Pineapple Financial (PAPL) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 saw $1.60 billion in mortgage originations, up 4.6% year-over-year, driven by renewals, refinances, and digital platform adoption.

• Net loss narrowed to $3.64 million from $4.10 million in 2024, reflecting higher revenue, cost controls, and operational efficiencies.

• Revenue rose 11.1% to $2.99 million, with gross billings up 7.2% to $17.43 million, mainly from mortgage commissions.

• The company remains focused on technology-driven growth, cost management, and expanding its insurance and digital asset initiatives.

Financial highlights

• Gross billings: $17.43 million (up 7.2% year-over-year).

• Revenue: $2.99 million (up 11.1% year-over-year).

• Net loss: $3.64 million (improved by $464,000 year-over-year).

• Operating loss: $2.95 million (improved by $877,000 year-over-year).

• Cash balance at year-end: $2.12 million (up from $0.58 million in 2024).

• Accumulated deficit: $13.40 million.

Outlook and guidance

• Management expects improved liquidity from a $100 million digital asset private placement and new credit facilities.

• Plans include further cost controls, technology investment, and leveraging digital asset holdings for future growth.

• The company anticipates continued operational improvements as the mortgage market stabilizes and interest rates normalize.