Pineapple Energy Inc

For the period ended Sep 30, 2024. Filed Nov 14, 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.

Sep 30, 2024 · Filed Nov 14, 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 September 30		Nine Months Ended September 30
	2024	2023	2024	2023
Sales	$14,718,386	$18,288,697	$41,487,003	$60,190,413
Cost of sales	9,482,661	11,256,239	26,653,476	38,014,705
Gross profit	5,235,725	7,032,458	14,833,527	22,175,708
Operating expenses:
Selling, general and administrative expenses	6,133,087	7,150,110	19,321,037	22,444,808
Amortization expense	709,375	1,216,698	2,128,125	3,700,095
Fair value remeasurement of SUNation earnout consideration	—	230,000	(800,000)	1,160,000
Total operating expenses	6,842,462	8,596,808	20,649,162	27,304,903
Operating loss	(1,606,737)	(1,564,350)	(5,815,635)	(5,129,195)
Other (expense) income:
Investment and other income	25,410	88,163	98,576	143,452
(Loss) gain on sale of assets	(6,940)	192,845	(822)	437,116
Fair value remeasurement of warrant liability	(1,435,845)	—	(974,823)	—
Fair value remeasurement of embedded derivative liability	587,271	—	(468,329)	—
Fair value remeasurement of contingent value rights	(14,051)	(239,922)	478,809	1,152,273
Interest and other expense	(811,551)	(810,023)	(2,312,054)	(1,867,576)
Loss on debt extinguishment	(35,657)	—	(35,657)	—
Other (expense) income, net	(1,691,363)	(768,937)	(3,214,300)	(134,735)
Net loss before income taxes	(3,298,100)	(2,333,287)	(9,029,935)	(5,263,930)
Income tax (benefit) expense	509	(4,234)	38	(1,396)
Net loss from continuing operations	(3,298,609)	(2,329,053)	(9,029,973)	(5,262,534)
Net loss from discontinued operations, net of tax	—	(33,983)	—	(1,206,235)
Net loss	(3,298,609)	(2,363,036)	(9,029,973)	(6,468,769)
Other comprehensive income (loss), net of tax:
Unrealized (loss) gain on available-for-sale securities	—	(34,108)	—	10,422
Total other comprehensive (loss) income	—	(34,108)	—	10,422
Comprehensive loss	$(3,298,609)	$(2,397,144)	$(9,029,973)	$(6,458,347)
Deemed dividend on extinguishment of Convertible Preferred Stock	(3,464,426)	—	(4,215,551)	—
Deemed dividend on modification of PIPE Warrants	(875,737)	—	(11,447,251)	—
Deemed contribution on exchange of equity instruments	4,075,681	—	4,075,681	—
Net loss attributable to common shareholders	$(3,563,091)	$(2,363,036)	$(20,617,094)	$(6,468,769)
Basic net loss per share(1):
Continuing operations	$(11.77)	$(173.81)	$(128.25)	$(395.75)
Discontinued operations	—	(2.54)	—	(90.71)
	$(11.77)	$(176.35)	$(128.25)	$(486.46)
Diluted net loss per share(1):
Continuing operations	$(11.77)	$(173.81)	(128.25)	(395.75)
Discontinued operations	—	(2.54)	—	(90.71)
	$(11.77)	$(176.35)	$(128.25)	$(486.46)

(1) Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-50 that became effective October 17, 2024 and 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)	302,756	13,400	160,751	13,298
Weighted Average Dilutive Shares Outstanding(1)	302,756	13,400	160,751	13,298
The accompanying notes are an integral part of the condensed consolidated financial statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.