Pineapple Financial Inc.
For the period ended Nov 30, 2025. Filed Jan 21, 2026.
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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.
Nov 30, 2025 · Filed Jan 21, 2026
PAPL$0.98+3.1%Stored close · as of Oct 23, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-05-31; filed 2025-07-14.
0001641172-25-019521
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-11-30; filed 2026-01-21.
0001493152-26-002942
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 173 previous paragraphs and 145 current paragraphs.
50 unchanged; 17 reworded; 78 added; 104 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (78)
Current report
During fiscal 2025, the Canadian mortgage market continued to adjust to changes in monetary policy following the Bank of Canada’s multi-stage easing cycle that commenced in mid-2024. Through September 2025, the Bank of Canada reduced its benchmark overnight interest rate by an aggregate of approximately 50 basis points. These reductions contributed to improved borrowing conditions and greater rate stability; however, overall mortgage origination volumes remained below pre-2022 levels, reflecting ongoing affordability pressures, constrained housing supply, and continued underwriting discipline among lenders.
Current report
Within this operating environment, mortgage renewal and refinance transactions represented an increasing proportion of total industry activity, while purchase-related originations expanded at a more gradual pace. Notwithstanding these market conditions, Pineapple Financial Inc. maintained stable operations and continued to broaden its presence across key Canadian markets.
Current report
The Company also continued to invest in and enhance its proprietary Pineapple Plus technology platform. During the period, the Company advanced workflow automation capabilities, expanded customer relationship management functionality, and further integrated insurance and ancillary financial-product offerings. These initiatives supported improved operational efficiency, increased productivity per agent, and sustained client engagement despite the relatively subdued housing market. In parallel, continued investment in data-driven marketing initiatives and digital lead-generation tools contributed to the stability of the Company’s fee-based revenue streams.
Current report
In addition to its core mortgage-brokerage operations, the Company has initiated a strategic investment program focused on digital assets. During the quarter, the Company invested approximately $11.8 million in Injective digital assets, reflecting management’s broader treasury and capital-allocation strategy. During the quarter, the Company announced its intention to pursue up to $100 million in aggregate investment in Injective digital assets, subject to market conditions, regulatory considerations, availability of capital, and final execution of related investment arrangements. Management believes this initiative is complementary to the Company’s long-term vision of integrating innovative financial technologies into its broader fintech ecosystem; however, the timing, structure, and ultimate scale of future investments remain subject to change.
Current report
Early indicators in the fourth quarter reflected increased mortgage application volumes and lead-generation activity, primarily driven by renewal and refinance demand. Management believes these trends, together with ongoing platform enhancements and disciplined capital deployment, position the Company to participate in a gradual recovery in mortgage activity as interest-rate conditions stabilize and borrower confidence improves heading into fiscal 2026.
Current report
Results of Operations
Current report
Three Months Ended November 30, 2025 Compared to November 30, 2024
Current report
For the three months ended November 30, 2025, the Company reported a net loss of approximately $6.4 million, compared to a net loss of approximately $0.7 million for the same period in the prior year. The increase in net loss was driven primarily by a non-cash loss related to changes in the fair value of the Company’s Injective digital asset holdings, partially offset by reductions in operating expenses and continued cost-control initiatives.
Current report
Revenue
Current report
Revenue for the three months ended November 30, 2025 was approximately $0.7 million, compared to $0.8 million in the comparable prior-year period, representing a decrease of approximately $44 thousand, or 5.8%. The decline reflects continued softness in mortgage origination activity and changes in revenue mix during the quarter, partially offset by stable subscription and underwriting-related revenue streams.
Current report
Operating Expenses
Current report
Total operating expenses increased to approximately $7.3 million for the three months ended November 30, 2025, compared to approximately $1.5 million in the same period of the prior year. This increase was primarily attributable to a $6.1 million non-cash loss recognized from changes in the fair value of Injective digital assets during the quarter. Excluding this fair value adjustment, operating expenses declined year over year, reflecting management’s continued focus on cost discipline and operational efficiency.
Current report
Selling, general and administrative expenses decreased by approximately 5.4%, primarily due to lower professional fees and general overhead. Advertising and marketing expenses declined by approximately 54%, reflecting reduced discretionary spending and a greater emphasis on data-driven and digital marketing initiatives. Salaries, wages, and benefits decreased by approximately 63%, primarily as a result of workforce optimization measures implemented in prior periods.
Current report
These reductions were partially offset by an increase in interest expense and bank charges of approximately 52%, reflecting higher borrowings and financing activity during the quarter, as well as a modest increase in depreciation expense associated with technology and platform investments.
Current report
Operating Expenses and Fair Value Adjustments
Current report
During the three months ended November 30, 2025, operating expenses included a $6.1 million non-cash loss resulting from changes in the fair value of the Company’s Injective digital asset holdings, which is presented within operating expenses in the consolidated statements of operations. This loss reflects market-driven valuation movements of the digital assets during the period and does not relate to the Company’s core mortgage brokerage or technology operations.
Current report
In addition, the Company recognized gains related to changes in the fair value of warrant liabilities and foreign exchange movements, which are presented outside of operating income and partially offset the loss for the period.
Current report
Operating Loss and Net Loss
Current report
As a result of the foregoing, the Company reported a loss from operations of approximately $6.5 million for the three months ended November 30, 2025, compared to a loss from operations of approximately $0.7 million in the comparable prior-year period. Management believes that, excluding the impact of non-cash fair value adjustments related to digital assets, the underlying operating performance of the Company during the quarter benefited from cost reductions, improved operational efficiency, and continued stabilization of core mortgage-related activities.
Current report
Our sources of revenue include commissions from lenders, underwriting revenue, membership fees from mortgage agents, and other income.
Current report
Gross Billing:
Current report
The Company earns revenue from its mortgage brokerage operations based on commissions received from financial institutions with whom it has contractual arrangements. Gross billing represents the total commission earned from lending institutions on funded mortgage transactions. As the Company engages licensed mortgage agents and brokers who are responsible for originating and closing mortgage transactions, a significant portion of the gross billing is paid out as commissions and referral fees to those agents. Accordingly, the Company presents revenue on a net basis, calculated as gross billing less commissions and payouts to mortgage agents, as the Company acts as an agent in these arrangements.
Current report
Under ASC 606, Revenue from Contracts with Customers, the Company evaluates each contract to identify performance obligations, determine the transaction price, allocate the transaction price to the performance obligations, and recognize revenue when control of the promised service is transferred to the customer.
Current report
For each mortgage transaction, revenue is recognized when:
Current report
The Company’s performance obligation is satisfied at a point in time, when the mortgage is funded and all platform-related services for that transaction have been completed. Revenue is measured as the net amount retained by the Company after remitting the applicable commission and referral fees to mortgage agents and sub-brokers.
Current report
This net revenue reflects the Company’s role as an intermediary providing technology infrastructure, compliance oversight, and workflow support, rather than acting as the primary obligor in the mortgage funding transaction.
Current report
Insurance commission Revenue:
Current report
The Company earns insurance commission revenue through Pineapple Insurance, which acts as a broker for third-party insurance carriers. When customers purchase insurance policies through our platform, the Company receives commissions from the insurance providers based on premiums written. The Company acts as a principal in these transactions because it is responsible for sourcing customers, facilitating the placement of insurance products, and managing the full service process. Commission revenue is recognized at the point in time when the underlying insurance policy becomes effective and our performance obligations are satisfied. Insurance commission revenue is presented net of referral fees, agent commissions, and other consideration payable to mortgage agents or third-party partners, as these amounts represent direct transaction-related costs. Renewal commissions are recognized only when they become fixed and determinable based on confirmation from the insurance carriers.
Current report
Revenue
Current report
For the three months ended November 30, 2025, the Company generated gross billings of approximately $4.1 million, compared to $4.4 million for the same period in the prior year. The modest decrease reflects changes in product mix and commission structures during the quarter, partially offset by higher residential mortgage origination volumes.
Current report
Mortgage origination volume increased to approximately $457.1 million for the three months ended November 30, 2025, compared to $424.1 million in the comparable prior-year period, representing an increase of approximately 7.8%. This growth was primarily driven by higher renewal and refinance activity and improved agent productivity. During the quarter, mortgage market conditions continued to benefit from the Bank of Canada’s prior interest-rate reductions, which supported borrowing activity, although overall housing market conditions remained below pre-2022 levels.
Current report
Net sales revenue for the three months ended November 30, 2025 was approximately $0.36 million, compared to $0.41 million in the same period of the prior year. The decrease was primarily attributable to lower gross billings during the quarter, partially offset by increased mortgage volumes.
Current report
Subscription revenue increased to approximately $0.21 million for the three months ended November 30, 2025, compared to $0.18 million in the comparable prior-year period. The increase reflects continued adoption and usage of the Company’s Pineapple Plus technology platform by its agent network. Underwriting and other ancillary revenue remained relatively consistent year over year.
Current report
Cost of Gross Billings
Current report
Cost of gross billings, which consists primarily of commission expense, totaled approximately $3.7 million for the three months ended November 30, 2025, compared to $3.99 for the same period in the prior year. The decrease in commission expense was generally consistent with the decline in gross billings and reflects ongoing optimization of commission arrangements and agent mix.
Current report
The Company continues to focus on balancing transaction volume growth with disciplined commission management. Initiatives implemented during the quarter, including enhanced workflow automation, centralized underwriting processes, and agent-performance analytics, are intended to support operating efficiency and improve margin performance over time while maintaining competitive agent compensation structures.
Current report
Selling, general and administrative (“SG&A”) expenses for the three months ended November 30, 2025 were $394,851, compared to $417,406 for the same period in the prior year, representing a decrease of $22,555, or approximately 5.4%. The decrease reflects the Company’s continued focus on cost discipline and operating efficiency, partially offset by higher professional and compliance-related expenditures during the quarter.
Current report
Software subscription expenses decreased to $115,980 for the three months ended November 30, 2025, compared to $219,908 in the comparable prior-year period, representing a decrease of $103,928, or approximately 47.3%. The reduction primarily reflects continued optimization of the Company’s technology stack, including the consolidation of third-party software tools and increased reliance on internally developed functionality within the Pineapple Plus platform.
Current report
Office and general expenses totaled $36,178 for the three months ended November 30, 2025, compared to $45,571 in the same period of the prior year, representing a decrease of $9,392, or approximately 20.6%. The decrease reflects lower administrative overhead and continued cost-containment measures across general office operations.
Current report
Professional fees increased to $60,465 for the three months ended November 30, 2025, compared to $29,275 in the comparable prior-year period, representing an increase of $31,190, or approximately 106.5%. The increase was primarily attributable to higher legal, accounting, and advisory costs incurred during the quarter in connection with regulatory compliance, reporting requirements, and transaction-related activities.
Showing the first 40 of 78 passages. Open the source sections for the rest.
Removed paragraphs (104)
Previous report
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations
Previous report
During 2022 and 2023, the Bank of Canada implemented multiple increases to the prime rate in response to heightened inflationary pressures, resulting in a significant rise in mortgage interest rates. In mid-2024, the Bank of Canada began easing monetary policy, reducing the policy rate by 1.75% in an effort to stabilize the economy and improve housing affordability. While this policy shift has helped improve consumer sentiment, elevated interest rates, coupled with renewed economic uncertainty, including emerging U.S. tariff threats, continue to weigh heavily on the Canadian economy.
Previous report
These external pressures have heightened market volatility, slowed cross-border investment activity, and increased caution among Canadian businesses and consumers. As a result, Pineapple Financial Inc. has continued to experience suppressed mortgage origination volumes, with overall real estate and lending activity remaining below pre-2022 levels. Although early signs of recovery are evident, future growth remains dependent on macroeconomic stability, interest rate trends, and the resolution of international trade uncertainties.
Previous report
Summary of the Nine months Ended May 31, 2025
Previous report
Financial and Operational Highlights
Previous report
During the nine-month period ended May 31, 2025, we originated $1,183.62 million in residential mortgage loans, representing an increase of $99.85 million or 9.21% compared to the $1,083.77 million originated during the same period in the prior year.
Previous report
Our net loss for the period was $1.814 million, reflecting an improvement of $0.0.565 million, or 23.76%, compared to a net loss of $2.379 million in the nine months ended May 31, 2024. The improvement in net results is primarily attributable to higher loan origination volumes and ongoing cost management initiatives.
Previous report
The Company’s functional currency is the Canadian dollar (CAD), while its reporting currency is the U.S. dollar (USD). During the reporting period, the CAD depreciated by an average of 2.64% compared to the average CAD/USD exchange rate during the same period in the prior year, which had a modest impact on the translation of financial results.
Previous report
Key Performance Indicators
Previous report
As part of our business operations, we closely track several key performance indicators (KPIs) that help us measure our performance. For example, we can evaluate our ability to generate revenue by monitoring our loan production KPIs and comparing our performance to that of the mortgage origination market. Additionally, we use KPIs related to our technology setup and underwriting processes to assess our performance further.
Previous report
Gross Billing Revenue:
Previous report
Gross billing revenue refers to commissions collected from financial institutions with which the Company has contracts. The Company’s gross billing is based on a percentage of the mortgage amount funded between individuals referred by the Company and the financial institutions providing the mortgage. We serve as an agent in these transactions by offering a platform for other parties to deliver services to the end-user. For each contract with a customer, the Company identifies the contract, recognizes the performance obligations, determines the transaction price for each distinct performance obligation based on the relative stand-alone selling price of the goods or services to be delivered, and acknowledges revenue when each performance obligation is fulfilled in a manner that reflects the transfer of goods or services promised to the customer. The Company recognizes revenue when: there is a contract with a lender party and agent broker, the contract specifies the use of the platform service to finalize a mortgage deal, the mortgage deal is completed with the lending financial institution, and commissions are paid by the lending institution based on various criteria of the mortgage deal, including but not limited to interest rates available at that time, term, seasonality, collateral, income, purpose, and so forth. Revenue is measured at the fair value of the consideration received or receivable, representing amounts due for services provided in the normal course of business. Revenue is recognized at the end of the transaction upon the completion of all the actions listed above. A typical transaction incurs a commission fee payable to Pineapple Financial Inc.
Previous report
Revenue and Cost Analysis
Previous report
For the nine-month period ended May 31, 2025, gross billings increased to $14.23 million, compared to $13.42 million for the same period last year, representing an increase of 15.23%. This reflects the Company’s continued resilience in its core mortgage and brokerage operations despite macroeconomic headwinds. While interest rate adjustments by the Bank of Canada have supported early signs of housing market recovery, transaction volumes remain below pre-pandemic levels.
Previous report
Commission expense, which primarily includes payments to mortgage agents, rose proportionately to $11.97 million, compared to $11.45 million in the same period last year, an increase of 15.92%. This increase is aligned with higher gross billings and demonstrates the Company’s strategy of leveraging experienced, high-volume agents to maintain transaction throughput.
Previous report
Revenue for the period increased to $2.26 million, up from $1.97 million for the prior-year period, reflecting an increase of 11.78%. This improvement is attributable to a continued focus on optimizing profitability by carefully managing agent mix and strategically reallocating resources toward more profitable channels.
Previous report
Margin Improvements and Operational Efficiency
Previous report
Total expenses for the nine months decreased by 3.48% year-over-year, driven primarily by a reduction in salaries, wages, and benefits, which declined by 30.14% compared to the prior period. This reduction reflects ongoing cost containment initiatives and efficiency measures. Increases in depreciation and interest expenses were partially offset by these savings.
Previous report
Other Items and Comprehensive Loss
Previous report
Quarterly Performance
Previous report
For the three-month period ended May 31, 2025, gross billings increased to $4.91 million, compared to $4.45 million for the same quarter in the prior year, an increase of 10.23%. This steady performance highlights the Company’s ongoing ability to maintain transaction flow despite seasonal variations and a gradually stabilizing market.
Previous report
Commission expense rose by 11.98% to $4.16 million, in line with the increase in gross billings, as the Company continues to rely on high-volume agents to drive top-line growth. Revenue for the quarter increased slightly to $746,903 from $736,448 in the prior-year quarter, an increase of 1.42%.
Previous report
Total expenses for the quarter decreased by 11.59% to $1.44 million, primarily due to lower salary and benefit costs and continued operational efficiencies. The Company also recognized a gain of $309,516 on the change in the fair value of its warrant liability, compared to $29,479 in the same quarter last year, further supporting an improvement in net loss before taxes to $(557,736) from $(848,605) for the prior-year quarter, an improvement of 34.28%.
Previous report
Outlook
Previous report
Management remains focused on balancing transaction volume growth with disciplined cost management to protect margins and shareholder value. The Company will continue to monitor macroeconomic developments closely and is positioned to capture growth opportunities as the housing and mortgage markets stabilize, while maintaining operational efficiencies and strengthening its financial position.
Previous report
Selling, General, and Administrative Expenses
Previous report
Software subscription expenses decreased by $38,837 (5.85%), from $663,424 to $624,587. The reduction is primarily due to the discontinuation of Salesforce subscriptions effective April 1, 2025, following the successful implementation of the Company’s internally developed system, which is expected to improve cost efficiency and data control.
Previous report
Office and general expenses decreased modestly by $2,349 (2.00%) year-over-year, reflecting tight cost discipline across day-to-day administrative expenditures.
Previous report
Professional fees decreased by $49,172 (31.21%), from $157,531 to $108,359. This reduction is due to decreased reliance on external legal and advisory services after the Company streamlined its compliance and reporting workflows following its public listing.
Previous report
Dues and Subscriptions
Previous report
Dues and subscriptions increased significantly by $217,323 (147.87%) to $364,287 from $146,964 in the prior period. This increase is attributable to the Company’s expanded engagement with industry groups, data services, and technology associations to strengthen market insights and maintain competitive positioning in a dynamic regulatory environment.
Previous report
Rent expense decreased by $15,460 (9.93%) to $140,168 from $155,628, reflecting the renegotiation of lease terms and more efficient space utilization aligned with hybrid work arrangements.
Previous report
Consulting fees remained broadly flat at $45,483, compared to $45,167 in the same period last year, reflecting consistent use of specialized external expertise for targeted strategic initiatives.
Previous report
Travel expenses decreased significantly by $112,473 (81.54%), from $137,940 to $25,467. The decrease reflects continued restrictions on discretionary travel and the increased use of virtual collaboration tools across operations and stakeholder engagement.
Previous report
Donations
Previous report
Donations decreased by $6,617 (89.35%), from $7,406 to $789, in line with management’s decision to prioritize cost containment and focus resources on core business operations.
Previous report
Lease Expense
Previous report
Lease expense decreased materially by $54,439 (99.08%) to $507 from $54,946, primarily due to the termination of non-core leased assets and a shift toward more cost-effective operating arrangements.
Previous report
Insurance expenses increased by $38,586 (64.65%) to $98,267, compared to $59,681 in the prior year. The increase primarily reflects higher costs for enhanced coverage under the Company’s director and officer (D&O) insurance program and expanded liability protection requirements as a public company.
Previous report
Selling, General, and Administrative Expenses
Showing the first 40 of 104 passages. Open the source sections for the rest.
Reworded paragraphs (17)
Previous wording
Please read the following management’s discussion and analysis of our financial condition and results of operations, along with our condensed interim consolidated financial statements and the related notes and other information included in this Quarter Report on Form 10-Q. It is important to note that this discussion and analysis contain forward-looking statements with certain risks and uncertainties. These risks and uncertainties could cause our results to differ materially from anticipated in these forward-looking statements. You can find more information about these risks and uncertainties under the heading “Special Note Regarding Forward-Looking Statements” in Part I and elsewhere in this Form 10- Q.
Current wording
Please read the following management’s discussion and analysis of our financial condition and results of operations, along with our consolidated financial statements and the related notes and other information included in this Annual Report on Form 10-Q. It is important to note that this discussion and analysis contain forward-looking statements with certain risks and uncertainties. These risks and uncertainties could cause our results to differ materially from anticipated in these forward-looking statements. You can find more information about these risks and uncertainties under the heading “Special Note Regarding Forward-Looking Statements” in Part I and elsewhere in this Form 10- Q.
Previous wording
In this section, we provide an analysis of the Company’s financial condition, cash flows, and results of operations from management’s perspective. We recommend you read this with the condensed interim consolidated financial statements and notes in Part II, Item 8 of this Annual Report on Form 10Q.
Current wording
In this section, we provide an analysis of the Company’s financial condition, cash flows, and results of operations from management’s perspective. We recommend you read this with the consolidated financial statements and notes in Part II, Item 8 of this Annual Report on Form 10Q.
Previous wording
We are a fintech company based in Ontario, Canada. Our tech-driven businesses focus on mortgages and insurance. Our goal is to provide clients with an industry-leading experience through our trusted digital solutions, which are simple and fast.
Current wording
We are a fintech company based in Ontario, Canada. Our tech-driven businesses are focused on mortgages and insurance. Our goal is to provide clients with an industry-leading experience through our trusted digital solutions that are simple and fast.
Previous wording
Users can access and use our technology platform, MyPineapple, for a flat monthly service fee of $107. In exchange for this fee, MyPineapple users gain access to a network management system that enables them to perform back-office procedures more efficiently and effectively. This platform allows them to process the previously mentioned deal, prepare it, and complete the package for submission to the financial institution for funding. We have a robust user base that has experienced significant growth since our inception. Revenue is recognized at the beginning of the month when users are invoiced and pay the fee.
Current wording
Users access and use our technology platform, Pineapple Plus, for a flat monthly service fee of $145.00 In exchange for this fee, users of Pineapple Plus have access to a network management system that allows them to perform back- office procedures more efficiently and effectively. This platform will enable them to process the deal described above prepare, and complete the package for submission to be funded by the financial institution. We have a strong user base, which has experienced significant growth since our inception. Revenue is recognized at the beginning of the month when a user is invoiced and pays the fee.
Previous wording
Users can optionally use our expert risk pre-assessment service, which assists them in pre-underwriting their loans before submission to a lender for approval and funding. This service significantly reduces the time for the lender partners’ assessment of the deal. For mortgages of $395,450 and greater, we charge an underwriting fee of $356; for mortgages lesser than $395,450, the Company charges an underwriting fee of $249. The Company has undertaken a special program to educate and inform users of this service in further detail. Approximately 40% of the deals originated by users are using this service. This program is intended to further increase the number of deals and improve the services offered.
Current wording
Users can optionally use our expert risk pre-assessment service, which assists them in pre-underwriting their loans before submission to a lender for approval and funding. This service significantly reduces the time for the lender partners’ assessment of the deal. For mortgages of $179,575 and less, we charge an underwriting fee of $251; for mortgages greater than $179,575, the Company charges an underwriting fee of $359. The Company has undertaken a special program to educate and inform users of this service in further detail. Approximately 40% of the deals originated by users are using this service. This program is intended to further increase the number of deals and improve the services offered.
Previous wording
Comparison of the three months years ended May 31, 2025 and May 31, 2024
Current wording
Comparison of the three months ended November 30, 2025 and 2024
Previous wording
For the nine-month period ended May 31, 2025, selling, general, and administrative (SG&A) expenses totaled $1,522,778, representing a slight decrease of 1.50% compared to $1,545,900 for the same period in the prior year. This reflects the Company’s continued commitment to disciplined cost management while strategically reallocating spending to priority areas.
Current wording
Selling, General and Administrative (“SG&A”) Expenses
Previous wording
The Company recognized a gain of $341,765 related to the change in fair value of its warrant liability, up from $42,251 for the same period last year, due to issuance of warrants on May 07, 2025 and adjustments tied to market conditions. Financing costs related to warrant issuance totaled $164,280 for the period. As a result, the loss before income taxes improved to $(1.81) million, compared to $(2.38) million for the same period last year, reflecting disciplined cost controls and improved non-cash valuation items.
Current wording
Change in Fair Value - Injective Digital Assets
Previous wording
For the nine-month period ended May 31, 2025, net cash used in operating activities was $(439,198), a substantial improvement compared to $(1,443,610) for the same period in the prior year. The reduction in operating cash outflows reflects improved operational efficiencies, continued cost discipline, and a more effective approach to managing working capital.
Current wording
Net Cash Used in Operating Activities
Previous wording
Net cash provided by financing activities for the nine-month period amounted to $1,836,327, compared to $2,480,806 in the same period last year. The decrease of $644,479 is primarily attributable to lower net proceeds from financing transactions during the period, while the Company continued to utilize equity and debt facilities to support operations and growth initiatives.
Current wording
Net Cash Provided by Financing Activities
Previous wording
Net cash used in investing activities was $(811,443), compared to $(901,185) in the prior period, a decrease of $89,742. This reflects disciplined investment in intangible assets and capital expenditures as the Company focuses on enhancing its proprietary systems and technology infrastructure.
Current wording
Net Cash Used in Investing Activities
Previous wording
The Company has adopted ASC 606, Revenue from Contracts with Customers, which provides a single comprehensive model for revenue recognition. The core principle of the standard is that Revenue should be recognized when goods or services are transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard introduced a new contract- based revenue recognition model with a measurement approach that is based on an allocation of the transaction price. It establishes a five-step model to account for Revenue arising from contracts with customers. Under this standard, Revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The standard requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with customers. Additionally, the standard specifies the accounting for incremental costs of obtaining a contract and the costs directly related to fulfilling a contract.
Current wording
The Company has adopted ASC 606, Revenue from Contracts with Customers, which provides a single comprehensive model for revenue recognition. The core principle of the standard is that Revenue should be recognized when goods or services are transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard introduced a new contract- based revenue recognition model with a measurement approach that is based on an allocation of the transaction price. It establishes a five-step model to account for revenue arising from contracts with customers. Under this standard, Revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The standard requires entities to exercise Judgment, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with customers. Additionally, the standard specifies the accounting for incremental costs of obtaining a contract and the costs directly related to fulfilling a contract.
Previous wording
The Company operates an online platform powered by Salesforce, that enables brokers and agents to efficiently close deals.
Current wording
The Company operates an online platform, that enables brokers and agents to efficiently close deals.
Previous wording
The Company’s subsidiary, Pineapple Insurance Inc., generates Revenue by charging premiums for insurance policies and services. Pineapple Insurance is affiliated with a major insurance company, from which it earns commissions for providing services, primarily mortgage insurance. Mortgage insurance is a requirement for each mortgage. Pineapple Insurance acts as the agent that supplies insurance services to the consumer and is paid a commission from the premiums collected by the insurance company whose products and services it provides to the end consumer. Additionally, Pineapple Insurance has adopted ASC 606.
Current wording
The Company’s subsidiary, Pineapple Insurance Inc., generates Revenue by charging premiums for insurance policies and services. Pineapple Insurance is affiliated with a major insurance company, from which it earns commissions for providing services, primarily mortgage insurance. Mortgage insurance is a offered for each mortgage. Pineapple Insurance acts as the agent that supplies insurance services to the consumer and is paid a commission from the premiums collected by the insurance company whose products and services it provides to the end consumer.
Previous wording
We invested in MCommercial, a commercial mortgage firm based in Montreal and Toronto, Canada, representing 5% of the total issued and outstanding shares. This strategic partnership allows Pineapple residential mortgage agents to access a leading commercial mortgage firm and experts, which will expand their product offerings, service levels, and corporate Revenue through increased transactions.
Current wording
We invested in a commercial mortgage firm, MCommercial, based in Montreal and Toronto, Canada representing 5% of the total issued and outstanding shares. This strategic partnership allows Pineapple residential mortgage agents to have access to a leading commercial mortgage firm and experts, which will expand their product offerings, service levels and corporate Revenue through increased transactions.
Previous wording
The Company entered into a share purchase agreement with 9142-2964 Quebec Inc., pursuant to which it acquired five Class A Shares of 7326904 Canada Inc. (doing business as Mortgage Alliance Corporation) (“Alliance”), representing 5% of the total issued and outstanding shares of Alliance. Alliance is a mortgage brokerage firm based in Ontario, Canada, with locations in Calgary, Vancouver, and Halifax.
Current wording
The Company entered into a share purchase agreement with 9142-2964 Quebec Inc. pursuant to which the Company acquired five Class A Shares of 7326904 Canada Inc. (dba as Mortgage Alliance Corporation) (“Alliance”), representing 5% of the total issued and outstanding shares of Alliance. Alliance is a mortgage brokerage firm based in Ontario, Canada with locations in Calgary, Vancouver and Halifax.
Previous wording
The total value of both investments was recorded at fair value, and any impairment loss is recognized in the profit and loss account.
Current wording
The total amount of both investments was recorded at fair value, and any impairment loss is recognized in profit and loss account.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Comparison of the nine months ended May 31, 2025 and May 31, 2024
Previous report — wording carried elsewhere
The breakdown of selling, general and administrative expenses are as follows: