| Segment reporting |
18.
Segment reporting
The
Company operates through two reportable segments in accordance with ASC 280:
| ● | Mortgage
operations – mortgage brokerage, underwriting, and related services |
| ● | Crypto
asset operations – digital asset treasury, staking activities, and fair value changes
on digital assets |
The
Company’s Chief Operating Decision Maker (“CODM”) is comprised of the Chief Executive Officer and a member of the Board
of Directors. The CODM evaluates segment performance and allocates resources based primarily on revenue and operating loss
Pineapple
Financial Inc.
Notes
to the Condensed Interim Consolidated Financial Statements - Unaudited
For
the period ended May 31, 2026
(Expressed
in US Dollars)
18.
Segment reporting (continued from previous page)
Segment
results – nine months ended May 31, 2026
Schedule
of segment reporting
| For the period ended | |
May 31, 2026 (Unaudited) | | |
May 31, 2025 (Unaudited) | | |
May 31, 2026 (Unaudited) | | |
May 31, 2026 (Unaudited) | | |
May 31, 2025 (Unaudited) | |
| | |
Mortgage Operation | | |
Crypto Asset Operation | | |
Total | |
| For the period ended | |
May 31, 2026 (Unaudited) | | |
May 31, 2025 (Unaudited) | | |
May 31, 2026 (Unaudited) | | |
May 31, 2026 (Unaudited) | | |
May 31, 2025 (Unaudited) | |
| | |
$ | | |
$ | | |
$ | | |
$ | | |
$ | |
| | |
| | |
| | |
| | |
| | |
| |
| Revenue | |
| 2,052,335 | | |
| 2,259,396 | | |
| - | | |
| 2,052,335 | | |
| 2,259,396 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Expenses and other income | |
| | | |
| | | |
| | | |
| | | |
| | |
| Selling, general and administrative | |
| 1,747,235 | | |
| 1,522,778 | | |
| - | | |
| 1,747,235 | | |
| 1,522,778 | |
| Advertising and marketing | |
| 708,691 | | |
| 617,987 | | |
| - | | |
| 708,691 | | |
| 617,987 | |
| Salaries, wages and benefits | |
| 740,798 | | |
| - | | |
| - | | |
| 740,798 | | |
| 1,223,722 | |
| Interest expense and bank charges | |
| 50,844 | | |
| 306,267 | | |
| 1,026,187 | | |
| 1,077,031 | | |
| 306,267 | |
| Depreciation and amortization | |
| 719,173 | | |
| 648,991 | | |
| - | | |
| 719,173 | | |
| 648,991 | |
| Fair value loss on Digital assets | |
| - | | |
| - | | |
| (2,809,970 | ) | |
| (2,809,970 | ) | |
| - | |
| Staking income | |
| - | | |
| - | | |
| (620,849 | ) | |
| (620,849 | ) | |
| - | |
| Government incentive | |
| (81,792 | ) | |
| (70,657 | ) | |
| - | | |
| (81,792 | ) | |
| (70,657 | ) |
| Total expense | |
| 3,884,949 | | |
| 4,249,088 | | |
| (2,404,632 | ) | |
| 1,480,317 | | |
| 4,249,088 | |
| Gain/(Loss) from operations | |
| (1,832,614 | ) | |
| (1,989,692 | ) | |
| 2,404,632 | | |
| 572,018 | | |
| (1,989,692 | ) |
| Foreign exchange (loss) gain | |
| 27,068 | | |
| (1,905 | ) | |
| | | |
| 27,068 | | |
| (1,905 | ) |
| Interest income | |
| - | | |
| - | | |
| 369,539 | | |
| 369,539 | | |
| - | |
| Financing cost - warrants | |
| - | | |
| - | | |
| (1,325,558 | ) | |
| (1,325,558 | ) | |
| - | |
| Financing cost - Equity line of credit | |
| - | | |
| - | | |
| (1,500,000 | ) | |
| (1,500,000 | ) | |
| - | |
| Expenses | |
| | | |
| | | |
| - | | |
| - | | |
| | |
| Gain (loss) on change in fair value of derivative liability | |
| - | | |
| - | | |
| 42,556 | | |
| 42,556 | | |
| - | |
| Gain (loss) on change in fair value of warrant liability | |
| 467,408 | | |
| 341,765 | | |
| - | | |
| 467,408 | | |
| 341,765 | |
| Income taxes (recovery) expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Net profit/(loss) | |
| (1,338,138 | ) | |
| (1,814,112 | ) | |
| (8,831 | ) | |
| (1,346,969 | ) | |
| (1,814,112 | ) |
Segment results – three months ended May 31, 2026
| For the period ended | |
May 31, 2026 (Unaudited) | | |
May 31, 2025 (Unaudited) | | |
May 31, 2026 (Unaudited) | | |
May 31, 2026 (Unaudited) | | |
May 31, 2025 (Unaudited) | |
| | |
Mortgage Operation | | |
Crypto Asset Operation | | |
Total | |
| For the period ended | |
May 31, 2026 (Unaudited) | | |
May 31, 2025 (Unaudited) | | |
May 31, 2026 (Unaudited) | | |
May 31, 2026 (Unaudited) | | |
May 31, 2025 (Unaudited) | |
| | |
$ | | |
$ | | |
$ | | |
$ | | |
$ | |
| | |
| | |
| | |
| | |
| | |
| |
| Revenue | |
| 622,502 | | |
| 746,903 | | |
| - | | |
| 622,502 | | |
| 746,903 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Expenses and other income | |
| | | |
| | | |
| | | |
| | | |
| | |
| Selling, general and administrative | |
| 552,659 | | |
| 527,835 | | |
| - | | |
| 552,659 | | |
| 527,835 | |
| Advertising and marketing | |
| 292,314 | | |
| 292,489 | | |
| - | | |
| 292,314 | | |
| 292,489 | |
| Salaries, wages and benefits | |
| 391,309 | | |
| 394,648 | | |
| - | | |
| 391,309 | | |
| 394,648 | |
| Interest expense and bank charges | |
| 9,231 | | |
| 31,216 | | |
| 439,279 | | |
| 448,510 | | |
| 31,216 | |
| Depreciation and amortization | |
| 255,023 | | |
| 219,355 | | |
| - | | |
| 255,023 | | |
| 219,355 | |
| Fair value loss on digital assets | |
| - | | |
| - | | |
| (25,824,284 | ) | |
| (25,824,284 | ) | |
| - | |
| Staking income | |
| - | | |
| - | | |
| (399,134 | ) | |
| (399,134 | ) | |
| - | |
| Government incentive | |
| (27,423 | ) | |
| (22,109 | ) | |
| - | | |
| (27,423 | ) | |
| (22,109 | ) |
| Total expense | |
| 1,473,113 | | |
| 1,443,434 | | |
| (25,784,139 | ) | |
| (24,311,026 | ) | |
| 1,443,434 | |
| Loss from operations | |
| (850,611 | ) | |
| (696,531 | ) | |
| 25,784,139 | | |
| 24,933,528 | | |
| (696,531 | ) |
| Foreign exchange (loss) gain | |
| 186,281 | | |
| (6,018 | ) | |
| | | |
| 186,281 | | |
| (6,018 | ) |
| Interest income | |
| - | | |
| - | | |
| 155,480 | | |
| 155,480 | | |
| - | |
| Financing cost - warrants | |
| - | | |
| (164,703 | ) | |
| - | | |
| - | | |
| (164,703 | ) |
| Financing cost - Equity line of credit | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Dat Expense | |
| | | |
| | | |
| - | | |
| - | | |
| | |
| Gain (loss) on change in fair value of derivative liability | |
| - | | |
| - | | |
| 26,812 | | |
| 26,812 | | |
| - | |
| Gain (loss) on change in fair value of warrant liability | |
| (52,018 | ) | |
| 309,516 | | |
| - | | |
| (52,018 | ) | |
| 309,516 | |
| Income taxes (recovery) expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Net loss | |
| (716,348 | ) | |
| (557,736 | ) | |
| 25,966,431 | | |
| 25,250,083 | | |
| (557,736 | ) |
Pineapple
Financial Inc.
Notes
to the Condensed Interim Consolidated Financial Statements - Unaudited
For
the period ended May 31, 2026
(Expressed
in US Dollars)
18.
Segment reporting (continued from previous page)
Comparative
information for the Crypto Asset Operations segment is not presented for the prior period, as the Company had no crypto-related activities
or reportable amounts prior to the current fiscal year.
Segment
assets
Schedule
of segment assets reporting
| As of May 31, 2026 | |
Mortgage Operations | | |
Digital Asset Operations | | |
Total | |
| Cash and cash equivalents | |
$ | 1,024,785 | | |
$ | 4,064,922 | | |
$ | 5,089,707 | |
| Restricted cash | |
| - | | |
| 5,424,320 | | |
| 5,424,320 | |
| Trade and other receivables | |
| 434,268 | | |
| (48,873 | ) | |
| 385,395 | |
| Interest receivable | |
| - | | |
| 66,849 | | |
| 66,849 | |
| Loans receivable | |
| - | | |
| 12,002,619 | | |
| 12,002,619 | |
| Prepaid expenses and deposits | |
| 99,555 | | |
| 425,000 | | |
| 524,555 | |
| Investments and digital assets | |
| 9,819 | | |
| 49,400,549 | | |
| 49,410,368 | |
| Right-of-use asset | |
| 444,758 | | |
| - | | |
| 444,758 | |
| Property and equipment | |
| 32,250 | | |
| - | | |
| 32,250 | |
| Intangible assets | |
| 2,472,291 | | |
| - | | |
| 2,472,291 | |
| Total assets | |
$ | 4,517,726 | | |
$ | 71,335,386 | | |
$ | 75,853,112 | |
The
Company commenced its Digital Asset Treasury strategy during the current fiscal year. Accordingly, comparative segment asset information
for the Digital Asset Operations segment is not presented as of August 31, 2025. Substantially all assets as of August 31, 2025 were
attributable to the Mortgage Operations segment.
|