Pineapple Financial Inc. (PAPL) Balance Sheet

NYSE American: PAPLAssets, liabilities, debt and equity over 6 years.

PAPL balance sheet, FY2025

August 31, 2025 · U.S. dollars

$5.4M assets = $4.5M liabilities + $906,679 equity

Both columns are drawn to the same scale: what PAPL owns equals what it owes plus shareholders’ equity. Hover a block for its value.

PAPL financial health

Current ratio0.77

Tight · current assets cover current liabilities 0.77×

Debt / equity1.47

Moderate leverage · $1.47 of debt for each $1 of equity

Equity / assets16.7%

Thin equity · of assets funded by shareholders

Cash / debt159.3%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles46.1%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

PAPL balance sheet trends, FY2020–FY2025

Pineapple Financial Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$310,385FY2020	$5.4MFY2025	+77.2%/yr
Total liabilities	$153,612FY2020	$4.5MFY2025	+96.6%/yr
Shareholders’ equity	$156,773FY2020	$906,679FY2025	+42.0%/yr
Cash & short-term investments	$288,252FY2020	$2.1MFY2025	+49.0%/yr
Total debt	$13,621FY2020	$1.3MFY2025	+150.0%/yr
Net cash (debt)	$274,631FY2020	$788,292FY2025	+$513,661
Working capital	$188,326FY2020	−$682,096FY2025	−$870,422
Book value per share	$0.02FY2020	$0.19FY2024	+73.7%/yr
Current ratio	1.94FY2020	0.77FY2025	−1.17
Debt / equity	0.09FY2020	1.47FY2025	+1.38
Shares outstanding	7.6MFY2020	7.1MFY2024	−1.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

PAPL assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

PAPL liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

PAPL debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

PAPL balance sheet

Pineapple Financial Inc. annual balance sheet
	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Assets
Cash & short-term investments	$2.1M	$580,356	$720,365	$3.9M	$7.0M	$288,252
Cash & equivalents	$2.1M	$580,356	$720,365	$3.9M	$7.0M	$288,252
Receivables	$92,223	$155,224	$758,988	$104,197	$66,425	$9,898
Inventory	$0	$0	−$3.2M	$483,694	−$5.9M	−$1
Other current assets	$110,001	$157,911	$3.4M	$1	$6.0M	$90,326
Total current assets	$2.3M	$893,491	$1.7M	$4.5M	$7.2M	$388,475
Property, plant & equipment (net)	$592,120	$981,284	$1.2M	$1.2M	$316,006	$12,236
Goodwill & intangible assets	$2.5M	$2.2M	$1.7M	$702,388	$0	$0
Long-term investments	$9,733	$10,042	$10,013	$38,211	$39,709	$0
Other non-current assets	$0	$0	$0	$0	$1	$0
Total assets	$5.4M	$4.1M	$4.6M	$6.4M	$7.6M	$310,385
Liabilities
Accounts payable	$2.1M	$1.1M	$605,319	$780,113	$399,317	$163,644
Short-term debt	$767,979	$161,508	$568,470	$2,024	$50,432	$13,621
Deferred revenue	$108,552	$111,921	−$605,319	−$780,113	−$399,317	−$10,453
Total current liabilities	$3.0M	$1.4M	$1.2M	$782,137	$449,750	$200,149
Long-term debt	$0	$0	$0	$0	$0	$0
Lease obligations	$699,959	$977,107	$1.1M	$1.0M	$263,238	—
Other long-term liabilities	$1.5M	$1.3M	$1.7M	$1.0M	$212,806	$0
Total liabilities	$4.5M	$2.7M	$2.8M	$1.8M	$662,556	$153,612
Shareholders' equity
Common stock & paid-in capital	$11.6M	$8.6M	$4.9M	$4.9M	$4.9M	$60
Retained earnings (deficit)	−$13.4M	−$9.8M	−$5.7M	−$2.8M	−$36,217	$152,320
Accumulated other comprehensive income	−$509,300	−$408,510	−$417,727	−$353,218	−$147,995	$4,393
Total shareholders' equity	$906,679	$1.3M	$1.8M	$4.6M	$6.9M	$156,773
Key figures
Total debt	$1.3M	$977,107	$1.5M	$1.0M	$263,238	$13,621
Net cash (debt)	$788,292	−$396,751	−$817,694	$2.9M	$6.7M	$274,631
Working capital	−$682,096	−$505,415	$523,714	$3.7M	$6.8M	$188,326
Tangible book value	−$1.6M	−$862,459	$66,979	$3.9M	$6.9M	$156,773
Book value per share	—	$0.19	$0.25	$0.64	$0.96	$0.02
Shares outstanding	—	7.1M	7.2M	7.2M	7.2M	7.6M
Current ratio	0.77	0.64	1.45	5.73	16.07	1.94
Quick ratio	0.74	0.53	1.26	5.12	15.74	1.49
Debt / equity	1.47	0.72	0.86	0.22	0.04	0.09
Equity / assets	16.7%	32.9%	38.6%	72.0%	91.3%	50.5%

Pineapple Financial Inc. quarterly balance sheet
	May '26	Feb '26	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Aug '24	May '24	Feb '24	Nov '23	Aug '23
Assets
Cash & short-term investments	$5.1M	$17.9M	$1.5M	$2.1M	$1.1M	$493,607	$619,581	$580,356	$748,769	$1.3M	$2.3M	$720,365
Cash & equivalents	$5.1M	$17.9M	$1.5M	$2.1M	$1.1M	$493,607	$619,581	$580,356	$748,769	$1.3M	$2.3M	$720,365
Short-term investments	—	—	—	—	—	—	—	—	$199,476	—	—	—
Receivables	$12.5M	$5.2M	$143,732	$138,336	$180,462	$177,781	$182,526	$60,948	$151,264	$690,366	$871,279	$758,988
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$1	$1.9M	$2.6M	$1.3M
Other current assets	$5.9M	$0	$166,975	$63,888	$81,821	$199,463	$154,983	$252,187	$152,173	$0	$0	$0
Total current assets	$23.5M	$23.1M	$1.8M	$2.3M	$1.4M	$870,851	$957,090	$893,491	$1.1M	$2.4M	$3.4M	$1.7M
Property, plant & equipment (net)	$477,008	$523,686	$521,333	$592,120	$740,640	$760,367	$891,308	$981,284	$1.0M	$1.1M	$1.1M	$1.2M
Goodwill & intangible assets	$2.5M	$25.0M	$2.5M	$2.5M	$2.6M	$2.3M	$2.3M	$2.2M	$2.2M	$2.1M	$1.9M	$1.7M
Long-term investments	$49.4M	$22.4M	$5.8M	$9,733	$9,847	$9,365	$9,671	$10,042	$9,935	$9,984	$9,976	$10,013
Other non-current assets	$0	$0	$30,000	$0	$0	$0	$0	$0	$1	$0	$0	$0
Total assets	$75.9M	$48.9M	$10.6M	$5.4M	$4.7M	$4.0M	$4.1M	$4.1M	$4.3M	$5.6M	$6.4M	$4.6M
Liabilities
Accounts payable	$1.7M	—	$2.0M	—	—	—	—	—	$530,562	$500,187	$469,552	$605,319
Short-term debt	$21.6M	$19.1M	$770,016	—	$799,614	$754,666	$807,476	—	$159,210	$687,978	$144,446	$568,470
Deferred revenue	$78,370	$98,992	$37,997	—	$151,328	$145,524	$45,683	—	−$116,795	−$500,187	$517,467	−$605,319
Total current liabilities	$23.5M	$19.1M	$14.8M	$3.0M	$2.4M	$2.1M	$1.8M	$1.4M	$689,772	$1.2M	$1.1M	$1.2M
Long-term debt	$0	$0	$0	$0	$0	$0	$0	$0	$80,568	$0	$0	$0
Lease obligations	$601,885	$644,405	$663,219	$699,959	$838,977	$835,688	$901,883	$977,107	$1.0M	$1.1M	$1.1M	$1.1M
Other long-term liabilities	$691,489	$2.7M	$1.3M	$1.5M	$1.4M	$1.1M	$1.2M	$1.3M	$1.5M	$1.4M	$1.7M	$1.7M
Total liabilities	$24.2M	$21.8M	$16.1M	$4.5M	$3.9M	$3.2M	$3.0M	$2.7M	$2.3M	$2.6M	$2.8M	$2.8M
Shareholders' equity
Common stock & paid-in capital	$62.4M	$63.0M	$11.7M	—	$9.9M	$9.1M	$8.7M	—	$7.6M	$7.6M	$7.6M	$4.9M
Retained earnings (deficit)	−$14.7M	−$39.3M	−$19.8M	−$13.4M	−$11.6M	−$11.0M	−$10.4M	−$9.8M	−$8.0M	−$7.2M	−$6.6M	−$5.7M
Accumulated other comprehensive income	−$532,087	$196,778	−$504,775	—	−$461,363	−$496,066	−$680,861	—	−$480,393	−$428,178	−$393,149	−$417,727
Total shareholders' equity	$51.6M	$27.1M	−$5.5M	$906,679	$842,565	$739,657	$1.2M	$1.3M	$2.0M	$2.9M	$3.6M	$1.8M
Key figures
Total debt	$22.0M	$19.6M	$1.3M	—	$1.5M	$1.4M	$1.6M	—	$1.1M	$1.6M	$1.1M	$1.5M
Net cash (debt)	−$17.0M	−$1.7M	$186,220	—	−$337,653	−$941,211	−$931,519	—	−$338,069	−$244,366	$1.3M	−$817,694
Working capital	−$48,873	$4.0M	−$13.0M	−$682,096	−$1.0M	−$1.3M	−$829,610	−$505,415	$362,435	$1.2M	$2.3M	$523,714
Tangible book value	$49.1M	$2.1M	−$8.0M	−$1.6M	−$1.7M	−$1.6M	−$1.1M	−$862,459	−$173,893	$890,020	$1.8M	$66,979
Book value per share	—	—	—	—	$0.07	$0.08	$0.16	—	$0.29	$0.46	$0.55	$0.25
Shares outstanding	—	—	—	—	12.7M	9.0M	7.1M	—	7.2M	6.5M	6.6M	7.2M
Current ratio	1.00	1.21	0.12	0.77	0.58	0.41	0.54	0.64	1.53	2.03	3.02	1.45
Quick ratio	0.75	1.21	0.11	0.75	0.54	0.32	0.45	0.46	1.30	1.71	2.84	1.26
Debt / equity	0.43	0.72	—	—	1.75	1.94	1.35	—	0.53	0.54	0.30	0.86
Equity / assets	68.1%	55.4%	−51.6%	16.7%	17.9%	18.7%	27.8%	32.9%	47.5%	52.9%	56.3%	38.6%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 3, 2025); data from EODHD.

PAPL financial position

At the end of fiscal 2025 (August 31, 2025), Pineapple Financial had total assets of $5.4 million (up 32.2% from a year earlier), total liabilities of $4.5 million and shareholders' equity of $0.9 million. It held $2.1 million in cash and short-term investments against $1.3 million of debt, a net cash position of $0.8 million. Its current ratio was 0.77. In the latest quarter (ended May 31, 2026) total assets were $75.9 million and equity $51.6 million.

Related: PAPL income statement, PAPL cash flow statement, PAPL key metrics. See the PAPL stock overview for the latest quote and news.

PAPL balance sheet FAQ

What are Pineapple Financial's total assets?

Pineapple Financial reported total assets of $5.4 million at the end of fiscal 2025 (August 31, 2025), compared with $4.1 million a year earlier.

How much debt does Pineapple Financial have?

Pineapple Financial had $1.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.47.

How much cash does Pineapple Financial have?

Pineapple Financial held $2.1 million in cash and short-term investments at the end of fiscal 2025; with $1.3 million of debt that is net cash of $0.8 million.

What is Pineapple Financial's book value?

Pineapple Financial's shareholders' equity (book value) was $0.9 million at the end of fiscal 2025.

What is Pineapple Financial's current ratio?

Pineapple Financial had current assets of $2.3 million and current liabilities of $3.0 million, a current ratio of 0.77 (current liabilities exceed current assets).

How much goodwill does Pineapple Financial have?

Pineapple Financial carried $2.5 million of goodwill and intangible assets, 46.1% of total assets, at the end of fiscal 2025.