Pineapple Financial (PAPL) Registration filing summary

Company overview and business model

• Operates as a Canadian mortgage technology and brokerage firm, offering digital solutions and brokerage services to agents, brokers, and consumers across Canada.

• Revenue streams include lender commissions (95%), platform subscriptions (3%), and pre-underwriting fees (1.3%).

• Proprietary technology platforms (Pineapple Plus, MyPineapple) streamline mortgage origination, compliance, analytics, and insurance integration.

• Recently launched Pineapple Insurance to diversify revenue and provide insurance products to mortgage clients.

• Established a digital asset treasury strategy focused on holding INJ tokens to diversify the balance sheet and generate staking rewards.

Financial performance and metrics

• Fiscal year ended August 31, 2025: $1.599 billion in mortgage originations, up 4.6% year-over-year.

• Net loss for FY2025 was $3.64 million, improved from $4.10 million in FY2024.

• Revenue increased 11.08% to $2.99 million; gross billings rose 7.18% to $17.43 million.

• Operating cash flow improved, with net cash used in operations at $946,820, compared to $1.71 million in the prior year.

• Cash balance at year-end was $2.12 million, up from $0.58 million, but the company remains in a working capital deficit and has a going concern risk.

Use of proceeds and capital allocation

• No proceeds from the IPO will go to the company; all shares are offered by selling shareholders.

• Proceeds from the recent $100 million private placement are allocated to digital asset purchases (primarily INJ tokens), with $2.1 million released for working capital and legacy expenses upon escrow release.

• Additional capital raised through a $15 million revolving credit facility and a $250 million equity line of credit (ELOC) with White Lion Capital.

• Investments in technology, platform development, and insurance subsidiary expansion remain key capital priorities.