Pineapple Financial (PAPL)
XASE:PAPL
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Pineapple Financial
(NYSE MKT:PAPL)
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Rating:49Neutral
Price Target:
$1.50
▼(-6.25% Downside)
Action:ReiteratedDate:04/28/26
The score is driven primarily by weak financial performance (sharp revenue decline, large losses, and negative cash flow) despite an improved balance sheet. Technicals show a short-term rebound but with overbought risk and a longer-term downtrend, while valuation remains constrained by loss-making results; corporate events provide a moderate positive offset via the expanded buyback authorization.
Positive Factors
Strengthened balance sheet and very low leverage
The dramatic reduction in leverage to debt-to-equity ~0.01 gives Pineapple durable financial flexibility. Low debt reduces insolvency risk, preserves borrowing capacity, and provides time to execute a turnaround or wait out mortgage cycles without immediate refinancing pressure.
Negative Factors
Sharp revenue contraction
A 54% TTM revenue decline is a material loss of scale for a mortgage-originations business. Lower volumes cut commission-driven revenue, weaken operating leverage, and make it harder to cover fixed costs and fund platform investment, prolonging recovery timelines.
Read all positive and negative factors
Positive Factors
Negative Factors
Strengthened balance sheet and very low leverage
The dramatic reduction in leverage to debt-to-equity ~0.01 gives Pineapple durable financial flexibility. Low debt reduces insolvency risk, preserves borrowing capacity, and provides time to execute a turnaround or wait out mortgage cycles without immediate refinancing pressure.
Read all positive factors
Pineapple Financial (PAPL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$36.00M
Dividend YieldN/A
Average Volume (3M)176.40K
Price to Earnings (P/E)―
Beta (1Y)-1.07
Revenue Growth-7.09%
EPS Growth14.38%
CountryUS
Employees55
SectorFinancial
Sector Strength70
IndustryFinancial - Mortgages
Share Statistics
EPS (TTM)-1.21
Shares Outstanding26,088,652
10 Day Avg. Volume70,466
30 Day Avg. Volume176,398
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)2.95
Price to Sales (P/S)0.90
P/FCF Ratio-1.42
Enterprise Value/Market Cap0.10
Enterprise Value/Revenue0.37
Enterprise Value/Gross Profit3.07
Enterprise Value/Ebitda-0.15
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.31
Revenue Forecast (FY)$4.00M
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 throug...
How the Company Makes Money
Pineapple Financial primarily makes money by facilitating mortgage transactions and earning compensation tied to successful mortgage originations. Key revenue streams typically include (1) brokerage/agent commissions earned when a mortgage is arra...
Pineapple Financial Earnings Call Summary
Earnings Call Date:Apr 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jul 20, 2026
Earnings Call Sentiment Positive
The call emphasized a successful operational reset with meaningful cost savings, a stronger balance sheet, positive adjusted operating metrics and a new recurring staking revenue stream; these concrete execution wins and clear near-term targets outweigh the headline GAAP loss driven by large noncash digital asset revaluations and one-time financing charges. Management articulated disciplined governance for the digital asset treasury, a buyback program reflecting confidence in intrinsic value, and a path to breakeven, while acknowledging modest top-line growth and macro constraints. Overall, the tone is execution-focused and constructive, balancing early-stage commercialization risks in data/tokenization and crypto volatility against tangible improvements in cash flow, liquidity and operating leverage.Positive Updates
Mortgage Originations and Scale
Q2 2026 mortgage volume of $367.2M and 6-month aggregated volume of $829.3M (up from $811.5M year-over-year, +2.2%), implying an annual run rate near $1.6B–$1.7B and supporting a national footprint across Canada.
Negative Updates
GAAP Net Loss Driven by Digital Asset Mark-to-Market
Reported GAAP net loss of roughly $19M for the quarter, primarily driven by an almost $17M unrealized noncash mark-to-market adjustment on digital assets, which materially depresses reported earnings despite positive operating trends when normalized.
Read all updates
Q2-2026 Updates
Positive
Negative
Mortgage Originations and Scale
Q2 2026 mortgage volume of $367.2M and 6-month aggregated volume of $829.3M (up from $811.5M year-over-year, +2.2%), implying an annual run rate near $1.6B–$1.7B and supporting a national footprint across Canada.
Read all positive updates
Company Guidance
The call reiterated a clear execution-focused guidance: management targets full‑year revenue of about $7.0–$9.5M and expects cash‑flow breakeven by the end of June, supported by Q2 mortgage volume of $367.2M (6‑month volume $829.3M vs $811.5M prior year) implying a ~$1.6–$1.7B annual origination run‑rate (and ~ $2B annual originations across the network); Q2 revenue was $0.7M with subscription revenue >$210k (up from ~$185k), staking income of ~$221,718, positive adjusted operating income of ~$125k and adjusted EBITDA of ~$0.5M (vs a -$600k loss year‑over‑year), despite a GAAP net loss of ~ $19M driven by ~$17M unrealized digital‑asset markdowns and ~$2.8M PIPE financing costs; the balance sheet shows ~$17.9M cash, positive working capital (~$3.1–$3.5M), a digital‑asset treasury carrying ~$22.4M of INJ (with a broader fair‑market view of liquid assets near ~$45M) and an NNAV of ~0.73x; operationally, management has delivered >$1.5M of annualized cost savings with line‑of‑sight to >$2.5M by June 30, cut monthly cash burn >50%, and authorized a $15M buyback program (initial $3M tranche, $1.50/share ceiling) — key metrics to track are adjusted operating income, adjusted EBITDA, subscription revenue, staking income, cost per funded loan and progress on data/tokenization pilots.Pineapple Financial Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
27
Negative
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.58M | 2.99M | 2.69M | 2.50M | 3.60M | 16.12M |
| Gross Profit | 1.15M | 1.34M | 252.20K | 172.14K | 1.24M | 2.87M |
| EBITDA | -23.88M | -2.43M | -3.17M | -2.31M | -2.46M | -180.18K |
| Net Income | -28.32M | -3.64M | -4.10M | -2.81M | -2.81M | -234.68K |
Balance Sheet | ||||||
| Total Assets | 48.87M | 5.42M | 4.10M | 4.63M | 6.43M | 7.58M |
| Cash, Cash Equivalents and Short-Term Investments | 17.90M | 2.12M | 580.36K | 720.37K | 3.90M | 7.01M |
| Total Debt | 19.62M | 1.33M | 977.11K | 1.54M | 1.02M | 263.24K |
| Total Liabilities | 21.77M | 4.51M | 2.75M | 2.84M | 1.80M | 662.56K |
| Stockholders Equity | 27.10M | 906.68K | 1.35M | 1.79M | 4.63M | 6.92M |
Cash Flow | ||||||
| Free Cash Flow | -4.15M | -1.89M | -2.83M | -3.48M | -2.89M | 606.92K |
| Operating Cash Flow | -3.87M | -946.82K | -1.71M | -2.12M | -1.83M | 668.55K |
| Investing Cash Flow | -19.70M | -944.19K | -1.12M | -1.36M | -1.05M | -101.35K |
| Financing Cash Flow | 40.42M | 3.45M | 2.91M | 349.01K | -61.47K | 6.27M |
Pineapple Financial Technical Analysis
Negative
1.60
Price Trends
0.67
Negative
1.34
Negative
2.83
Negative
Market Momentum
-0.03
Negative
39.62
Neutral
23.73
Neutral
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 above the 20-day moving average (MA) of 0.65, above the 50-day MA of 0.67, and below the 200-day MA of 2.83, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 39.62 is Neutral, neither overbought nor oversold. The STOCH value of 23.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PAPL.
Pineapple Financial Risk Analysis
Pineapple Financial disclosed 58 risk factors in its most recent earnings report. Pineapple Financial reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Pineapple Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $250.86M | 3.56 | 8.71% | ― | 3.01% | 28.30% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $765.48M | 5.50 | 16.95% | ― | 40.05% | 35.14% | |
53 Neutral | $74.37M | 17.89 | 3.21% | ― | ― | -13.73% | |
49 Neutral | $36.00M | -0.01 | 1255.72% | ― | -7.09% | 14.38% | |
49 Neutral | $20.23M | -0.19 | -1.25% | ― | ― | ― | |
46 Neutral | $119.59M | -20.98 | -2.01% | 18.74% | -15.78% | -165.08% |
* Financial Sector Average
PAPL
Pineapple Financial
1.35
-2.95
-68.60%
GHI
Greystone Housing Impact Investors
5.18
-5.95
-53.47%
SNFCA
Security National Financial
9.88
0.13
1.31%
CNF
CNFinance Holdings
2.72
-4.87
-64.16%
IOR
Income Opportunity Realty Investors
18.30
0.83
4.72%
VEL
Velocity Financial
19.81
1.94
10.86%
Pineapple Financial Corporate Events
Business Operations and StrategyStock Buyback
Pineapple Financial Expands Share Repurchase Authorization Significantly
Positive
Apr 22, 2026
On April 22, 2026, Pineapple Financial Inc. announced that its board of directors had approved a major expansion of its share repurchase program, increasing the total authorization from US$3 million to up to US$15 million of its outstanding common...
Executive/Board ChangesShareholder Meetings
Pineapple Financial Shareholders Reelect Board, Confirm Auditor
Positive
Mar 18, 2026
At its annual meeting of stockholders held on March 13, 2026, Pineapple Financial Inc. shareholders elected six directors, including Shubha Dasgupta and Kendall Marin, to serve until the 2027 annual meeting or until successors are chosen. Voting r...
Business Operations and StrategyExecutive/Board Changes
Pineapple Financial Formalizes Executive Contracts, Strengthens Governance Framework
Positive
Feb 10, 2026
On February 5, 2026, Pineapple Financial’s board approved new three-year employment agreements for Chief Executive Officer Shubha Dasgupta and President and Chief Operating Officer Kendall Marin, each with an annual base salary of $280,000, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.