Pineapple Financial (PAPL) AI Stock Analysis

• Market Cap: $17.77M
• Dividend Yield: N/A
• Average Volume (3M): 176.40K
• Price to Earnings (P/E): ―
• Beta (1Y): -1.00
• Revenue Growth: 6.26%
• EPS Growth: 50.57%
• Country: US
• Employees: 55
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Mortgages
• EPS (TTM): N/A
• Shares Outstanding: 26,088,652
• 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): 0.90
• P/FCF Ratio: -1.42
• Enterprise Value/Market Cap: 0.04
• Enterprise Value/Revenue: 0.11
• Enterprise Value/Gross Profit: 0.56
• Enterprise Value/Ebitda: -0.09
• 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: 43 Neutral
• Price Target: $0.68 ▼(-57.81% Downside)
• Action: Reiterated Date: 02/11/26
• Date: Action: Reiterated 02/11/26

The score is held down primarily by weak financial fundamentals (large ongoing losses, negative equity, and negative cash flow) and bearish technical signals (below key moving averages with negative MACD). Valuation provides limited support due to a negative P/E and no dividend, while corporate governance-related events are a modest positive but secondary.

Positive Factors

High gross margin & revenue rebound

A 123% TTM revenue rebound combined with a ~59% gross margin indicates the core mortgage-brokerage economics can scale. Strong take-rates imply incremental revenue converts efficiently to gross profit, supporting operating leverage and durability if funded volumes and agent productivity are sustained.

Formalized executive contracts

Formal three-year contracts for the CEO and President and a structured chairman agreement reduce turnover risk and improve predictability. Better-defined leadership tenure and compensation align management with multi-quarter strategy execution and capital planning, aiding longer-term operational continuity.

Digital-asset treasury oversight

Establishing a Special Advisory Committee chaired by a digital-asset expert formalizes governance around crypto treasury activity. This creates a durable framework for risk-managed diversification of reserves, access to specialist advice, and disciplined implementation of a treasury policy over multiple quarters.

Negative Factors

Large net losses & negative equity

Negative equity and a widening multi-quarter net loss materially weaken the capital structure and financial flexibility. This elevates default and funding risk, limits borrowing capacity, and increases the likelihood management must pursue dilutive financings or restrictive covenants that constrain long-term strategy execution.

Negative operating & free cash flow

Consistent negative operating and free cash flow shows the business is consuming cash rather than self-funding growth. Ongoing cash burn requires external capital to sustain operations, raising execution risk, increasing financing costs, and potentially forcing prioritization away from strategic investments until cash generation stabilizes.

Revenue volatility & execution risk

Historical revenue volatility and persistent losses reduce predictability of commission income and complicate scaling plans. Dependence on variable mortgage origination flows and inconsistent execution increases sensitivity to housing market cycles and agent productivity, making sustained profitability uncertain over the medium term.

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

Despite a sharp TTM revenue rebound (+123%) and strong gross margin (~59%), results are dominated by very large and widening losses (TTM net margin ~-320%), negative stockholders’ equity (~-$5.5M), and ongoing negative operating/free cash flow—signaling elevated funding and balance-sheet risk.

Income Statement

TTM (Trailing-Twelve-Months) revenue rebounded sharply ($6.7M; +123% growth), and gross margin is strong (~59%), showing the core brokerage economics can work at scale. However, losses remain very large and widened meaningfully (TTM net loss ~$9.4M; net margin ~-320%), with operating profitability deeply negative. The multi-year pattern shows persistent net losses across all periods, and revenue has been volatile (including a major drop from 2021 levels), which reduces confidence in near-term earnings stability.

Balance Sheet

The balance sheet weakened significantly in TTM (Trailing-Twelve-Months) with stockholders’ equity turning negative (~-$5.5M), which is a major financial risk signal and limits flexibility. While absolute debt is not large (~$1.3M TTM), the negative equity position implies elevated leverage risk in practice. Earlier years showed positive equity and manageable debt levels, but the recent equity deterioration dominates the current credit profile.

Cash Flow

Cash generation has deteriorated: TTM (Trailing-Twelve-Months) operating cash flow is negative (~-$0.8M) and free cash flow is also negative (~-$1.3M), indicating the business is consuming cash rather than funding itself. Importantly, cash flow has been inconsistent over time—positive in 2021 but negative in every subsequent period provided—suggesting execution and/or market sensitivity. A positive note is that cash burn is not extremely large relative to current revenue, but it remains a clear funding overhang.

Breakdown	Nov 2025	Nov 2024	Nov 2023	Aug 2022	Aug 2021
Income Statement
Total Revenue	2.99M	2.69M	2.50M	3.60M	16.12M
Gross Profit	1.34M	252.20K	172.14K	1.24M	2.87M
EBITDA	-2.43M	-3.17M	-2.31M	-2.46M	-180.18K
Net Income	-3.64M	-4.10M	-2.81M	-2.81M	-234.68K
Balance Sheet
Total Assets	5.42M	4.10M	4.63M	6.43M	7.58M
Cash, Cash Equivalents and Short-Term Investments	2.12M	580.36K	720.37K	3.90M	7.01M
Total Debt	1.33M	977.11K	1.54M	1.02M	263.24K
Total Liabilities	4.51M	2.75M	2.84M	1.80M	662.56K
Stockholders Equity	906.68K	1.35M	1.79M	4.63M	6.92M
Cash Flow
Free Cash Flow	-1.89M	-2.83M	-3.48M	-2.89M	606.92K
Operating Cash Flow	-946.82K	-1.71M	-2.12M	-1.83M	668.55K
Investing Cash Flow	-944.19K	-1.12M	-1.36M	-1.05M	-101.35K
Financing Cash Flow	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: 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 0.70, above the 50-day MA of 1.19, and below the 200-day MA of 2.93, indicating a bearish trend. The MACD of -0.15 indicates Negative momentum. The RSI at 36.52 is Neutral, neither overbought nor oversold. The STOCH value of 42.86 is Neutral, 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	72 Outperform	$719.26M	7.72	16.04%	―	36.73%	27.50%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SNFCA	64 Neutral	$239.92M	12.92	5.23%	―	3.25%	-37.79%
IOR	63 Neutral	$74.72M	18.11	3.36%	―	―	-30.69%
GHI	62 Neutral	$178.05M	41.44	1.99%	18.74%	-12.56%	-69.72%
CNF	49 Neutral	$33.26M	―	―	―	―	―
PAPL	43 Neutral	$17.77M	-0.08	-322.20%	―	6.26%	50.57%

Pineapple Financial Corporate Events

Pineapple Financial Formalizes Executive Contracts, Strengthens Governance Framework

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, replacing their prior contracts and allowing for one-year extensions by mutual agreement. On the same date, the board also approved a new chairman agreement for Drew Green that provides a $20,000 monthly board fee and sets his term to continue subject to ongoing shareholder re-election, potential resignation, or a five-year anniversary limit, underscoring a more structured and transparent executive and board compensation framework.

These updated contracts formalize Pineapple Financial’s leadership arrangements, offering clearer terms and tenure for its top executives and chairman while potentially enhancing governance stability. The move may provide greater predictability for stakeholders around management continuity and board oversight, reflecting a tightening of corporate governance practices within the company’s leadership ranks.

The most recent analyst rating on (PAPL) stock is a Hold with a $0.65 price target. To see the full list of analyst forecasts on Pineapple Financial stock, see the PAPL Stock Forecast page.

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.