Revenue and loan volumes rise in Q2, CEO highlights reasons why
Pineapple Financial has released its second-quarter earnings report, revealing an increase in its residential mortgage loan originations for the first half of the fiscal year 2024.
For the first six months of fiscal 2024, Pineapple originated $697 million in residential mortgage loans, up from $650 million in the same period a year ago.
Pineapple’s revenue for the second quarter increased 1% to $1.35 million. Its cash position also improved in Q2, rising by $159,642 to $1.34 million.
“We are very gratified by our 2024 second fiscal results,” Pineapple CEO Shubha Dasgupta (pictured) said in a media release. “Though the Canadian mortgage industry faced challenging conditions during this period, Pineapple achieved major improvements in both its loan generation volume and total revenue.”
The company had a net loss of $657,456, or $0.10 per share, in Q2 fiscal 2024, a 4% improvement from the net loss of $685,093, or $0.10 per share, in the prior-year quarter. Its selling, general, and administrative (SG&A) expenses also rose by 33.3% to $592,202 during the quarter, due to costs associated with expansion and increased travel.
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Despite these expenses, the firm’s net loss decreased slightly by 4% to $657,456, or $(.10) per share, compared to a net loss of $685,093, or $(.10) per share, in the corresponding quarter of fiscal 2023.
During the quarter, Pineapple opened new offices, deployed a new mortgage application platform, and launched custom advertising software.
“We’re seeing terrific results from our internal tech improvements and marketing and expansion activities initiated during fiscal Q2,” Dasgupta said. “I believe that, as our industry outlook continues to improve, Pineapple will continue to demonstrate improved top and bottom line performance for the remainder of the fiscal year and beyond.”
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