Pineapple Financial Inc. (PAPL) Cash Flow Statement
Where PAPL’s cash came from and went, FY2025
August 31, 2025 · U.S. dollars- Cash from operations
- −$946,820
- Capital expenditures
- $944,187 31.6% of revenue
- Free cash flow
- −$1.9M −63.3% margin
- Returned to shareholders
- $487,313
- Change in cash
- $1.5M cash at year-end $2.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PAPL operating cash flow, capex and free cash flow
PAPL cash flow trends, FY2020–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $159,927FY2020 | −$946,820FY2025 | — | |
| Capital expenditures | $0FY2020 | $944,187FY2025 | — | |
| Free cash flow | $159,927FY2020 | −$1.9MFY2025 | — | |
| Free cash flow margin | 4.4%FY2020 | −63.3%FY2025 | −67.7 pts | |
| Stock-based compensation | $567,938FY2021 | $235,006FY2025 | −19.8%/yr | |
| Capex / revenue | 0.0%FY2020 | 31.6%FY2025 | +31.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PAPL cash flow by activity
PAPL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PAPL cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$3.6M | −$4.1M | −$2.8M | −$2.8M | −$234,683 | $141,805 |
| Depreciation & amortization | $862,103 | $838,843 | $441,159 | $255,871 | $55,548 | $24,439 |
| Stock-based compensation | $235,006 | $0 | $33,091 | $723,217 | $567,938 | — |
| Change in working capital | $882,448 | $1.1M | $135,223 | $8,162 | $11,926 | −$7,532 |
| Other non-cash items | $712,088 | $468,064 | $83,459 | −$12,098 | $267,826 | $1,215 |
| Cash from operating activities | −$946,820 | −$1.7M | −$2.1M | −$1.8M | $668,555 | $159,927 |
| Investing activities | ||||||
| Capital expenditures | −$944,187 | −$1.1M | −$1.4M | −$1.1M | −$61,638 | $0 |
| Investments (net) | — | −$1.1M | −$1.4M | −$1.1M | −$101,347 | — |
| Acquisitions & other investing | $0 | $1.1M | $1.4M | $1.1M | $61,638 | — |
| Cash from investing activities | −$944,187 | −$1.1M | −$1.4M | −$1.1M | −$101,347 | — |
| Financing activities | ||||||
| Share repurchases & issuance (net) | −$487,313 | — | — | — | — | — |
| Net borrowing (repayment) | $422,935 | −$326,801 | $349,008 | −$61,470 | −$51,384 | — |
| Shares issued | $1.8M | $3.2M | $0 | $0 | $7.3M | $0 |
| Other financing | $1.7M | $0 | $0 | $0 | −$1.0M | −$24,885 |
| Cash from financing activities | $3.5M | $2.9M | $349,008 | −$61,470 | $6.3M | −$24,885 |
| Summary | ||||||
| Net change in cash | $1.5M | −$140,009 | −$3.2M | −$3.1M | $6.6M | $135,042 |
| Cash at end of period | $2.1M | $580,356 | $720,365 | $3.9M | $7.0M | $288,252 |
| Free cash flow | −$1.9M | −$2.8M | −$3.5M | −$2.9M | $606,917 | $159,927 |
| Free cash flow margin | −63.3% | −105.1% | −139.0% | −80.2% | 3.8% | 4.4% |
| Capex / revenue | 31.6% | 41.6% | 54.4% | 29.2% | 0.4% | 0.0% |
| Operating cash flow / net income | — | — | — | — | — | 1.13 |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $24.6M | −$19.5M | −$6.4M | −$1.8M | −$560,122 | −$597,096 | −$656,894 | −$1.7M | −$848,748 | −$632,939 | −$897,757 | −$597,056 |
| Depreciation & amortization | $289,255 | $245,090 | $222,800 | $213,112 | $219,346 | $159,978 | $185,522 | $303,268 | $220,391 | $177,757 | $137,427 | $138,630 |
| Stock-based compensation | $142,000 | — | — | — | $0 | — | — | $0 | $0 | $0 | $0 | $117 |
| Change in working capital | $617,978 | −$1.1M | −$337,659 | $535,986 | $353,599 | $162,388 | −$169,525 | $663,579 | $794,572 | −$145,818 | −$224,842 | $245,586 |
| Other non-cash items | −$26.5M | $17.1M | $6.1M | $567,633 | $384,207 | $102,099 | −$22,700 | $491,717 | −$43,183 | $57,140 | −$37,610 | $39,513 |
| Cash from operating activities | −$858,612 | −$3.3M | −$489,745 | −$507,622 | $397,030 | −$172,631 | −$663,597 | −$264,651 | $123,032 | −$543,860 | −$1.0M | −$173,210 |
| Investing activities | ||||||||||||
| Capital expenditures | −$206,959 | −$1,925 | −$210,828 | −$132,744 | −$272,033 | −$257,112 | −$282,298 | −$216,205 | −$338,583 | −$293,745 | −$268,857 | −$400,685 |
| Investments (net) | — | −$2.0M | −$11.9M | — | −$272,033 | −$257,112 | −$282,298 | −$216,205 | −$338,583 | −$293,745 | −$268,857 | −$400,685 |
| Acquisitions & other investing | −$7.4M | −$5.2M | $0 | — | $272,033 | $257,112 | $282,298 | — | $338,583 | $293,745 | $268,857 | $400,685 |
| Cash from investing activities | −$7.6M | −$7.2M | −$12.1M | — | −$272,033 | −$257,112 | −$282,298 | — | −$338,583 | −$293,745 | −$268,857 | −$400,685 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$660,336 | — | −$487,313 | — | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | $3.0M | $6.3M | $11.9M | −$53,178 | −$18,321 | $38,229 | $456,205 | −$55,670 | −$3.0M | — | — | — |
| Shares issued | $0 | $19.9M | $15,000 | $487,263 | $628,327 | $56 | $731,831 | $487,491 | $2.8M | $20,279 | $2.7M | $0 |
| Other financing | −$613,696 | $15,037 | $487,310 | $1.2M | $0 | $0 | $0 | $0 | $0 | −$61,281 | $46,736 | $395,786 |
| Cash from financing activities | $1.8M | $26.2M | $12.0M | $1.6M | $610,006 | $38,285 | $1.2M | $431,821 | −$256,586 | −$41,002 | $2.8M | $395,786 |
| Summary | ||||||||||||
| Net change in cash | −$7.4M | $16.4M | −$638,204 | $974,394 | $640,976 | −$125,974 | $39,225 | −$49,035 | −$590,849 | −$1.0M | $1.6M | −$135,935 |
| Cash at end of period | $10.5M | $17.9M | $1.5M | $2.1M | $1.1M | $493,607 | $619,581 | $580,356 | $748,769 | $1.3M | $2.3M | $720,365 |
| Free cash flow | −$651,653 | −$3.3M | −$700,573 | −$640,366 | $124,997 | −$429,743 | −$945,895 | −$480,856 | −$215,551 | −$837,605 | −$1.3M | −$573,895 |
| Free cash flow margin | −104.7% | −89.5% | −15.8% | −3.9% | 16.7% | −57.8% | −123.5% | −3.1% | −29.3% | −21.3% | −31.0% | −101.7% |
| Capex / revenue | 33.2% | 0.1% | 4.7% | 0.8% | 36.4% | 34.6% | 36.8% | 1.4% | 46.0% | 7.5% | 6.4% | 71.0% |
| Operating cash flow / net income | −0.03 | — | — | — | — | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PAPL cash generation
In fiscal 2025 (ended August 31, 2025), Pineapple Financial generated -$0.9 million of cash from operations and spent $0.9 million on capital expenditures, leaving free cash flow of -$1.9 million, −63.3% of revenue. It returned $0.5 million to shareholders through dividends ($0) and net share buybacks ($0.5 million). Cash and equivalents rose by $1.5 million over the year.
Related: PAPL income statement, PAPL balance sheet. See the PAPL stock overview for the latest quote and news.
PAPL cash flow FAQ
What is Pineapple Financial's free cash flow?
Pineapple Financial's free cash flow was -$1.9 million in fiscal 2025: -$0.9 million of operating cash flow minus $0.9 million of capital expenditures It was -$2.8 million a year earlier..
How much cash does Pineapple Financial generate from operations?
Pineapple Financial generated -$0.9 million of cash from operating activities in fiscal 2025.
How much does Pineapple Financial spend on capital expenditures?
Pineapple Financial spent $0.9 million on capital expenditures in fiscal 2025, 31.6% of revenue, compared with $1.1 million the year before.
How much stock does Pineapple Financial buy back?
Pineapple Financial spent $0.5 million on net share repurchases in fiscal 2025.