Pineapple Financial Inc (NASDAQ: PAPL) is a Canadian mortgage technology and brokerage company that provides mortgage brokerage services and cloud-based technology solutions to mortgage agents, brokers, sub-brokers, brokerages, and consumers. Revenue comes primarily from lender partner commissions, which represented approximately 95% of total gross revenue (FY2025, year ended August 31, 2025), supplemented by subscription fees and underwriting revenue. Gross billings reached $17.4 million in FY2025, up from $16.3 million in FY2024, on mortgage volume of $1.60 billion, though commission expense of $15.8 million left net sales revenue of $1.6 million. The company operates exclusively in Canada, with active brokerage offices across Ontario, British Columbia, Alberta, and five Atlantic and Maritime provinces. Pineapple was founded in 2016, launching its first Ontario brokerage in November of that year. Functional currency is Canadian dollars; financial statements are presented in U.S. dollars.

Revenue model

Approximately 95% of gross revenue from volume-based commissions and compensation paid by lender partners upon funded mortgage transactions. Remaining revenue from agent subscription fees ($750,042 in FY2025), underwriting revenue ($125,828 in FY2025), insurance revenue ($197,852 in FY2025), and other income ($308,458 in FY2025). All figures from the 10-K filed 2025-12-03 for the year ended August 31, 2025.

Products and services

Mortgage brokerage intermediation services connecting borrowers to lender partners. Cloud-based technology platform (Pineapple Plus) providing data-driven tools for mortgage agents and brokers. Subscription access to the platform for mortgage professionals. Underwriting support services. Insurance products introduced in FY2025.

Customers and end markets

Primary customers are Canadian mortgage agents, brokers, sub-brokers, and brokerages who use the platform and brokerage network. End borrowers are Canadian residential mortgage consumers, including first-time buyers, renewers, and refinancers. Demand is tied to Canadian residential real estate activity, which is subject to seasonal variation with stronger volumes in spring and summer.

Value-chain role

Intermediary between mortgage borrowers and lender partners. Pineapple sits between the consumer or agent and the lending institution, providing platform access, transaction facilitation, and multi-lender comparison. Lender partners include Bank of Nova Scotia (Scotiabank), Manulife Bank of Canada, Toronto-Dominion Bank, MCAP, First National Financial LP, Home Trust Company, Equitable Bank, Community Trust, Bank of Montreal (BMO), and Desjardins Mortgage Financing Services.

Geographic exposure

Canada only. Active brokerage operations as of the 10-K filed 2025-12-03 in Ontario, British Columbia, Alberta, Newfoundland and Labrador, Nova Scotia, New Brunswick, Prince Edward Island, and Manitoba. Regulatory approval also held for Northwest Territories and Nunavut. First Ontario brokerage launched November 2016; Alberta opened July 1, 2021; Atlantic provinces added May 4, 2022; first British Columbia office opened 2024.

Source: SEC 10-K, filed 2025-12-03

Industry: Finance Services