P
Pineapple Financial Inc.
PAPLCIK 0001938109NYSENon-AcceleratedSmaller ReportingEmerging GrowthFinance ServicesA1CA
Period
FY 2025
Revenue
$2.99M
Net Income
$-3.64M
Total Assets
$5.42M
Equity
$906.7K
Shares Out
26.09M
Op. Cash Flow
$-946.8K
Business
Pineapple Financial Inc. is a Canadian mortgage technology and brokerage company that provides mortgage brokerage services and proprietary cloud-based systems to mortgage professionals and consumers. It offers a technology platform (MyPineapple/Pineapple+) and Brokerage Services including lead intake, CRM, document collection, compliance, pre-underwriting, back-office processing and funded-deal analytics. Key business segments include Brokerage Services, Technology (platform and integrations), Back-Office/Pre-Underwriting support and an insurance subsidiary (Pineapple Insurance) acting as an MGA. The company operates across multiple Canadian provinces and distributes services via licensed Field Agents, Affiliate Brokers, brokerages, lender partnerships and digital channels.
Summary from filing dated 2025-12-03
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-08-31 | FY 2024 2024-08-31 | FY 2023 2023-08-31 | FY 2022 2022-08-31 | FY 2021 2021-08-31 |
|---|---|---|---|---|---|---|
| Revenue | 3 | 3 | 3 | 4 | — | |
| Selling, general and administrative | 2 | 2 | 2 | 3 | — | |
| Advertising and marketing | 669,482 | 860,047 | 844,796 | — | — | |
| Salaries, wages and benefits | 2 | 2 | 2 | 2 | — | |
| Interest expense and bank charges | 336,115 | 93,472 | 56,316 | — | — | |
| Depreciation and amortization | 862,104 | 838,843 | 441,159 | 255,871 | — | |
| Share-based compensation | 235,006 | — | 33,091 | 723,217 | 567,938 | |
| Government incentive | −70,555 | −97,646 | −591,480 | — | — | |
| Loss on derecognition of right of use of asset | 3,596 | — | — | — | — | |
| Total expenses | 6 | 7 | 5 | 6 | — | |
| Loss from operations | −3 | −4 | −3 | — | — | |
| (Loss) on extinguishment of liability | — | −156,339 | — | — | — | |
| Foreign exchange gain (loss) | 10,133 | −38,836 | — | — | — | |
| Gain on change in fair value of warrant liability | −608,537 | 63,769 | — | — | — | |
| Gain on change in fair value of conversion feature liability | — | 76,543 | — | — | — | |
| Financing cost warrant issuance | −164,280 | — | — | — | — | |
| Accretion expense | — | −223,059 | — | — | — | |
| Other income | 72,112 | — | — | — | — | |
| Net loss | −4 | −4 | −3 | −3 | — | |
| Foreign currency translation adjustment | 100,790 | 9,217 | −64,509 | −205,223 | — | |
| Net loss and comprehensive loss | −4 | −4 | −3 | −3 | — | |
| Net loss per share - basic | −5.31 | −11.46 | −0.45 | −0.45 | — | |
| Net loss per share - diluted | −5.31 | −11.46 | −0.45 | −0.45 | — | |
| Weighted average number of common shares outstanding - basic (Numbers) | 665,820 | 357,297 | 6 | 6 | — | |
| Weighted average number of common shares outstanding - diluted (Numbers) | 665,820 | 357,297 | 6 | 6 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-08-31 | FY 2024 2024-08-31 | FY 2023 2023-10-31 | FY 2023 2023-08-31 | FY 2022 2022-08-31 |
|---|---|---|---|---|---|---|
| Cash | 2 | 580,356 | — | 720,365 | 4 | |
| Trade and other receivables | 92,223 | 155,224 | — | 758,988 | 33,119 | |
| Prepaid expenses and deposits | 110,001 | 157,911 | — | 218,150 | 483,695 | |
| Total current assets | 2 | 893,491 | — | 2 | 4 | |
| Investment | 9,733 | 10,042 | — | 10,013 | 38,211 | |
| Right-of-use asset - net | 530,163 | 828,674 | — | 960,377 | 954,091 | |
| Property and equipment - net | 61,957 | 152,610 | — | 242,091 | 247,665 | |
| Intangible assets - net | 2 | 2 | — | 2 | 702,388 | |
| Total Assets | 5 | 4 | — | 5 | 6 | |
| Accounts payable and accrued liabilities | 2 | 1 | — | 605,319 | 780,113 | |
| Deferred revenue | 108,552 | 111,921 | — | — | — | |
| Loan from directors | 629,120 | — | — | 430,098 | — | |
| Current portion of lease liability | 138,859 | 161,508 | — | 138,372 | 2,024 | |
| Total current liabilities | 3 | 1 | — | 1 | 782,137 | |
| Deferred government incentive | 314,998 | 491,251 | 491,251 | 699,627 | — | |
| Lease liability | 561,100 | 815,599 | — | 969,589 | 1 | |
| Warrant liability | 632,753 | 41,520 | — | — | — | |
| Total liabilities | 5 | 3 | — | 3 | 2 | |
| Common shares , no par value; unlimited authorized; 1,340,941 issued and outstanding shares as of August 31, 2025 and 421,342 as at August 31, 2024. | 12 | 9 | — | 5 | 5 | |
| Common shares to be issued | 88,136 | — | — | — | — | |
| Additional paid-in capital | 3 | 3 | — | 3 | — | |
| Accumulated other comprehensive loss | −509,300 | −408,510 | — | −417,727 | −353,218 | |
| Accumulated deficit | −13 | −10 | — | −6 | −3 | |
| Total stockholders equity | 906,679 | 1 | — | 2 | 5 | |
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | 5 | 4 | — | 5 | 6 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-08-31 | FY 2024 2024-08-31 | FY 2023 2023-08-31 | FY 2022 2022-08-31 |
|---|---|---|---|---|---|
| Depreciation of property and equipment | 82,113 | 87,803 | 67,674 | 42,218 | |
| Amortization of intangible assets | 592,942 | 616,532 | 265,150 | — | |
| Depreciation on right of use asset | 187,048 | 134,508 | 108,335 | 90,049 | |
| Bad debts written off | 48,524 | 7,545 | — | — | |
| Interest expense on lease liability | 51,431 | 62,604 | — | — | |
| Change in fair value of warrant liability | 608,537 | 63,769 | — | — | |
| Accretion expense | — | 223,059 | — | — | |
| Gain (loss) on change in fair value of the conversion feature liability | — | −76,543 | — | — | |
| Derecognition of right of use of assets | — | — | — | — | |
| Unrealized foreign exchange gain (loss) | — | 38,836 | — | — | |
| Trade and other receivables | 14,477 | 596,219 | −26,242 | −32,284 | |
| Prepaid expenses and deposits | 47,910 | 60,239 | 265,545 | −336,360 | |
| Accounts payable and accrued liabilities | 999,683 | 519,943 | −174,795 | 382,294 | |
| Deferred government incentive | −176,253 | −208,376 | — | — | |
| Deferred revenue | −3,369 | 111,921 | — | — | |
| Net cash used in operating activities | −946,820 | −2 | −2 | −2 | |
| Share capital issuance | 2 | 3 | — | — | |
| Loan from directors | 629,120 | — | — | — | |
| Exercise of share warrants | 1 | — | — | — | |
| Warrant liability allocation on share capital issuance | 659,190 | — | — | — | |
| Share issue cost | −487,313 | — | — | — | |
| Proceed from conversion note | — | 300,000 | — | — | |
| Proceed from equity purchase agreement | — | 487,491 | — | — | |
| Proceed from scientific research and development loan | — | 87,369 | 430,098 | — | |
| Repayment of scientific research and development loan | — | −517,467 | — | — | |
| Repayment of lease obligations | −206,185 | −196,703 | −81,090 | — | |
| Net cash provided by financing activity | 3 | 3 | 349,008 | −61,470 | |
| Additions to intangible assets | −944,187 | −1 | −1 | −803,610 | |
| Additions to property and equipment | — | −4,991 | −62,073 | −249,322 | |
| Net cash used in investing activity | −944,187 | −1 | −1 | −1 | |
| Net change in cash | 2 | 86,976 | −3 | −3 | |
| Effect of changes in foreign exchange rates | −23,065 | −226,985 | −47,079 | −165,386 | |
| Interest paid | 218,512 | 35,281 | — | — | |
| Income taxes paid | — | — | — | — |
Filings
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