Core Viewpoint - Pineapple Financial Inc. has announced a public offering of 10,000,000 units at a price of $0.15 per unit, each unit consisting of one share of common stock and one warrant to purchase an additional share [1][2]. Group 1: Offering Details - The offering is expected to close on or about May 5, 2025, subject to customary closing conditions [2]. - D. Boral Capital LLC is acting as the Exclusive Placement Agent for the offering [2]. - The offering is conducted under the Company's registration statement on Form S-1, which was declared effective by the SEC on May 1, 2025 [3]. Group 2: Company Overview - Pineapple Financial Inc. is a leading Canadian mortgage technology and brokerage firm focused on enhancing the mortgage process for brokers, lenders, and clients [5]. - The company provides advanced tools, marketing automation, analytics, and proprietary technology aimed at simplifying the mortgage experience [5]. - Pineapple is committed to innovation and aims to set a new standard for excellence in the mortgage industry [5].

Core Insights - RE/MAX Holdings reported a net loss of $2.0 million for Q1 2025, an improvement from a net loss of $3.4 million in Q1 2024, with basic and diluted GAAP loss per share at $(0.10) compared to $(0.18) in the prior year [8][10][12] Group 1: Operating Results - Total revenue for Q1 2025 was $74.5 million, down 4.9% from $78.3 million in Q1 2024, with revenue excluding Marketing Funds at $55.6 million, a decrease of 4.3% [4][10] - The agent count as of March 31, 2025, was 146,126, reflecting a 2.0% increase from 143,287 in the previous year, while the U.S. and Canada combined agent count decreased by 5.0% to 75,010 [3][10] Group 2: Revenue and Expenses - Recurring revenue streams, including franchise fees and annual dues, decreased by $2.2 million, or 5.5%, accounting for 66.8% of revenue excluding Marketing Funds in Q1 2025 [5] - Total operating expenses were $69.1 million, down 6.3% from $73.8 million in Q1 2024, primarily due to lower selling, operating, and administrative expenses [6][10] Group 3: Adjusted Metrics - Adjusted EBITDA for Q1 2025 was $19.3 million, an increase of 1.5% from $18.993 million in Q1 2024, with an adjusted EBITDA margin of 25.9% compared to 24.3% in the prior year [11][30] - Adjusted basic and diluted EPS were both $0.24 for Q1 2025, up from $0.20 in Q1 2024 [12][33] Group 4: Balance Sheet and Cash Flow - As of March 31, 2025, the company had cash and cash equivalents of $89.1 million, a decrease of $7.5 million from December 31, 2024, with outstanding debt at $439.9 million [13][26] - Cash flow from operations for Q1 2025 was $5.661 million, down from $9.381 million in Q1 2024, with adjusted free cash flow at $(1.161) million compared to $4.543 million in the prior year [28][38] Group 5: Outlook - For Q2 2025, the company expects agent count to increase by 1.5% to 2.5% and revenue in the range of $70.0 million to $75.0 million, with adjusted EBITDA projected between $22.5 million and $25.5 million [20]