112,500,000 to 7,500,000. No fractional shares will be issued; any resulting fractions will be settled in cash. The reverse split affects all common shareholders uniformly, without changing their percentage ownership. Shareholders will receive details from EQ Shareowner Services for exchanging their shares.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-20%
Tags
Rhea-AI Summary

SUNation Energy, a subsidiary of Pineapple Energy, has been awarded Platinum Status by the New York State Energy Research and Development Authority (NYSERDA). This prestigious recognition is granted to companies that have consistently met stringent quality benchmarks in solar installations for six consecutive years. SUNation is one of only five companies in New York State to achieve this distinction and the only one on Long Island. This accolade underscores SUNation's commitment to high-quality solar installations amidst a competitive industry with over 750 operational solar companies statewide.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-6.25%
Tags
none
-
Rhea-AI Summary

Pineapple Energy has appointed James R. Brennan as Chief Operating Officer (COO) while reaffirming Eric Ingvaldson as Chief Financial Officer (CFO). Brennan has been Senior Vice President of Corporate Development at Pineapple since November 2022 and previously served as COO for SUNation Energy. The leadership changes aim to leverage Brennan's industry experience to enhance operations and maximize internal resources. Ingvaldson, who has been with Pineapple since October 2022, continues to bring extensive corporate financial management experience. These appointments, effective May 29, 2024, are part of Pineapple's strategy to build a solid leadership team for long-term success.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-20.83%
Tags
management
-
Rhea-AI Summary

Pineapple Energy's subsidiary SUNation has secured a significant 1.95-megawatt solar project in New York, set to start in early July. The project, to be installed on a large industrial building, was expedited from inception to execution within months, highlighting SUNation's efficiency and expertise. The developer, with over 200 MW in their national renewables pipeline, chose SUNation for their interconnection knowledge and track record in New York. Both Pineapple's interim CEO, Scott Maskin, and SUNation's General Manager, John Mucci, emphasized the growing demand for industrial solar projects and SUNation's continued success in securing similar contracts.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
44.44%
Tags
none
Rhea-AI Summary

Pineapple Energy has announced the resignation of CEO Kyle Udseth, effective immediately. Scott Maskin, a Board Member and Founder of SUNation Energy, will step in as Interim CEO. SUNation Energy, acquired by Pineapple in 2022, is a regional solar company based in Long Island, NY. Maskin brings 23 years of industry experience and founded SUNation in 2003. Chairman Roger Lacey expressed gratitude for Udseth's contributions since the company's founding in 2020 and confidence in Maskin's leadership during this transitional period.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
72.73%
Tags
none
-
Rhea-AI Summary

Pineapple Energy Inc. (NASDAQ: PEGY) reported a challenging first quarter in 2024, with revenue and gross profit down 40% from Q1 2023. Operating expenses decreased by 31%, but the operating loss increased by 2%. The company experienced a net income of $1.2M but a net loss attributable to common shareholders of $10.1M. Adjusted EBITDA showed a loss of $1.5M. CEO Kyle Udseth highlighted stable sales performance in core markets and efforts to improve profitability in Q2. CFO Eric Ingvaldson discussed challenges in Q1 2023 impacting comparisons. Business highlights included declines in residential installations and battery attachment rates. Total revenue decreased to $13.2M, gross profit to $4.8M, and operating expenses to $7M. Other income increased to $3.4M. The company reported a net loss of $10.1M. Adjusted EBITDA decreased by 505% in Q1 2024. Cash and investments stood at $3.3M. The status of Contingent Value Rights was also addressed.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-14.29%
Tags
-
Rhea-AI Summary

Pineapple Energy Inc. (NASDAQ: PEGY) will release its first quarter 2024 financial results on May 9, 2024, and host a conference call on May 10 at 8:30am ET to discuss the results. The company specializes in sustainable solar energy and back-up power solutions for households and small businesses.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
60%
Tags
Rhea-AI Summary
Pineapple Energy Inc. reacts to the EPA's announcement of $7 billion Solar for All awards, highlighting the importance of expanding solar accessibility to underserved communities. The EPA's grants aim to benefit over 900,000 households nationwide, with selectees including NYSERDA and HGIA.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
20%
Tags
none

FAQ

What does Pineapple Energy Inc. specialize in?

Pineapple Energy Inc. specializes in providing sustainable solar energy solutions, including design, engineering, procurement, permitting, construction, grid connection, warranty, monitoring, and maintenance of residential solar energy systems.

Which brands are part of Pineapple Energy's portfolio?

Pineapple Energy's portfolio includes SUNation Energy, Hawaii Energy Connection, E-Gear, Sungevity, and Horizon Solar Power.

What recent achievements has Pineapple Energy made?

Pineapple Energy's SUNation Energy was recognized by NYSERDA with Platinum Status, one of only five companies in New York to achieve this distinction.

How is Pineapple Energy contributing to solar accessibility?

Pineapple Energy participates in initiatives like the EPA's Solar for All grant competition to expand solar energy access to underserved and low-income communities.

What were Pineapple Energy's financial results for Q1 2024?

For Q1 2024, Pineapple Energy reported $13.2 million in revenue but faced a net loss of $10.1 million attributable to common shareholders.

What is the purpose of Pineapple Energy's reverse stock split?

The reverse stock split is intended to increase the market price per share of the company’s common stock to regain compliance with Nasdaq listing requirements.

Who is the current CEO of Pineapple Energy?

Scott Maskin, founder of SUNation Energy, is serving as the Interim CEO of Pineapple Energy following the resignation of Kyle Udseth.

Does Pineapple Energy offer battery storage solutions?

Yes, Pineapple Energy offers battery storage solutions in select markets to provide backup power and enhance energy security.

What is Pineapple Energy's vision?

Pineapple Energy aims to power the energy transition through grassroots growth of solar electricity paired with battery storage, focusing on sustainable and cost-effective energy solutions.

How can shareholders vote or change their vote regarding the company's proposals?

Shareholders of record as of February 13, 2024, can vote or change their vote using instructions provided in proxy materials received via email or mail around March 6, 2024.

Pineapple Energy Inc.

Nasdaq:PEGY

PEGY Rankings

PEGY Stock Data

11.35M
62.90M
5.99%
1.21%
0.7%
Telephone Apparatus Manufacturing
Manufacturing
Link
United States of America
MINNETONKA