TORONTO, April 15, 2024 /CNW/ - Pineapple Financial Inc. (NYSE American: PAPL), a leading tech-focused mortgage firm with an integrated network of partner brokerages and agents across Canada, today announced that, for its second 2024 fiscal quarter ended February 29, 2024, the company achieved revenue of $784,869, a 59.04 percent increase as compared to revenue of $493,491 for its fiscal 2023 second quarter ended February 28, 2023.   Pineapple generated $314.963 million in residential mortgage loans in Q2 fiscal 2024, compared to $267.901 million in Q2 fiscal 2023, representing an increase of $47.062 million, or 17.6 percent. Selling, general and administrative expenses during the three months ended February 29, 2024, were $592,202, a 33.3 percent increase compared to SG&A expenses of $444,226 during the corresponding period in 2023. This increase was due primarily to added expansion and traveling costs. The company had a net loss of $657,456, or $(.10) per share, in fiscal Q2 2024, a 4 percent decrease on the net loss of $685,093, or $(.10) per share, in the corresponding quarter in fiscal 2023. For the first six months of fiscal 2024, which ended February 29, 2024, the company had revenue of $1,352,858, a 1 percent improvement on revenue of $1,334,692 achieved in the first six months of fiscal 2023. The company generated $697.411 million in residential mortgage loans in the first half of fiscal 2024 compared to $650.664 million in the corresponding period of fiscal 2023, representing an increase of $46.747 million, or 7.2 percent. SG&A expenses in the first half of fiscal 2024 were $1,104,082, a 6.5 decrease compared to SG&A expenses of $1,031,947 during the first six months of fiscal 2023. Pineapple had a net loss of $1,530,696, or $(.24) per share, in the first half of FY 2024, compared to a net loss of $1,403,748, or $(.24) per share, during the same period in FY2023. The company's cash position on February 29, 2024, was $1,339,618, an increase of $159,642 compared to a cash position on February 28, 2023, of $1,179,976. Including its trade and other receivables and prepaid expenses and deposits, the company had total liquidity on February 29, 2024, of $2,417,239. Weighted average common shares outstanding were 6,475,300 on February 29, 2024, and 6,306,979 on February 28, 2023. "We are very gratified by our 2024 second fiscal results," said co-founder and chief executive officer Shubha Dasgupta. "Though the Canadian mortgage industry faced challenging conditions during this period, Pineapple achieved major improvements in both its loan generation volume and total revenue." During the quarter, the company added the CEO, opened offices in metro Vancouver, Ottawa, Winnipeg, and Alberta, deployed an improved online mortgage application for brokers, launched custom advertising banner management software designed to enhance lead conversion, and presented at several leading Small-cap conferences. "We're seeing terrific results from our internal tech improvements and marketing and expansion activities initiated during fiscal Q2. I believe that, as our industry outlook continues to improve, Pineapple will continue to demonstrate improved top and bottom line performance for the remainder of the fiscal year and beyond." Pineapple Financial Inc.Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited)For the three months and six months ended February 29, 2024(Expressed in US Dollars) Three months ended Six months ended February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 For the period ended (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue $ 784,869 493,491 $ 1,352,858 1,334,692 Expenses