Pineapple Financial Inc (PAPL) Q1 2026 Earnings Report

Pineapple Financial Inc (PAPL) delivered a volatile QQ1 2026, with revenue of USD 721,727 but a substantial net loss of USD 6.435 million and negative EBITDA of USD 6.073 million. The quarter shows a stark contrast between topline activity and profitability, underscored by aggressive operating expenses and limited disclosed cash metrics. Year-over-year (YoY) revenue declined slightly by 2.0% while quarter-over-quarter (QoQ) revenue collapsed by 84.19%, signaling ongoing execution challenges amid a platform-centric buildout. On the positive side, gross profit equaled revenue (USD 721,727) resulting in a reported gross margin of 100.0% in QQ1 2026, though this should be interpreted with caution given the absence of a disclosed cost of revenue and the outsized operating costs that dominate the cost structure.

The company’s quarterly Gross Profit improved YoY and QoQ in relative terms, but operating losses widened dramatically due to high fixed costs tied to scaling the back-office and technology platform. Interest expense of USD 265,236 and depreciation/amortization of USD 222,800 contributed to the EBITDA deterioration. Net income and EPS remained deeply negative at USD -6.435 million and USD -4.79 respectively, reflecting a burn profile typical of early-stage fintech-enabled mortgage services platforms transitioning from a services-led model to a scalable technology-enabled platform.

Management commentary (where available) consistently points to platform expansion via MyPineapple and enhanced back-office capabilities as the growth engine, with emphasis on data-driven onboarding, processing automation, and regulatory-compliant service delivery. The lack of disclosed cash flow and liquidity metrics in QQ1 2026 creates a need for cautious interpretation of the burn rate and cash runway. Overall, the investment thesis hinges on successful monetization of the platform, improved operating leverage, and sustained growth in mortgage origination activity over the next several quarters.