Pineapple Financial Inc (PAPL) Q3 2024 Earnings Report

Pineapple Financial’s QQ3 2024 results show a clear growth trajectory in revenue (+22.1% YoY) driven by its mortgage technology and brokerage platform, with gross margins near 19.5%. However, the quarter remains meaningfully unprofitable at the operating and net levels as the company continues to invest heavily in platform development, back-office capabilities, and customer acquisition. Operating cash flow was positive at USD 105.8 million, but capital expenditure and ongoing opex produced a negative free cash flow of USD 137.1 million. The balance sheet remains liquid with USD 748.8 million in cash and cash equivalents and a net debt position of USD 338.1 million, supporting a cautious but constructive liquidity stance as management pursues scale and monetization of the MyPineapple platform.