MINNETONKA, Minn., June 06, 2024 (GLOBE NEWSWIRE) -- Pineapple Energy Inc. ("Pineapple"), a leading provider of sustainable solar energy and backup power to households and small businesses, is announcing that SUNation Energy, the company's New York subsidiary, has been recognized by the New York State Energy Research and Development Authority (NYSERDA) as a Platinum Status Quality Solar Installer. Due to the high threshold that was set by NYSERDA for companies to achieve platinum status, SUNation is only on ...

MINNETONKA, Minn., June 06, 2024 (GLOBE NEWSWIRE) -- Pineapple Energy Inc. ("Pineapple"), a leading provider of sustainable solar energy and backup power to households and small businesses, is announcing that SUNation Energy, the company's New York subsidiary, has been recognized by the New York State Energy Research and Development Authority (NYSERDA) as a Platinum Status Quality Solar Installer. Officials from NYSERDA were onsite to formally recognize the SUNation team's achievements. Contacts: Due to the ...

MINNETONKA, Minn., May 30, 2024 (GLOBE NEWSWIRE) -- Scott Maskin, Interim CEO of Pineapple Energy Inc. ("Pineapple" or the "Company"), has reaffirmed the Board's commitment to having Eric Ingvaldson continue to serve as the Company's Chief Financial Officer. In addition, the Board has appointed James Brennan, an experienced executive who has served as Pineapple's Senior Vice President of Corporate Development since November 2022, as the Company's Chief Operating Officer. "We are assembling a solid leadershi ...

Pineapple Energy (NASDAQ:PEGY) stock is taking off on Tuesday after the company announced a new solar power project in New York. Pineapple Energy subsidiary SUNation signed a 1.95-megawatt project for a large-scale commercial installation. This project is expected to start in July with an expedited installation on a commercial building in New York. Pineapple Energy interim CEO and SUNation founder Scott Maskin said the following about this project. "Projects of this size and complexity can take years to dev ...

Core Insights - Pineapple Energy Inc. announced a 1.95-megawatt project through its subsidiary SUNation, set to begin installation in early July on a large industrial building in New York [1] - The developer has over 200 MW of energy in their projected renewables pipeline nationally, selecting SUNation for their interconnection expertise and successful project delivery history [2] - The project was expedited, moving from initial contact to execution in a matter of months, showcasing SUNation's capability to meet project requirements efficiently [3] Company Overview - Pineapple Energy focuses on expanding local and regional solar, storage, and energy services companies across the nation, aiming to facilitate the energy transition through grassroots solar electricity and battery storage growth [4] - The company operates a portfolio of brands, including SUNation, that provide comprehensive solutions for homeowners and small businesses in solar, battery storage, and grid services [4] Market Trends - There is a growing demand for industrial and commercial solar projects as owners recognize the value of transitioning to solar energy [4]

Company Overview - Pineapple Energy Inc. is a leading provider of sustainable solar energy and backup power for households and small businesses [1] - The company focuses on growing local and regional solar, storage, and energy services companies nationwide, aiming to power the energy transition through grassroots growth of solar electricity paired with battery storage [4] Leadership Change - CEO Kyle Udseth has resigned effective immediately, with Scott Maskin, a Board Member and founder of SUNation Energy, appointed as Interim CEO [1][2] - Udseth had been with Pineapple since its founding in 2020 [3] Industry Context - The solar industry is described as turbulent, but the company remains committed to restoring shareholder value and executing its roadmap [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________ FORM 10-Q _____________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______to _____ Commission File Number: 001-31588 PINE ...

[Q1 2024 Financial and Operational Overview](index=1&type=section&id=Q1%202024%20Financial%20and%20Operational%20Overview) This section reviews the company's Q1 2024 financial performance and operational activities [Management Commentary](index=1&type=section&id=Management%20Commentary) Management characterized Q1 2024 as the most challenging operating period, ending a positive adjusted EBITDA streak, despite flat residential kilowatt sales and significant expense reductions - CEO Kyle Udseth described Q1 2024 as having the "toughest operating conditions" and noted the end of a four-quarter streak of positive adjusted EBITDA[2](index=2&type=chunk) - Despite challenges, residential kilowatts sold were flat year-over-year, which management views as a strong sales performance relative to market trends[2](index=2&type=chunk) - CFO Eric Ingvaldson explained that Q1 2023 was an unusually strong quarter due to the installation of projects delayed from Q4 2022, making for a difficult year-over-year comparison[2](index=2&type=chunk) - The company successfully reduced operating expenses by **31%** year-over-year, which helped to minimize the operating loss in the quarter[2](index=2&type=chunk) [Q1 2024 Financial Performance](index=1&type=section&id=Q1%202024%20Financial%20Performance) Q1 2024 revenue and gross profit declined **40%**, leading to a **$1.5 million adjusted EBITDA loss** despite expense reductions [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) Q1 2024 revenue and gross profit both declined **40%**, resulting in a **$1.5 million adjusted EBITDA loss** and **$10.1 million net loss** Q1 2024 Key Financial Results (vs. Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $13.2M | $22.1M | -40% | | Gross Profit | $4.8M | $8.0M | -40% | | Operating Expenses | $7.0M | $10.2M | -31% | | Operating Loss | ($2.2M) | ($2.1M) | +2% | | Net Income (Loss) | $1.2M | ($2.6M) | +146% | | Net Loss Attributable to Common Shareholders | ($10.1M) | ($2.6M) | +296% | | Adjusted EBITDA | ($1.5M) | $0.4M | -505% | | Diluted Loss per Share | ($0.26) | ($0.26) | 0% | [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Total revenue decreased **40%** to **$13.2 million**, driven by a **37% drop** in residential and **65% decline** in commercial sales - Total revenue was **$13.2 million**, a **40% decrease** from Q1 2023[6](index=6&type=chunk) - Residential contract sales fell by **37%** (**$6.7 million**) due to a **29% reduction** in residential kilowatts installed and lower average system prices from reduced financing fees and battery attachment rates[6](index=6&type=chunk) - Commercial contract sales decreased by **65%** (**$1.8 million**) because of delays in the start of commercial pipeline projects[6](index=6&type=chunk) [Profitability and Expense Analysis](index=2&type=section&id=Profitability%20and%20Expense%20Analysis) Gross profit declined **40%** to **$4.8 million** with a stable **36% gross margin**, offset by a **31% reduction** in operating expenses - Gross profit decreased by **40%** to **$4.8 million**, in line with the revenue decline, with gross margin remaining flat at **36%** year-over-year[7](index=7&type=chunk) - Total operating expenses decreased by **31%** (**$3.2 million**) to **$7.0 million**, mainly due to lower amortization, sales and marketing expenses, and personnel costs[8](index=8&type=chunk) - Other income increased by **$3.8 million**, primarily due to a **$3.7 million** fair value remeasurement gain on warrant liability[10](index=10&type=chunk) - Net loss attributable to common shareholders was **$10.1 million**, which included **$11.3 million** in deemed dividends related to preferred stock and warrants[11](index=11&type=chunk)[21](index=21&type=chunk) [Operational Highlights and Business Outlook](index=1&type=section&id=Operational%20Highlights%20and%20Business%20Outlook) Operational metrics softened sequentially, with residential kilowatts installed down **18%** and backlog decreasing to **$30 million**, yet management anticipates core market stability Q1 2024 Pro Forma Operating Metrics (vs. Q4 2023) | Metric | Change | | :--- | :--- | | Residential kW installed | Down 18% | | Residential kW sold | Down 7% | | Residential battery attachment rate | 29% (from 36%) | | Backlog (as of May 1, 2024) | $30M (from $36M) | - Management expects core markets on Long Island, NY, and Oahu, HI, to be stable and strong for the remainder of 2024 and into 2025[2](index=2&type=chunk) - The company is actively evaluating opportunities to acquire new businesses and expand into new markets[2](index=2&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) Unaudited condensed consolidated financial statements for Q1 2024 detail balance sheet changes, including a shift to a stockholders' deficit [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$54.7 million**, liabilities increased to **$42.5 million**, resulting in a **$11.2 million stockholders' deficit** Selected Balance Sheet Data (Unaudited) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,789,956 | $3,575,283 | | Total Current Assets | $13,146,781 | $15,778,648 | | Total Assets | $54,654,357 | $58,172,811 | | Total Current Liabilities | $20,945,531 | $22,373,482 | | Total Liabilities | $42,492,668 | $37,736,022 | | Total Stockholders' Equity (Deficit) | ($11,171,924) | $20,436,789 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 sales were **$13.2 million**, with an operating loss of **$2.2 million**, but **$3.4 million** in other income led to **$1.2 million net income** Statement of Operations Highlights (Unaudited, Three Months Ended March 31) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Sales | $13,219,197 | $22,065,424 | | Gross profit | $4,805,448 | $8,006,315 | | Total operating expenses | $6,988,402 | $10,155,841 | | Operating loss | ($2,182,954) | ($2,149,526) | | Other income (expense), net | $3,391,767 | ($444,414) | | Net income (loss) from continuing operations | $1,202,651 | ($2,599,672) | | Net loss attributable to common shareholders | ($10,119,988) | ($2,554,989) | [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA, a non-GAAP measure, showed a **$1.5 million loss** in Q1 2024, a significant decline from prior year's profit - Adjusted EBITDA is a non-GAAP measure defined as net income (loss) adjusted for interest, income taxes, depreciation, amortization, transaction costs, stock compensation, and non-cash fair value remeasurement adjustments[22](index=22&type=chunk) Reconciliation of Net Income (Loss) to Adjusted EBITDA | | Three Months Ended March 31 | | | :--- | :--- | :--- | | | **2024** | **2023** | | **Net Income (Loss)** | **$1,202,651** | **($2,599,672)** | | Interest expense | $764,870 | $458,218 | | Income taxes | $6,162 | $5,732 | | Depreciation & Amortization | $801,792 | $1,377,023 | | Stock compensation | $197,306 | $312,445 | | FV remeasurement adjustments | ($4,454,678) | $1,075,000 | | Other adjustments | ($27,673) | ($242,251) | | **Adjusted EBITDA** | **($1,509,570)** | **$372,802** |

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______to _____ Commission File Number: 001-31588 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 PINEAPPLE ENERGY INC. (Exact name of registrant as specified in its charter) | Minnesota | | --- | (State or other ju ...

Pineapple Energy Inc. (NASDAQ:PEGY) Q4 2023 Earnings Conference Call March 28, 2024 4:15 PM ET Company Participants Kyle J. Udseth - Chief Executive Officer, Director Eric Ingvaldson - Chief Financial Officer Conference Call Participants Donovan Schafer - Northland Capital Markets Operator Good afternoon, and welcome to Pineapple Energy's Fourth Quarter and Full-Year 2023 Conference Call. As a reminder, today's call is being recorded. All participants are in a listen-only mode. For opening remarks and intro ...