Pineapple Financial (PAPL) Q2 2025 earnings summary

Executive summary

• Originated $690.0 million in residential mortgage loans in the six months ended February 28, 2025, up 17.6% year-over-year, reflecting early signs of market recovery despite ongoing macroeconomic challenges.

• Net loss for the period was $1.17 million, an improvement of 24.3% compared to the prior year, driven by higher loan origination and cost management.

• Gross billings increased 15.2% to $9.33 million, while revenue rose 11.8% to $1.51 million for the six-month period.

• The company continues to focus on technology-driven solutions and operational efficiency to support long-term growth.

Financial highlights

• Revenue for the six months ended February 28, 2025, was $1.51 million, up from $1.35 million year-over-year.

• Net loss narrowed to $1.25 million from $1.53 million in the prior year.

• Gross margin remained stable due to improved cost controls and technology investments.

• Cash at period end was $493,607, down from $1.34 million a year earlier, reflecting investments in technology and working capital.

• Operating cash outflow improved to $836,228 from $1.57 million in the prior year.

Outlook and guidance

• Management expects continued gradual recovery in mortgage origination volumes, contingent on macroeconomic stability and interest rate trends.

• Ongoing focus on cost discipline, technology investment, and selective agent onboarding to drive profitability.