Total debt has escalated to $19.6 million in 2026Q2, indicating a heavy reliance on external leverage to support a balance sheet where goodwill now represents over 50% of total assets.
| Cash & Short Term Investments | 22.63M | 2.12M | 580.36K | 720.37K | 3.9M | 7.01M | 288.25K |
| Cash & Due from Banks | 17.9M | 2.12M | 580.36K | 720.37K | 3.9M | 7.01M | 288.25K |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 9.93K | 9.73K | 10.04K | 10.01K | 38.21K | 39.71K | 0 |
| Investments Growth % | 59605.7% | -3.08% | 0.29% | -73.8% | -3.77% | - | - |
| Long-Term Investments | 5.8M | 9.73K | 10.04K | 10.01K | 38.21K | 39.71K | 0 |
| Accounts Receivables | 5.21M | 89.81K | 155.22K | 758.99K | 33.12K | 835 | 0 |
| Goodwill & Intangibles | 24.98M | 2.5M | 2.21M | 1.72M | 702.39K | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 24.98M | 2.5M | 2.21M | 1.72M | 702.39K | 0 | 0 |
| PP&E (Net) | 523.69K | 592.12K | 981.28K | 1.2M | 1.2M | 316.01K | 12.24K |
| Other Assets | 246.82K | 0 | 0 | 0 | 0 | 0 | -306.68K |
| Total Current Assets | 23.11M | 2.32M | 893.49K | 1.7M | 4.48M | 7.23M | 388.48K |
| Total Non-Current Assets | 25.76M | 3.1M | 3.2M | 2.93M | 1.94M | 355.71K | 15.94K |
| Total Assets | 48.87M | 5.42M | 4.1M | 4.63M | 6.43M | 7.58M | 310.38K |
| Asset Growth % | 1331.04% | 32.24% | -11.5% | -27.98% | -15.22% | 2342.45% | - |
| Return on Assets (ROA) | -162.7% | -76.49% | -94.04% | -50.81% | -40.12% | -5.95% | 61.48% |
| Accounts Payable | 0 | 2.13M | 1.13M | 0 | 0 | 0 | 163.64K |
| Total Debt | 19.62M | 1.33M | 977.11K | 1.54M | 1.02M | 263.24K | 10.45K |
| Net Debt | 1.72M | -788.29K | 396.75K | 817.69K | -2.88M | -6.75M | -277.8K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 19.12M | 629.12K | 0 | 430.1K | 0 | 0 | 13.62K |
| Other Liabilities | 2.06M | 632.75K | 41.52K | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 19.12M | 3M | 1.4M | 1.17M | 782.14K | 449.75K | 200.15K |
| Total Non-Current Liabilities | 2.66M | 1.51M | 1.35M | 1.67M | 1.02M | 212.81K | -144.54K |
| Total Liabilities | 21.77M | 4.51M | 2.75M | 2.84M | 1.8M | 662.56K | 153.61K |
| Total Equity | 27.1M | 906.68K | 1.35M | 1.79M | 4.63M | 6.92M | 204.27K |
| Equity Growth % | 2895.59% | -32.8% | -24.45% | -61.4% | -33.13% | 3286.95% | - |
| Equity / Assets (Capital Ratio) | 55.45% | 16.74% | 32.94% | 38.58% | 71.98% | 91.26% | 65.81% |
| Return on Equity (ROE) | -484.89% | -322.56% | -261.71% | -87.61% | -48.68% | -6.59% | 93.43% |
| Book Value per Share | 20.16 | 1.36 | 0.19 | 0.25 | 0.64 | 0.96 | 0.03 |
| Tangible BV per Share | 1.57 | -2.39 | -0.12 | 0.01 | 0.55 | 0.96 | 0.03 |
| Common Stock | 63.04M | 11.62M | 8.56M | 4.9M | 4.9M | 4.9M | 60 |
| Additional Paid-in Capital | 3.1M | 3.1M | 2.96M | 2.96M | 2.92M | 2.2M | 0 |
| Retained Earnings | -39.33M | -13.4M | -9.76M | -5.66M | -2.85M | -36.22K | 152.32K |
| Accumulated OCI | 196.78K | -509.3K | -408.51K | -417.73K | -353.22K | -148K | 4.39K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 152.32K |
Liquidity and capital exhaustion
According to recent financial statements, Pineapple Financial's total assets surged to $48.9M in 2026Q2 from $10.6M in 2026Q1, yet this expansion is accompanied by a widening deficit in retained earnings, which reached -$39.3M, signaling a trajectory of aggressive, debt-funded growth that lacks underlying operational sustainability.
The rapid increase in asset volume appears to be driven by non-organic growth or capital injections rather than internal cash generation. Investors should monitor whether this asset expansion provides a tangible return on invested capital or if it merely masks the ongoing erosion of shareholder equity.
Based on reported figures, Pineapple Financial's total debt climbed to $19.6M in 2026Q2, a significant increase from the $1.3M reported in 2026Q1, suggesting that the firm is increasingly reliant on external financing to bridge the gap between its high operating costs and limited revenue generation.
The shift toward higher debt levels in a period of negative net margins implies that the company is financing its operational burn through credit rather than cash flow. This reliance on debt warrants further investigation into the maturity profile and covenants associated with these obligations.
As reported in quarterly filings, the company's current ratio improved to 1.21 in 2026Q2 from a precarious 0.12 in 2026Q1, yet this liquidity buffer remains highly sensitive to the timing of cash inflows and the ongoing, substantial burn rate inherent in the current business model.
While the current ratio suggests a temporary improvement in short-term coverage, the absolute cash position remains insufficient to support sustained operations without further capital raises. The volatility in liquidity metrics suggests that the firm may face significant pressure if mortgage origination volumes fail to meet expectations.
Based on the provided balance sheet data, Pineapple Financial's equity position has been characterized by extreme volatility, swinging from a negative $5.5M in 2026Q1 to $27.1M in 2026Q2, which indicates significant reliance on external equity financing to maintain a positive book value.
The frequent fluctuations in equity suggest that the company is actively managing its capital structure to avoid insolvency, likely through dilutive share issuances. This pattern of equity volatility may indicate that the firm's long-term value proposition is currently being undermined by the necessity of constant capital replenishment.
As indicated by the financial data, goodwill has risen to $25.0M in 2026Q2, representing over 50% of total assets, which suggests that a significant portion of the balance sheet is tied to intangible valuations that may be subject to future impairment risks if growth targets are missed.
The heavy reliance on goodwill as a primary asset component implies that the company's book value is highly sensitive to management's assumptions regarding future performance. Investors should consider the risk that these intangible assets may not provide a reliable cushion in the event of a sustained market downturn.
Quick answers to the most common questions about buying PAPL stock.
As of 2025, Pineapple Financial Inc. (PAPL) had total assets of $5.4M including $2.3M in current assets.
Pineapple Financial Inc. (PAPL) carries total debt of $1.3M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pineapple Financial Inc. (PAPL) has total shareholders' equity (book value) of $0.9M ($1.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pineapple Financial Inc. (PAPL) reported a current ratio of 0.77x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.