Pineapple Financial Inc. Announces 59.04 Percent Revenue Growth in Fiscal 2024 Second Quarter Ended February 29, 2024
Pineapple generated
Selling, general and administrative expenses during the three months ended
For the first six months of fiscal 2024, which ended
The company generated
SG&A expenses in the first half of fiscal 2024 were
The company's cash position on
Weighted average common shares outstanding were 6,475,300 on
"We are very gratified by our 2024 second fiscal results," said co-founder and chief executive officer
During the quarter, the company added the CEO, opened offices in metro
"We're seeing terrific results from our internal tech improvements and marketing and expansion activities initiated during fiscal Q2. I believe that, as our industry outlook continues to improve, Pineapple will continue to demonstrate improved top and bottom line performance for the remainder of the fiscal year and beyond."
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
For the three months and six months ended
(Expressed in US Dollars)
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Three months ended |
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Six months ended |
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For the period ended |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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Revenue |
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$ |
784,869 |
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493,491 |
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$ |
1,352,858 |
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1,334,692 |
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Expenses |
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Selling, general and administrative |
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592,202 |
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444,226 |
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1,031,947 |
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1,104,082 |
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Advertising and Marketing |
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150,597 |
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354,680 |
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404,017 |
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469,321 |
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Salaries, wages and benefits |
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541,062 |
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654,683 |
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1,186,316 |
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1,274,549 |
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Interest expense and bank charges |
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28,450 |
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19,164 |
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49,881 |
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39,391 |
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Depreciation |
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160,999 |
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127,642 |
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315,184 |
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210,975 |
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Share-based compensation |
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- |
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(28,892) |
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- |
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33,041 |
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Government Incentive |
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(29,109) |
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(392,919) |
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(80,334) |
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(392,919) |
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Total expenses |
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$ |
1,444,201 |
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1,178,584 |
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$ |
2,907,011 |
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2,738,440 |
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Loss from operations |
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(659,332) |
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(685,093) |
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(1,554,153) |
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(1,403,748) |
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Foreign exchange gain (loss) |
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- |
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10,772 |
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- |
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Gain (loss) on change in fair value of warrant liability |
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1,876 |
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- |
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12,685 |
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- |
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Loss before income taxes |
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$ |
(657,456) |
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(685,093) |
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$ |
(1,530,696) |
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(1,403,748) |
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Income taxes (recovery) expense |
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- |
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Net loss |
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$ |
(657,456) |
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(685,093) |
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$ |
(1,530,696) |
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(1,403,748) |
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Foreign currency translation adjustment |
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1,727 |
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61,846 |
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(10,451) |
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(135,078) |
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Net loss and comprehensive loss |
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$ |
(655,729) |
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(623,247) |
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$ |
(1,541,147) |
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(1,538,826) |
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Loss per share - basic and diluted ($) |
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(0.10) |
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(0.10) |
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(0.24) |
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(0.24) |
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Weighted average number of common shares outstanding - basic and diluted |
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6,475,300 |
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6,306,979 |
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6,475,300 |
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6,306,979 |
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The accompanying notes are an integral part of these condensed interim consolidated financial statements |
Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company's proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the
Follow us on social media:
Instagram: @pineapplemortgage @empoweredbypineapple
Facebook: Pineapple Mortgage
LinkedIn: Pineapple Mortgage
Related Links:
https://gopineapple.com
http://empoweredbypineapple.com
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