Mon, Aug 19, 7:30 PM (148 days ago)
Pineapple Energy Inc. reported a significant decline in financial performance for Q2 2024, with revenues dropping 31.7% to $13,549,420 compared to $19,836,291 in Q2 2023. This decline was primarily driven by an 18% decrease in residential contract sales and an 87% drop in commercial contract sales due to project delays. Gross profit fell to $4,792,354, maintaining a gross margin of 35%. Operating expenses decreased to $6,818,298, reflecting reduced personnel costs and lower stock compensation expenses. The company recorded a net loss of $6,934,015, worsening from a loss of $333,810 a year earlier. As of June 30, 2024, Pineapple had a working capital deficit of $(11,600,420) and cash reserves of $2,132,055, with $1,085,712 restricted for legacy business obligations. The company faces substantial uncertainty regarding its ability to meet financial obligations, including a principal payment due on a long-term loan in November 2024. Additionally, it is under Nasdaq monitoring for compliance with listing standards following a reverse stock split aimed at regaining compliance. Future operations are contingent on securing additional funding, which remains uncertain.