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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.
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.
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.
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.
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.
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