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Pineapple Financial (PAPL) Q4 2025 earnings results (fourth quarter 2025)
10-Q filed Jan 21, 2026
Pineapple Financial (PAPL) reported revenue of $722K for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -0.8% from the quarter before. Operating margin was -909.1%, net loss $6.4M (891.6% of revenue).
Pineapple Financial, Q4 2025: revenue $722K (-6% year over year), operating margin -909.1%, net loss $6.4M, operating cash flow −$490K. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $722K | -0.8% | -6% |
| Operating profit | −$6.6M | — | — |
| Net earnings | −$6.4M | — | — |
| Operating cash flow | −$490K | — | — |
What changed
Revenue was $722K in Q4 2025, down 6% year over year and down 1% from the previous quarter.
Operating costs exceeded revenue by $6.6M, an operating margin of -909.1%. Total costs grew 399% against a revenue fall of 6%. The fastest-growing cost line was Other operating costs (+939%). The quarter ended with a net loss of $6.4M, wider than the previous quarter's $1.8M loss.
Operating cash flow was −$490K. Non-cash charges added back $405K of depreciation and amortization. Working capital and other items added $5.5M. Capital expenditures of $2K exceeded it, leaving free cash flow of −$492K.
Questions
What was Pineapple Financial's revenue in the fourth quarter 2025?
Pineapple Financial (PAPL) reported revenue of $722K for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -0.8% from the quarter before.
Was Pineapple Financial profitable in the fourth quarter 2025?
Operating loss was $6.6M (-909.1% of revenue) and net loss $6.4M.