Detailed financial statements for None (PAPL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Pineapple Financial Inc., headquartered in North York, Canada, is a Canadian enterprise specializing in mortgage technology and brokerage services. The company delivers comprehensive mortgage brokerage solutions alongside advanced technological tools. These offerings are designed for a wide array of Canadian mortgage professionals, including agents, brokers, sub-brokers, and entire brokerages, as well as direct consumers.
Analysis Summary
None reported revenue of $3.0M in the most recent fiscal year, growing at a 5-year CAGR of -3.8%.
Balance sheet quality for PAPL: current ratio of 0.8, net cash position of $788292. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $3.6M | $16.1M | $3.6M | $2.5M | $2.7M | $3.0M |
| Cost of Revenue | $2.1M | $13.2M | $2.4M | $2.3M | $2.4M | $1.6M |
| Gross Profit | $1.5M | $2.9M | $1.2M | $172137 | $252204 | $1.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | $3.7M | $3.1M | $3.2M | $2.3M |
| Operating Expenses | $1.3M | $3.1M | $4.0M | $3.0M | $4.1M | $4.3M |
| Operating Income | $229768 | -$233516 | -$2.7M | -$2.8M | -$3.8M | -$2.9M |
| EBITDA | $262658 | -$180175 | -$2.5M | -$2.3M | -$3.2M | -$2.4M |
| Interest Expense | 0 | $26078 | $94202 | $56316 | $93472 | $336115 |
| Pre-tax Income | $214784 | -$261801 | -$2.8M | -$2.8M | -$4.1M | -$3.6M |
| Income Tax | $23946 | -$27119 | 0 | 0 | 0 | 0 |
| Net Income | $190838 | -$234683 | -$2.8M | -$2.8M | -$4.1M | -$3.6M |
| EPS | $0.02 | $-0.03 | $-0.39 | $-0.39 | $-0.57 | $-5.46 |
| EPS (Diluted) | $0.02 | $-0.03 | $-0.39 | $-0.39 | $-0.57 | $-5.46 |
| Shares Outstanding (Diluted) | $7.6M | $7.2M | $7.2M | $7.2M | $7.1M | $665820 |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $730537 | $4.4M | $3.7M | $622502 |
| Gross Profit | $307944 | $276127 | $217162 | -$2.1M |
| Operating Income | -$1.1M | -$6.2M | -$16.6M | -$3.3M |
| EBITDA | -$1.6M | -$5.9M | -$16.1M | -$3.1M |
| Net Income | -$1.8M | -$6.4M | -$19.5M | -$25.3M |
| EPS | $-1.36 | $-4.79 | $-14.50 | $-18.78 |
| EPS (Diluted) | $-1.36 | $-4.79 | $-14.50 | $-18.78 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $288252 | $7.0M | $3.9M | $720365 | $580356 | $2.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $9898 | $66425 | $104197 | $758988 | $155224 | $92223 |
| Inventory | -$1 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $388475 | $7.2M | $4.5M | $1.7M | $893491 | $2.3M |
| Property, Plant & Equipment | $12236 | $316006 | $1.2M | $1.2M | $981284 | $592120 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | $702388 | $1.7M | $2.2M | $2.5M |
| Total Assets | $310385 | $7.6M | $6.4M | $4.6M | $4.1M | $5.4M |
| Accounts Payable | $163644 | 0 | 0 | 0 | $1.1M | $2.1M |
| Short-term Debt | 0 | 0 | 0 | $430098 | 0 | $629120 |
| Total Current Liabilities | $200149 | $449750 | $782137 | $1.2M | $1.4M | $3.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $153612 | $662556 | $1.8M | $2.8M | $2.7M | $4.5M |
| Retained Earnings | $152320 | -$36217 | -$2.8M | -$5.7M | -$9.8M | -$13.4M |
| Total Equity | $156773 | $6.9M | $4.6M | $1.8M | $1.3M | $906679 |
| Total Debt | $13621 | $263238 | $1.0M | $1.5M | $977107 | $1.3M |
| Net Debt | -$274631 | -$6.7M | -$2.9M | $817694 | $396751 | -$788292 |
| Working Capital | $188326 | $6.8M | $3.7M | $523714 | -$505415 | -$682096 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $2.1M | $1.5M | $17.9M | $5.1M |
| Total Assets | $5.4M | $10.6M | $48.9M | $75.9M |
| Total Liabilities | $4.5M | $16.1M | $21.8M | $24.2M |
| Total Equity | $906679 | -$5.5M | $27.1M | $51.6M |
| Total Debt | $1.3M | $1.3M | $19.6M | $22.0M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $141805 | -$234683 | -$2.8M | -$2.8M | -$4.1M | -$3.6M |
| Depreciation & Amortization | $24439 | $55548 | $211756 | $441159 | $838843 | $675055 |
| Stock-based Compensation | 0 | $567938 | $723217 | $33091 | 0 | $235006 |
| Change in Working Capital | -$7532 | $11926 | $8162 | $135223 | $1.1M | $882448 |
| Operating Cash Flow | $159927 | $668555 | -$1.8M | -$2.1M | -$1.7M | -$946820 |
| Capital Expenditure | 0 | -$61638 | -$1.1M | -$1.4M | -$1.1M | -$944187 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $159927 | $606917 | -$2.9M | -$3.5M | -$2.8M | -$1.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$507622 | -$489745 | -$3.3M | -$858612 |
| Capital Expenditure | -$132744 | -$210828 | $1925 | $206959 |
| Free Cash Flow | -$640366 | -$700573 | -$3.3M | -$651653 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | $142000 |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +345.6% | -77.7% | -30.5% | +7.5% | +11.1% |
| Net Income Growth (YoY) | | -223.0% | -1097.4% | +0.0% | -46.1% | +11.3% |
| EPS Growth (YoY) | | -273.9% | -1092.7% | +0.0% | -46.2% | -857.9% |
| Shares Change (YoY) | | -5.0% | +0.0% | +0.0% | -0.5% | -90.7% |
| FCF Growth (YoY) | | +279.5% | -575.8% | -20.4% | +18.8% | +33.1% |
| Gross Margin | 41.9% | 17.8% | 34.5% | 6.9% | 9.4% | 44.9% |
| Operating Margin | 6.4% | -1.4% | -75.4% | -111.2% | -142.2% | -98.7% |
| EBITDA Margin | 7.3% | -1.1% | -68.3% | -92.4% | -117.9% | -81.2% |
| Net Margin | 5.3% | -1.5% | -78.0% | -112.3% | -152.6% | -121.8% |
| FCF Margin | 4.4% | 3.8% | -80.2% | -139.0% | -105.1% | -63.3% |
| Effective Tax Rate | 11.1% | 10.4% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.02 | $0.08 | $-0.40 | $-0.48 | $-0.40 | $-2.84 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $7.6M | $7.2M | $7.2M | $7.2M | $7.1M | $665820 |
Financial Health
| Piotroski F-Score | 5 |
| Altman Z-Score | -4.50 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 2393.62 | -1376.15 | -115.38 | -115.38 | -30.81 | -0.74 |
| P/B | 2169.15 | 46.71 | 69.86 | 180.96 | 93.00 | 2.95 |
| P/S | 94.01 | 20.05 | 89.75 | 129.16 | 46.67 | 0.90 |
| Gross Margin | 41.9% | 17.8% | 34.5% | 6.9% | 9.4% | 44.9% |
| Operating Margin | 6.4% | -1.4% | -75.4% | -111.2% | -142.2% | -98.7% |
| Net Margin | 5.3% | -1.5% | -78.0% | -112.3% | -152.6% | -121.8% |