Pineapple Financial Inc (PAPL) Q2 2025 Earnings Report

Pineapple Financial Inc (PAPL) reported QQ2 2025 results that show meaningful top-line growth versus the prior-year period but persistent near-term profitability weakness driven by operating expenses and investment in growth initiatives. Revenue for QQ2 2025 stood at 4.56 million USD, up sharply on a year-over-year basis ( YoY revenue growth of approximately 481.6%), yet QoQ revenue declined about 4.1% from the prior quarter. Gross margin remained modest at roughly 7.7%, with EBITDA of negative 0.25 million USD and net income of -0.60 million USD. The company maintained a lean cash balance and posted negative free cash flow, reflecting ongoing investments in platform development, onboarding, and regulatory/compliance capabilities within the Canadian mortgage ecosystem. The balance sheet shows a compressed equity base (retained earnings deeply negative) and a debt load dominated by short-term facilities, contributing to a fragile liquidity profile in the near term. Management commentary is not available in the provided transcript dataset, limiting qualitative insights from the earnings call. Investors should weigh the growth potential of Pineapple’s MyPineapple platform and data-enabled brokerage model against ongoing losses, the burn rate, and the need for sustained capital support.