Pineapple Financial (PAPL) Q3 2025 earnings summary

Executive summary

• Originated $1.18 billion in residential mortgage loans for the nine months ended May 31, 2025, up 9.21% year-over-year, reflecting improved loan volumes despite market headwinds.

• Net loss narrowed to $1.81 million, a 23.76% improvement from the prior year, driven by higher origination and cost management.

• Company faced ongoing macroeconomic uncertainty, including high interest rates and trade policy risks, but saw early signs of market recovery.

• Received NYSE American delisting notice; shares now trade on OTC Markets, with a reverse stock split planned to regain compliance.

Financial highlights

• Gross billings rose 15.23% to $14.23 million for the nine months, with commission expense up 15.92% to $11.97 million.

• Revenue increased 11.78% to $2.26 million; total expenses decreased 3.48% to $4.25 million.

• Net loss for the period was $1.81 million, improved from $2.38 million year-over-year.

• Cash at period end was $1.13 million, up from $0.75 million last year, reflecting improved liquidity.

Outlook and guidance

• Management remains focused on balancing transaction growth with cost discipline and margin protection.

• Company is positioned to capture growth as housing and mortgage markets stabilize, while monitoring macroeconomic risks.