Pineapple Financial Inc. (NYSE American: PAPL): Focused Execution in a Changing Mortgage Landscape

The Canadian mortgage market is at a turning point. With interest rates stabilizing and millions of homeowners facing upcoming mortgage renewals, demand for smarter, faster, and more affordable lending solutions is accelerating. Lenders and brokers alike are under pressure to deliver-quickly and efficiently-at a time when traditional processes often fall short.

That's where technology comes in.

Financial technology, or fintech, is transforming the mortgage experience-streamlining approvals, improving transparency, and helping consumers make more informed decisions. And with the global fintech sector projected to grow from $245 billion today to $1.5 trillion by 2030 (Boston Consulting Group and QED Investors), the opportunity is massive.

One company positioned right at the intersection of this mortgage wave and fintech innovation? Pineapple Financial Inc. (NYSE American: PAPL). This Canadian mortgage tech company is building a scalable, cloud-based platform for brokers, combining personalized service with digital tools to serve a rapidly evolving market.

What Does Pineapple Financial Do?

Pineapple is a Canadian mortgage brokerage network with a difference. Instead of simply connecting borrowers and lenders, Pineapple gives its network of brokers powerful cloud-based and AI-driven tools that help them do their jobs better-and faster.

With hundreds of brokers in its system, Pineapple focuses on both the success of its agents and the satisfaction of Canadian homeowners. In a market where more and more homeowners are renewing their mortgages or seeking new options, Pineapple is well-positioned to meet the demand. The company is also active in communities across Canada, supporting charities and giving back along the way.

A Company on the Rise

Pineapple has released a series of encouraging financial results over the past two quarters, showing strong growth, improved cost control, and a clear path toward profitability.

In its most recent earnings release for the six months ended February 28, 2025, Pineapple reported:

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Revenue growth of 11.8% year-over-year, totaling $1.51 million.

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Gross billings up 15.2%, reaching $9.33 million.Net loss narrowed to $1.25 million from $1.53 million, thanks to cost-cutting and better efficiency.Operating cash usage cut nearly in half, dropping 47% year-over-year.

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SG&A expenses down 3.6%, a sign of smart spending discipline.

Quarter-over-quarter, Pineapple continued this trend. For the three months ended February 28, 2025:

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Gross billings rose 19.6% year-over-year.Salaries and benefits dropped 27.7%, and marketing expenses were slashed by 62.1%.

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The company's net loss improved by 9.4%, down to $595,449.

These numbers tell a consistent story: Pineapple is growing revenue while cutting costs-a rare combination that often signals a company nearing a financial turning point.

CEO Shubha Dasgupta summed it up well:

"Our second-quarter results highlight the successful transition to an integrated platform, driving meaningful cost savings and enhancing our ability to scale. Despite the headwinds in the Canadian real estate market, our focus on operational efficiency, cost control, and platform innovation has resulted in significant progress."

Strong Start to Fiscal 2025

Even before the latest report, Pineapple showed strong momentum in Q1 of fiscal 2025. The company posted:

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34.6% revenue growth, hitting $766,074 for the quarter.

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A 26.8% reduction in net loss, down to $656,894.

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Steady operating expenses despite investing in marketing and new technology.

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An improved cash position of $619,581, showing stronger liquidity.

The company also raised additional capital and invested in intangible assets like software infrastructure-moves that are expected to boost future performance.

Looking Ahead: Positioned for Growth

The mortgage market in Canada is currently undergoing a shift. With many Canadians renewing mortgages and interest rates showing signs of easing, there's growing demand for smarter, tech-driven solutions. Pineapple is right in the middle of that trend.

The company's integrated platform, improved financial performance, and focus on operational excellence have set the stage for potential profitability as early as this year. According to CFO Sarfraz Habib:

"We are well-positioned to achieve profitability in the near term, even amid a challenging macroeconomic environment."

Pineapple also continues to benefit from a large base of upcoming mortgage renewals-providing a built-in growth engine over the next 24 months.

Final Thoughts

With a scalable business model, improving financials, and a large addressable market, Pineapple Financial (PAPL) is a fintech that deserves a closer look. As the broader fintech sector heads toward a $1.5 trillion future, companies like Pineapple-focused, tech-enabled, and on a clear growth path-may be early movers in what could be the next wave of winners in financial technology.

For investors interested in the intersection of fintech, real estate, and growth-stage companies, Pineapple could be a smart one to watch.

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