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Pineapple Financial Inc. (PAPL+7.46%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $766,074 from $569,355 in the same quarter the previous year. The increase is attributed to the onboarding of high-margin agents and improved software offerings.
The company reported a net loss of $656,894 for the quarter, compared to a loss of $897,757 in the previous year. This reduction in net loss is due to lower operating expenses and increased revenue.
Operating expenses decreased to $417,406 from $560,151, reflecting cost-control measures and optimization of resource allocation.
The company raised $1.00 million through the issuance of shares and pre-funded warrants and secured a short-term loan of $525,000 to support its strategic initiatives.
Cash used in operating activities was $663,597, down from $1,022,782 in the previous year, indicating improved cash management and operational efficiency.
Pineapple Financial's liquidity position remains strong, with $957,090 in cash and equivalents, supported by trade receivables and prepaid expenses.
The filing also details the company's focus on developing proprietary software to enhance mortgage application processing, with $282,298 invested in software development during the quarter.
Pineapple Financial continues to navigate challenges in the mortgage market due to high interest rates and economic uncertainty, but remains focused on long-term growth and operational resilience.
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. quarterly 10-Q report dated January 21, 2025. To report an error, please email earnings@qz.com.