Pineapple Financial Inc.

Pineapple said Q2 2026 mortgage volume was $367.2 million, with 6-month aggregate volume of $829.3 million versus $811.5 million a year ago. It reported Q2 revenue of $0.7 million and subscription revenue of just over $210,000, up from about $185,000 in the prior-year period. Management said the quarter’s reported net loss was roughly $19 million, driven mainly by a roughly $17 million unrealized noncash mark-to-market adjustment on digital assets, about $2.8 million of PIPE financing costs, and around $2 million of fair value and interest-related items. On an adjusted basis, operating income was about $125,000 versus a loss of around $2 million a year ago, and adjusted EBITDA was about $0.5 million versus a loss of roughly $600,000 last year. Management guided to full-year revenue of about $7 million to $9.5 million on a run-rate basis through year-end and said it is targeting cash flow breakeven.

Shubha-Jeet Dasgupta framed the quarter as proof that Pineapple has moved from “build” mode to execution mode, with a permanent reset of the operating model rather than a temporary cost-cutting exercise. He emphasized the company’s three pillars: the core mortgage platform, data/tokenization, and the digital asset treasury. His tone was upbeat and focused on discipline, saying the business is now more scalable, more efficient, and positioned for a more durable earnings profile.

Anthony Georgiades focused on separating GAAP results from underlying operations, saying the headline loss was largely explained by noncash or one-time items: about $17 million of digital asset revaluation, roughly $2.83 million of PIPE costs, and incremental interest expense tied to the treasury strategy. He highlighted the improvement to positive adjusted operating income of about $125,000 and adjusted EBITDA of about $0.5 million, plus a more than 50% reduction in monthly cash burn. He also said the balance sheet has improved materially, with positive working capital around $3 million to $3.5 million, a $22.4 million INJ treasury value, and what he described as several years of operational runway. He added that the board approved a $15 million repurchase program, with an initial $3 million tranche and a maximum acquisition price of $1.50 per share under Rule 10b-18.

Analysts asked what had changed inside the business and management said the company has transitioned from a build phase to an execution phase supported by a stronger balance sheet, lower costs, and more software- and data-driven initiatives. Questions also focused on the structural reset, and management said it involved line-by-line reductions in vendors, software, workflows, and workforce, plus AI automation across onboarding, underwriting support, and customer engagement. On the mortgage platform, management said rising renewal and refinance activity should benefit Pineapple because nearly 60% of Canadian mortgages are coming up for renewal, while lower rates are also helping refinancing demand. On the digital asset treasury and buybacks, management stressed strict governance, diversified counterparties, and capital discipline, saying buybacks would be weighed against other uses of capital and executed only within defined price and oversight limits.