7. Warrants

 Schedule of common share purchase warrant

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements - Unaudited

For the period ended May 31, 2026

(Expressed in US Dollars)

As of August 31, 2025, the Company had 82,650 equity-classified common share purchase warrants outstanding, with an aggregate amount of $3,102,814 recorded in additional paid-in capital. These warrants expired unexercised on November 3, 2025. No gain or loss was recognized upon expiration, and the related amount remained within additional paid-in capital.

On January 6, 2026, the Company issued 1,039,346 common share purchase warrants to Meteora Strategic Capital LLC in exchange for advisory services. The warrants were determined to qualify for equity classification and were measured at their grant-date fair value of $1,325,558 recorded in additional paid-in capital with a corresponding financing expense.

During the nine months ended May 31, 2026, 10 Meteora warrants were exercised for cash proceeds of $38. As of May 31, 2026, 1,039,336 Meteora warrants remained outstanding and exercisable at $3.80 per common share.

7. Warrants (continued from previous page)

The warrants issued on September 25, 2025 became effective on January 6, 2026 upon satisfaction of the related closing conditions. The warrants were measured at fair value using the Black-Scholes option pricing model.

On January 6, 2026, the initial fair value of the warrants was determined using the following assumptions: share price of $1.38, exercise price of $3.80, expected term of 5 years, risk-free interest rate of 3.51%, and expected volatility of 180.05%.

 Schedule of warrant liability