Mon, Jul 15, 8:54 PM (54 days ago)
Pineapple Financial Inc.'s Form 10-Q for the quarter ended May 31, 2024, reveals a mixed financial performance. The company reported a net loss of $2.379 million for the nine months ended May 31, 2024, slightly higher than the $2.212 million loss in the same period in 2023. Revenues increased marginally by 1.73% to $1.971 million, while expenses rose by 6.56% to $4.422 million, driven primarily by higher depreciation costs. Cash flow from operations improved, reducing the deficit to $1.444 million from $1.943 million in 2023. The company raised $2.752 million through an Initial Public Offering and secured a $300,000 convertible loan. Despite these efforts, liquidity remains pressured due to ongoing investments in technology and operational expansion. The company faces uncertainties from high mortgage rates and economic conditions, impacting its future operations.