papl

September 24, 2024

Pineapple is leveraging new avenues of data analytics, Artificial Intelligence (AI), and machine learning to produce the most advanced applications in the Canadian Mortgage Industry

Pineapple won the 2023 Award for Digital Innovation in a Brokerage at the Canadian Mortgage Awards

PAPL has experienced 3 year Revenue Growth of 1452%

PAPL has 657 Agents with 216 Jumping on board in the last year

Pineapple Financial Inc. Launches Pineapple Insurance Just Last Week!!

`READ THE INVESTOR PRESENTATION HERE`

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‍Hello Everyone,

We have another company for you to research for tomorrow’s session.

This is a company that I have never profiled before and am excited to be among the first to bring this one to your attention.

Pull up PAPL right away and put it on your screen.

There is a lot to research on this one as the housing / mortgage market can be a complex and boring sector to talk about.

Recent rate cuts have everyone buzzing and speculating regarding future slashes and how it will affect housing inventory.

It almost seems like you need an advantage in these conditions. Good thing for PAPL they have already proven that their AI technology is already positively affecting their bottom line on several different fronts.

Let’s take a look what Pineapple does……….

Pineapple Financial Inc. is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokerages, as well as the overall experience of homeowners.

With approximately 700 brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.

As Canada enters a period of potential housing market upswing, Pineapple’s scalable data-driven technology platform and market expertise are set to capitalize on the anticipated increase in mortgage activity while streamlining the home-buying process.

The Bank of Canada’s recent rate cuts signal the potential for further easing if economic conditions warrant it. Should additional rate cuts occur, the affordability of mortgages will improve, likely leading to even greater demand for refinancing and new mortgages. Pineapple is prepared to adapt to these market conditions, positioning itself as a key player in the Canadian mortgage market.

Pineapple offers a compelling growth story grounded in market dynamics that is disrupting the traditional mortgage brokerage model by empowering agents and their clients with a scalable data driven technology platform tailored to fit their diverse needs. Their ability to harness data, coupled with a robust pipeline of mortgage renewals and new originations, positions us to drive significant revenue growth in the coming quarters.

The PineappleONE

Pineapple’s advanced platform, PineappleONE, launched in August, leverages real-time data analytics to offer personalized mortgage solutions at scale.

As homebuyers and those renewing their mortgages seek out the best financial terms in a lower-rate environment, PineappleONE can quickly identify, target, and engage these consumers, giving them a significant competitive edge. Notably, the platform is not just a tool for customer acquisition but also designed to maximize retention—key to Pineapple’s long-term growth strategy.

It’s current strategy is also working well. In the third quarter of fiscal 2024, PineappleONE helped brokers achieve a 32% reduction in deal processing time. This operational efficiency drove a 22.72% increase in mortgage loan volumes, with $377.64 million in residential mortgages closed in the period, up from $307.73 million the previous year. This volume increase resulted in a 20.43% boost in revenue, with Q3 fiscal 2024 revenues reaching $736,448, a sharp increase from $603,231 in the same quarter of 2023.

Moving forward, Pineapple’s performance could be even better. Many believe that the U.S. Fed’s and Bank of Canada’s recent rate cuts could be the beginning of a consistent trend. If so, PAPL is ideally positioned to capitalize on easing monetary policy, which will likely enhance mortgage affordability for first-time homebuyers and existing homeowners looking to refinance. Still, the most significant value driver may not be those mentioned.

KEY DRIVERS

Growth: Pineapple Financial Inc. secured the 27th spot on the prestigious 2023 Report on Business Ranking of Canada’s Top Growing Companies.

Innovation: Pineapple won the 2023 Award for Digital Innovation in a Brokerage at the Canadian Mortgage Awards.

Technology: Pineapple is leveraging new avenues of data analytics, Artificial Intelligence (AI), and machine learning to produce the most advanced applications in the Canadian Mortgage Industry.

People: Pineapple was recognized as Canadian Mortgage Professional’s Top Mortgage Employers for 2023.

Culture: Pineapple, the people-first mortgage brokerage, believes that creating success starts taking care of our people, so they can take care of our customers.

Training & Support: Pineapple offers unparalleled support and interactive training sessions, skill building workshops, the largest online knowledge platform, and the only 24/7 continuous learning platform.

Toronto, Ontario–(Newsfile Corp. – September 24, 2024) – Pineapple Financial (NYSE American: PAPL) – With the recent reforms to Canada’smortgage rules, the real estate market is poised for a resurgence in activity, offering significant growth opportunities for Pineapple Financial. The government’s initiatives to increase accessibility for first-time buyers and support move-up buyers, alongside the rise of insured mortgage limits, signal an environment ripe for expansion. These reforms align with Pineapple’s strategic focus on providing innovative mortgage solutions, positioning us to capture market share and drive growth in the coming quarters.

New Mortgage Rule Changes: A Catalyst for Market Growth

The Canadian government’s recent reforms include two pivotal changes that are set to unlock demand across key buyer segments:

Introduction of 30-Year Amortizations for First-Time Buyers and New Builds

Starting August 1, 2024, first-time buyers can now access 30-year amortization products for new builds, expanding to all homes by December 15, 2024.
This extension dramatically reduces monthly payments, addressing one of the largest affordability barriers for younger buyers, including Millennials and Gen Z.
With the recent rise in property prices, this measure provides critical relief to potential buyers, enabling them to enter the market even as home values remain high.

Increase in Insured Mortgage Cap to $1.5 Million

The insured mortgage limit has been raised from $1 million to $1.5 million, providing a vital boost for move-up buyers looking to transition into larger homes to accommodate growing families.
With housing prices stabilizing or declining slightly in key markets like Toronto and Vancouver, this increase allows move-up buyers to bridge the gap created by declining home equity without the burden of a large down payment.

These reforms reflect the government’s strategic intent to alleviate housing pressures and stimulate market activity, with positive ripple effects across the real estate ecosystem.

How Pineapple Financial is Positioned to Capitalize on Market Changes

Pineapple Financial is uniquely positioned to benefit from these reforms. Our advanced data-driven mortgage platform, PineappleONE, is built to handle a rapidly evolving market landscape, providing our agents with powerful tools to engage both first-time and move-up buyers effectively. Here’s how we plan to drive growth:

Expanding Our Reach to First-Time Buyers

The new 30-year amortization products align with Pineapple’s focus on delivering tailored mortgage solutions to younger, tech-savvy buyers. With PineappleONE’s seamless digital experience, we provide this emerging segment with personalized options to navigate the new landscape and secure homeownership.
Our platform’s real-time data insights allow us to target and engage first-time buyers who are now better positioned to enter the market, ensuring that Pineapple captures a larger share of this crucial demographic.

Empowering Move-Up Buyers

Move-up buyers represent a significant growth opportunity. Pineapple’s analytics tools allow us to pinpoint existing homeowners whose equity may have been impacted by recent market adjustments, offering customized solutions that take advantage of the increased insured mortgage cap.
Our refinancing products will play a key role in helping this segment transition to larger homes, which also frees up inventory for first-time buyers-an essential element in creating a fluid, dynamic housing market.

Growth Potential in the Canadian Real Estate Market

The demand for housing in Canada remains robust, driven by the following macroeconomic factors:

Population Growth: Canada’s population has been growing steadily, with immigration continuing to drive demand for housing. The federal government’s target of welcoming over 1 million new immigrants by 2025 means the real estate market will need to expand to meet this demand.
Housing Supply Shortages: Despite price corrections in certain markets, Canada is facing a significant housing shortage, particularly in urban centers. The government’s recent reforms aim to increase housing supply through new builds, which aligns perfectly with Pineapple’s ability to finance and facilitate these transactions.
Rate Stability: As the Bank of Canada moves towards more stable interest rate policies, housing affordability will improve, encouraging more buyers to act. Pineapple’s portfolio of adaptable mortgage products allows us to offer competitive solutions as the cost of borrowing stabilizes.

Pineapple’s Competitive Edge

Tech-Enabled Scalability: PineappleONE, our proprietary platform, equips brokers with a fully integrated digital suite, allowing us to scale operations and capture market share in an efficient, tech-driven way. With over 700 agents utilizing the platform, we are primed to increase productivity and close rates in response to rising demand.
Data-Driven Decision Making: Our investment in data analytics provides us with unparalleled insights into market trends, buyer behavior, and mortgage renewals. This allows us to target high-opportunity segments with precision, enhancing both acquisition and retention.
Broker Network Expansion: As we grow our agent network, Pineapple Financial will continue to attract new talent through our unique value proposition, helping us further penetrate the market and deliver strong results to shareholders.

The recent mortgage reforms mark a significant turning point in the Canadian real estate market, and Pineapple Financial is ready to capitalize on this opportunity. As demand for both first-time and move-up buyers grows, our technology-driven approach, combined with our deep market expertise, positions us to deliver value across the board.

With an expanding product suite, scalable tech platform, and a strong pipeline of clients, Pineapple is on track to become a leading force in the evolving Canadian mortgage landscape.

PineappleONE Adoption Boosts Broker Efficiency, Leading to a 22.72% Increase in Loan Origination to $377 Million

Toronto, Ontario–(Newsfile Corp. – August 21, 2024) – Pineapple Financial Inc. (NYSE American: PAPL), a leading Canadian fintech company, today announced early-stage success showcasing the transformative impact of its PineappleONE platform. Designed to streamline mortgage processing, PineappleONE has significantly increased broker efficiency, resulting in a substantial rise in loan volumes and revenue for the company.

Key Findings:

Pineapple Financial’s internal analysis revealed that brokers utilizing PineappleONE experienced a 32% reduction in deal processing time due to the platform’s advanced automation features. This efficiency boost directly contributed to a 22.72% growth in mortgage loan volumes in Q3 fiscal 2024, with the company generating $377.64 million in residential mortgages, up from $307.73 million in the same period last year.

Additionally, the platform’s automation capabilities-such as document management, automated lender submissions, and real-time client updates-enabled brokers to handle more transactions with greater accuracy. This increased efficiency led to a 20.43% rise in revenue, with Q3 fiscal 2024 revenue reaching $736,448, compared to $603,231 in Q3 fiscal 2023.

Shubha Dasgupta, co-founder and CEO of Pineapple Financial, commented on the platform’s impact, stating, “PineappleONE has proven to be a game-changer for our brokers. By automating key aspects of the mortgage process, we’ve not only reduced the time brokers spend on administrative tasks but also improved their ability to close deals faster. This early data clearly demonstrates the direct correlation between increased efficiency and our impressive loan volume and revenue growth.”

Efficiency Drives Revenue:

The findings further highlighted that brokers who fully adopted PineappleONE’s features saw their individual loan volumes increase by an average of 28%, with some top-performing brokers reporting a 37.5% reduction in time spent per transaction. This efficiency not only allowed brokers to take on more clients but also enhanced client satisfaction, leading to higher referral rates and repeat business.

As a result, Pineapple Financial has not only grown its mortgage originations but also strengthened its market position by enhancing broker productivity and client outcomes. The success of PineappleONE has set a new standard in the mortgage industry, showcasing the potential of technology to drive both operational efficiency and financial performance.

Continued Innovation:

Building on this success, Pineapple Financial is committed to further enhancing PineappleONE with additional features aimed at increasing automation and broker support. The company plans to introduce AI-driven tools to optimize lead management and client retention, further empowering brokers to maximize their productivity and revenue potential.

“We are just beginning to tap into the full potential of PineappleONE,” added co-founder and COO, Kendall Marin. “As we continue to innovate and expand the platform’s capabilities, we expect even greater efficiencies and financial gains for our brokers and our company.”

Pineapple Financial Inc. Launches Pineapple Insurance

PUBLISHED

SEP 19, 2024 8:00AM EDT

Unlocking a Multi-Billion Dollar Market with Life, Creditor, and Disability Coverage for Mortgage Clients

Toronto, Ontario–(Newsfile Corp. – September 19, 2024) – Pineapple Financial Inc. (NYSE American: PAPL), a leading Canadian fintech platform, is thrilled to announce the official launch of Pineapple Insurance, a transformative new business vertical that is designed to unlock significant growth potential for the company. This development not only allows Pineapple to tap into Canada’s multi-billion dollar insurance market but also offers clients a more personalized, comprehensive financial solution that integrates seamlessly with their mortgage needs. Pineapple Insurance is expected to become a cornerstone of the company’s future revenue streams by delivering enhanced customer value and protection.

The launch of Pineapple Insurance marks a pivotal moment in the company’s evolution, fueled by strategic capital deployment from the proceeds of Pineapple’s IPO in November 2023. This initiative has been in development for over a year, and now, investors can see their capital being directed toward long-term, high-impact growth. The introduction of life, creditor, and disability insurance is not only a natural extension of Pineapple’s integrated financial services platform but also a critical move to capture a share of Canada’s growing insurance market, which generated $122 billion CAD in premiums in 2022 alone.

A Multi-Billion Dollar Opportunity:

The Canadian life and health insurance sector is forecasted to grow at an annualized rate of 4.5% through 2027, with increasing demand driven by economic uncertainty, rising personal debt, and consumer desire for financial security. By integrating insurance solutions into the mortgage process, Pineapple stands to benefit from a market where over 700,000 new mortgages are issued annually in Canada, alongside the 47% of mortgages expected to renew in the next three years. This creates an immense opportunity to cross-sell insurance products and expand revenue with every mortgage transaction.

Pineapple Insurance offers a more comprehensive and personalized solution to its mortgage clients, allowing them to choose coverage that fits their unique financial and personal needs, whether it’s life, creditor, or disability insurance. By integrating this offering into the mortgage process, Pineapple provides clients with a seamless, all-in-one solution, simplifying their financial decision-making and ensuring they are fully protected. This initiative enables the company to capture premium revenue from its existing client base of thousands of mortgage holders and prospects, positioning Pineapple to drive both retention and new sales. Moreover, by offering tailored solutions, Pineapple strengthens the client relationship, ensuring that each individual receives the most relevant and valuable coverage.

“We’ve been building towards this launch for over a year, and we’re beyond excited to finally share it with our investors and clients,” said Kendall Marin, President and COO of Pineapple Financial. “We believe Pineapple Insuranceis a game-changer. By offering in-house life, creditor, and disability insurance, we’re not only meeting a regulatory requirement but enhancing the value we provide to clients-while adding a potential highly lucrative revenue stream for our business.”

The Strategic Impact for Investors:

Revenue Growth & Profitability: Pineapple Insurance is set to significantly enhance overall revenue while improving the customer experience by offering a comprehensive suite of mortgage and insurance solutions. By integrating personalized insurance coverage with mortgage services, Pineapple is poised to capture substantial value from its extensive client base. The Canadian insurance market is vast, with strong demand for financial security driving growth. Pineapple’s ability to offer tailored insurance products, such as life, creditor, and disability coverage, presents a significant opportunity to boost revenue and deepen client relationships. With the potential to integrate insurance offerings into existing mortgage transactions, Pineapple is well-positioned to create a sustainable revenue stream. The synergy between mortgage origination and insurance sales is expected to generate substantial recurring revenue, reflecting the company’s strategic approach to leveraging its platform for long-term growth. This integration not only enhances the value provided to clients but also supports Pineapple’s objective of expanding its market presence and financial impact.
Strong Client Retention through Multi-Product Strategy: Cross-selling insurance products alongside mortgages delivers more than revenue growth-it deepens the value proposition for clients, building a stronger and more lasting relationship. By offering customized, relevant insurance coverage alongside mortgage renewals and new loans, Pineapple helps clients make well-informed decisions that provide long-term financial security. Research shows that financial institutions offering multi-product solutions experience a 30% increase in retention compared to single-product providers. Pineapple’s ability to bundle mortgage solutions with life and disability insurance creates a ‘stickier’ client relationship, ensuring that clients are more likely to stay loyal for years to come. As a result, Pineapple anticipates a rise in its already impressive retention rates, which currently hover above 70% across its mortgage portfolio. By offering insurance alongside renewals, Pineapple creates an additional touchpoint with clients, further deepening the relationship and boosting lifetime customer value.
Capital Deployment and Long-Term Value Creation: Pineapple Insurance is a clear example of the strategic use of proceeds from the company’s IPO last November. A portion of the $3.5 million USD raised has been allocated to build this division, reinforcing Pineapple’s commitment to leveraging investor capital to create scalable, revenue-generating assets. The deployment of capital toward this initiative reflects Pineapple’s long-term vision of becoming a fully integrated financial services platform that maximizes client value and revenue potential. “We promised our investors that the proceeds from our IPO would be deployed thoughtfully to accelerate growth and enhance shareholder value,” said Shubha Dasgupta, CEO of Pineapple Financial. “With Pineapple Insurance, we believe we’ve done exactly that. This division has been in development for a long time, and its launch signifies the beginning of a new era of profitability and scalability for our company. By focusing on our core principles of customer-centric innovation, we’re building a company that’s prepared for sustained growth and success.”
Market Tailwinds: Recent moves by the Federal Reserve to lower interest rates mark a significant shift in monetary policy that could provide a much-needed boost to the broader mortgage market. As borrowing costs begin to ease, consumer demand for refinancing and new mortgage solutions is expected to rise. These rate cuts, along with Pineapple’s comprehensive mortgage and insurance offerings, position the company to capitalize on improving market conditions and deliver enhanced value to clients while driving sustained revenue growth.

A Fully Integrated Financial Ecosystem:

Pineapple Insurance adds a vital layer to Pineapple’s tech-enabled financial services platform, allowing the company to offer truly end-to-end solutions to clients. As a licensed Managing General Agent (MGA) operating in Ontario, Manitoba, British Columbia, and Alberta, Pineapple is now positioned to provide mortgage, insurance, and financial advice all through one platform-offering clients convenience and peace of mind.

This full-service model positions Pineapple as a leader in the Canadian mortgage and financial services industry, capable of retaining clients and generating long-term recurring revenue by offering a broad array of financial products.

Source: Canadian Life and Health Insurance Association (CLHIA) report, 2022: https://www.clhia.ca/

Source: CMHC’s Canadian Housing Survey, 2021: https://www.cmhc-schl.gc.ca/

About Pineapple Insurance

Pineapple Insurance Inc., a wholly owned subsidiary of Pineapple Financial Inc., offers a wide range of insurance products, including life insurance (term and permanent), creditor insurance, critical illness insurance, and disability insurance. Licensed as an MGA, Pineapple Insurance is dedicated to providing comprehensive financial protection to clients across Canada, ensuring that every mortgage client has access to personalized and secure coverage.

Pineapple Financial Inc. Announces 20.43 Percent Revenue Growth in Fiscal 2024 Third Quarter Ended May 31, 2024

PUBLISHED

JUL 15, 2024 6:22PM EDT

Toronto, Ontario–(Newsfile Corp. – July 15, 2024) – Pineapple Financial Inc.(NYSE American: PAPL), a leading tech-focused mortgage firm with an integrated network of partner brokerages and agents across Canada, today announced that, for its third 2024 fiscal quarter ended May 31, 2024, the company achieved revenue of $736,448, a 20.43 percent increase as compared to revenue of $603,231 for its fiscal 2023 third quarter ended May 31, 2023.

Pineapple generated $377.64 million in residential mortgage loans in Q3 fiscal 2024, compared to $307.73 million in Q3 fiscal 2023, representing an increase of $69.91 million, or 22.72 percent.

Selling, general and administrative expenses during the three months ended May 31, 2024, were $491,666, a 29.62 percent decrease as compared to SG&A expenses of $698,568 during the corresponding period in 2023. This decrease was due to the absence of expenses incurred last year for the preparation of our IPO. The company had a net loss of $848,605, or $(0.12) per share, in fiscal Q3 2024, a 4.99 percent increase on the net loss of $808,234, or $(0.13) per share, in the corresponding quarter in fiscal 2023.

For the first nine months of fiscal 2024, which ended May 31, 2024, the company had revenue of $1,971,377, a 1.73 percent improvement on revenue of $1,937,923 achieved in the first nine months of fiscal 2023.

The company generated $1,083.771 million in residential mortgage loans in the first nine months of fiscal 2024 compared to $966.531 million in the corresponding period of fiscal 2023, representing an increase of $117.24 million, or 12.13 percent.

SG&A expenses in the first nine months of fiscal 2024 were $1,545,900, a 4.41 percent decrease compared to SG&A expenses of $1,617,231 during the first nine months of fiscal 2023. Pineapple had a net loss of $2,379,444, or $(0.37) per share, in the first nine months of FY 2024, compared to a net loss of $2,211,981, or $(0.35) per share, during the same period in FY2023.

The company’s cash position on May 31, 2024, was $1,052,207, a decrease of $645,296 compared to a cash position on August 31, 2023, of $1,697,503.

Weighted average common shares outstanding were 7,181,978 on May 31, 2024, and 6,306,979 on May 31, 2023.

“We are very gratified by our 2024 third-quarter fiscal results,” said co-founder and chief executive officer Shubha Dasgupta. “This quarter saw positive movement in the right direction from both macroeconomic and business perspectives. Although the real estate market across the country has faced challenges, positive signs have begun to emerge. The Bank of Canada has started reducing interest rates, fixed mortgage rates have dropped, and we are seeing more supply coming onto the market. Additionally, policy changes such as the introduction of 30-year amortizations for first-time homebuyers indicate a focus on helping younger Canadians enter the housing market.”

From a business perspective, we have continued to grow, even in challenging markets, which is a testament to our resilience and effectiveness as a business and a platform for hundreds of brokers across the country. We have launched a variety of new technology products to increase revenue and decrease costs, participated in numerous conferences, and continued to expand into new markets and add new offices this quarter.

“We are exceptionally pleased with the significant strides we’ve made this quarter,” said co-founder and chief executive officer Shubha Dasgupta. “The new technology products we’ve launched are driving both increased revenue and reduced costs, demonstrating our commitment to innovation and efficiency. Our participation in numerous conferences and ongoing expansion into new markets highlight our relentless pursuit of growth. As the Canadian real estate market shows signs of recovery, we are poised to capitalize on these favourable conditions and continue our upward trajectory, delivering robust results for our stakeholders.”

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