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Pineapple Energy (PEGY) investor relations material

Pineapple Energy Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary19 Aug, 2025

Executive summary

  • Q2 2025 marked a turning point with gross margin rising to 37%, reduced SG&A, and a stronger balance sheet, despite a 3.6% year-over-year revenue decline to $13.1M and a net loss of $9.6M driven by a $7.5M warrant liability remeasurement loss.

  • Diversification across residential, commercial, service, and roofing segments in New York and Hawaii provided resilience amid sector volatility.

  • Strategic focus is shifting toward partnerships with diversified energy companies, especially those serving AI, crypto, and data center infrastructure.

  • Leadership transition and nearly 100 restructuring actions since May 2024 enhanced efficiencies and reduced costs.

  • Three reverse stock splits between June 2024 and April 2025 reduced shares outstanding to 3.4M as of August 2025.

Financial highlights

  • Q2 2025 sales were $13.1M, down from $13.5M year-over-year; New York sales rose, Hawaii sales declined.

  • Consolidated gross margin increased to 37% from 35.4% year-over-year; SUNation NY gross margin rose to 40.3%.

  • Adjusted EBITDA loss improved to -$1M from -$1.7M year-over-year.

  • Net loss from continued operations was $9.6M, impacted by non-cash warrant remeasurement and financing fees.

  • Six-month revenue fell 4% year-over-year to $25.7M; gross profit was $9.3M, with gross margin stable at 36%.

Outlook and guidance

  • Full-year 2025 sales expected between $65M and $70M, up from $56.9M in 2024.

  • Adjusted EBITDA projected to improve to $0.5M–$0.7M from a loss in 2024.

  • Residential backlog accelerated to $35.6M by July 31, up 31% in one month; commercial backlog at $4.2M, nearly fivefold increase from prior month.

  • Guidance excludes potential impacts from tariffs, global disruptions, and policy changes.

  • Substantial doubt exists about the ability to continue as a going concern due to limited unrestricted cash and ongoing losses.

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Frequently asked questions

Pineapple Energy Inc. specializes in the sale, design, and installation of photovoltaic solar energy systems and battery storage solutions across the United States. The company's operations encompass a wide brand portfolio, including notable names like SUNation, Hawaii Energy Connection, E-Gear, Sungevity, and Horizon Solar Power. Pineapple Energy Inc. not only focuses on direct sales and installations but also develops and manufactures energy management software and hardware. This includes control devices for solar systems paired with batteries, catering primarily to residential homeowners, commercial owners, municipal customers, energy services companies, and utilities.

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