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Pineapple Financial
(PAPL)
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Rating:47Neutral
Price Target:
$1.00
▼(-12.28% Downside)
Action:Reiterated
Date:07/23/26
The score is held down primarily by weak financial performance (large losses and negative cash flow) and bearish technical signals. The earnings call adds support due to tangible cost savings and improved adjusted operating metrics with a stated path to breakeven, but valuation remains constrained by ongoing losses and no dividend support.
Positive Factors
Conservative balance sheet & liquidity
Material cash, positive working capital and a sizable digital-asset treasury provide multi‑quarter operational runway and solvency flexibility. This durable liquidity base supports continued cost restructuring, underwriting of originations and deliberate commercialization even if mortgage volumes remain soft.
Negative Factors
Severely deteriorated revenue and deep losses
Persistently collapsing revenue and very large negative margins signal structural profitability problems. Ongoing GAAP losses erode retained capital and limit ability to fund product development or sales expansion without continued reliance on non‑operational asset liquidity or external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet & liquidity
Material cash, positive working capital and a sizable digital-asset treasury provide multi‑quarter operational runway and solvency flexibility. This durable liquidity base supports continued cost restructuring, underwriting of originations and deliberate commercialization even if mortgage volumes remain soft.
Read all positive factors
Pineapple Financial (PAPL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$26.53M
Dividend YieldN/A
Average Volume (3M)176.40K
Price to Earnings (P/E)―
Beta (1Y)-0.81
Revenue Growth-17.27%
EPS Growth21.69%
CountryUS
Employees39
SectorFinancial
Sector Strength70
IndustryFinancial - Mortgages
Share Statistics
EPS (TTM)-39.43
Shares Outstanding25,271,196
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.31
Revenue Forecast (FY)$3.53M
Pineapple Financial Business Overview & Revenue Model
Company Description
Pineapple Financial Inc., headquartered in North York, Canada, is a Canadian enterprise specializing in mortgage technology and brokerage services. The company delivers comprehensive mortgage brokerage solutions alongside advanced technological to...
How the Company Makes Money
Pineapple Financial primarily makes money by earning brokerage revenue tied to arranging residential mortgages between borrowers and lending institutions. This typically includes commissions or fees paid in connection with successful mortgage orig...
Pineapple Financial Earnings Call Summary
Earnings Call Date:Apr 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Dec 10, 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
56
Neutral
Cash Flow
27
Negative
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.45M | 2.99M | 2.69M | 2.50M | 3.60M | 16.12M |
| Gross Profit | -1.31M | 1.34M | 252.20K | 172.14K | 1.24M | 2.87M |
| EBITDA | -26.68M | -2.43M | -3.17M | -2.31M | -2.46M | -180.18K |
| Net Income | -53.01M | -3.64M | -4.10M | -2.81M | -2.81M | -234.68K |
Balance Sheet | ||||||
| Total Assets | 75.85M | 5.42M | 4.10M | 4.63M | 6.43M | 7.58M |
| Cash, Cash Equivalents and Short-Term Investments | 5.09M | 2.12M | 580.36K | 720.37K | 3.90M | 7.01M |
| Total Debt | 22.04M | 1.33M | 977.11K | 1.54M | 1.02M | 263.24K |
| Total Liabilities | 24.23M | 4.51M | 2.75M | 2.84M | 1.80M | 662.56K |
| Stockholders Equity | 51.62M | 906.68K | 1.35M | 1.79M | 4.63M | 6.92M |
Cash Flow | ||||||
| Free Cash Flow | -5.26M | -1.89M | -2.83M | -3.48M | -2.89M | 606.92K |
| Operating Cash Flow | -5.13M | -946.82K | -1.71M | -2.12M | -1.83M | 668.55K |
| Investing Cash Flow | -26.99M | -944.19K | -1.12M | -1.36M | -1.05M | -101.35K |
| Financing Cash Flow | 41.58M | 3.45M | 2.91M | 349.01K | -61.47K | 6.27M |
Pineapple Financial Technical Analysis
Negative
1.14
Price Trends
1.03
Positive
0.99
Positive
1.41
Negative
Market Momentum
0.02
Positive
47.86
Neutral
21.77
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 1.14 is above the 20-day moving average (MA) of 1.10, above the 50-day MA of 1.03, and below the 200-day MA of 1.41, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 47.86 is Neutral, neither overbought nor oversold. The STOCH value of 21.77 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 | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $716.98M | 6.53 | 15.78% | ― | 31.59% | 17.94% | |
62 Neutral | $252.84M | 5.91 | 8.95% | ― | -1.14% | 73.36% | |
59 Neutral | $80.10M | 22.63 | 3.20% | ― | ― | -13.27% | |
56 Neutral | $138.90M | -0.10 | >-0.01% | 16.21% | -23.84% | -348.41% | |
47 Neutral | $26.53M | -0.03 | -286.01% | ― | -17.27% | 21.69% | |
44 Neutral | $15.43M | -0.01 | -12.36% | ― | ― | ― |
* Financial Sector Average
PAPL
Pineapple Financial
1.05
-4.02
-79.29%
GHI
Greystone Housing Impact Investors
5.97
-3.73
-38.43%
SNFCA
Security National Financial
9.28
1.23
15.32%
CNF
CNFinance Holdings
2.25
-3.05
-57.55%
IOR
Income Opportunity Realty Investors
19.70
1.37
7.47%
VEL
Velocity Financial
18.16
-0.67
-3.56%
Pineapple Financial Corporate Events
Business Operations and Strategy
Pineapple Financial formalizes digital asset treasury oversight
Positive
Jun 3, 2026
On May 31, 2026, Pineapple Financial’s board and audit committee approved a Management Services and Advisory Agreement with Innovating Capital Management, LLC to provide asset management, consulting and advisory services to the company and i...
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.