Pineapple Financial (PAPL) AI Stock Analysis

• Market Cap: $3.19M
• Dividend Yield: N/A
• Average Volume (3M): 176.40K
• Price to Earnings (P/E): ―
• Beta (1Y): -1.18
• Revenue Growth: 6.26%
• EPS Growth: 50.57%
• Country: US
• Employees: 55
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Mortgages
• EPS (TTM): -5.05
• Shares Outstanding: 1,345,941
• 10 Day Avg. Volume: 70,466
• 30 Day Avg. Volume: 176,398
• PEG Ratio: >-0.01
• Price to Book (P/B): 2.95
• Price to Sales (P/S): 0.14
• P/FCF Ratio: -2.83
• Enterprise Value/Market Cap: 1.44
• Enterprise Value/Revenue: 0.67
• Enterprise Value/Gross Profit: 2.97
• Enterprise Value/Ebitda: -1.83
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: $2.50 ▲(18.48% Upside)

Pineapple Financial's overall stock score is primarily impacted by its weak financial performance, characterized by significant revenue growth but ongoing profitability and cash flow challenges. The technical analysis indicates a bearish trend, and the valuation is unattractive due to negative earnings and lack of dividends. These factors collectively result in a low overall stock score.

Positive Factors

Revenue Growth

The substantial revenue growth reflects strong demand for Pineapple Financial's services, indicating a successful market position and potential for future expansion.

Leverage Management

Improved leverage management enhances financial stability, reducing risk and providing more flexibility for strategic investments and growth.

Strategic Partnerships

Strategic partnerships like the ISDA agreement enhance risk management capabilities, supporting Pineapple Financial's digital asset strategy and long-term growth.

Negative Factors

Profitability Challenges

Ongoing profitability challenges may hinder Pineapple Financial's ability to reinvest in growth and maintain competitive positioning in the long term.

Cash Flow Issues

Negative cash flows limit operational flexibility and could impact Pineapple Financial's ability to fund strategic initiatives and manage financial obligations.

Equity Financing Concerns

Reliance on equity financing amidst ongoing losses may dilute shareholder value and constrain Pineapple Financial's ability to raise capital efficiently.

Pineapple Financial Business Overview & Revenue Model

Company Description

Pineapple Financial Inc. operates as a mortgage technology and brokerage company in Canada. The company offers mortgage brokerage services and technology solutions to Canadian mortgage agents, brokers, sub-brokers, brokerages, and consumers through data-driven systems together with cloud based tools. The company also operates MyPineapple technology platform, which allows users to conduct their brokerage services. In addition, it offers back office support services, such as digital and automated onboarding and set up, loan packaging and processing, digital document collection and client portal, loan maintenance, payroll, lender communication, reporting requirements for regulators and business management, cloud services, expense collections, document preparation, compliance, training, administration, and marketing. Further, the company provides pre-underwriting support services, including credit review, data validation, fraud analysis and compliance, appraisal ordering and review, and data analytics. Additionally, it offers various insurance products, such as life, accident and disability, critical illness, and credit insurance. Pineapple Financial Inc. was formerly known as 2487269 Ontario Ltd and changed its name to Pineapple Financial Inc. in June 2021. The company was founded in 2016 and is based in North York, Canada.

How the Company Makes Money

Pineapple Financial generates revenue through multiple streams, including management fees from assets under management (AUM), performance-based fees on investment gains, and advisory fees charged for comprehensive financial planning services. Additionally, the company may earn commissions from the sale of financial products such as insurance and investment vehicles. Strategic partnerships with financial institutions and technology platforms enhance its service offerings and client reach, further contributing to its earnings.

Pineapple Financial Financial Statement Overview

Summary

Pineapple Financial is experiencing rapid revenue growth, but profitability and cash flow remain significant challenges. The company has made progress in managing leverage, but ongoing losses and negative cash flows pose risks to financial stability. Strategic improvements in cost management and cash flow generation are essential for future success.

Income Statement

Pineapple Financial has experienced significant revenue growth over the past year, with a remarkable increase of over 500%. However, the company is struggling with profitability, as evidenced by negative net profit margins and EBIT margins. The gross profit margin has also deteriorated, indicating challenges in managing costs relative to revenue.

Balance Sheet

The company's debt-to-equity ratio has improved, indicating better leverage management compared to previous years. However, the return on equity remains negative, reflecting ongoing losses. The equity ratio suggests a moderate level of equity financing, but the overall financial stability is hindered by persistent losses.

Cash Flow

Pineapple Financial's cash flow situation is concerning, with negative operating and free cash flows. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is unfavorable, indicating cash flow challenges. The company needs to improve its cash generation to support operations and growth.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.84M	18.81M	2.69M	2.50M	3.60M	2.98M
Gross Profit	1.55M	2.12M	252.20K	172.14K	1.24M	1.74M
EBITDA	-2.52M	-2.43M	-3.17M	-2.31M	-2.46M	-180.18K
Net Income	-3.63M	-3.64M	-4.10M	-2.81M	-2.81M	-234.68K
Balance Sheet
Total Assets	5.42M	5.42M	4.10M	4.63M	6.43M	7.58M
Cash, Cash Equivalents and Short-Term Investments	2.12M	2.12M	580.36K	720.37K	3.90M	7.01M
Total Debt	1.33M	138.86K	977.11K	1.54M	1.02M	263.24K
Total Liabilities	4.51M	4.51M	2.75M	2.84M	1.80M	662.56K
Stockholders Equity	906.68K	906.68K	1.35M	1.79M	4.63M	6.92M
Cash Flow
Free Cash Flow	-1.76M	-946.82K	-2.83M	-3.48M	-2.89M	606.92K
Operating Cash Flow	-946.82K	-946.82K	-1.71M	-2.12M	-1.83M	668.55K
Investing Cash Flow	-944.19K	-944.19K	-1.12M	-1.36M	-1.05M	-101.35K
Financing Cash Flow	3.45M	3.45M	2.91M	349.01K	-61.47K	6.27M

Pineapple Financial Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.11
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PAPL, the sentiment is Negative. The current price of 2.11 is below the 20-day moving average (MA) of 2.94, below the 50-day MA of 3.49, and below the 200-day MA of 3.86, indicating a bearish trend. The MACD of -0.33 indicates Positive momentum. The RSI at 32.17 is Neutral, neither overbought nor oversold. The STOCH value of 3.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PAPL.

Pineapple Financial Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VEL	68 Neutral	$754.66M	8.13	16.04%	―	36.73%	27.50%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
IOR	64 Neutral	$75.67M	18.23	3.36%	―	―	-30.69%
GHI	63 Neutral	$172.15M	37.95	1.99%	18.74%	-12.56%	-69.72%
SNFCA	61 Neutral	$233.96M	12.51	5.23%	―	3.25%	-37.79%
CNF	56 Neutral	$41.15M	―	―	―	―	―
PAPL	41 Neutral	$3.19M	-0.39	-322.20%	―	6.26%	50.57%

Pineapple Financial Corporate Events

Pineapple Financial Amends Securities Purchase Agreement

On December 3, 2025, Pineapple Financial Inc. and its investors amended their Securities Purchase Agreement to extend the Escrow Deadline and appoint a new board member nominated by the Injective Foundation, forming a Special Advisory Committee to oversee the company’s digital asset treasury strategy. Additionally, on December 5, 2025, a fifth amendment required the company to file a Registration Statement with the SEC by December 15, 2025, to ensure its effectiveness by the Escrow Deadline.

Pineapple Financial Amends Securities Purchase Agreement

On November 7, 2025, Pineapple Financial Inc. and its investors amended their Securities Purchase Agreement and Registration Rights Agreement to ensure the filing and effectiveness of a Registration Statement with the SEC by December 5, 2025. These amendments aim to streamline the registration process for securities resale, impacting the company’s operations and stakeholder interests by aligning with regulatory requirements.

Pineapple Financial Amends Securities Purchase Agreement

On October 31, 2025, Pineapple Financial Inc. held a Special Meeting of Shareholders where two significant proposals were approved. The shareholders voted in favor of issuing 24,642,700 common shares in exchange for Subscription Receipts as per the Securities Purchase Agreement. Additionally, they approved an amendment to remove restrictions on the transfer of common shares, enhancing the company’s flexibility in capital management. Earlier, on November 3, 2025, Pineapple Financial and its investors amended the Securities Purchase Agreement to extend the Escrow Deadline, reflecting ongoing adjustments to their financial strategies.

Pineapple Financial Enters ISDA Agreement with FalconX Bravo

On September 2, 2025, Pineapple Financial Inc. entered into a securities purchase agreement with accredited investors to raise approximately $100 million through a private placement. The funds will support the company’s INJ Treasury Strategy, focusing on digital asset management. On September 30, 2025, Pineapple Financial further solidified its strategy by entering into an ISDA Master Agreement with FalconX Bravo, Inc., enabling derivative and hedging transactions to manage risks associated with its INJ Treasury Strategy. This agreement includes provisions for collateral management and risk mitigation.