Pineapple Financial Inc. reveals 2023 financial results

Houses for sale in Ottawa

Its cash on hand by the end of fiscal 2023 was $720,365 which was lower than the $3,896,840 it boasted by August 31, 2022. This decrease was attributed to the firm’s working capital and capital expenditures for technological enhancements, skilled personnel investments, and marketing services.

Its current cash position includes the receipt of IPO gross proceeds of around $3.5 million on November 3, 2023. Its total shares outstanding on August 31, 2023, and August 31, 2022, stood at 6,306,978.

Pineapple’s forecast for 2024

Pineapple is expecting to see an increase in its market share using strategies that will achieve technological innovation and strategic expansion. It will be leveraging borrower data analytics, introducing a suite of insurance products, and expanding into new Canadian provinces and regions.

“The company’s growth in 2024 will also likely be buoyed by the industry forecast that, during the next 24 months, 60%–or $1.5 trillion–in the Canadian mortgage market is up for renewal,” said Shubha Dasgupta (pictured), Pineapple’s chief executive officer.

“Couple that with the growth in population, need for housing starts, and the short-term cyclical nature of our market, and we are poised and ready for an exciting future,” he added.

Source link
Ottawa New Listings

Leave a Reply

Your email address will not be published. Required fields are marked *