Pineapple Financial (PAPL) AI Stock Analysis

• Market Cap: $1.67M
• Dividend Yield: N/A
• Average Volume (3M): 176.40K
• Price to Earnings (P/E): ―
• Beta (1Y): -1.05
• 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: 2.76
• 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: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $1.00 ▼(-37.50% Downside)

The score is primarily held down by weak financial quality—ongoing losses and negative operating/free cash flow—despite rapid revenue growth. Technicals remain broadly bearish with the price below key longer-term moving averages and a negative MACD, while valuation provides limited support due to a negative P/E and no dividend. A positive corporate governance/strategy event modestly offsets these risks.

Positive Factors

Very strong revenue growth

Sustained, outsized top-line expansion indicates strong customer acquisition and product-market fit in mortgage origination. Over multi-month horizons this growth supports scale advantages, greater lender leverage and potential margin improvement if cost structures are managed.

Scalable fee‑based mortgage brokerage model

A commission/fee model tied to mortgage origination is asset-light and inherently scalable through agent networks. Over months this supports operating leverage and predictable unit economics as originations grow, provided the company sustains agent productivity and lender access.

Formal digital‑asset treasury oversight

Creating a Special Advisory Committee and appointing experienced digital‑asset and governance professionals institutionalizes treasury oversight. This structural governance upgrade can reduce execution and compliance risk around digital reserves over the medium term.

Negative Factors

Negative operating and free cash flow

Persistent negative operating and free cash flow undermines internal funding capacity and forces reliance on external financing. Over several months this limits strategic flexibility, heightens liquidity risk and can constrain investment in agent growth or technology.

Ongoing unprofitable operations and margin deterioration

Despite revenue gains, sustained negative margins and falling gross margin indicate structural cost or pricing issues. Without durable margin recovery over months, profitability remains uncertain and returns on incremental growth may be weak.

Reliance on equity financings and amended agreements

Repeated amendments to financing agreements and large share issuances signal dependence on external capital. Structurally, this raises dilution risk and suggests the company may need further raises within months if cash flow improves slowly, pressuring shareholder value.

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: 1.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 1.6 is below the 20-day moving average (MA) of 1.75, below the 50-day MA of 2.57, and below the 200-day MA of 3.49, indicating a bearish trend. The MACD of -0.41 indicates Negative momentum. The RSI at 34.93 is Neutral, neither overbought nor oversold. The STOCH value of 5.95 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	69 Neutral	$747.27M	8.18	16.04%	―	36.73%	27.50%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SNFCA	64 Neutral	$230.60M	12.57	5.23%	―	3.25%	-37.79%
GHI	63 Neutral	$185.59M	41.60	1.99%	18.74%	-12.56%	-69.72%
IOR	63 Neutral	$75.02M	18.30	3.36%	―	―	-30.69%
CNF	49 Neutral	$35.66M	―	―	―	―	―
PAPL	42 Neutral	$1.67M	-0.23	-322.20%	―	6.26%	50.57%

Pineapple Financial Corporate Events

Pineapple Financial Forms Digital Asset Treasury Advisory Committee

On December 18, 2025, Pineapple Financial Inc. appointed Anthony Georgiades, a general partner at technology-focused investment firm Innovating Capital with extensive experience in digital assets, corporate governance and capital markets strategy, to its board of directors as a nominee of the Injective Foundation. Georgiades will also chair a newly formed Special Advisory Committee, signaling Pineapple Financial’s move to deepen its expertise in crypto and digital asset-related initiatives within its governance structure.

On the same date, the board created the Special Advisory Committee to oversee the company’s digital asset treasury strategy and the implementation of its treasury reserve policy, appointing Georgiades, Drew Green and Paul Baron as members and naming Eric Chen, Mirza Uddin and Cooper Emmons as strategic advisors to the committee. The committee has authority to retain outside legal, financial and compliance advisors, and the new structure is designed to formalize oversight of Pineapple Financial’s digital asset treasury activities, potentially strengthening risk management, strategic planning and stakeholder confidence around its use of digital assets in capital management.

The most recent analyst rating on (PAPL) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Pineapple Financial stock, see the PAPL Stock Forecast page.

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.

The most recent analyst rating on (PAPL) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Pineapple Financial stock, see the PAPL Stock Forecast page.

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.

The most recent analyst rating on (PAPL) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Pineapple Financial stock, see the PAPL Stock Forecast page.

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.

The most recent analyst rating on (PAPL) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Pineapple Financial stock, see the PAPL Stock Forecast page.