Pineapple Financial Q2 Update: Revenues Up 59.04%, New Locations Entered, Company Launches All-In-One Deal Management System To Further Boost Growth

Pineapple Financial Inc PAPL, a mortgage technology and brokerage company operating in Canada, announced the launch of a new deal management system earlier this month that is expected to boost the company's growth even further.

PineappleONE is a first-of-its-kind platform that the company says will revolutionize how brokers operate in the mortgage market. It streamlines each step in the deal process, from origination to submission, and allows brokers to see their mortgage deal’s details in a single view.

Furthermore, PineappleONE automates time-consuming tasks such as generating lender-specific notes and assembling document packages, freeing up brokers to concentrate on client interactions and business growth. The system is also designed to evolve with the broker's behavior, recognize their preferences and learn from their actions.

Built by Pineapple’s award-winning technology team, PineappleONE is expected to drive increased revenue for the company through faster deal submissions and improved acceptance rates.

“Once again, Pineapple is at the forefront of innovation in the Canadian mortgage industry. PineappleONE is a significant competitive advantage and will further enhance our agent recruitment efforts as we expand across Canada in 2024,” said Pineapple's Chief Strategy Officer, Christa Mitchell.

Financial Performance

The introduction of PineappleONE is set to build on the company's growth trajectory, with its recent financial results reflecting continued revenue growth.

Pineapple announced in April that for the second 2024 fiscal quarter ended February 29, the company achieved a 59.04% year-over-year increase in revenue to $784,869. Its residential mortgage loans also grew 17.6% in the same period, reaching $314.963 million.

Selling, general, and administrative expenses (SG&A) were up 33.3% for the quarter to $592,202, which Pineapple attributed to expansion and traveling costs. Despite this, the company managed to reduce its net loss by 4% to $657,456 compared to the second quarter of 2023.

Pineapple reported a cash position of $1,339,618 as of February 29, 2024, an increase of $159,642 compared to the cash position on February 28, 2023.

Total liquidity at the end of the second quarter was $2,417,239, including its trade and other receivables, as well as prepaid expenses and deposits.

Strategic Expansion

The second quarter also saw the company expanding its operations by opening offices in metro Vancouver, Ottawa, Winnipeg and Alberta.

Pineapple also expanded its service offerings with an improved online mortgage application for brokers and custom advertising banner management software to enhance lead conversion.

“We’re seeing terrific results from our internal tech improvements and marketing and expansion activities initiated during fiscal Q2. I believe that, as our industry outlook continues to improve, Pineapple will continue to demonstrate improved top- and bottom-line performance for the remainder of the fiscal year and beyond,” said co-founder and CEO Shubha Dasgupta.

Featured photo by Adeolu Eletu on Unsplash.

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The preceding post was written and published as a collaboration between Benzinga's in-house sponsored content team and Skyline Corporate Communications Group, LLC, a financial partner of Benzinga. This article is a paid sponsorship by investor relations agency Skyline Corporate Communications Group, LLC, which is paid by Pineapple Financial Inc PAPL for providing investor relations and corporate communications services relating to the Company's securities. Please see Skyline’s 17(b) Disclaimer and Disclosure Statement here: https://skylineccg.com/disclosures/. 

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