$PAPL

Pineapple Financial Inc.

CIK:0001938109|SEC Filings

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2026	May 31, 2025	May 31, 2026	May 31, 2025
Income Statement [Abstract]
Revenue	$ 622,502	$ 746,903	$ 2,052,335	$ 2,259,396
Expenses and other income
Selling, general and administrative	552,659	527,835	1,747,235	1,522,778
Advertising and Marketing	292,314	292,489	708,691	617,987
Salaries, wages and benefits	391,309	394,648	740,798	1,223,722
Interest expense and bank charges	448,510	31,216	1,077,031	306,267
Depreciation and amortization	255,023	219,355	719,173	648,991
Fair value gain on Digital assets	(25,824,284)		(2,809,970)
Staking income	(399,134)		(620,849)
Government Incentive	(27,423)	(22,109)	(81,792)	(70,657)
Total expenses	(24,311,026)	1,443,434	1,480,317	4,249,088
Gain/(Loss) from operations	24,933,528	(696,531)	572,018	(1,989,692)
Foreign exchange (loss) gain	186,281	(6,018)	27,068	(1,905)
Interest income	155,480		369,539
Financing cost - warrants		(164,703)	(1,325,558)	(164,280)
Financing cost -Equity line of credit			(1,500,000)
Gain (loss) on derivative liability	26,812		42,556
Gain (loss) on change in fair value of warrant liability	(52,018)	309,516	467,408	341,765
Gain/(Loss) before income taxes	25,250,083	(557,736)	(1,346,969)	(1,814,112)
Income taxes (recovery) expense
Net gain/(loss)	25,250,083	(557,736)	(1,346,969)	(1,814,112)
Foreign currency translation adjustment	(76,597)	(34,703)	22,787	52,853
Net gain/(loss) and comprehensive (loss)	$ 25,173,486	$ (592,439)	$ (1,324,182)	$ (1,761,259)
Gain/(loss) per share - basic	$ 0.99	$ (0.93)	$ (0.09)	$ (3.50)
Gain/(loss) per share - diluted	$ 0.99	$ (0.93)	$ (0.09)	$ (3.50)
Weighted average number of common shares outstanding - basic	25,534,070	635,712	14,513,147	503,374
Weighted average number of common shares outstanding - diluted	25,580,507	635,712	14,513,147	503,374

Condensed Interim Consolidated Statements of Cash Flow (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2026	May 31, 2025	May 31, 2026	May 31, 2025	Aug. 31, 2025
Operating activities
Net loss for the period	$ 25,250,083	$ (557,736)	$ (1,346,969)	$ (1,814,112)
Adjustments for the following non-cash items:
Depreciation of property and equipment			32,363	64,201
Bad debt written off			18,050
Staking income	(399,134)		(620,849)
Amortization of intangible assets			600,419	430,391
Depreciation on right of use asset			124,363	154,399
Interest expense on lease liability			29,257	39,601
Derivative liability			65,241
Financing cost - warrants			1,325,558
Share-based compensation			142,000
Change in fair value of warrant liability			(467,408)	341,765
Fair value (gain)/loss on digital assets			(2,809,970)
Foreign exchange gain (loss)				(1,905)
Net changes in non-cash working capital balances:
Trade and other receivables			(378,071)	(25,238)
Prepaid expenses and deposits			(414,554)	76,090
Accounts payable and accrued liabilities			(811,600)	337,367
Deferred government incentive			(79,056)	(81,164)
Deferred revenue			(30,182)	39,407
Net cash used in operating activities			(4,621,408)	(439,198)
Financing activities
Share capital issuance			19,915,960	1,360,214
Share repurchase			(660,336)
Proceeds from director’s loan				633,259
Proceeds from warrant exercise			15,038
Repayment of director loans			(613,700)
Proceeds from loans payable			21,442,877
Repayment of lease obligations			(134,085)	(157,146)
Net cash provided by financing activity			39,965,754	1,836,327
Investing activities
Additions to intangible assets			(554,464)	(811,443)
Loan receivable			(12,002,619)
Additions to property and equipment			(1,944)
Purchase of digital assets			(14,645,990)
Purchase of digital assets acquired through account payable			345,734
Net cash used in investing activity			(26,859,283)	(811,443)
Net change in cash			8,485,063	585,686
Effect of changes in foreign exchange rates			(88,407)	(31,459)
Cash, beginning of period			2,117,371	580,356	$ 580,356
Cash and restricted cash, end of period	$ 10,514,027	$ 1,134,583	10,514,027	1,134,583	$ 2,117,371
Supplemental cash-flow information
Cash paid for interest			50,844	306,267
Cash received for interest			61,847
Cash paid for income tax
Noncash transaction
Common shares issued in exchange for digital assets under the PIPE			31,323,740
Equity-classified Meteora warrants issued for advisory services			1,382,558
Common shares issued in exchange for legal services			142,000
Loan receivable and corresponding related-party loan payable recognized under the Injective Foundation collateral arrangement			2,002,619
Unsettled spot purchases recognized through accounts payable			345,734
Warrant liability transferred to equity upon exercise			$ 20,388

Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($)	May 31, 2026	Aug. 31, 2025
Current assets
Cash	$ 5,089,707	$ 2,117,371
Restricted cash	5,424,320
Trade and other receivables	452,244	92,223
Loans receivable – related parties	12,002,619
Prepaid expenses and deposits	524,555	110,001
Total current assets	23,493,445	2,319,595
Investment	9,819	9,733
Digital assets	49,400,549
Right-of-use asset – net	444,758	530,163
Property and equipment – net	32,250	61,957
Intangible assets - net	2,472,291	2,495,773
Total Assets	75,853,112	5,417,221
Current liabilities
Accounts payable and accrued liabilities	1,659,294	2,125,160
Loans payable – related parties	21,442,877
Deferred revenue	78,370	108,552
Warrant liability	150,198	632,753
Derivative liability	65,241
Loans from directors		629,120
Current portion of lease liability	146,338	138,859
Total current liabilities	23,542,318	3,634,444
Deferred government incentive	235,942	314,998
Lease liability	455,547	561,100
Total liabilities	24,233,807	4,510,542
Shareholders’ Equity
Common shares (*), no par value; unlimited authorized; 25,534,070 issued and outstanding shares as of May 31, 2026 and 1,340,941 as at August 31, 2025.	62,378,305	11,621,468
Common shares to be issued	88,136	88,136
Additional paid-in capital	4,428,359	3,102,814
Accumulated other comprehensive loss	(532,087)	(509,300)
Accumulated deficit	(14,743,408)	(13,396,439)
Total stockholders’ equity	51,619,305	906,679
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	75,853,112	5,417,221
Related Party [Member]
Current assets
Loans receivable – related parties	12,002,619
Current liabilities
Loans payable – related parties	$ 21,442,877