Pineapple Financial (PAPL) Q1 2026 earnings summary

Executive summary

• Transitioned from infrastructure build-out to execution-focused operating phase, emphasizing operating discipline, earnings quality, and capital efficiency.

• Core mortgage platform reaffirmed as foundation, with initiatives to improve agent productivity, utilization, and unit economics.

• Launched mortgage tokenization platform, converting mortgage records into digital assets on the INJ blockchain.

Financial highlights

• Q1 2026 gross billings were $4.1 million, down from $4.4 million in Q1 2025.

• Q1 2026 revenue was $0.7 million, compared to $0.8 million in Q1 2025.

• Total expenses rose to $7.3 million in Q1 2026, including a $6.1 million non-cash change in DAT fair value.

• Loss from operations was $6.6 million, compared to $0.7 million in Q1 2025.

• Net cash used in operations improved to $0.5 million from $0.7 million in Q1 2025.

Outlook and guidance

• FY 2026 gross billings expected between $17.5 million and $20.8 million; revenue between $7.9 million and $9.5 million.

• For the twelve months ending December 2026, gross billings and revenue projected to exceed $25.6 million and $12.5 million, respectively.

• Management expects positive income from operating activities in FY 2026, driven by improved unit economics and cost management.

• Anticipates agent network expansion to 700–1000 agents in FY 2026, with higher productivity and retention.