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Pineapple Financial Inc. (PAPL+7.87%) has filed its annual report on Form 10-K for the fiscal year ended August 31, 2024. filing
The filing reports a net loss of $4.1 million for the year, compared to a net loss of $2.8 million in the previous year. The company generated $1.53 billion in residential mortgage loans, marking a 9.33% increase from the previous year.
Revenue for the year was $2.69 million, up from $2.50 million in the prior year. This increase is attributed to enhancements in software offerings and strategic investments in marketing and operational efficiency.
The company reported total expenses of $6.51 million, up from $5.28 million in the previous year. The increase in expenses is primarily driven by higher selling, general, and administrative expenses.
Pineapple Financial's cash balance as of August 31, 2024, was $580,356, down from $720,365 at the end of the previous fiscal year. The decrease in cash is attributed to strategic investments in technology and operations.
The company completed its Initial Public Offering on November 3, 2023, raising net proceeds of $2.75 million. The funds are intended to support strategic initiatives, including software development and operational expansion.
Pineapple Financial operates as a mortgage technology and brokerage company in Canada, providing services and technology solutions to mortgage agents, brokers, and consumers.
The filing outlines several risk factors, including dependency on the real estate market, potential impacts of rising interest rates, and the need for additional capital to support growth and operations.
The company has identified a material weakness in its internal controls over financial reporting, which it plans to address through improved processes and additional personnel.
Pineapple Financial's strategic focus includes expanding its market share, enhancing its technology platform, and diversifying into insurance products through its subsidiary, Pineapple Insurance Inc.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pineapple Financial Inc. annual 10-K report dated December 20, 2024. To report an error, please email earnings@qz.com.