Core Insights - Pineapple Financial Inc. reported Q1 2026 gross billings of $4.1 million and revenue of $0.7 million, with expectations for FY 2026 gross billings between $17.5 million and $20.8 million and revenue between $7.7 million and $9.5 million [1][9] - The company has transitioned from an infrastructure build-out phase to an execution-focused operating phase, emphasizing operating discipline, earnings quality, and capital efficiency [2][3] Financial Performance - Q1 2026 gross billings decreased to $4.1 million from $4.4 million in Q1 2025, while revenue fell to $0.7 million from $0.8 million in the same period [14] - Total expenses for Q1 2026 were $7.3 million, significantly higher than $1.5 million in Q1 2025, primarily due to a $6.1 million non-cash change in fair value related to the Digital Asset Treasury [14] - Loss from operations was $6.6 million compared to $0.7 million in Q1 2025, but net cash used in operations improved to $0.5 million from $0.7 million [18] Strategic Developments - The company has launched a mortgage tokenization platform, converting real-world mortgage records into secure digital assets on the INJ blockchain, marking a significant advancement in its financial infrastructure strategy [5] - Nearly $1 billion in originated mortgages have been tokenized, with plans to migrate a full historical portfolio of over 29,000 funded mortgages, totaling approximately $13.7 billion CAD [6] - The tokenization initiative supports the rollout of a Mortgage Data Marketplace and Pineapple Prime, aimed at generating high-margin, recurring revenue streams [7] Market Outlook - The Canadian mortgage market is expected to remain resilient, with over 1.1 million households anticipated to renew their mortgages in 2026, providing consistent opportunities for mortgage providers [13] - Pineapple expects to expand its agent network to between 700-1000 agents during fiscal 2026, supported by targeted recruitment and improved retention strategies [11] - The company projects continued improvement in unit economics and operational efficiency as it scales its platform [12]

Core Insights - Pineapple Financial Inc. has launched a mortgage tokenization platform, marking a significant advancement in its on-chain financial infrastructure strategy, aimed at enhancing transparency, efficiency, and yield opportunities in the mortgage ecosystem [1][2] Group 1: Tokenization Platform Launch - The company has commenced the on-chain migration of its mortgage portfolio, with over half a billion dollars in mortgages already tokenized, converting legacy loan data into secure digital assets [1][2] - The initial deployment includes 1,259 mortgage files on-chain, representing approximately $716 million CAD in funded mortgage volume, with plans to migrate over 29,000 funded mortgages totaling around $13.7 billion CAD [2] Group 2: Data and Operational Improvements - Each tokenized mortgage record contains more than 500 unique data points, creating a unified and auditable source of truth that aims to streamline operational workflows and improve risk modeling [3] - The platform addresses long-standing operational challenges in mortgage finance, such as fragmented data systems and manual audits, by enabling automated verification and real-time audit trails [4] Group 3: Future Developments - Pineapple is developing two new commercial products: a Mortgage Data Marketplace for compliant access to anonymized loan-level data and Pineapple Prime, which will provide on-chain access to mortgage-backed yield opportunities [9]