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Highlights
• Gross billings rose 15.23% to CAD 14.23 million for the nine months ended May 31, 2025
• Revenue increased 11.78% year-over-year to CAD 2.26 million
• Operating loss narrowed by 16.76% to CAD 1.99 million
• Net cash used in operations dropped to CAD 439,198 from CAD 1.44 million last year
• Cash on hand improved to CAD 1.13 million, up from CAD 580,356 at August 31, 2024
• Board approved 1-for-20 reverse stock split; company continues NYSE American appeal

Pineapple Financial Inc. (OTC Pink: PAPLF), a Canadian mortgage technology and brokerage platform, released its unaudited financial results for the three and nine months ended May 31, 2025. The company reported gains in gross billings and revenue while reducing losses and improving liquidity, citing a deliberate approach to cost control and platform development.

About the company: Pineapple Financial is a mortgage technology and brokerage firm that operates the proprietary PineappleONE platform, which serves over 700 brokers across Canada. The company is currently traded on the OTC Markets and has an open appeal process with NYSE American following a delisting notice.

Gross billings for the nine-month period rose to CAD 14.23 million, up 15.23% from CAD 12.35 million in the prior-year period. Revenue increased 11.78% year-over-year, reaching CAD 2.26 million compared to CAD 1.97 million. Operating expenses declined to CAD 4.25 million, down 3.48% from CAD 4.42 million in 2024. As a result, the company’s operating loss narrowed to CAD 1.99 million, an improvement from CAD 2.45 million in the previous year.

Cash flow from operations also improved materially. Net cash used in operations for the period was CAD 439,198, compared to CAD 1.44 million in the same period last year. Pineapple reported a cash position of CAD 1.13 million as of May 31, 2025, up from CAD 580,356 at the end of fiscal 2024.

Commenting on the results, CEO Shubha Dasgupta stated, “We've built Pineapple with care and clarity, always choosing to do what's right over what's easy. In times like these, it's not about reacting to the noise, but about staying true to our values, supporting our people, and earning the trust of those who believe in us.”

The company’s board approved a 1-for-20 reverse stock split on June 26, 2025, aimed at supporting its NYSE American relisting requirements. Pineapple maintains a CAD 15 million equity line of credit and is continuing its appeal process with the exchange.

“We continue to make careful and intentional decisions to strengthen our foundation,” said Sarfraz Habib, Chief Financial Officer. “From managing expenses to reinforcing liquidity, every choice is made with long-term sustainability in mind.”

Pineapple has continued to upgrade its PineappleONE platform, which features real-time analytics, automation tools, and improved deal submission workflows. The technology improvements are credited with driving customer retention, increased productivity, and scalable growth.

With over CAD 400 billion in Canadian mortgages due for renewal by 2026 (according to CMHC, June 2025), Pineapple views the upcoming cycle as a growth opportunity. The company’s technology-driven model is designed to scale efficiently in a constrained but resilient Canadian housing market, supported by population growth and limited housing supply. As of Q2 2025, Canada’s outstanding residential mortgage credit surpassed CAD 2 trillion (Bank of Canada).