Pineapple Financial (PAPL) AI Stock Analysis

• Market Cap: $17.95M
• Dividend Yield: N/A
• Average Volume (3M): 176.40K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.98
• 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: 0.57
• 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): -0.31
• Revenue Forecast (FY): $4.00M

• Rating: 44 Neutral
• Price Target: $0.66 ▼(-58.75% Downside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is held down primarily by weak financial fundamentals—large losses, negative equity, and continued cash burn. Technicals also remain bearish with the price below key moving averages and a negative MACD. Corporate governance developments are a modest positive, but valuation is not compelling given the company is still unprofitable and offers no dividend.

Positive Factors

Rebound in Revenue and High Gross Margin

A sharp TTM revenue rebound and ~59% gross margin indicate the core mortgage-brokerage economics can be highly profitable at scale. Sustained high gross margins provide structural leverage to operating profitability as origination volumes normalize, supporting durable unit economics if revenue growth persists.

Stronger Governance and Management Continuity

Formalized multi-year executive contracts, board re-elections and auditor ratification reduce leadership turnover risk and improve oversight predictability. Better governance strengthens strategic continuity and investor confidence, aiding longer-term execution and access to capital during restructuring or growth phases.

Asset-light, Commission-based Business Model

An asset-light brokerage model driven by lender and borrower commissions creates scalable revenue with limited balance-sheet financing needs. Structural demand for residential mortgages and diversified fee sources can sustain margins and cash generation as origination volumes recover and agent network expands.

Negative Factors

Negative Stockholders' Equity

A negative equity position (~-$5.5M) materially weakens financial flexibility and elevates perceived leverage despite modest nominal debt. It constrains strategic options, can hinder lender and counterparty confidence, and increases the risk of dilutive capital raises or covenant pressure over the coming months.

Large and Persistent Net Losses

Very large TTM net losses and persistently negative margins indicate operating scale has not been achieved and profitability is distant. Sustained losses erode reserves, complicate reinvestment in growth and product development, and raise structural questions about business model scalability absent durable revenue improvements.

Negative and Inconsistent Cash Generation

Negative operating and free cash flow, combined with inconsistent historical cash generation, create an ongoing funding overhang. Recurring cash burn reduces runway for marketing and agent growth, increases reliance on external financing, and heightens execution risk if origination volumes or commission rates weaken.

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 primarily makes money by earning fees and commissions tied to the successful arrangement and funding of mortgages for its clients. Key revenue streams typically include: (1) lender-paid commissions: compensation paid by banks and other mortgage lenders when Pineapple’s brokers originate a mortgage that closes/funds; (2) borrower-paid fees: in some cases, fees charged directly to borrowers for brokerage/advisory services, depending on the type of mortgage and applicable arrangements; and (3) other mortgage-related service income (if applicable): ancillary revenue associated with supporting mortgage transactions and related client services. Specific details on the exact mix of revenue, commission rates, or named lender/partner relationships are null.

Pineapple Financial Financial Statement Overview

Summary

Despite a sharp TTM revenue rebound and strong gross margin, results are dominated by very large and widening net losses, negative stockholders’ equity, and ongoing negative operating/free cash flow—signaling elevated financial and funding 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: Neutral
• 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 Neutral. The current price of 1.6 is above the 20-day moving average (MA) of 0.68, above the 50-day MA of 0.86, and below the 200-day MA of 2.90, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 42.67 is Neutral, neither overbought nor oversold. The STOCH value of 48.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PAPL.

Pineapple Financial Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SNFCA	68 Neutral	$241.79M	6.93	5.30%	―	3.25%	-37.79%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
VEL	62 Neutral	$688.58M	7.28	17.03%	―	36.73%	27.50%
IOR	53 Neutral	$74.76M	17.89	3.21%	―	―	-30.69%
CNF	49 Neutral	$27.02M	-0.19	-1.25%	―	―	―
GHI	46 Neutral	$130.41M	-6.85	-1.98%	18.74%	-12.56%	-69.72%
PAPL	44 Neutral	$17.95M	-0.17	1255.72%	―	6.26%	50.57%

Pineapple Financial Corporate Events

Pineapple Financial Shareholders Reelect Board, Confirm Auditor

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 results showed solid, though not unanimous, support for all nominees, underscoring continuity in the company’s board leadership.

At the same meeting, shareholders also ratified the appointment of MNP LLP as the company’s independent registered public accounting firm for the fiscal year ending August 31, 2026. The strong majority of votes cast in favor of MNP LLP supports stability in Pineapple Financial’s audit oversight and financial reporting framework for the upcoming fiscal year.

The most recent analyst rating on (PAPL) stock is a Hold with a $0.68 price target. To see the full list of analyst forecasts on Pineapple Financial stock, see the PAPL Stock Forecast page.

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.