Pineapple Energy Inc

For the period ended Jun 30, 2024. Filed Aug 19, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 19, 2024

SUNE$2.13+4.9%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Operations and Comprehensive Loss

PINEAPPLE ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
	Three Months Ended June 30		Six Months Ended June 30
	2024	2023	2024	2023
Sales	$13,549,420	$19,836,291	$26,768,617	$41,901,716
Cost of sales	8,757,066	12,699,357	17,170,815	26,758,466
Gross profit	4,792,354	7,136,934	9,597,802	15,143,250
Operating expenses:
Selling, general and administrative expenses	6,558,923	7,230,555	13,187,950	15,292,678
Amortization expense	709,375	1,216,699	1,418,750	2,483,397
Transaction costs	—	—	—	2,020
Fair value remeasurement of SUNation earnout consideration	(450,000)	105,000	(800,000)	930,000
Total operating expenses	6,818,298	8,552,254	13,806,700	18,708,095
Operating loss	(2,025,944)	(1,415,320)	(4,208,898)	(3,564,845)
Other (expense) income:
Investment and other income	27,325	35,756	73,166	55,289
Gain on sale of assets	—	—	6,118	244,271
Fair value remeasurement of warrant liability	(3,267,571)	—	461,022	—
Fair value remeasurement of embedded derivative liability	(1,055,600)	—	(1,055,600)	—
Fair value remeasurement of contingent value rights	116,775	1,642,195	492,860	1,392,195
Interest and other expense	(735,633)	(599,335)	(1,500,503)	(1,057,553)
Other (expense) income, net	(4,914,704)	1,078,616	(1,522,937)	634,202
Net loss before income taxes	(6,940,648)	(336,704)	(5,731,835)	(2,930,643)
Income tax (benefit) expense	(6,633)	(2,894)	(471)	2,838
Net loss from continuing operations	(6,934,015)	(333,810)	(5,731,364)	(2,933,481)
Net loss from discontinued operations, net of tax	—	(1,216,934)	—	(1,172,252)
Net loss	(6,934,015)	(1,550,744)	(5,731,364)	(4,105,733)
Other comprehensive income (loss), net of tax:
Unrealized gain on available-for-sale securities	—	20,125	—	44,530
Total other comprehensive income	—	20,125	—	44,530
Comprehensive loss	$(6,934,015)	$(1,530,619)	$(5,731,364)	$(4,061,203)
Less: Deemed dividend on extinguishment of Convertible Preferred Stock	—	—	(10,571,514)	—
Less: Deemed dividend on modification of PIPE Warrants	—	—	(751,125)	—
Net loss attributable to common shareholders	$(6,934,015)	$(1,550,744)	$(17,054,003)	$(4,105,733)
Basic net loss per share(1):
Continuing operations	$(1.11)	$(0.50)	$(3.83)	$(4.43)
Discontinued operations	—	(1.83)	—	(1.77)
	$(1.11)	$(2.34)	$(3.83)	$(6.20)
Diluted net loss per share(1):
Continuing operations	$(1.11)	$(0.50)	(3.83)	(4.43)
Discontinued operations	—	(1.83)	—	(1.77)
	$(1.11)	$(2.34)	$(3.83)	$(6.20)

(1) Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-15 that became effective June 12, 2024. See Note 1, "Nature of Operations," for further details.
Weighted Average Basic Shares Outstanding(1)	6,269,514	663,256	4,448,431	662,288
Weighted Average Dilutive Shares Outstanding(1)	6,269,514	663,256	4,448,431	662,288
The accompanying notes are an integral part of the condensed consolidated financial statements.

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