Pineapple Financial Reports $2.1M Revenue, $1.3M Net Loss Improvement in Latest Filing

Pineapple Financial Inc. reported significant financial developments in its latest 10-Q filing for the nine months ending May 31, 2026. The company generated total revenue of $2.1 million, a decrease of 9.2% from $2.3 million in the same period last year. This decline was primarily attributed to lower mortgage origination activity amid a challenging Canadian housing market, which has been affected by affordability issues and elevated borrowing costs. Despite this, the company saw an increase in subscription revenue, which rose to $625,019 from $559,993, reflecting ongoing engagement with its technology platform.

The company's net loss for the nine-month period was $1.3 million, an improvement from a loss of $1.8 million in the prior year. This positive shift was largely driven by a non-cash fair value gain of $2.8 million on digital assets, alongside $620,849 in staking income generated from its digital asset treasury strategy. The company’s digital asset holdings, primarily consisting of Injective (INJ) tokens, were valued at approximately $49.4 million as of May 31, 2026, marking a significant expansion in this segment since the previous fiscal year.

Pineapple Financial has made strategic moves to enhance its operational framework, including the establishment of a Digital Asset Treasury strategy, which complements its traditional mortgage operations. This new segment focuses on the acquisition, custody, and management of digital assets, and is governed by a Treasury Reserve Policy aimed at optimizing liquidity and risk management. The company has also entered into financing arrangements totaling approximately $21.4 million to support these activities, reflecting a proactive approach to capital allocation.

Operationally, the company reported a total of 25,534,070 common shares outstanding as of May 31, 2026, following a significant increase in share capital through private placements. The company’s employee headcount has been optimized, resulting in a reduction in salaries, wages, and benefits by 39.5% compared to the previous year. This cost management strategy, combined with the diversification of revenue streams, positions Pineapple Financial for improved operational leverage moving forward.

Looking ahead, Pineapple Financial aims to continue leveraging its dual operational focus on mortgage brokerage and digital asset management to enhance revenue stability and growth. The company remains committed to monitoring market conditions and adjusting its strategies accordingly, particularly in light of the ongoing volatility in the digital asset market. Management believes that the combination of its mortgage operations and digital asset treasury activities will provide a more resilient and diversified revenue base in the future.