Here are 1-3 brief analogies to describe Pineapple Financial (PAPL):

• Shopify for mortgage brokers
• Compass for mortgage agents

As Pineapple Financial (symbol: PAPL) appears to be a fictional company, the following major products and services are hypothetical, based on the common offerings of a diversified financial institution:

• Retail Banking: Provides essential financial services to individual consumers, including checking and savings accounts, personal loans, and credit cards.
• Wealth Management: Offers comprehensive financial planning, investment advisory, and portfolio management services to high-net-worth individuals and families.
• Corporate Banking: Delivers a range of financial products and services to businesses, such as corporate loans, treasury management, and trade finance.
• Asset Management: Manages investment portfolios for institutional clients, pension funds, and other organizations through various investment strategies and funds.

As Pineapple Financial (symbol: PAPL) appears to be a hypothetical company for the purpose of this exercise, I will describe its major customer categories based on common models for financial institutions. Assuming Pineapple Financial primarily serves individuals, its major customer categories would be:

1. Everyday Consumers / Retail Banking Customers: This category includes a broad base of individual customers seeking fundamental financial services such as checking accounts, savings accounts, credit cards, personal loans, auto loans, and residential mortgages. These customers typically engage with the company for their day-to-day banking needs and standard credit products.
2. Affluent / High-Net-Worth Individuals (HNWIs): These customers possess significant financial assets and require more specialized and personalized services. This category would include clients seeking wealth management, investment advisory services, private banking, retirement planning, and sophisticated financial planning solutions, often managed through dedicated relationship managers.
3. Young Professionals / Early Savers & Investors: This category targets individuals in their early to mid-careers who are focused on building their financial foundations. They are typically interested in investment platforms (e.g., brokerage accounts, robo-advisors), high-yield savings products, student loan refinancing, and guidance on long-term financial planning for major life events like homeownership or education funding.

null

Sarfraz Habib, Chief Financial Officer & Principal Accounting Officer
Sarfraz Habib was appointed Chief Financial Officer on June 6, 2023. He brings over 25 years of experience in finance and accounting for both public and private organizations, with a strong focus on financial operations, strategy, and consulting. Prior to joining Pineapple Financial, Habib served as the controller of Keystroke Group Inc., where he was responsible for considerably reducing finance costs and streamlining accounting and finance processes.

Kendall Marin, Chief Operating Officer/President, Co-Founder & Director
Kendall Marin is a Co-Founder of Pineapple Financial Inc. He has over 15 years of experience in the Canadian mortgage market. Marin started his first business at the age of 16, growing it over five years to become the largest nightlife marketer in Canada. He also spent a significant part of his career at Bell, Canada's largest telecom, where he developed his operational experience and excellence.

Drew Green, Chairman & Co-Founder
Drew Green is a Co-Founder of Pineapple Financial Inc. and serves as its Chairman. He is noted for having built numerous high-growth companies.

Alex Shang, Vice President of Technology
Alex Shang serves as the Vice President of Technology for Pineapple Financial Inc.

null

The addressable markets for Pineapple Financial's (PAPL) main products and services are in Canada.

Mortgage Brokerage Services and Technology Solutions

• The Canada Mortgage/loan Brokers Market size was approximately USD 778.56 million in 2025 and is projected to grow to USD 989.65 million by 2030, demonstrating a compound annual growth rate (CAGR) of 4.92%.
• The total outstanding residential mortgage debt in Canada was about $2.3 trillion in early 2025. Approximately $1.5 trillion in Canadian mortgages, encompassing 3.4 million units, are expected to undergo renewal in the 24 months following April 2024.

Insurance Products (Whole Life, Permanent Life, Critical Illness, and Credit Insurance)

• The life insurance market in Canada is a significant market, with total gross written premiums of $71.7 billion in 2022. It generated a revenue of USD 48,062.3 million in 2020 and is anticipated to reach USD 69,200.1 million by 2027, with a CAGR of 5.3% from 2021 to 2027. The Canadian life insurance industry provided $6 trillion in coverage nationwide to 23 million people in 2024.
• Sales of critical illness insurance in Canada, measured by annualized premiums, reached $150.7 million in 2023, an increase from $134.4 million in 2022. Sales continued to grow by 4% in terms of annualized premiums in the second quarter of 2024 compared to the same period in 2023.
• The Canada trade credit insurance market generated a revenue of USD 732.4 million in 2023 and is forecast to reach USD 1,588.1 million by 2030, with a CAGR of 11.7% from 2024 to 2030. The broader Canada creditor and travel insurance market is projected to exhibit an 18.24% CAGR between 2025 and 2033.

Pineapple Financial (PAPL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market opportunities:

1. Significant Wave of Canadian Mortgage Renewals: A substantial number of mortgages in Canada are anticipated to come up for renewal within the next three years, presenting a significant opportunity for Pineapple Financial to re-service these customers. Approximately 73% of all current Canadian mortgages are expected to mature by the end of 2027, representing about $1.6 trillion in potential originations. The company expects increasing mortgage renewals in Canada to provide growth opportunities over the next 24 months.
2. Expansion of Broker Network and Market Share: Pineapple Financial aims to increase its market share by continuously expanding its network of mortgage agents and enhancing their productivity. The company has grown from approximately 200 users funding under $1 billion annually to over 700 users funding more than $2 billion annually across all Canadian provinces. Pineapple's scalable, tech-enabled platform and expanding broker network are expected to drive increased market share in response to rising demand in the Canadian mortgage market.
3. Launch and Growth of Insurance Vertical: As part of its strategic initiatives, Pineapple Financial has diversified its service offerings by launching a new insurance vertical. This includes providing life, creditor, and disability insurance through its subsidiary, Pineapple Insurance Inc., in collaboration with Industrial Alliance. This expansion is designed to create additional revenue streams and strengthen customer relationships.
4. Enhancements in Software Offerings and AI-Driven Tools: Pineapple Financial continues to invest heavily in its proprietary technology platform, PineappleONE, including AI-driven tools. These enhancements are aimed at improving the efficiency and experience for both mortgage brokers and clients, which contributed to revenue growth in 2024. The company's focus on developing proprietary software to streamline mortgage application processing is a key part of its long-term growth and operational resilience strategy.
5. Leveraging New Canadian Mortgage Rules and Market Accessibility: Recent changes to Canadian mortgage rules, effective August 1, 2024, are expected to stimulate market activity and provide growth opportunities. These reforms include the introduction of 30-year amortizations for first-time homebuyers and an increase in the insured mortgage cap to $1.5 million. Pineapple Financial plans to leverage its data-driven platform, PineappleONE, to expand its reach to first-time buyers and offer tailored solutions to move-up buyers, capitalizing on these new market conditions.

Share Issuance

• In November 2023, Pineapple Financial completed an Initial Public Offering (IPO) of 875,000 common shares at $4.00 per share, raising $3.5 million in gross proceeds.
• A public offering in May 2025 generated $1.5 million in gross proceeds through the issuance of 10 million units at $0.15 per unit, with each unit comprising one common share and one warrant.
• In September 2025, the company closed a private placement that involved the issuance of 24,642,700 common shares (derived from 24.6 million subscription receipts at a weighted average price of $4.04 per receipt), contributing to approximately $100 million in gross proceeds for the private placement.

Inbound Investments

• Pineapple Financial closed a $100 million private placement in September 2025, attracting institutional investors from both traditional finance and crypto sectors, including firms like FalconX, Monarq, Abraxas, Kraken, and Blockchain.com. This investment facilitated the launch of the company's digital asset treasury strategy.

Outbound Investments

• In September and October 2025, Pineapple Financial initiated a $100 million Injective Digital Asset Treasury Strategy, making it the first publicly traded holder of INJ tokens.
• As part of this strategy, the company completed an initial open-market purchase of 678,353 INJ tokens, valued at approximately $8.9 million.
• The acquired INJ tokens are intended to be staked on-chain, with an anticipated annual staking reward of approximately 12.75%.

Capital Expenditures

• In the last 12 months (prior to May 2025), Pineapple Financial reported $29 in capital expenditures.
• For fiscal year 2023, capital expenditures were primarily directed towards technological enhancements, investments in skilled personnel, and marketing services.
• A decrease in the company's cash balance as of August 31, 2024, was attributed to strategic investments in technology and operations.