UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~May~~November 3130, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-41738

PINEAPPLE FINANCIAL INC.

(Exact name of registrant as specified in its charter)

Canada		Not ~~applicable 00~~applicable00-0000000
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Unit 200, 111 Gordon Baker Road

North York, Ontario M2H 3R1

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (416) 669-2046

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated Filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging Growth Company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol		Name of each exchange on which registered
Common Shares, no par value		PAPL		NYSE American

The number of shares of the registrant’s common stock issued and outstanding, as of ~~July~~January 1420, ~~2025~~2026 was 2025,~~092~~988,~~025~~651.

PINEAPPLE FINANCIAL INC.

TABLE OF CONTENTS FOR FORM 10-Q

PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	2
	Consolidated Balance Sheets (unaudited)	3
	Condensed Interim Consolidated Balance Sheets - Unaudited	1
	Consolidated Statements of Operations and Comprehensive Loss(unaudited)	4
	Condensed Interim Consolidated Statements of Operations and Comprehensive Loss - Unaudited	2
	Consolidated Statements of Shareholders’ Equity (unaudited)	5
	Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity - Unaudited	3
	Consolidated Statements of Cash Flows (unaudited)	6
	Condensed Interim Consolidated Statements of Cash Flow – Unaudited	4
	Notes to Consolidated Financial Statements (unaudited)	7
	Notes to the Condensed Interim Consolidated Financial Statements - Unaudited	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2119
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3431
Item 4.	Controls and Procedures	3431
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	3431
Item 1A.	Risk Factors	3431
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3431
Item 3.	Defaults Upon Senior Securities	3532
Item 4.	Mine Safety Disclosures	3532
Item 5.	Other Information	3532
Item 6.	Exhibits	3532
	SIGNATURES	3633

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, or the “Securities Act,” and Section 21E of the Securities Exchange Act of 1934 or the “Exchange Act.” These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or anticipated results.

In some cases, you can identify forward-looking statements by terms such as “may,” “intend,” “might,” “will,” “should,” “could,” “would,” “expect,” “believe,” “anticipate,” “estimate,” “predict,” “potential,” or the negative of these terms. These terms and similar expressions are intended to identify forward-looking statements. The forward-looking statements in this report are based upon management’s current expectations and beliefs, which management believes are reasonable. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor or combination of factors, or factors we are aware of, may cause actual results to differ materially from those contained in any forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements. These statements represent our estimates and assumptions only as of the date of this report. Except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

You should be aware that our actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including:

● the timing of the development of future services, ● projections of revenue, earnings, capital structure and other financial items, ● statements regarding the capabilities of our business operations, ● statements of expected future economic performance, ● statements regarding competition in our market, and ● assumptions underlying statements regarding us or our business.

Other risks and uncertainties include such factors, among others, as market acceptance and market demand for our products and services, pricing, the changing regulatory environment, the effect of our accounting policies, industry trends, adequacy of our financial resources to execute our business plan, our ability to attract, retain and motivate key personnel, and other risks described from time to time in periodic and current reports we file with the United States Securities and Exchange Commission, or the “SEC.” You should consider carefully the statements under this report, which address additional factors that could cause our actual results to differ from those set forth in the forward-looking statements and could materially and adversely affect our business, operating results and financial condition. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the applicable cautionary statements.

Pineapple Financial Inc.

Condensed Interim Consolidated Financial Statements (Unaudited)

For the nine month period ended May 31, 2025

(Expressed in US Dollars)

Pineapple Financial Inc.

Condensed Interim Consolidated Balance Sheets - Unaudited

For the three month period ended November 30, 2025

(Expressed in US Dollars)

As at:		~~May~~November 3130, 2025			August 31, ~~2024~~2025
		$			$
Assets
Current assets
Cash		$	1,~~134~~479,~~583~~167		$	~~580~~2,~~356~~117,371
Trade and other receivables	~~Note 13~~		~~180~~143,~~462~~732			~~155~~92,~~224~~223
Prepaid expenses and deposits			81166,~~821~~975			~~157~~110,~~911~~001
Total current assets			1,~~396~~789,~~866~~874			~~893~~2,~~491~~319,595
Investment	Note 4		9,~~847~~692			109,~~042~~733
Right-of-use asset	Note 10		656,070			828,674
Crypto assets	Note 10		5,764,245			-
Property and equipment	Note 5		84,570			152,610
Right-of-use asset - net	Note 9		498,309			530,163
Intangible assets	Note 6		2,555,050			2,211,775
Property and equipment - net			53,024			61,957
Total Assets		$	4,702,403		$	4,096,592
Intangible assets - net	Note 5		2,511,792			2,495,773
Total Assets			10,626,936			5,417,221
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable and accrued liabilities		$	12,~~462~~001,~~844~~934		$	12,125,~~477~~160
Deferred revenue			151,328			111,921
Loan payable	Note 12		11,983,087			-
Short term loan	Note 17		633,259			-
Deferred revenue			37,997			108,552
Current portion of lease liability	Note 10		166,355			161,508
Loan from directors			629,728			629,120
Total current liabilities			2,413,786			1,398,906
Current portion of lease liability	Note 9		140,288			138,859
Deferred government incentive	Note 13		410,087			491,251
Total current liabilities			14,793,034			3,001,691
Lease liability	Note 10		672,622			815,599
Deferred government incentive	Note 13		286,757			314,998
Warrant liability	Note 8		363,343			41,520
Lease liability	Note 9		522,931			561,100
Total liabilities		$	3,859,838		$	2,747,276
Warrant liability	Note 7		512,725			632,753
Total liabilities			16,115,447			4,510,542
Shareholders’ Equity
Common shares, no par value; unlimited authorized; 20,092,025 issued and outstanding shares as of May 31, 2025 and 8,425,358 as at August 31, 2024.	Note 7		9,920,070			8,559,856
Common shares (*), no par value; unlimited authorized; 1,345,941 issued and outstanding shares as of November 30, 2025 and 1,340,941 as at August 31, 2025.	Note 6		11,656,838			11,621,468
Additional paid-in capital	Note 8,9		2,955,944			2,955,944
Common shares to be issued			88,136			88,136
Accumulated other comprehensive loss			(461,363	)		(408,510	)
Additional paid-in capital	Note 6,7		3,102,814			3,102,814
Accumulated deficit			(11,572,086	)		(9,757,974	)
Accumulated other comprehensive loss			(504,775	)		(509,300	)
Total stockholders’ equity			842,565			1,349,316
Accumulated deficit			(19,831,524	)		(13,396,439	)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	4,702,403		$	4,096,592
Total stockholders’ equity			(5,488,511	)		906,679
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			10,626,936			5,417,221

Description of business ~~and going concern~~ (note 1)

~~Contingencies and~~Going ~~commitments~~concern (note 151)

Contingencies and commitments (note 14)

Subsequent events (note 18)

Approved on behalf of Board of Directors

“Shuba Dasgupta”

“Drew Green”

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements

Pineapple Financial Inc.

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (- Unaudited)

For the three month ~~and nine month~~ ended ~~May~~November 3130, 2025

(Expressed in US Dollars)

		May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
For the three months ended		November 30, 2025			November 30, 2024
		Three months ended						Nine months ended
		$			$
		May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Revenue	Note 15		721,727			766,074
For the period ended		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Expenses
Revenue	Note 16	$	746,903			736,448		$	2,259,396			1,971,377
Selling, general and administrative			394,850			417,406
Expenses
Advertising and marketing			124,398			273,009
Selling, general and administrative	Note 11		527,835			491,666			1,522,778			1,545,900
Salaries, wages and benefits			162,383			436,365
Advertising and Marketing			292,489			265,395			617,987			648,197
Interest expense and bank charges			265,236			174,505
Salaries, wages and benefits			394,648			593,202			1,223,722			1,825,786
Depreciation and amortization	Note 5,9		222,800			185,523
Interest expense and bank charges			31,216			40,373			306,267			42,825
Fair value loss on crypto assets	Note 10		6,140,379			-
Depreciation	Note 5,6,10		219,355			220,190			648,991			535,575
Government incentive	Note 13		(26,973	)		(27,219	)
Share-based compensation	Note 9		-			-			-			-
Total expenses			7,283,073			1,459,589
Government Incentive	Note 13		(22,109	)		21,770			(70,657	)		(176,326	)
Loss from operations			(6,561,346	)		(693,515	)
Total expenses		$	1,443,434			1,632,596		$	4,249,088			4,421,957
Foreign exchange gain			28,831			5,089
Loss from operations			(696,531	)		(896,148	)		(1,989,692	)		(2,450,580	)
Gain on change in fair value of warrant liability	Note 7		97,430			31,532
Foreign exchange gain (loss)			(6,018	)		-			(1,905	)		10,751
Net loss			(6,435,085	)		(656,894	)
Gain (loss) on change in fair value of warrant liability	Note 8		309,516			29,479			341,765			42,251
Foreign currency translation adjustment			(4,525	)		(272,351	)
Gain (loss) on change in fair value of conversion feature liability			-			18,064			-			18,134
Net loss and comprehensive loss			(6,439,610	)		(929,245	)
Financing costs – warrant issuance			(164,703	)		-			(164,280	)		-
Net loss per share - basic and diluted			(4.79	)		(2.60	)
Loss before income taxes		$	(557,736	)		(848,605	)	$	(1,814,112	)		(2,379,444	)
Weighted average number of common shares (*) outstanding - basic and diluted (numbers)			1,344,391			357,297
Income taxes (recovery) expense			-			-			-			-
Net loss		$	(557,736	)		(848,605	)	$	(1,814,112	)		(2,379,444	)
Foreign currency translation adjustment			(34,703	)		(41,676	)		52,853			(62,666	)
Net loss and comprehensive loss		$	(592,439	)		(890,281	)	$	(1,761,259	)		(2,442,110	)
Loss per share - basic and diluted ($)			(0.05	)		(0.12	)		(0.17	)		(0.33	)
Weighted average number of common shares outstanding - basic and diluted			12,714,242			7,181,978			10,067,480			7,181,978
Loss per share - basic and diluted ($) (Post reverse split : 20 shares to 1 share)			(0.93	)		(2.48	)		(3.50	)		(6.80	)
Weighted average number of Common shares outstanding – basis and diluted (Post reverse split: 20 Shares to 1 Share)	Note 18		635,712			359,099			503,374			359,0991

~~The accompanying~~(*) ~~notes~~On ~~are~~July an16, ~~integral~~2025, ~~part~~the Company effected a 20-for-1 reverse stock split of ~~these~~its ~~condensed~~issued ~~interim~~and outstanding common shares. All share and per-share information presented in the consolidated financial statements, including weighted-average shares outstanding, EPS, and disclosures related to stock options, RSUs, and warrants, have been retroactively adjusted to reflect the reverse stock split for all periods presented.

4The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements

Pineapple Financial Inc.

Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity - Unaudited

(Expressed in US Dollars)

	Common Shares (note 7)			Additional Paid in Capital (note 8 and 9)		Accumulated other comprehensive loss			Accumulated (deficit) earnings			Total shareholders’ equity
						Additional			Accumulated
	$			$		$			$			$
	Common			Common		Paid in			other			Accumulated			Total
Balance, August 31, 2023		4,903,031			2,955,944		(417,727	)		(5,655,315	)		1,785,933
	Shares			shares to		Capital			comprehensive			(deficit)			shareholders’
Shares issued on Initial Public offering on November 3, 2023		2,751,937			-		-			-			2,751,937
	(note 6)			be issued		(note 6 and 7)			loss			earnings			equity
Warrants issued related to Initial Public Offering		(48,283	)		-		-			-			(48,283	)
	$			$		$			$			$			$
Foreign exchange translation		-			-		(62,666	)		-			(62,666	)
Balance, August 31, 2024		8,559,856			-		2,955,944			(408,510	)		(9,757,974	)		1,349,316
Net loss		-			-		-			(2,379,444	)		(2,379,444	)
Shares issued against S3		168,050			-		-			-			-			168,050
Balance, May 31, 2024		7,606,685			2,955,944		(480,393	)		(8,034,759	)		2,047,477
Shares against pre-funded warrants		-			-		563,781			-			-			563,781
Shares issued		953,171			-		-			-			953,171
Foreign exchange translation		-			-		-			(272,351	)		-			(272,351	)
Foreign exchange translation		-			-		71,883			-			71,883
Net loss		-			-		-			-			(656,894	)		(656,894	)
Net loss		-			-		-			(1,723,215	)		(1,723,215	)
Balance, November 30, 2024		8,727,906			-		3,519,725			(680,861	)		(10,414,868	)		1,349,316
Balance, August 31, 2024		8,559,856			2,955,944		(408,510	)		(9,757,974	)		1,349,316
Balance, August 31, 2025		11,621,468			88,136		3,102,814			(509,300	)		(13,396,439	)		906,679
Balance		811,~~559~~621,~~856~~468			288,~~955,944~~136		~~(408~~3,~~510~~102,814	)		(9509,~~757,974~~300	)		1(13,~~349~~396,~~316~~439	)		906,679
Shares issued against S3		731,922			-		-			-			731,922
Shares issued against warrants exercise		35,370			-		-			-			-			35,370
Shares issued against FPO		628,292			-		-			-			628,292
Foreign exchange translation		-					-			4,525			-			4,525
Foreign exchange translation		-			-		(52,853	)		-			(52,853	)
Net loss		-					-			-			(6,435,085	)		(6,435,085	)
Net loss		-			-		-			(1,814,112	)		(1,814,112	)
Balance, November 30, 2025		11,656,838			88,136		3,102,814			(504,775	)		(19,831,524	)		(5,488,511	)
Balance, May 31, 2025		9,920,070			2,955,944		(461,363	)		(11,572,086	)		842,565
Balance		11,656,838			88,136		3,102,814			(504,775	)		(19,831,524	)		(5,488,511	)
Balance		9,920,070			2,955,944		(461,363	)		(11,572,086	)		842,565

The accompanying notes are an integral part of these ~~consolidated~~ unaudited condensed interim consolidated financial statements

Pineapple Financial Inc.

Condensed Interim Consolidated Statements of Cash Flow -– Unaudited

For the three month ended November 30, 2025

(Expressed in US Dollars)

		May 31, 2025			May 31, 2024
For the year ended:		November 30, 2025			November 30, 2024
		Nine Months Ended
For the three months ended:		November 30, 2025			November 30, 2024
		May 31, 2025			May 31, 2024
For the period ended:		(Unaudited)			(Unaudited)
		$			$
Cash provided by (used for) the following activities
Operating activities
Net loss for the three months			(1,814,112	)		(2,379,444	)
Net loss for the year			(6,435,085	)		(656,894	)
Adjustments for the following non-cash items:
Depreciation of property and equipment	~~Note 5~~		6410,~~201~~611			6521,~~300~~618
Amortization of intangible assets	Note 6		430,391			369,993
Bad debt written off			7,154			-
Depreciation on right of use asset	Note 10		154,399			100,282
Amortization of intangible assets	Note 5		182,493			131,030
Interest expense on lease liability	Note 10		39,601			47,482
Depreciation on right of use asset	Note 9		29,696			32,874
Change in fair value of warrant liability			341,765			(42,251	)
Interest expense on lease liability	Note 9		10,096			13,921
Foreign exchange gain (loss)			(1,905	)		(10,751	)
Change in fair value of warrant liability	Note 7		(97,430	)		(31,532	)
Change in fair value of conversion feature liability	Note 18		-			(18,133	)
Fair value loss on crypto assets	Note 10		6,140,379			-
Foreign exchange gain (loss)			-			(5,089	)
Net changes in non-cash working capital balances:
Trade and other receivables			(2558,~~238~~663	)		~~607~~(27,~~724~~302	)
Prepaid expenses and deposits			76(56,~~090~~974	)		652,~~976~~928
Accounts payable and accrued liabilities			~~337~~(123,~~367~~226	)		(7433,~~756~~677	)
Deferred government incentive			(8128,~~164~~241	)		(~~175~~45,~~032~~236	)
Deferred revenue			39(70,~~407~~555	)		-(66,238	)
Net cash used in operating activities			(~~439~~489,~~198~~745	)		(1663,~~443,610~~597	)
Financing activities
Share capital issuance	Note 76		115,~~360,214~~000			2168,~~751,937~~050
Proceed from loan	Note 17		633,259			-
Additional share capital issued			-			563,781
Note payable proceed			-			300,000
Proceed from director’s loan			-			525,000
Repayment of loan			-			(430,099	)
Proceed from warrant exercise			(3	)		-
Repayment of lease obligations	Note 10		(157,146	)		(141,032	)
Repayment of loan			-			(15,196	)
Net cash provided by financing activity			1,836,327			2,480,806
Proceed from loan payable	Note 11		11,983,087			-
Repayment of lease obligations	Note 9		(43,979	)		(53,599	)
Net cash provided by financing activity			11,954,105			1,188,036
Investing activities
Additions to intangible assets	Note 65		(~~811~~208,~~443~~905	)		(~~896~~282,~~223~~298	)
Additions to property and equipment	~~Note 5~~		-(1,923	)		~~(4,962~~-	)
Net cash used in investing activity			(811,443	)		(901,185	)
Purchase of crypto assets	Note 11		(11,896,002	)		-
Net change in cash			585,686			136,011
Net cash used in investing activity			(12,106,830	)		(282,298	)
Effect of changes in foreign exchange rates			(31,459	)		(107,607	)
Net change in cash			(642,470	)		242,141
Cash, beginning of period			580,356			720,365
Effect of changes in foreign exchange rates			4,266			(202,916	)
Cash, end of the period			1,134,583			748,769
Cash, beginning of year			2,117,371			580,356
Cash, end of year			1,479,167			619,581

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements ~~for period ended May 31, 2025~~ - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

1. Description of business

Pineapple Financial ~~Inc.~~Incorporation, (“the” Company”) iswas aincorporated ~~leader~~ in ~~the Canadian mortgage industry~~2006, ~~breaking~~under the ~~mold~~Ontario byBusiness ~~focusing~~Corporations onAct. ~~both~~ Later the ~~long-term success~~company ofwas ~~agents~~registered ~~and~~under ~~brokerages,~~Canadian asBusiness ~~well~~Corp. asThe ~~the~~Company’s ~~overall~~head ~~experience~~office ofis ~~homeowners.~~located ~~With~~at ~~over~~200-111 ~~600~~Gordon ~~brokers~~Baker ~~within the network~~Road, ~~the Company~~ ~~utilizes~~Toronto, ~~cutting-edge~~Ontario, ~~cloud-based~~M2H ~~tools~~3R1 Canada and ~~AI-driven~~its ~~systems~~securities toare ~~enable~~publicly ~~its~~listed ~~brokers~~on tothe ~~help~~New ~~Canadians~~York ~~realize~~Stock ~~their~~Exchange ~~ultimate~~American ~~dream,~~(NYSE ~~owning~~American) aunder ~~home~~ticker “PAPL”.

The Company was incorporated in 2006 under the Ontario Business Corporations Act. Its head office is located at 200-111 Gordon Baker Road, Toronto, Ontario, M2H 3R1, Canada. The Company completed its Initial Public Offering on October 31, 2023, raising gross proceeds of $3,500,000, and commenced trading on the NYSE American under the ticker symbol “PAPL” on November 1, 2023.

Subsequently, the Company received a notice of delisting from the NYSE American due to non-compliance with certain continued listing standards. The Company is currently in the appeal process regarding this delisting. In the interim, the Company’s common shares commenced trading on the OTC Markets under the symbol “PAPLF” (OTCPK).

The Company continues to actively pursue its appeal and is evaluating its options with respect to relisting on a national securities exchange.

Impact from the global inflationary pressures leading to higher interest rates

During the first quarter of 2025, inflationary pressures were eased to a greater extent, and central banks worldwide started decreasing their interest rates. However, interest rates are still high compared to the year 2022. The real estate market has started showing some improvement, but inflation is down from the year 2022 but still not as per target. This led to uncertainty around the business. The Company determined that there were no material expectations of increased credit losses and no material indicators of impairment of long-term assets.

Economic and Trade Policy Uncertainty

Company continues to monitor the potential impact of evolving trade policies, including the threat of additional tariffs imposed by the United States. While no specific tariffs have been implemented during the reporting period that materially affect the Company’s operations, the potential for future changes in cross-border trade arrangements and import/export duties contributes to broader economic uncertainty. Management has considered these risks in its forward-looking assessments and determined that, as of the reporting date, there are no material adverse effects on the Company’s financial position, results of operations, or estimates related to credit losses or asset impairments.

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements for period ended May 31, 2025 - Unaudited

(Expressed in US Dollars)

1. Description of business (continued from previous page)

Going Concern

The Company continues to ~~focus~~incur ~~its~~significant ~~efforts~~operating ~~predominantly~~losses onand ~~research~~negative ~~and~~operating ~~development~~cash ~~activities~~flows, a trend expected to persist in the near term. ~~During~~For ~~this~~the ~~process~~three months period ended November 30, it2025, ~~has~~the Company incurred ~~significant operating~~a ~~losses~~net loss of $6,435,085 a(November ~~trend~~30, ~~expected~~2024 to- ~~persist~~$656,894) ~~for~~and ~~the~~reported ~~foreseeable~~negative ~~future~~cash flows from operating activities of $498,367 (November 30, 2024 – 663,597). As ofat ~~May~~November 3130, 2025, the Company ~~reported~~had an accumulated deficit of $1119,~~572~~831,~~086~~524 ~~compared~~(August to30, 2025 – $913,~~757~~396,~~974~~439) asand a working capital deficit of $13,003,160 (August 31, ~~2024.~~2025- $682,096), ~~Negative~~indicating ~~cash~~that ~~flows~~current ~~from~~assets ~~operating~~are ~~activities~~not ~~amounted~~sufficient to ~~$439,198~~discharge ~~during the~~existing ~~nine~~liabilities ~~months~~as ~~ended~~they ~~May~~become ~~31,~~due. ~~2025,~~These asconditions ~~compared~~raise tosubstantial ~~$1,443,610~~doubt about in the ~~prior~~Company’s ~~corresponding~~ability ~~period~~to continue as a going concern.

ToManagement’s ~~sustain~~ability ~~its~~to sustain operations ~~during~~depends ~~the~~on ~~nine-month~~realizing ~~period~~assets ~~end~~and ~~May~~managing ~~31,~~obligations ~~2025,~~as ~~the~~they ~~Company~~come ~~raised~~due, ~~grossly~~as ~~$2.497~~well ~~million~~as ~~issuance~~securing ofadditional ~~common shares,~~financial ~~warrants and pre-funded warrants~~resources. InSubsequent ~~addition, company also borrowed short term loan $633,259 from directors~~ to ~~meet~~period ~~the working capital requirements. In addition~~end, the Company ~~maintains~~entered ~~Equity~~into ~~Line~~the ofInjective ~~Credit~~Digital ofAsset upTreasury ~~to $15.00 million~~Initiative, ~~which~~pursuant ~~it intends~~ to ~~draw~~which ~~upon once its securities are registered with~~ the ~~Ontario~~Company received ~~Securities~~approximately ~~Commission~~$19.00 Itmillion ison ~~also~~January ~~exploring~~9, ~~additional capital and financing sources such as director’s loan while managing existing working capital resources~~2025. ~~However~~In addition, the Company’s ~~ability~~completed toan ~~continue~~investment asof a$11.4 ~~going~~million ~~concern is subject to its capacity to achieve future profitability~~in ~~and~~Injective ~~secure~~tokens, ~~the~~which ~~necessary~~management ~~funding~~anticipates tomay ~~meet obligations as they arise. The uncertainty surrounding its ability to raise financial capital and~~ generate ~~profitable~~future ~~operations~~economic ~~raises~~benefits ~~substantial~~through ~~doubt~~potential ~~about~~fair-value ~~its ability to continue as a going concern~~appreciation.

~~These condensed~~Management’s ~~interim~~plans ~~consolidated~~to ~~financial~~address ~~statements do not include adjustments that might be necessary should the Company be unable to~~these ~~continue~~conditions ~~as a going concern.~~include:

~~The consolidated~~1. ~~financial~~securing ~~statements~~the ~~were~~proceeds ~~authorized~~expected ~~for~~under ~~issue~~the byInjective ~~the~~initiative, ~~Board~~2. ofpursuing ~~Directors~~additional oncapital ~~July~~and 14financing arrangements, ~~2025~~and 3. implementing further cost-containment and working capital measures.

These plans are discussed further in Note 17, Subsequent Events. There is no assurance that these initiatives will be achieved as planned. Accordingly, substantial doubt remains regarding the Company’s ability to continue as a going concern.

Impact from the global inflationary pressures leading to higher interest rates

During fiscal 2024, global inflationary pressures resulted in central banks, including the Bank of Canada, increasing benchmark interest rates to mitigate inflation. The resulting higher borrowing costs led to a slowdown in real-estate activity, reduced pricing pressures, and lower transaction volumes across the housing market.

In fiscal 2025, the Bank of Canada began to gradually reduce interest rates as inflationary trends moderated and economic conditions softened. While these decreases are expected to improve housing affordability and support market recovery over time, the full impact on the real-estate sector and related businesses remains uncertain as of November 30, 2025.

2. Significant accounting policies

Statement of compliance

These consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“US GAAP”).

The consolidated financial statements were authorized for issue by the Board of Directors on January 20, 2026.

Basis of preparation, functional and presentation currency

The condensed interim consolidated financial statements have been prepared in accordance with US GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business on the historical cost ~~basis~~ basis except for certain financial instruments that are measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

All financial information is presented in US Dollars (“USD”) as the Company’s presentation currency and functional currency is in Canadian Dollars (“CAD”). The interim financial statements are condensed and should be read in conjunction with the Company’s latest annual year-end consolidated financial statements for the year ended August 31, ~~2024~~2025. It is management’s opinion that all adjustments necessary for a fair statement of the results for the interim period has been made, and all adjustments are of a recurring nature or a description of the nature of and any amount of any adjustments other than normal recurring nature has been stated. Sufficient disclosures have been so as to not make the interim financial information misleading. There are no prior-period adjustments in these condensed interim consolidated financial statements.

~~Operating segments~~5

The Company determines its reporting units in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, Segment Reporting. The Company evaluates a reporting unit by first identifying its operating segments under ASC 280. The Company operates as one operating segment which is reported in a manner consistent with the internal reporting provided to the chief operating decision-makers. The chief operating decision-makers are responsible for the allocation of resources and assessing the performance of the operating segment and have been identified as the CEO and CFO of the Company.

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements ~~for period ended May 31, 2025~~ - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

2. Significant accounting policies (continued from previous page)

Operating segments

Adjustment for reverse stock split

In July 2023, the Board of Directors approved a 1-for-3.9 reverse stock split (the “2023 Reverse Split”), which became effective on July 14, 2023.

On July 16, 2025, the Company effected a 1-for-20 reverse stock split of its issued and outstanding common shares. The reverse split did not affect the total shareholders’ equity of the Company or the par value of the common shares. All share, option, warrant and restricted share unit (“RSU”) amounts, as well as all per-share information presented in these unaudited condensed interim consolidated financial statements, have been retroactively adjusted to reflect the reverse stock split for all periods presented.

Basis of consolidation

The ~~condensed interim~~ consolidated financial statements include the accounts of the Company, and its wholly owned ~~subsidiary~~subsidiaries, Pineapple Insurance Inc and Pineapple National Inc. All transactions with the subsidiaries and any intercompany balances, gains or losses have been eliminated upon consolidation. The subsidiaries have a USD presentation currency, and the functional currency is in CAD, and accounting policies have been applied consistently to the subsidiaries.

New Accounting Policies

Crypto Assets

The Company holds crypto assets, which meet the definition of crypto assets under ASC 350-60, Intangibles - Goodwill and Other - Crypto Assets. Crypto assets are fungible digital assets secured by cryptography and recorded on a distributed ledger.

Crypto assets are recognized when the Company obtains control of the assets, which occurs upon settlement and transfer of the assets to an account or wallet under the Company’s control.

Crypto assets are measured at fair value at each reporting date in accordance with ASC 350-60, with changes in fair value recognized in earnings in the period in which they occur.

Fair value is determined in accordance with ASC 820, Fair Value Measurement, using quoted closing prices in active markets accessible to the Company at the measurement date. These quoted prices represent Level 1 inputs within the fair value hierarchy because they are unadjusted, observable prices for identical assets in active markets. The Company uses the principal market, defined as the market with the greatest volume and level of activity for the crypto assets at the measurement date.

Crypto assets are classified as long-term assets in the consolidated balance sheets because management does not expect to utilize or liquidate such assets within twelve months of the balance sheet date. This assessment is based on management’s current holding strategy and is consistent with ASC 210, Balance Sheet, and prevailing SEC practice.

Recently issued and adopted accounting standards:

As an “emerging growth company,” as defined under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) ~~allows~~ , the Company is permitted to delay adoption of new or revised accounting pronouncements applicable to public ~~companies~~business entities until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period ~~under~~provided under the JOBS Act. ~~The~~Accordingly, the adoption dates discussed below ~~reflects~~ reflect this election.

Recently Adopted
	In July 2023, the FASB issued 2023-03 — Presentation of Financial Statements (Topic 205), Income Statement — Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation — Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022, EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 — General Revision of Regulation S-X: Income or Loss Applicable to Common Stock (SEC Update). The adoption of this standard on August 1, 2023, did not result in amended disclosures in the Company’s consolidated financial statements, nor did this standard have a material impact the Company’s results of operations.
	In March 2024, the FASB issued ASU 2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The update enhances disclosures by requiring entities to provide more detailed information about significant segment expenses, other segment items, and measures of segment profit or loss used by the chief operating decision maker (CODM). The guidance also requires qualitative descriptions of the methods used to determine segment profit/loss and asset measurement. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements but resulted in expanded disclosures within the segment reporting footnotes.
Not Yet Adopted
	In December 2023, the FASB issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions. The ASU is effective for years beginning after December 15, 2024, but early adoption is permitted. This ASU should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the impact of this standard on its financial statements and disclosures.
	In March 2024, the FASB issued ASU 2024-01 - Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. This standard clarifies whether profits interest and similar awards fall within the scope of stock-based compensation guidance as defined in ASC Topic 718, introducing examples to demonstrate this. The ASU includes scenarios where profits interest awards are classified as equity instruments or liability awards and situations where they fall outside ASC Topic 718, being accounted for under ASC Topic 710. The ASU is effective for years beginning after December 15, 2024, but early adoption is permitted. This ASU should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the impact of this standard on its financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40) – Disaggregation of Income Statement Expenses. The new guidance requires companies to disclose information about specific expenses at each interim and annual reporting period. The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods with fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the requirements of the update, which may result in expanded disclosures upon adoption.

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements ~~for period ended May 31, 2025~~ - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

2. Significant accounting policies (continued from previous page)

Recently Adopted Accounting Pronouncements

None.

The Company did not adopt any new accounting standards during the three months ended November 30, 2025 that had a material impact on its consolidated financial statements or disclosures.

Accounting Pronouncements Not Yet Adopted

ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, which enhances income tax disclosure requirements by mandating additional disaggregation in the rate reconciliation, disclosure of income (loss) from continuing operations before income taxes, and disclosure of income tax expense and cash taxes paid by jurisdiction (federal, state, and foreign).

This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments are required to be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

ASU 2024-01- Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards

In March 2024, the FASB issued ASU 2024-01, which clarifies whether profits interest awards and similar instruments are within the scope of ASC Topic 718. The ASU provides illustrative examples to assist in determining whether such awards should be accounted for as equity-classified awards, liability-classified awards, or outside the scope of Topic 718 and instead accounted for under ASC Topic 710.

This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

ASU 2025-01- Income Statement—Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date

In January 2025, the FASB issued ASU 2025-01, which clarifies the effective dates related to the expense-disaggregation disclosure requirements previously issued in 2024. The ASU confirms that public business entities are required to present the new disclosures in annual periods beginning after December 15, 2026, and in interim periods beginning after December 15, 2027.

Because this amendment affects only the timing of disclosures, the Company does not expect adoption of this guidance to have a material impact on its consolidated financial statements.

ASU 2025-03 - Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in a Variable-Interest Entity

In June 2025, the FASB issued ASU 2025-03, which clarifies how to determine the accounting acquirer when a business combination is primarily effected through an exchange of equity interests and the legal acquiree is a variable-interest entity (“VIE”) that meets the definition of a business. The guidance requires entities to apply the acquisition-accounting factors in ASC 805-10-55-12 through 55-15, rather than relying solely on the VIE consolidation model.

This guidance is effective for annual periods beginning after December 15, 2026, with early adoption permitted. The amendments should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

3. Significant accounting judgments, estimates and assumptions

The preparation of ~~condensed interim~~ consolidated financial statements requires the directors and management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, and revenue and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical estimates and judgments applied by management that most significantly affect the Company’s ~~condensed interim~~ consolidated financial statements. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Investments (level 3)

Where the fair values of financial assets and financial liabilities recorded on the ~~condensed interim~~ consolidated statements of financial position, cannot be derived from active markets, they are determined using a variety of valuation techniques. The inputs to these models are derived from observable market data where possible; where observable market data is not available, Management’s judgment is required to establish fair values.

Expected credit losses (ECL)

The Company applies the expected credit loss model to accounts receivable in accordance with ASC 326. Determining the allowance for expected credit losses requires management judgment in assessing historical collection trends, customer creditworthiness, current economic conditions and forward-looking information. Because these factors may change over time, the allowance involves a degree of estimation uncertainty, and actual credit losses may differ from management’s estimates.

Share based compensation

~~Management~~The isCompany ~~required~~accounts tofor ~~make~~share-based ~~certain~~compensation ~~estimates~~in ~~when~~accordance ~~determining~~with ~~the~~ASC ~~fair~~718 ~~value~~— ofCompensation ~~stock~~— ~~options~~Stock ~~awards, and the number of awards that are expected to vest~~Compensation. ~~These~~The ~~estimates affect the amount recognized as stock~~Company’s share-based ~~compensation~~awards ininclude ~~the~~stock ~~statements~~options ofand ~~income~~restricted ~~and~~stock ~~comprehensive~~units ~~income based~~(“RSUs”) ongranted ~~estimates~~to ofdirectors, ~~volatility~~officers, ~~forfeitures~~ and ~~expected lives of the underlying stock options which are at a maximum of 36 months vesting period~~employees.

~~Warrant~~Stock ~~Liability:~~options

Certain stock options granted in prior fiscal years contain a service-based vesting period of up to 36 months. The fair value of these options is determined on the grant date using the Black-Scholes option-pricing model, which incorporates assumptions regarding share-price volatility, risk-free interest rates, expected dividend yields, and expected option life. Compensation expense for these awards is recognized on a straight-line basis over the vesting period.

During the current fiscal year, the Company granted stock options to directors and employees for services previously rendered. These awards were fully vested at the grant date and therefore did not contain any service or performance vesting conditions. The fair value of these immediately vested options was determined using the Black-Scholes model as of the grant date, and the entire fair value was recognized immediately as share-based compensation expense in the consolidated statements of income and comprehensive loss.

Restricted stock units (RSUs)

RSUs granted during the current fiscal year were also issued in consideration of past services and were fully vested at the date of grant. The fair value of RSUs is based on the market price of the Company’s common shares on the grant date, and the full fair value was recognized as compensation expense immediately upon issuance.

The Company records share-based compensation expense separately. For awards that are fully vested upon grant, no estimates of forfeitures, expected terms, or future service periods are required. For any future awards subject to vesting, compensation expense will be recognized on a straight-line basis over the requisite service period.

Warrant liability

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations and comprehensive loss.

The warrants are not precluded from equity classification and are accounted for as such on the date of issuance and will be on each consolidated balance sheet date thereafter. As the warrants are equity classified, they are initially measured at fair value (or allocated value).

~~Derivative Financial Instrument:~~8

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations and comprehensive loss. For derivative instruments that are classified as equity, the derivative instruments are initially measured at fair value (or allocated value), and subsequent changes in fair value are not recognized as long as the contracts continue to be classified in equity.

Impairment of long-lived assets

Property, plant and equipment and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not recoverable. Judgement is involved in identifying events and changes in circumstances.

Going Concern

Preparation of the condensed interim consolidated financial statement on a going concern basis, which contemplates the realization of assets and payments of liabilities in the ordinary course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets, including its intangible assets and to meet its liabilities as they become due.

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements ~~for period ended May 31, 2025~~ - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

3. Significant accounting judgments, estimates and assumptions (continued from previous page)

~~Useful~~Derivative ~~life~~financial ~~of Assets~~instrument

~~Significant~~The ~~judgement~~Company isevaluates ~~involved~~its infinancial ~~determination~~instruments ofto ~~useful~~determine ~~life~~if ~~for~~such ~~the~~instruments ~~property~~are ~~plant~~derivatives ~~and~~or ~~equipment~~contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and ~~intangible~~Hedging ~~assets~~(“ASC 815”). ~~Management~~For ~~assesses~~derivative financial instruments ~~the~~that ~~reasonability~~are ofaccounted for as liabilities, the ~~useful~~derivative ~~life~~instrument is initially recorded at its fair value on anthe ~~annual~~grant ~~basis~~date toand ~~record~~is then re-valued at each reporting date, with changes in the ~~depreciation~~fair ofvalue reported in the ~~intangibles~~consolidated statements of operations and ~~property~~comprehensive loss. ~~plant~~For derivative instruments that are classified as equity, the derivative instruments are initially measured at fair value (or allocated value), and ~~equipment~~subsequent changes in fair value are not recognized as long as the contracts continue to be classified in equity.

~~The~~Going intangible assets were initially assigned a useful life of 5 years. However, in June 2024, based on a reassessment of the software’s expected utility, the Company revised its estimate of the useful life to 7 years.concern

The interim condensed interim consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the settlement of liabilities in the ordinary course of business. The carrying values of the Company’s assets, including property and equipment and intangible assets, and the related depreciation and amortization are based on management’s assessment of their estimated useful lives and recoverability, which assume that the Company will continue as a going concern.

Should the Company be unable to continue as a going concern, the carrying values of non-current assets may not be recoverable, and adjustments could be required to reduce the carrying amounts of such assets, revise their estimated useful lives, or recognize impairment losses, and to reclassify certain assets and liabilities to current. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty, as management has concluded that the going-concern basis of accounting remains appropriate.

4. Investment

~~During~~The ~~the~~fair ~~year~~value ~~ended~~of ~~August 31, 2021,~~ the Company’s ~~purchased~~5% an investment in a private company is determined using Level 3 inputs under ASC 820. ~~The~~Management ~~Company~~assesses fair ~~holds~~value annually using a 5%market-approach ~~interest~~valuation ~~with~~technique, noconsidering ~~significant influence.~~factors ~~The~~such ~~investment~~as isthe ~~recorded~~investee’s atfinancial ~~FVTPL~~performance, recent ~~using~~arm’s-length ~~level~~transactions, 3and ~~inputs~~comparable private-company multiples. AsFor atthe ~~May~~three months period ended November 30, 2025 and year ended August 31, 2025, ~~the~~no ~~Company~~observable ~~recognized~~changes ain ~~$Nil~~these ~~change~~inputs or in ~~fair~~the investee’s financial condition were identified; ~~value~~accordingly, ~~(2024-~~management ~~$Nil).~~concluded ~~Change~~that inthe fair value ~~during~~remained ~~the~~unchanged. ~~current~~Any ~~period~~translation isdifferences ~~due~~are torecorded ~~foreign~~through ~~exchange translation~~earnings.

5. ~~Property~~ ~~and~~Intangible ~~equipment~~assets

~~The~~During ~~Company’s~~the ~~property~~three ~~and~~months ~~equipment~~period ~~consist~~ended ofNovember ~~equipment~~30, ~~furniture~~2025, ITthe ~~equipment,~~Company ~~leasehold~~capitalized ~~improvements~~development ~~and~~costs ~~laptops~~related to internally generated software classified as intangible assets.

Schedule of property and equipment

	Property and equipment
Cost
Balance, August 31, 2023	$	349,283
Additions		4,991
Translation adjustment		569
Balance, August 31, 2024	$	355,576
Translation adjustment		(6,908	)
Balance, May 31, 2025	$	348,668
Accumulated depreciation
Balance, August 31, 2023	$	107,192
Depreciation		87,803
Translation adjustment		7,971
Balance, August 31, 2024	$	202,966
Depreciation		64,201
Translation adjustment		(3,069	)
Balance, May 31, 2025	$	264,098
Net carrying value
May 31, 2025	$	84,570
August 31, 2024	$	152,610

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements for period ended May 31, 2025 - Unaudited

(Expressed in US Dollars)

6. Intangible assets

During the current period, the Company capitalized development costs related to internally generated software classified as intangible assets.

	Intangible assets
Cost
Balance, August 31, 2023	$	2,057,525
Additions		1,112,399
Translation adjustment		(1,794	)
Balance, August 31, 2024	$	3,168,130
Additions		~~811~~944,~~443~~187
Translation adjustment		(5095,~~493~~104	)
Balance, May 31, 2025	$	3,929,080
Balance, August 31, 2025	$	4,017,213
Additions		208,905
Translation adjustment		(16,961	)
Balance, November 30, 2025	$	4,209,157
Accumulated amortization
Balance, August 31, 2023	$	338,571
Amortization		616,532
Translation adjustment		1,252
Balance, August 31, 2024	$	956,355
Amortization		~~430~~592,~~391~~942
Translation adjustment		(1227,~~716~~857	)
Balance, May 31, 2025	$	1,374,030
Balance, August 31, 2025	$	1,521,440
Amortization		182,493
Translation adjustment		(6,568	)
Balance, November 30, 2025	$	1,697,365
Net carrying value
May 31, 2025	$	2,555,050
November 30, 2025	$	2,511,792
August 31, 2024	$	2,211,775
August 31, 2025	$	2,495,773

129

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements ~~for period ended May 31, 2025~~ - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

76. Share capital

Authorized share capital

The authorized share capital of the Company consists of an unlimited number of common shares with no par value.

Schedule of authorized share capital

	#		$
Balance, August 31, 2023		6,306,984		4,903,031
Balance, August 31, 2024		421,342		8,559,856
Issuance of Common Shares on Initial Public Offering		875,000		3,500,000
Issuance of common shares against S3		19,133		232,708
Issuance of Common Share against Conversion Note		501,875		465,680
Issuance of common shares against prefunded warrants		64,200		780,769
Issuance of Common Shares on Equity Purchase Agreement		741,499		487,491
Issuance of common share against S1		500,000		834,000
Share Issuance Costs		-		(748,063	)
Issuance of common shares against warrants conversion		336,266		1,701,398
Warrants issued		-		(48,283	)
Share issuance costs		-		(487,263	)
Balance, August 31, 2024		8,425,358		8,559,856
Balance, August 31, 2025		1,340,941		11,621,468
Issuance of Common Shares against S3		382,667		232,708
Issuance of common shares against warrants conversion		5,000		35,370
Issuance of Common Shares against Pre-funded warrants		1,284,000		780,769
Balance, November 30, 2025		1,345,941		11,656,838
Issuance of Common Shares against FPO		10,000,000		834,000
Shares Issuance Costs		-		(487,263	)
		11,666,667		1,360,214
Balance, May 31, 2025		20,092,025		9,920,070

~~During~~November ~~the nine months ended May 31~~14, ~~2025,~~2024 ~~the~~- ~~Company~~Issuance ~~issued 382,667 common shares~~ under ~~its~~ Form S-3 ~~shelf registration and 10.00 million common shares under Follow-up Public~~ Offering (FPO). The gross proceeds received from the issuance of the pre-funded warrants were initially recorded within additional paid-in capital before it was exercised. During the period, 1,284,000 pre-funded warrants were exercised, resulting in the issuance of 1,284,000 common shares.

13On November 14, 2024, the Company issued 382,667 common shares (pre-reverse) at $0.60 per share, for total gross proceeds of approximately $232,708.

Following the 1-for-20 reverse stock split implemented in July 2025, this issuance is presented as 19,133 common shares at $12.00 per share.

January – May 2025 - Exercise of Prefunded Warrants

Between January 2025 and May 2025, holders of prefunded warrants exercised 1,284,000 warrants (pre-reverse), resulting in the issuance of 64,200 common shares (post-reverse) for value of $780,769.

May 5, 2025 - Form S-1 Offering

On May 5, 2025, the Company completed a registered public offering under Form S-1, issuing 10,000,000 common shares (pre-reverse) at $0.15 per share (or 500,000 common shares post-reverse) for gross proceeds of approximately $1.5 million.

In connection with this offering, the Company issued 10,000,000 detachable warrants pre reverse split (500,000 detachable warrants after reverse split) each exercisable for one common share at $0.15 per share pre-reverse, or $3.00 per share post-reverse. These warrants were assessed under ASC 480 and ASC 815, Derivatives and Hedging and determined to require liability classification, as certain settlement features are not indexed solely to the Company’s own stock.

The warrant liability was initially recognized at fair value of $659,190 on the issuance date using the Black-Scholes option-pricing model and is remeasured at each reporting date, with changes in fair value recognized in the consolidated statements of operations and comprehensive loss.

Residual proceeds of $834,000 were allocated to common stock within equity, net of issuance costs.

July – November 2025 - Warrant Conversions

During July and August, a total of 336,266 warrants were exercised at an exercise price of $3.00 per share, and on September 2025, another 5,000 warrants were exercised, resulting in the total issuance of 341,266 common shares. Upon exercise, the related portion of the warrant liability was reclassified to equity.

Reverse Stock Split

On July 16, 2025, the Company effected a 20-for-1 reverse stock split of its issued and outstanding common shares (the “Reverse Split”). As a result of the Reverse Split, every twenty (20) common shares issued and outstanding prior to the effective date were automatically combined into one (1) common share. No fractional shares were issued in connection with the Reverse Split; any fractional entitlements were rounded in accordance with the Company’s governing documents.

The Reverse Split did not affect the total shareholders’ equity, the carrying amount of common shares, or the par value of the Company’s common shares.

All share, per-share, warrant, option, and RSU figures presented in these consolidated financial statements and accompanying notes have been retroactively adjusted to reflect the Reverse Split for all periods presented.

Summary of Share Capital

As of November 30, 2025, the Company had 1,345,941 common shares issued and outstanding (August 31, 2025 - 1,340,941) and no preferred shares outstanding.

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements ~~for period ended May 31, 2025~~ - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

87. Warrants

Common Share purchase warrant

	#		$
Balance, August 31, 2024		182,~~652,988~~650		2,955,944
Warrants issued against FPO		10,000,000
Share-based compensation expense		-		146,870
Balance, May 31, 2025		11,652,988
Balance, August 31, 2025		82,650		3,102,814
Balance, November 30, 2025		82,650		3,102,814

b) ~~Pre-funded~~Warrant ~~warrant~~Liability

~~Schedule~~The Company issued 1,313 warrants at an exercise price of ~~pre-funded~~$80.00 with an expiry date of October 31, 2028 and on May 5, 2025 the Company issued 500,000 warrants at an exercise price of $3.00 with an expiry date of May 05, 2030. As per ASC 815 the instruments did not meet the criteria to be classified as equity instruments as such were classified as a financial liability. Below is the continuity of the warrant liability valuation.

Pre-funded warrant issued November 13, 2024	1,284,000		563,824
Shares exercised	(1,284,000	)	(563,824	)
Balance, May 31, 2025	-		-

The warrants issued on November 3, 2023 were valued using the Black-Scholes method with the share price of $3.44, exercise price of $80, term of 5 years, risk free rate of 3.49% and volatility of 180% at issuance and share price of $3.44, exercise price of $80, term of 2.92 years, risk free rate of 3.49% and volatility of 180% as at November 30, 2025.

The ~~purchase~~warrants issued in May 2025, were valued using the Black-Scholes method with the share price of ~~each~~$3.44, ~~Pre-Funded~~exercise ~~Warrant~~price isof $03.~~5999~~00 term of 5 years, ~~which~~risk isfree ~~equal~~rate toof ~~the~~3.60% ~~price~~and ~~per~~volatility ~~share~~of 180.33% at ~~which~~issuance ~~the~~and ~~Shares~~share ~~are~~price ~~being~~of ~~sold, minus~~ $03.~~0001~~44, ~~the~~ exercise price of ~~each Pre-Funded Warrant~~$3.00, ~~During~~term ~~the~~of ~~period~~4.43 years, ~~1,284,000~~risk ~~pre-funded~~free ~~warrants~~rate ~~were~~of ~~exercised~~3.60%, and ~~converted~~volatility ~~into~~of ~~the~~180.33% ~~common~~as ~~shares~~at ofNovember ~~the~~30, ~~Company~~2025.

c) Warrant Liability

On November 3, 2023, the Company issued 26,250 warrants at an exercise price of $4 with an expiry date of October 31, 2028.

On May 10, 2024 the Company entered into a convertible debt transaction and issued 1,000,000 warrants at an exercise price of $5 with an expiry date of February 10, 2025. These warrants expired on February 9, 2025.

On May 7, 2025 the Company issued 10.00 million warrants at an exercise price of $0.15 with an expiry date of May 06, 2030. As per ASC 815 these instruments did not meet the criteria to be classified as equity instruments as such were classified as financial liabilities. Below is the continuity of the warrant liability valuation.

The warrants issued on November 3, 2023 were valued using the Black-Scholes method with the share price of $0.04, exercise price of $4, term of 3.42 years, risk free rate of 2.55% and volatility of 170.38% at issuance as at May 31, 2025.

The warrants issued on May 07, 2025 were valued using the Black-Scholes method with the share price of $0.04, exercise price of $0.15, term of 4.75 years, risk free rate of 3.95% and volatility of 170.38% at issuance as at May 31, 2025.

Schedule of warrant liability

	#			$
Balance at August 31, 2024		1,026,250			41,520
Fair Value of Warrants at August 31, 2024		51,313			41,520
Warrants expired		(1,000,000	)		(1,455	)
Change in fair value of expiration of warrants relating to conversion debt		(50,000	)		(23,873	)
Warrants issued		10,000,000			666,000
Issuance of warrants against S1		500,000			659,190
Change in fair value of warrant liability					(341,765	)
Conversion of warrants into shares		(336,266	)		(674,914	)
Translation adjustment					(957	)
Change in fair value of warrants liability		-			632,410
Fair Value of Warrants at May 31, 2025		10,026,250			363,343
Translation adjustment		-			(1,580	)
Fair Value of Warrants at August 31, 2025		165,047			632,753
Conversion of warrants into shares		(5,000	)		(20,373	)
Change in fair value of warrants liability		-			(97,430	)
Translation adjustment		-			(2,225	)
Fair Value of Warrants at November 30, 2025		160,047			512,725

	November 30, 2025		August 31, 2025

Weighted average estimated fair value per common share	$	3.44		2.63
Weighted average exercise price of the warrant	$	3.20		3.20
Weighted average expected life of the warrant		4.27		4.67

~~Pineapple~~As ~~Financial~~at ~~Inc~~November 30, 2025, the warrants had a weighted-average intrinsic value of $0.24 per warrant or total $38,411 (August 31, 2025 – $167,008).

~~Notes~~8. ~~to the Condensed Interim Consolidated Financial Statements for period ended May 31, 2025~~ Share-based ~~Unaudited~~benefits reserve

~~(Expressed~~The inCompany USmaintains ~~Dollars)~~two equity-based compensation plans, 2021 Stock Option Plan and the 2022 Omnibus Equity Incentive Plan, which are intended to attract, retain, and motivate directors, officers, employees, and consultants by providing share-based compensation aligned with the Company’s long-term performance.

9Each stock option granted under the plans entitles the holder to acquire one common share of the Company upon exercise. No amounts are payable ~~Share-based~~by ~~benefits~~the ~~reserve~~recipient on receipt of the option. The options carry no dividend or voting rights and may be exercised after vesting and prior to their expiry date. The total number of common shares reserved for issuance under the plans is limited to 10% of the Company’s issued and outstanding common shares at any given time.

~~The~~During ~~Company~~the ~~has~~year aended ~~share~~August ~~option~~31, ~~plan~~2025, (the Company granted 46,437 restricted share units (“~~Plan~~RSUs”) toand ~~attract~~73,570 ~~retain~~stock ~~and~~options ~~motivate~~pursuant to ~~qualified~~resolutions ~~directors,~~of ~~officers~~the Board of Directors dated July 16, ~~employees~~2025. These awards were granted in recognition of past performance and contributions ~~consultants~~and ~~whose~~were ~~present~~therefore ~~and~~fully ~~future~~vested ~~contributions~~upon ~~are~~grant, ~~important~~with tono ~~the~~remaining ~~success~~service ofor ~~the~~vesting ~~Company~~conditions. byThe ~~offering~~RSUs ~~them~~were anvalued ~~opportunity~~at tothe ~~participate~~market price inof the Company’s ~~future~~common ~~performance~~shares ~~through~~on the ~~award~~grant ofdate, ~~share~~and the stock options were valued using the Black-Scholes option-pricing model. The Company recognized stock-based compensation expense of $235,006 related to these grants during the year ended August 31, 2025.

~~Each~~No ~~share~~additional ~~option~~stock ~~converts~~options ~~into~~or ~~one~~RSUs ~~common~~were ~~share~~granted, ofexercised, ~~the~~forfeited, ~~Company on exercise. No amounts are paid~~ or ~~payable~~cancelled byduring the ~~recipient~~three onmonths ~~receipt~~ended ~~of the~~November ~~option.~~30, ~~The~~2025, ~~options~~and no ~~carry~~stock-based ~~neither~~compensation ~~rights~~expense towas ~~dividends~~recognized ~~nor~~during ~~voting rights. Options may be exercised at any time from~~ the ~~date of vesting to the date of their expiry~~quarter.

In 2017, the Plan was amended such that the total number of common shares reserved and available for grant and issuance pursuant to the Plan is to equal 10% of the issued and outstanding common shares of the Company.

Options granted on June 14, 2021, vest over a 2-year period whereby 25% of the options granted vested on the date of grant, and the remaining unvested options vest in equal instalments every 6-months thereafter. The fair value of stock options granted was $1,317,155. A total stock-based compensation expense was recognized of $Nil for the nine months period ended May 31, 2025 (August 31, 2024 - $Nil).

The following reconciles the options outstanding at the beginning and end of the period that were granted to eligible participants pursuant to the Plan:

Schedule of options outstanding granted

	May 31, 2025				August 31, 2024
	November 30, 2025				August 31, 2025
	Number of Options		Weighted Average Exercise Price		Number of Options		Weighted Average Exercise Price
	#		$		#		$
Balance, beginning of period		565,689		3.61		565,689		3.72
Balance, beginning of year		101,854		28.08		28,284		74.40
Forfeited during the period		-		-		-		-
Granted during the year		-		-		73,570		1.30
Balance as at period end		565,689		3.61		565,689		3.61
Balance as at year end		101,854		28.08		101,854		28.08
Exercisable as at period end		~~565~~101,~~689~~854		328.6108		~~565~~101,~~689~~854		328.6108

As atof ~~May~~November 3130, 2025, ~~the~~all outstanding stock options were fully vested and exercisable. The options have noa ~~intrinsic~~contractual ~~value~~term ~~(August~~of 31ten years from the grant date, ~~2024~~with –the ~~nil).~~options Asgranted aton ~~May~~July 3116, 2025, ~~all~~expiring ~~options~~on ~~are~~July ~~exercisable~~16, ~~with a~~2035. ~~weighted~~The weighted-average remaining contractual life of ~~1.10years~~options ~~(August~~outstanding 31as of November 30, ~~2024~~2025 –was 1approximately 7.83 years).

1511

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements ~~for period ended May 31, 2025~~ - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

109. Right-of-use asset and lease liability

The Company leases all of its office premises in Ontario ~~and British Columbia~~, Canada. ~~The~~under ~~total lease area is 13,262 sq. ft. The Company acquired a 1,454 square feet premise lease in British Columbia commencing August 1, 2023 and expiring on July 31, 2028. The Company recognized a right~~non-~~of-use~~cancellable ~~asset~~operating ~~and corresponding~~ lease ~~liability in respect of this lease. The lease liability was measured at the present value~~arrangements ofaccounted ~~the~~for ~~remaining~~under ~~lease~~ASC ~~payments,~~842 ~~discounted using the Company’s estimated incremental borrowing rate as at September 1, 2017 (date of initial application), estimated to be 6%. The right~~-~~of-use~~ asset was measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the balance sheet immediately before the date of initial applicationLeases.

Ontario Offices

The Company’s head office premises in Ontario comprise approximately 4,894 square feet under a lease that was extended to January 1, 2030. In addition, during fiscal 2024 the Company acquired 8,368 square feet of adjacent space from the same landlord, with the new lease also expiring on January 1, 2030. The combined total area occupied in Ontario is 13,262 square feet.

For purposes of measuring the related lease liability and right-of-use asset under ASC 842, the Company applied an incremental borrowing rate (“IBR”) of 6%, which reflects the Company’s estimated cost of borrowing on a secured basis over a similar term.

British Columbia Office (Lease Surrender)

On May 29, 2023, the Company entered into a lease for 1,454 square feet of office space located at Unit 601 – 2950 Glen Drive, Coquitlam, British Columbia, for a 5five-year term commencing August 1, 2023 and originally expiring July 31, 2028.

Subsequently, pursuant to a Lease Surrender Agreement with the landlord (RPMG Holdings Ltd.) dated August 21, 2025, the Company agreed to surrender and terminate the lease effective July 31, 2025. Under the terms of the agreement, the Company paid a surrender fee of $24,875 plus GST, and the security deposit was forfeited to the landlord in full settlement of all obligations under the lease.

Lease Surrender Agreement

The surrender resulted in a derecognition (“deletion”) of the associated right-of-use asset and corresponding lease liability in fiscal 2025, with no material gain or loss recognized.

The following schedule shows the movement in the Company’s right-of-use asset:

Schedule of right-of-use asset

	Right-of-use asset
Cost
Balance, August 31, 2023	$	1,177,721
Translation adjustment		(42,737	)
Balance, August 31, 2024		1,134,984
Translation adjustment		(15,686	)
Derecognition of asset		(139,723	)
Balance, May 31, 2025	$	1,119,298
Translation adjustment		(28,716	)
Balance, August 31, 2025	$	966,545
Translation adjustment		(4,010	)
Balance, November 30, 2025	$	962,535

The right-of-use asset is being depreciated on a straight-line basis over the remaining lease term.

Accumulated Depreciation
Balance, August 31, 2023	$	217,344
Balance, August 30, 2024	$	306,310
Depreciation		~~134~~187,~~508~~048
Translation adjustment		(45,542	)
Derecognition of asset		(54,337	)
Balance, August 31, 2024	$	306,310
Translation adjustment		(2,639	)
Depreciation		154,399
Balance, August 31, 2025	$	436,382
Translation adjustment		2,519
Depreciation		29,696
Balance, May 31, 2025	$	463,228
Translation adjustment		(1,852	)
Balance, November 30, 2025	$	464,226
Carrying Amount
May 31, 2025	$	656,070
November 30, 2025	$	498,309
August 31, 2024	$	828,674
August 31, 2025	$	530,163

1612

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements ~~for period ended May 31, 2025~~ - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

109. Right-of-use asset and lease liability (continued)

The following schedule shows the movement in the Company’s lease liability during the period ended:

Schedule of lease liability

	May 31, 2025			August 31, 2024
	November 30, 2025			August 31, 2025
Balance, beginning of period	$	977,107		$	1,107,961
Balance, beginning of year	$	699,959		$	977,107
Interest Expense		39,601			62,604
Derecognition of lease		-			(85,151	)
Lease payments		(157,146	)		(196,703	)
Interest expense		10,096			51,431
Translation Adjustment		(20,583	)		3,245
Lease payments		(43,979	)		(206,185	)
Balance, end of period	$	838,977		$	977,107
Translation adjustment		(2,857	)		(37,242	)
Current		166,355			161,508
Balance, end of period	$	663,219		$	699,959
Non-Current		672,622			815,599
Current		140,288			138,859
	$	838,977		$	977,107
Non-current		522,931			561,100
	$	663,219		$	699,959

The following table provides a maturity analysis of the Company’s lease liability. The amounts disclosed in the maturity analysis are the contractual undiscounted cash flows before deducting interest or finance charges:

Schedule of maturity lease liability

2025		209,895
2026		140,288
2026		211,251
2027		175,756
2027		211,315
2028		186,840
2028		221,088
2029		194,757
2029		197,201
2030		81,149
2030		82,167
Total lease liability	$	778,790
Total Lease liability	$	1,132,917

1713

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements ~~for period ended May 31, 2025~~ - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

1110. ~~Expenses~~ Crypto Assets

~~The~~As ~~following~~of ~~table~~November ~~provides~~30, a2025, ~~breakdown~~the ofCompany ~~the~~held ~~selling,~~crypto ~~general~~assets that were measured at fair value and ~~administrative:~~presented within long term assets in the accompanying condensed interim consolidated balance sheets.

~~Schedule~~During the quarter ended November 30, 2025, the Company acquired 1,002,651 units of ~~selling~~crypto assets-Injective. The assets were received upon settlement through a third-party digital asset execution and custody platform, ~~general~~at which point the Company obtained control of the assets and ~~administrative~~recognized them ~~expenses~~at cost, which totaled $11,896,002.

	May 31, 2025		May 31, 2024
	Nine months ended
	May 31, 2025		May 31, 2024
	$		$
Software Subscription		624,587		663,424
Office and general		114,864		117,213
Professional fees		108,359		157,531
Dues and Subscriptions		364,287		146,964
Rent		140,168		155,628
Consulting fees		45,483		45,167
Travel		25,467		137,940
Donations		789		7,406
Lease expense		507		54,946
Insurance		98,267		59,681
Selling, general and administrative		1,522,778		1,545,900

As of November 30, 2025, the fair value of the Company’s crypto assets was $5,764,245 based on quoted closing prices in active markets at the reporting date. The fair value measurement utilizes Level 1 inputs under the fair value hierarchy, as defined in ASC 820, Fair Value Measurement.

	May 31, 2025		May 31, 2024
	Three months ended
	May 31, 2025		May 31, 2024
	$		$
Software Subscription		174,116		260,951
Office and general		31,170		61,515
Professional fees		47,866		11,871
Dues and Subscriptions		165,688		(5,149	)
Rent		54,997		57,528
Consulting fees		15,888		20,663
Travel		2,108		51,867
Donations		-		2,759
Insurance		36,002		29,661
Selling, general and administrative		527,835		491,666

During the quarter ended November 30, 2025, the Company recognized a fair value loss on crypto assets of $6,140,379 million, which is included in operating expenses in the accompanying condensed interim statements of operations and comprehensive loss.

~~12. Related~~ Schedule ~~party~~of ~~transactions~~crypto ~~and balances~~assets

~~Compensation of~~11. ~~key~~Related ~~management~~party ~~personnel~~transactions ~~includes the CEO, COO, CSO,~~ and ~~CFO:~~balances

Voltedge Ltd. is an entity associated with the Injective Foundation. During the three months ended November 30, 2025, the Company entered into a secured borrowing arrangement with FalconX Bravo Inc. (the “FalconX Loan”), which included a guarantee provided by Voltedge Ltd. in connection with the financing arrangements as mentioned in note 12.

As of November 30, 2025, the Injective Foundation did not hold any equity ownership interest in the Company, and neither the Injective Foundation nor Voltedge Ltd. had control over, or significant influence on, the Company. However, the FalconX Loan and the related guarantee arrangements were entered into in connection with the Company’s Injective Digital Asset Treasury Initiative, a strategic transaction pursuant to which the Injective Foundation became the Company’s largest shareholder subsequent to the reporting period, following the completion of a private placement on that closed on January 4, 2026.

Information regarding FalconX Loan and related gurantee arrangements, including events occurring subsequent to November 30, 2025, is disclosed in Note 18, Subsequent Events, for further information.

As of November 30, 2025, the outstanding balance under the FalconX Loan totaled $11.98 million, inclusive of accrued interest. Refer to Note 12 for additional information regarding the terms, security, and subsequent repayment of the FalconX Loan.

Compensation of key management personnel includes the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer:

Schedule of related party transactions

	May 31, 2025		May 31, 2024
	November 30, 2025		November 30, 2024
	$		$
Salaries, Wages and benefits		~~382~~123,~~151~~358		~~554~~176,~~828~~000

~~Un-secured~~Last period figures also includes ~~loans~~payroll ~~received~~of ~~from~~Chief ~~directors~~Strategy ~~are~~Officer, ~~disclosed~~who resigned in ~~Note~~March 172025.

18During the year ended August 31, 2025, two directors of the Company advanced an aggregate amount of $629,728 to the Company to support its working capital requirements. The advances are unsecured, bear interest at a rate of 12% per annum, and are repayable on demand.

As of November 30, 2025, the outstanding principal balance of the advances totaled $629,728, excluding accrued interest. Interest expense related to these advances is recognized in interest expense and bank charges in the condensed interim consolidated statements of operations and comprehensive loss - unaudited as interest expense and bank charges in condensed interim consolidated statements of operations and comprehensive loss.

The terms of the advances were determined by management to be comparable to those available from third-party lenders under similar circumstances.

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements ~~for period ended May 31, 2025~~ - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

1312. ~~Deferred~~ ~~government~~Loan ~~incentive~~payable

~~The~~During ~~Company was eligible for~~ the ~~Government~~three ofmonths ~~Canada~~ended ~~Scientific Research and Experimental Development (SRED) program up to~~ November 330, ~~2023. The~~2025, the Company ~~has~~entered ~~accrued~~into ~~$86,937~~a ofsecured ~~SRED~~borrowing ~~receivable~~arrangement aswith atFalconX ~~May~~Bravo 31Inc. (“FalconX”), ~~2025,~~pursuant to which ~~is recognized in trades and other receivables in~~ the ~~condensed interim~~Company ~~consolidated~~borrowed ~~balance~~an ~~sheet.~~aggregate Aprincipal ~~portion~~amount of $11,896,002 (the ~~funds~~“FalconX ~~received~~Loan”). isSubsequent ~~related~~ to ~~costs~~the ~~that~~initial ~~have~~borrowing, ~~been~~additional ~~capitalized~~interest ~~for~~accrued on the ~~development of~~FalconX ~~internally~~Loan, ~~generated~~and ~~software recognized~~ as ~~intangible~~of ~~asset~~November ~~in Note 6. As at May 31~~30, 2025 ~~$70~~,~~657~~ ~~(May~~the ~~31,~~outstanding ~~2024~~balance totaled $~~176~~11,~~326)~~983,087, ~~was~~inclusive ~~recognized as recovery~~ of ~~operating~~accrued ~~expenses in the condensed interim consolidated statement of operations and comprehensive loss~~interest.

~~14.~~The FalconX Loan ~~Risk~~bears ~~management~~interest ~~arising~~at ~~from~~a ~~financial~~stated ~~instruments~~rate of 11.5% per annum, calculated on the outstanding principal balance.

Interest expense is recognized in accordance with ASC 835, Interest. For the quarter ended November 30, 2025, the Company recognized interest expense of $236,884, of which $87,084.95 was paid during the period. The remaining $149,799.28 was accrued and is included in accounts payable and accrued liabilities as of November 30, 2025.

Security and Guarantees

As of November 30, 2025, the Company had an outstanding principal balance of $11,983,087 under the FalconX loan facility. The Company’s obligations under the FalconX loan are secured through a collateral and guarantee structure involving Voltedge Ltd.

Pursuant to the applicable financing arrangements, Voltedge Ltd. has provided a guarantee in respect of the Company’s obligations under the FalconX loan. The guarantee is supported by pledges of specified digital assets, consisting of Injective protocol tokens, which serve as collateral for the loan.

The collateral is subject to ongoing collateral maintenance and margin requirements based on its fair value. Under the terms of the financing agreements, Voltedge Ltd. is contractually required to provide additional collateral or margin support in the event that the fair value of the pledged Injective tokens declines below the required maintenance threshold specified in the loan agreements. Margin support may be satisfied through the contribution of additional Injective tokens or other acceptable collateral, as defined in the financing arrangements.

The guarantee and collateral arrangements do not result in the transfer of ownership or control of the Company’s digital assets to Voltedge Ltd., except for customary lender rights that may arise upon the occurrence of an event of default, including the right to enforce security interests in accordance with the terms of the loan and collateral agreements.

Refer to Note 10 - Crypto Assets for further information regarding the Company’s digital asset holdings and valuation.

Relationship Disclosure

Voltedge Ltd. is not a subsidiary, parent, or affiliate of the Company and is an independent entity associated with the Injective Foundation. As of November 30, 2025, the Company did not hold any equity ownership interest in, nor exercise control or significant influence over, Voltedge Ltd. or the Injective Foundation. Similarly, as of that date, neither Voltedge Ltd. nor the Injective Foundation held any equity ownership interest in, or exercised control or significant influence over, the Company.

During the three months ended November 30, 2025, the Company entered into a secured borrowing arrangement with FalconX Bravo Inc., which included a guarantee provided by Voltedge Ltd. The guarantee was provided in connection with the Company’s Injective Digital Asset Treasury Initiative, a strategic transaction that was completed subsequent to the reporting period.

Subsequent to November 30, 2025, the Injective Foundation, through a private placement transaction that closed on January 4, 2026, became the Company’s largest shareholder. Although the Injective Foundation was not a shareholder of the Company as of November 30, 2025.

Repayment and Subsequent Events

The FalconX Loan contains customary events of default and collateral protection provisions. The Company intended to repay the FalconX Loan from the proceeds of the $100 million financing transaction, that closed on January 4, 2025. Subsequent to November 30, 2025, the Company and FalconX agreed to extend the repayment period by one month.

Classification

As of November 30, 2025, the FalconX loan was contractually repayable upon the closing of the Company’s $100 million equity financing transaction. Because the repayment obligation was triggered by an event expected to occur within twelve months of the balance-sheet date, and the loan did not contain a contractual maturity date extending beyond twelve months as of November 30, 2025, the FalconX loan is classified as a current liability in the accompanying condensed consolidated balance sheets in accordance with ASC 470, Debt.

Subsequent to November 30, 2025 the Company and FalconX agreed to extend the repayment period by one additional month. This extension was agreed after the balance-sheet date and is considered a subsequent event that does not affect the classification of the FalconX loan as of November 30, 2025.

13. Deferred government grant

Government grants are recognized when there is reasonable assurance that the grants will be received and the Company will comply with the conditions. The grants is deferred and recognized as a liability and is recognized in the condensed interim consolidated financial statements of operations and comprehensive loss - unaudited over the useful life of the intangible asset.

As of November 30, 2025, the Company had a deferred government incentive balance of $286,757, representing the unamortized portion of Scientific Research and Experimental Development (SR&ED proceeds received in prior periods that were associated with capitalized internally generated software. Although the Company is no longer eligible for the SR&ED program, this balance continues to be recognized in income over the remaining useful life of the related intangible assets in accordance with the Company’s accounting policy.

The Company previously qualified for the Government of Canada Scientific Research and Experimental Development (“SR&ED”) program, which provides refundable tax incentives for eligible research and development activities performed in Canada.

The Company’s eligibility under the SR&ED program ceased on November 3, 2023. All SR&ED claims and related receivables were fully recognized in prior fiscal years, and no additional accruals, recoveries, or claims were recorded during the three months period ended November 30, 2025.

As disclosed in prior years, a portion of the SR&ED proceeds received related to expenditures that had been capitalized as internally generated software. Accordingly, the related government incentive continues to be recognized as deferred income and is amortized to income over the useful life of the associated intangible assets in accordance with the Company’s accounting policy.

The Company does not expect any further SR&ED recoveries in future periods.

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

14. Commitments and contingencies

In the ordinary course of operating, the Company may from time to time be subject to various claims or possible claims. Management believes that there are no claims or possible claims that if resolved would either individually or collectively result in a material adverse impact on the Company’s financial position, results of operations, or cash flows. These matters are inherently uncertain, and management’s view of these matters may change in the future.

See note 9 related to lease commitments.

15. Revenue

Schedule of deferred revenue

	November 30, 2025		November 30, 2024
	Three months period ended
	November 30, 2025		November 30, 2024
	$		$
Gross billing		4,084,709		4,405,908
Commission expense		3,721,246		3,991,626
Revenue		363,463		414,282

Subscription revenue		207,746		182,180
Insurance		23,618		-
Sponsorship revenue		68,771		91,264
Underwriting revenue		27,473		27,343
Other revenue		30,656		51,005
Total revenue		721,727		766,074

The Company generates revenue primarily from mortgage brokerage activities, subscription fees, underwriting services, and ancillary technology-enabled services. Revenue is disaggregated by geographic region based on the location of the customer.

For the three months period ended November 30, 2025 and 2024, all revenue was earned in Canada, as the Company operates exclusively within the Canadian mortgage market and has no foreign revenue-generating operations.

16. Loan from directors

Company entered into unsecured loan agreements with its directors and shareholders, for total proceeds of $629,728 loans bear interest at 12 percent per annum, are non-compounding, and are repayable after filling of S1 registration statement filling in December 2025. The loans are unsecured and may be repaid at any time without penalty.

As of November 30, 2025, the outstanding principal and accrued interest are included in loans payable within current liabilities. Management believes the terms of these loans are consistent with those available in arm’s-length commercial transactions. The loan along with accrued interest was paid in full in January 2026.

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

17. Risk management arising from financial instruments

a)	Credit risk

Credit risk is the risk of financial loss ~~associated~~to ~~with~~the Company if a customer or counterparty’s ~~inability~~to a financial instrument fails to ~~fulfill~~meet its ~~payment~~ contractual obligations. The Company’s ~~principal financial~~primary ~~assets~~exposure ~~that expose it~~ to credit risk ~~are~~arises from cash ~~and~~balances ~~trade~~held ~~receivables.~~with ~~The~~financial ~~Company~~institutions ~~mitigates~~and ~~this~~trade receivables, ~~risk~~which byconsist ~~monitoring~~almost ~~the~~entirely ~~credit worthiness~~ of ~~its~~subscription ~~customers~~fees ~~and~~billed ~~holding~~to ~~cash~~mortgage atagents ~~financial~~and ~~institutions~~brokerages.

The ~~maximum~~Company ~~credit~~manages ~~exposure~~this atrisk ~~May~~by ~~31,~~holding ~~2025~~cash isonly with major Canadian financial institutions and by monitoring the ~~carrying~~creditworthiness, ~~amount~~payment history, and aging profile of ~~cash~~all ~~and~~subscription ~~trade~~receivables. Trade receivables are short-term in nature and generally collected within 30 to 60 days. The Company’s ~~exposure~~considers toreceivables ~~credit risk~~past isdue ~~considered~~when tothey beexceed ~~low,~~60 ~~given~~days ~~the~~outstanding, ~~size~~ and ~~nature~~impaired ofwhen ~~the~~they ~~various~~exceed ~~counterparties~~90 ~~involved~~days with ~~and~~no ~~their~~reasonable ~~history~~expectation of ~~performance~~recovery.

~~The~~In ~~Company~~accordance ~~has~~with ~~not~~ASC ~~historically~~326 ~~incurred~~– ~~any~~Current ~~significant~~Expected ~~credit~~Credit ~~loss~~Losses in(“CECL”), ~~respect~~the ofCompany ~~its~~applies a lifetime expected credit loss model to trade receivables. ~~Based~~Expected oncredit ~~consideration~~losses ofare ~~all possible~~estimated ~~default~~using ~~events~~a ~~over~~combination ~~the~~of ~~assets’~~historical ~~contractual~~loss ~~lifetime~~rates, ~~the~~aging ~~expected~~analysis, ~~credit~~forward-looking information, ~~loss~~and inspecific ~~respect~~identification of high-risk accounts. Given the Company’s ~~trade~~business model and the nature of subscription-based ~~receivables~~fees, ~~was~~historical ~~minimal~~credit aslosses athave ~~May~~been 31limited; however, ~~2025~~the Company recognized a material ECL provision and ~~August~~related 31write-offs during fiscal 2025, ~~2024~~reflecting an increase in past-due accounts and a more conservative application of the CECL model.

Accounts Receivable Aging

As of each reporting date, the Company monitors the aging of trade receivables as follows:

	●	Current (0–60 days)
	●	Past Due (61–90 days)
	●	Impaired (>90 days)

November 30, 2025

Schedule of Accounts receivable Aging

	0-30 days		30-60 days		60-90 days		90 plus days			Total
Receivables $		49,741		23,233		18,193		59,719			150,886
Less: Expected credit loss		-		-		-		(7,154	)		(7,154	)
Total		49,741		23,233		18,193		52,565			143,732

August 31, 2025

	0-30 days		30-60 days		60-90 days		90 plus days			Total
Receivables $		31,400		7,270		35,503		64,163			138,336
Other receivables		2,411		-		-		-			2,411
Less: Expected credit loss		-		-		-		(48,524	)		(48,524	)
Total		33,811		7,270		35,503		15,639			92,223

The maximum exposure to credit risk as of August 31, 2025 is the carrying amount of cash and trade receivables on the consolidated balance sheet. Despite the increase in ECL during the year, management believes overall credit risk remains moderate and manageable, given the Company’s diversified customer base and the short-term nature of its receivables.

The following table provides expected credit loss during the year:

Schedule of credit loss

	Year ended
	November 30, 2025		August 31, 2025
	$		$
Opening balance		48,524		-
Increased during the year		7,154		48,524
Closing balance at year end		55,678		48,524

b)	Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company does not have any variable interest-bearing debt.

c)	Liquidity risk

Liquidity risk is the risk that the Company ~~will~~may ~~not~~ be ~~able~~unable to meet its financial obligations as they become due. The Company’s ~~approach in~~manages ~~managing~~this ~~liquidity~~risk isby monitoring toactual ~~ensure,~~and toforecasted ~~the~~cash ~~extent~~flows ~~possible,~~on ~~that~~an itongoing ~~will~~basis ~~have~~and ~~sufficient~~assessing ~~liquidity~~available tosources ~~meet~~of ~~its liabilities when due~~financing, by ~~continuously~~as ~~monitoring~~further ~~actual~~described ~~and~~in the ~~forecasted cash flows, refer to~~ Going Concern discussion in Note 1.

d)As at ~~Management~~November of30, ~~capital~~2025, the Company’s contractual payment obligations are as follows:

~~The~~ Schedule ~~Company’s objective~~ of ~~managing~~contractual ~~capital,~~payment ~~comprising of shareholders’ equity, is to ensure its continued ability to operate as a going concern. The Company manages its capital structure and makes changes to it based on economic conditions.~~obligations

Management and the Board of Directors review the Company’s capital management approach on an ongoing basis and believe this approach, given the relative size of the Company, is reasonable. The Company is not subject to externally imposed capital requirements. The Company’s capital management objectives, policies and processes have remained unchanged during the period ended May 31, 2025.

Fiscal Year	2026		2027		2028		2029		2030
	$		$		$		$		$
Lease payments		140,288		175,756		186,840		194,840		81,149
Accounts payable		2,001,934		-		-		-		-
Loan from directors		629,728		-		-		-		-
Loan payable		11,983,087		-		-		-		-
Warrant liability		512,725		-		-		-		-
Total		15,267,762		175,756		186,840		194,840		81,149

19Management believes that these obligations can be met through existing working-capital resources, expected operating cash flows, and planned financing initiatives.

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements ~~for period ended May 31, 2025~~ - Unaudited

For period ended November 30, 2025

(Expressed in US Dollars)

1517. Risk management arising ~~Commitments~~from ~~and~~financial ~~contingencies~~instruments (Continued)

~~In the~~d) ~~ordinary course of operating, the Company may from time to time be subject to various claims or possible claims.~~ Management ~~believes that there are no claims or possible claims that if resolved would either individually or collectively result in a material adverse impact on the Company’s financial position, results~~ of ~~operations, or cash flows. These matters are inherently uncertain, and management’s view of these matters may change in the future.~~capital

~~See~~The ~~note~~Company’s 10objective ~~related~~of managing capital, comprising of shareholders’ equity, is to ~~lease~~ensure ~~commitments~~its continued ability to operate as a going concern. The Company manages its capital structure and makes changes to it based on economic conditions.

~~16.~~Management ~~Disaggregation~~and the Board of ~~revenue~~Directors review the Company’s capital management approach on an ongoing basis and believe this approach, given the relative size of the Company, is reasonable. The Company is not subject to externally imposed capital requirements. The Company’s capital management objectives, policies and processes have remained unchanged during the three months ended November 30, 2025.

~~Schedule~~e) ofForeign ~~disaggregation~~currency ~~of revenue~~risk

	May 31, 2025		May 31, 2024
	Nine months ended
	May 31, 2025		May 31, 2024
	$		$
Gross Billing		13,048,445		11,450,989
Commission expense		11,969,345		10,456,703
Commission revenue		1,079,099		994,286
Subscription revenue		559,993		560,261
Sponsorship revenue		169,928		-
Other revenue		357,592		301,585
Underwriting revenue		92,784		115,245
Total revenue		2,259,396		1,971,377

The Company’s operations and revenues are primarily denominated in Canadian dollars (“CAD”), which is also the functional currency of all of its subsidiaries. Accordingly, day-to-day operating exposure to foreign currencies is limited. However, the Company does incur foreign currency risk from certain USD-denominated transactions, including balances held in USD bank accounts and select vendor payments made in USD. These items can give rise to realized and unrealized foreign exchange gains or losses, which are recorded in the consolidated interim consolidated statements of operations.

	May 31, 2025		May 31, 2024
	Three months ended
	May 31, 2025		May 31, 2024
	$		$
Gross Billing		4,400,201		4,128,220
Commission expense		4,158,334		3,717,457
Commission revenue		241,867		410,762
Subscription revenue		191,927		181,874
Sponsorship revenue		237,109		63,762
Other revenue		40,857		38,556
Underwriting revenue		35,143		41,494
Total revenue		746,903		736,448

In addition, the Company is required to translate its CAD-denominated financial statements into U.S. dollars (“USD”) for SEC reporting. This translation process may result in period-to-period fluctuations in reported assets, liabilities, revenues, and expenses due to changes in the CAD-USD exchange rate. These translation adjustments do not affect the Company’s underlying cash flows or economic performance.

~~17.~~Given ~~Loan~~the Company’s limited operating exposure to foreign currencies, management does not currently utilize foreign exchange derivatives to manage this risk.

Company obtained $587,520 un-secured loan from directors. The loan is repayable in twelve months and carries 12 percent interest. $45,739 was interest payable as at May 31, 2025. Total loan outstanding is $633,259.

18. Subsequent events

~~The~~Subsequent to November 30, 2025, the Company completed certain material transactions. Management has evaluated these events in accordance with ASC 855, Subsequent Events, and determined that they represent non-recognized subsequent events ~~through~~that require disclosure but do not require adjustment to the ~~date~~accompanying ofcondensed ~~filing~~interim ~~this~~consolidated ~~Form~~financial ~~10-Q~~statements ~~and~~as ~~has~~of ~~identified~~and for the ~~following~~period ~~events~~ended ~~requiring~~November 30, ~~disclosure:~~2025.

	1.	Reverse Stock Split — On June 26, 2025, following approval at a special meeting of shareholders, the Board of Directors approved a reverse stock split of the Company’s common shares at a ratio of 20-for-01. The stock split was declared, but not yet effective as the date the financial statements are issued and therefore unaudited pro-forma retrospective adjusted earnings per share information is disclosed on the Statement of Operations and Comprehensive Loss in addition to the historical earnings per share disclosure.
	2.	NYSE American Delisting Notice — The Company received a notice of delisting from the NYSE American due to its shares trading below the minimum price requirement, resulting in classification as penny stock. The Company has filed an appeal, and the hearing is scheduled for July 17, 2025. Management expects that the reverse stock split will enable the Company’s securities to regain compliance and remain listed.

Equity Financing

20On January 4, 2026, the Company completed the closing of its previously announced $100 million equity financing in connection with the Injective Digital Asset Treasury Initiative. Upon satisfaction of the escrow release conditions, the Company received approximately $19.0 million in cash.

~~Item~~Debt 2Repayment ~~Management’s Discussion~~ and ~~Analysis of Financial Condition and Results of Operations~~Modification

~~MANAGEMENT’S~~In ~~DISCUSSION~~connection ~~AND~~with ~~ANALYSIS~~the OFequity ~~FINANCIAL~~financing, ~~CONDITIONS~~the ~~AND~~Company ~~RESULTS~~repaid OFthe ~~OPERATIONS~~FalconX loan subsequent to the balance-sheet date. In addition, the Company and FalconX agreed to a one-month extension of the repayment period prior to settlement. Refer to Note 12 for additional information regarding the FalconX loan.

Please read the following management’s discussion and analysis of our financial condition and results of operations, along with our condensed interim consolidated financial statements and the related notes and other information included in this Quarter Report on Form 10-Q. It is important to note that this discussion and analysis contain forward-looking statements with certain risks and uncertainties. These risks and uncertainties could cause our results to differ materially from anticipated in these forward-looking statements. You can find more information about these risks and uncertainties under the heading “Special Note Regarding Forward-Looking Statements” in Part I and elsewhere in this Form 10- Q.18

~~Special Note~~Item ~~Regarding~~2. ~~Forward-Looking~~Management’s ~~Statements~~Discussion and Analysis of Financial Condition and Results of Operations

~~This~~MANAGEMENT’S ~~Form~~DISCUSSION ~~10-Q~~AND ~~includes~~ANALYSIS ~~forward-looking~~OF ~~statements~~FINANCIAL ~~that~~CONDITIONS ~~entail~~AND ~~potential~~RESULTS ~~risks~~OF ~~and uncertainties~~OPERATIONS. These statements are usually identified by the use of specific terminology such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and other comparable terminology. All the statements in this Form 10-Q that are not about historical facts, including those related to our future operations, financial position, Revenue, projected costs, strategy, plans, management objectives, and expected market growth, are forward-looking. While reading this Form 10-Q, you should know that these statements do not guarantee our performance or results. They include known and unknown risks, uncertainties, and assumptions, as mentioned under the “Risk Factors” section in this Form 10-Q. We believe that these forward- looking statements are based on reasonable assumptions. Still, you must be aware that many factors, including those mentioned under the “Risk Factors” section in this Form 10-Q, could affect our financial results or operations and cause actual results to differ from those stated in the forward-looking statements. These statements were made as of the date of this Form 10-Q, and we are not obligated to update or revise any forward-looking statements made here to reflect any change in our expectations or any change in events, conditions, or circumstances on which these statements are based. All written or oral forward-looking statements made by us or on our behalf are qualified by the cautionary statements mentioned in this Form 10-Q.

~~Objective~~Please read the following management’s discussion and analysis of our financial condition and results of operations, along with our consolidated financial statements and the related notes and other information included in this Annual Report on Form 10-Q. It is important to note that this discussion and analysis contain forward-looking statements with certain risks and uncertainties. These risks and uncertainties could cause our results to differ materially from anticipated in these forward-looking statements. You can find more information about these risks and uncertainties under the heading “Special Note Regarding Forward-Looking Statements” in Part I and elsewhere in this Form 10- Q.

InSpecial ~~this~~Note ~~section,~~Regarding weForward-Looking provide an analysis of the Company’s financial condition, cash flows, and results of operations from management’s perspective. We recommend you read this with the condensed interim consolidated financial statements and notes in Part II, Item 8 of this Annual Report on Form 10Q.Statements

~~Executive~~This ~~Summary~~Form 10-Q includes forward-looking statements that entail potential risks and uncertainties. These statements are usually identified by the use of specific terminology such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and other comparable terminology. All the statements in this Form 10-Q that are not about historical facts, including those related to our future operations, financial position, Revenue, projected costs, strategy, plans, management objectives, and expected market growth, are forward-looking. While reading this Form 10-Q, you should know that these statements do not guarantee our performance or results. They include known and unknown risks, uncertainties, and assumptions, as mentioned under the “Risk Factors” section in this Form 10-Q. We believe that these forward- looking statements are based on reasonable assumptions. Still, you must be aware that many factors, including those mentioned under the “Risk Factors” section in this Form 10-Q, could affect our financial results or operations and cause actual results to differ from those stated in the forward-looking statements. These statements were made as of the date of this Form 10-Q, and we are not obligated to update or revise any forward-looking statements made here to reflect any change in our expectations or any change in events, conditions, or circumstances on which these statements are based. All written or oral forward-looking statements made by us or on our behalf are qualified by the cautionary statements mentioned in this Form 10-Q.

We are a fintech company based in Ontario, Canada. Our tech-driven businesses focus on mortgages and insurance. Our goal is to provide clients with an industry-leading experience through our trusted digital solutions, which are simple and fast.Objective

~~Recent~~In ~~Developments~~this section, we provide an analysis of the Company’s financial condition, cash flows, and results of operations from management’s perspective. We recommend you read this with the consolidated financial statements and notes in Part II, Item 8 of this Annual Report on Form 10Q.

~~Business~~Executive ~~Trends~~Summary

~~During~~We ~~2022~~are ~~and~~a ~~2023,~~fintech ~~the~~company ~~Bank~~based ~~of Canada implemented multiple increases to the prime rate~~ in ~~response to heightened inflationary pressures~~Ontario, ~~resulting~~ ~~in a significant rise in mortgage interest rates~~Canada. InOur ~~mid~~tech-~~2024,~~driven ~~the~~businesses ~~Bank~~are offocused ~~Canada~~on ~~began~~mortgages ~~easing~~and ~~monetary policy, reducing the policy rate by 1~~insurance.~~75%~~ inOur angoal ~~effort~~is to ~~stabilize the economy and improve housing affordability. While this policy shift has helped improve~~provide ~~consumer~~clients ~~sentiment, elevated interest rates, coupled~~ with ~~renewed~~an ~~economic~~industry-leading ~~uncertainty,~~experience ~~including~~through ~~emerging~~our ~~U.S.~~trusted ~~tariff~~digital ~~threats,~~solutions ~~continue to~~that ~~weigh~~are ~~heavily~~simple onand ~~the Canadian economy~~fast.

These external pressures have heightened market volatility, slowed cross-border investment activity, and increased caution among Canadian businesses and consumers. As a result, Pineapple Financial Inc. has continued to experience suppressed mortgage origination volumes, with overall real estate and lending activity remaining below pre-2022 levels. Although early signs of recovery are evident, future growth remains dependent on macroeconomic stability, interest rate trends, and the resolution of international trade uncertainties.19

~~Summary~~Recent ~~of the Nine months Ended May 31, 2025~~Developments

~~Financial~~Business ~~and Operational Highlights~~Trends

During fiscal 2025, the ~~nine~~Canadian mortgage market continued to adjust to changes in monetary policy following the Bank of Canada’s multi-~~month~~stage easing ~~period~~cycle ~~ended~~that ~~May~~commenced ~~31,~~in mid-2024. Through September 2025, wethe ~~originated~~Bank ~~$1,183.62~~of ~~million~~Canada inreduced ~~residential~~its ~~mortgage~~benchmark ~~loans,~~overnight ~~representing~~interest rate by an ~~increase~~aggregate of ~~$99.85~~ ~~million~~approximately or50 9basis points.~~21%~~ ~~compared~~These reductions contributed to ~~the~~improved $1borrowing conditions and greater rate stability; however,~~083.77~~ ~~million~~overall ~~originated~~mortgage ~~during~~origination ~~the~~volumes ~~same~~remained ~~period~~below inpre-2022 ~~the~~levels, ~~prior~~reflecting ~~year~~ongoing affordability pressures, constrained housing supply, and continued underwriting discipline among lenders.

~~Our~~Within ~~net~~this ~~loss~~operating ~~for~~environment, ~~the~~mortgage ~~period~~renewal ~~was~~and ~~$1.814~~refinance ~~million,~~transactions ~~reflecting~~represented an ~~improvement~~increasing proportion of ~~$0.0.565~~total ~~million~~industry activity, while orpurchase-related ~~23.76%,~~originations ~~compared~~expanded toat a ~~net~~more ~~loss~~gradual ~~of $2~~pace.~~379 million~~ inNotwithstanding ~~the~~these ~~nine~~market ~~months~~conditions, ~~ended~~Pineapple ~~May~~Financial ~~31, 2024~~Inc. maintained ~~The~~stable ~~improvement~~operations inand ~~net~~continued ~~results is primarily attributable~~ to ~~higher~~broaden ~~loan~~its ~~origination~~presence ~~volumes and~~across ~~ongoing~~key ~~cost~~Canadian ~~management initiatives~~markets.

The Company’s ~~functional~~also ~~currency~~continued isto ~~the~~invest ~~Canadian~~in ~~dollar~~and ~~(CAD),~~enhance ~~while~~ its ~~reporting~~proprietary ~~currency~~Pineapple isPlus ~~the~~technology Uplatform.S. ~~dollar (USD).~~ During the ~~reporting~~ period, the ~~CAD~~Company ~~depreciated~~advanced workflow byautomation ancapabilities, ~~average~~expanded ofcustomer 2relationship management functionality, and further integrated insurance and ancillary financial-product offerings.~~64%~~ ~~compared~~These toinitiatives ~~the~~supported ~~average~~improved ~~CAD/USD~~operational ~~exchange~~efficiency, ~~rate~~increased ~~during~~productivity ~~the~~per ~~same~~agent, ~~period~~and insustained client engagement despite the ~~prior year~~relatively subdued housing market. In parallel, ~~which~~continued ~~had~~investment ain ~~modest~~data-driven ~~impact~~marketing oninitiatives and digital lead-generation tools contributed to the ~~translation~~stability of ~~financial~~the ~~results~~Company’s fee-based revenue streams.

21In addition to its core mortgage-brokerage operations, the Company has initiated a strategic investment program focused on digital assets. During the quarter, the Company invested approximately $11.8 million in Injective digital assets, reflecting management’s broader treasury and capital-allocation strategy. During the quarter, the Company announced its intention to pursue up to $100 million in aggregate investment in Injective digital assets, subject to market conditions, regulatory considerations, availability of capital, and final execution of related investment arrangements. Management believes this initiative is complementary to the Company’s long-term vision of integrating innovative financial technologies into its broader fintech ecosystem; however, the timing, structure, and ultimate scale of future investments remain subject to change.

~~Key~~Early ~~Performance~~indicators ~~Indicators~~in the fourth quarter reflected increased mortgage application volumes and lead-generation activity, primarily driven by renewal and refinance demand. Management believes these trends, together with ongoing platform enhancements and disciplined capital deployment, position the Company to participate in a gradual recovery in mortgage activity as interest-rate conditions stabilize and borrower confidence improves heading into fiscal 2026.

AsResults ~~part~~ of our business operations, we closely track several key performance indicators (KPIs) that help us measure our performance. For example, we can evaluate our ability to generate revenue by monitoring our loan production KPIs and comparing our performance to that of the mortgage origination market. Additionally, we use KPIs related to our technology setup and underwriting processes to assess our performance further.Operations

	Nine months period Ended May 31,
	2025		2024		2023
Mortgage volume		1,183,621,251		1,083,771,257		966,531,247
Gross billing		13,048,445		11,450,989		11,097,689
Commission expense		11,969,345		10,456,703		10,340,720
Net sales revenue		1,079,099		994,286		756,969
Underwriting revenue		92,784		115,244		181,022
Subscription revenue		559,993		560,261		999,932
Other income		527,520		301,585		-

Three Months Ended November 30, 2025 Compared to November 30, 2024

	Three months ended May 31,
	2025		2024		2023
Mortgage volume		412,428,436		377,640,286		307,734,120
Gross billing		4,400,201		4.449,848		3,814,083
Commission expense		4,158,334		3,713,400		3,210,852
Net sales revenue		241,867		736,448		603,231
Underwriting revenue		35,143		41,454		16,751
Subscription revenue		191,927		181,701		106,572
Other income		277,966				-

For the three months ended November 30, 2025, the Company reported a net loss of approximately $6.4 million, compared to a net loss of approximately $0.7 million for the same period in the prior year. The increase in net loss was driven primarily by a non-cash loss related to changes in the fair value of the Company’s Injective digital asset holdings, partially offset by reductions in operating expenses and continued cost-control initiatives.

~~Gross Billing~~ Revenue:

~~Gross~~Revenue ~~billing~~for ~~revenue refers to commissions collected from financial institutions with which~~ the ~~Company~~three ~~has~~months ~~contracts.~~ended ~~The~~November ~~Company’s gross~~30, ~~billing~~2025 iswas ~~based~~approximately ~~on a percentage of the mortgage amount funded between individuals referred by the Company and the financial institutions providing the mortgage~~$0.7 Wemillion, ~~serve~~compared ~~as an agent in these transactions by offering a platform for other parties~~ to ~~deliver services to the end-user~~$0.8 ~~For~~million ~~each~~in ~~contract with a customer,~~ the ~~Company~~comparable ~~identifies~~prior-year ~~the contract~~period, ~~recognizes the performance obligations, determines~~ ~~the~~representing ~~transaction~~a ~~price~~decrease ~~for each distinct performance obligation based on the relative stand-alone selling price~~ of ~~the~~approximately ~~goods~~$44 ~~or services to be delivered~~thousand, ~~and acknowledges revenue when each performance obligation is fulfilled in a manner that reflects the transfer of goods~~ or ~~services promised to the customer~~5.8%. The ~~Company~~decline ~~recognizes~~reflects ~~revenue~~continued ~~when:~~softness ~~there~~in ~~is a contract with a lender party and agent broker, the contract specifies the use of the platform service to finalize a~~ mortgage ~~deal,~~origination ~~the mortgage deal is completed with the lending financial~~activity ~~institution,~~ and ~~commissions~~changes ~~are~~in ~~paid~~revenue bymix ~~the~~during ~~lending institution based on various criteria of~~ the ~~mortgage deal~~quarter, ~~including~~partially ~~but~~offset ~~not~~by ~~limited to~~stable ~~interest~~subscription ~~rates available at that time, term, seasonality, collateral, income, purpose,~~ and sounderwriting-related ~~forth.~~revenue ~~Revenue is measured at the fair value of the consideration received or receivable, representing amounts due for services provided in the normal course of business~~streams. ~~Revenue is recognized at the end of the transaction upon the completion of all the actions listed above. A typical transaction incurs a commission fee payable to Pineapple Financial Inc.~~

~~Subscription Revenue:~~20

~~Users~~Operating can access and use our technology platform, MyPineapple, for a flat monthly service fee of $107. In exchange for this fee, MyPineapple users gain access to a network management system that enables them to perform back-office procedures more efficiently and effectively. This platform allows them to process the previously mentioned deal, prepare it, and complete the package for submission to the financial institution for funding. We have a robust user base that has experienced significant growth since our inception. Revenue is recognized at the beginning of the month when users are invoiced and pay the fee.Expenses

~~Underwriting~~Total ~~Fee:~~operating expenses increased to approximately $7.3 million for the three months ended November 30, 2025, compared to approximately $1.5 million in the same period of the prior year. This increase was primarily attributable to a $6.1 million non-cash loss recognized from changes in the fair value of Injective digital assets during the quarter. Excluding this fair value adjustment, operating expenses declined year over year, reflecting management’s continued focus on cost discipline and operational efficiency.

~~Users~~Selling, ~~can~~general ~~optionally~~and ~~use~~administrative ~~our~~expenses ~~expert~~decreased ~~risk~~by ~~pre-assessment~~approximately ~~service~~5.4%, ~~which~~primarily ~~assists~~due ~~them in pre-underwriting their loans before submission~~ to ~~a lender~~lower ~~for~~professional ~~approval~~fees and ~~funding.~~general ~~This service significantly reduces the time for the lender partners’ assessment of the deal~~overhead. ~~For~~Advertising ~~mortgages of $395,450~~ and ~~greater,~~marketing weexpenses ~~charge~~declined anby ~~underwriting~~approximately ~~fee of $356; for mortgages lesser than $395~~54%,~~450,~~ ~~the~~reflecting ~~Company~~reduced ~~charges~~discretionary ~~an underwriting~~spending ~~fee~~and ~~of $249. The Company has undertaken~~ a ~~special~~greater ~~program~~emphasis toon ~~educate~~ data-driven and ~~inform~~digital ~~users~~marketing ~~of this service in further detail~~initiatives. ~~Approximately~~ ~~40%~~Salaries, ofwages, ~~the~~and ~~deals~~benefits ~~originated~~decreased by ~~users~~approximately ~~are~~63%, ~~using~~primarily ~~this~~as ~~service.~~a ~~This~~result ~~program~~of isworkforce ~~intended to further increase the number of~~optimization ~~deals~~measures ~~and~~implemented ~~improve~~in ~~the~~prior ~~services offered~~periods.

~~Other~~These ~~Income:~~reductions were partially offset by an increase in interest expense and bank charges of approximately 52%, reflecting higher borrowings and financing activity during the quarter, as well as a modest increase in depreciation expense associated with technology and platform investments.

~~Other income~~Operating ~~includes~~Expenses ~~a technology setup fee~~ and ~~sponsorship~~Fair ~~fee.~~Value Adjustments

22During the three months ended November 30, 2025, operating expenses included a $6.1 million non-cash loss resulting from changes in the fair value of the Company’s Injective digital asset holdings, which is presented within operating expenses in the consolidated statements of operations. This loss reflects market-driven valuation movements of the digital assets during the period and does not relate to the Company’s core mortgage brokerage or technology operations.

~~Components~~In addition, the Company recognized gains related to changes in the fair value of warrant liabilities and foreign exchange movements, which are presented outside of operating ~~expenses~~income and partially offset the loss for the period.

~~Our~~Operating ~~operating~~Loss ~~expenses, as presented in the statement of operations data, include salaries, commissions~~ and ~~team~~Net ~~member benefits, general and administrative expenses, marketing and advertising expenses, and others.~~Loss

~~Salaries~~As ~~and~~a ~~commissions~~result of the foregoing, the Company reported a loss from operations of approximately $6.5 million for the three months ended November 30, 2025, compared to a loss from operations of approximately $0.7 million in the comparable prior-year period. Management believes that, excluding the impact of non-cash fair value adjustments related to digital assets, the underlying operating performance of the Company during the quarter benefited from cost reductions, improved operational efficiency, and ~~team~~continued ~~member~~stabilization ~~benefits~~of core mortgage-related activities.

All payroll expenses include our team members’ salaries, commissions, and benefits.

	Three months period Ended November 30,
	2025		2024		2023
Mortgage volume		457,087,448		424,076,207		381,777,717
Gross billing		4,084,709		4,405,908		3,873,320
Commission expense		3,721,246		3,991,626		3,570,110
Net sales revenue		363,463		414,282		303,210
Underwriting revenue		27,473		27,343		42,106
Subscription revenue		207,746		182,180		183,245
Other income		123,045		142,269		70,758

~~Selling,~~Our ~~general~~sources of revenue include commissions from lenders, underwriting revenue, membership fees from mortgage agents, and ~~administrative~~other ~~expenses~~income.

~~Selling, general and administrative expenses include software subscriptions, license fees, professional services, marketing expenses, and other operating expenses.~~21

~~Share-based~~Gross ~~compensation~~Billing:

~~Share-~~The Company earns revenue from its mortgage brokerage operations based on commissions received from financial institutions with whom it has ~~compensation~~contractual ~~comprises~~arrangements. ~~equity~~Gross ~~awards~~billing represents the total commission earned from lending institutions on funded mortgage transactions. As the Company engages licensed mortgage agents and brokers who are responsible for originating and closing mortgage transactions, a significant portion of the gross billing is ~~measured~~paid out as commissions and ~~expensed~~referral ~~accordingly~~fees ~~under~~to ~~Accounting~~those ~~Standards~~agents. ~~Codification~~Accordingly, ~~(“ASC”)~~the Company presents ~~718~~revenue ~~Compensation—Stock~~on ~~Compensation~~a net basis, calculated as gross billing less commissions and payouts to mortgage agents, as the Company acts as an agent in these arrangements.

~~Comparison~~Under ofASC 606, Revenue from Contracts with Customers, the ~~nine~~Company ~~months~~evaluates ~~ended~~each ~~May~~contract 31to identify performance obligations, ~~2025~~determine ~~and~~the transaction ~~May~~price, 31allocate the transaction price to the performance obligations, ~~2024~~and recognize revenue when control of the promised service is transferred to the customer.

Period Ended	May 31, 2025 ($)			May 31, 2024 ($)			Increase/ (Decrease) ($)			Increase/ (Decrease) %
Gross Billing		14,228,741			13,422,366			806,375			15.23
Commission		11,969,345			11,450,989			518,356			15.92
Revenue		2,259,396		$	1,971,377			288,019			11.78
Expenses
Selling, general and administrative		1,522,778			1,545,900			(23,122	)		(3.56	)
Advertising and Marketing		617,987			648,197			(30,210	)		(19.08	)
Salaries, wages and benefits		1,223,722			1,825,786			(602,064	)		(30.14	)
Interest expense and bank charges		306,267			42,825			263,442			448..93
Depreciation		648,991			535,575			113,416			36.32
Government Incentive		(70,657	)		(176,326	)		105,669			(39.60	)
Total expense		4,249,088		$	4,421,957			(172,869	)		(3.48	)
Loss from operations		(1,989,692	)		(2,450,580	)		460,888			(16.76	)
Foreign exchange gain (loss)		(1,905	)		10,751			(12,656	)		(62.67	)
Gain(loss) on change in fair value of warrant liability		341,765			42,251			299,514			180.05
Gain(loss) on change in fair value of conversion feature warrant liability		-			18,134			(18,134	)		(100	)
Financing cost – warrant issuance		(164,280	)		-			(164,280	)		(100	)
Loss before income taxes		(1,814,112	)	$	(2,379,444	)		(565,332	)		(23.76	)
Loss after income taxes		(1,814,112	)		(2,379,444	)

For each mortgage transaction, revenue is recognized when:

~~Comparison of~~● ~~the~~A ~~three~~binding ~~months~~contract ~~years~~exists ~~ended~~between ~~May~~the 31borrower, ~~2025~~the mortgage agent, and ~~May~~the 31lending institution; ● The Company provides access to, ~~2024~~and support through, its technology platform to facilitate the mortgage transaction; ● The mortgage loan is funded by the lender; and ● The Company’s commission from the lender becomes fixed and collectible.

Period Ended	May 31, 2025 ($)			May 31, 2024 ($)			Increase/ (Decrease) ($)			Increase/ (Decrease) %
Gross Billing		4,905,237			4,449,848			455,389			10.23
Commission		4,158,334			3,713,400			444,934			11.98
Revenue		746,903		$	736,448			10,455			1.42
Expenses
Selling, general and administrative		527,835			491,666			36,169			7.36
Advertising and Marketing		292,489			265,395			27,094			10.21
Salaries, wages and benefits		394,648			593,202			(198,554	)		(33.47	)
Interest expense and bank charges		31,216			40,373			(9,157	)		(22.68	)
Depreciation		219,355			220,190			(835	)		(0.38	)
Government Incentive		(22,109	)		(21,770	)		(43,879	)		(201.56	)
Total expense		1,443,434		$	1,632,596			(189,162	)		(11.59	)
Loss from operations		(696,531	)		(896,148	)		(199,617	)		(22.28	)
Foreign exchange gain (loss)		(6,018	)		-			(6,018	)
Gain(loss) on change in fair value of warrant liability		309,516			29,479			280,037			949.95
Gain(loss) on change in fair value of conversion feature liability		-			18,064			(18,064	)		100
Financing cots – warrants issued		(164,703	)		-			(164,703	)		100
Loss before income taxes		(557,736	)	$	(848,605	)		290,869			(34.28	)
Loss after income taxes		(557,736	)		(848,605	)

The Company’s performance obligation is satisfied at a point in time, when the mortgage is funded and all platform-related services for that transaction have been completed. Revenue is measured as the net amount retained by the Company after remitting the applicable commission and referral fees to mortgage agents and sub-brokers.

23This net revenue reflects the Company’s role as an intermediary providing technology infrastructure, compliance oversight, and workflow support, rather than acting as the primary obligor in the mortgage funding transaction.

~~Revenue~~Subscription ~~and Cost Analysis~~Revenue:

~~For~~Users ~~the~~access ~~nine-month~~and ~~period~~use ~~ended~~our ~~May~~technology 31platform, ~~2025~~Pineapple Plus, ~~gross~~for ~~billings~~a ~~increased~~flat tomonthly service fee of $14145.2300 ~~million~~In exchange for this fee, ~~compared~~users of Pineapple Plus have access to ~~$13.42~~a ~~million~~network ~~for~~management ~~the~~system ~~same~~that ~~period last~~allows ~~year,~~them ~~representing~~to anperform ~~increase~~back- ofoffice ~~15.23%.~~procedures more efficiently and effectively. This ~~reflects~~platform ~~the~~will ~~Company’s~~enable ~~continued~~them ~~resilience~~to inprocess ~~its~~the ~~core~~deal ~~mortgage~~described above prepare, and ~~brokerage operations~~complete ~~despite~~the ~~macroeconomic~~package ~~headwinds.~~for ~~While~~submission ~~interest~~to ~~rate~~be ~~adjustments~~funded by the financial ~~Bank~~institution. ofWe ~~Canada~~ have ~~supported~~a ~~early~~strong ~~signs~~user ofbase, ~~housing~~which has experienced significant growth since our inception. Revenue is recognized ~~market~~at ~~recovery,~~the ~~transaction~~beginning ~~volumes~~of ~~remain~~the ~~below~~month ~~pre-pandemic~~when ~~levels~~a user is invoiced and pays the fee.

~~Commission~~Underwriting expense, which primarily includes payments to mortgage agents, rose proportionately to $11.97 million, compared to $11.45 million in the same period last year, an increase of 15.92%. This increase is aligned with higher gross billings and demonstrates the Company’s strategy of leveraging experienced, high-volume agents to maintain transaction throughput.Fee:

~~Revenue~~Users can optionally use our expert risk pre-assessment service, which assists them in pre-underwriting their loans before submission to a lender for approval and funding. This service significantly reduces the ~~period~~time ~~increased~~for tothe $2lender partners’ assessment of the deal.26 ~~million~~For mortgages of $179,575 upand ~~from~~less, ~~$1.97~~we ~~million~~charge an underwriting fee of $251; for ~~the~~mortgages ~~prior-year~~greater ~~period~~than $179,575, ~~reflecting~~the Company charges an ~~increase~~underwriting fee of 11$359.~~78%.~~ ~~This~~The ~~improvement is~~Company ~~attributable~~has toundertaken a ~~continued~~special ~~focus~~program onto ~~optimizing~~educate ~~profitability~~and byinform ~~carefully~~users ~~managing~~of ~~agent~~this ~~mix~~service ~~and~~in ~~strategically~~further ~~reallocating~~detail. ~~resources~~Approximately ~~toward~~40% ~~more~~of ~~profitable~~the ~~channels~~deals originated by users are using this service. This program is intended to further increase the number of deals and improve the services offered.

~~Margin~~Insurance ~~Improvements~~commission ~~and Operational Efficiency~~Revenue:

~~Total~~The ~~expenses~~Company earns insurance commission revenue through Pineapple Insurance, which acts as a broker for third-party insurance carriers. When customers purchase insurance policies through our platform, the ~~nine~~Company ~~months~~receives ~~decreased~~commissions byfrom 3the insurance providers based on premiums written.~~48%~~ ~~year-over-year,~~The ~~driven~~Company ~~primarily~~acts byas a ~~reduction~~principal in ~~salaries~~these transactions because it is responsible for sourcing customers, ~~wages~~facilitating the placement of insurance products, and ~~benefits,~~managing ~~which declined~~the byfull 30service process.~~14%~~ ~~compared~~Commission torevenue is recognized at the ~~prior~~point ~~period.~~in ~~This~~time ~~reduction~~when ~~reflects~~the ~~ongoing~~underlying insurance ~~cost~~policy ~~containment~~becomes ~~initiatives~~effective and ~~efficiency~~our ~~measures~~performance obligations are satisfied. Insurance commission revenue is presented net of referral ~~Increases~~fees, inagent ~~depreciation~~commissions, and ~~interest~~other ~~expenses~~consideration ~~were~~payable ~~partially~~to ~~offset~~mortgage byagents or third-party partners, as these ~~savings~~amounts represent direct transaction-related costs. Renewal commissions are recognized only when they become fixed and determinable based on confirmation from the insurance carriers.

Other ~~Items and Comprehensive Loss~~Income:

~~The~~Other ~~Company~~income ~~recognized~~includes a ~~gain~~technology ofsetup ~~$341,765~~fee ~~related to the change in fair value of its warrant liability, up from $42,251 for the same period last year, due to issuance of warrants on May 07, 2025~~ and ~~adjustments~~sponsorship ~~tied to market conditions~~fee. Financing costs related to warrant issuance totaled $164,280 for the period. As a result, the loss before income taxes improved to $(1.81) million, compared to $(2.38) million for the same period last year, reflecting disciplined cost controls and improved non-cash valuation items.

~~Quarterly Performance~~22

~~For~~Components ~~the three-month period ended May 31, 2025, gross billings increased to $4.91 million, compared to $4.45 million for the same quarter in the prior year, an increase~~ of ~~10.23%.~~operating ~~This steady performance highlights the Company’s ongoing ability to maintain transaction flow despite seasonal variations and a gradually stabilizing market.~~expenses

~~Commission~~Our ~~expense~~operating ~~rose~~expenses, byas ~~11.98%~~presented ~~to $4.16 million,~~ in ~~line with~~ the ~~increase~~statement inof ~~gross~~operations ~~billings~~data, asinclude ~~the~~salaries, ~~Company~~commissions ~~continues~~and toteam ~~rely~~member onbenefits, ~~high-volume~~general ~~agents~~and toadministrative ~~drive top-line growth. Revenue for the quarter increased slightly to $746~~expenses,~~903~~ ~~from~~marketing ~~$736,448~~and inadvertising ~~the prior-year quarter~~expenses, anand ~~increase of 1~~others.~~42%.~~

~~Total~~Salaries ~~expenses for the quarter decreased by 11.59% to $1.44 million, primarily due to lower salary~~ and ~~benefit~~commissions ~~costs~~ and ~~continued~~team ~~operational efficiencies.~~member The Company also recognized a gain of $309,516 on the change in the fair value of its warrant liability, compared to $29,479 in the same quarter last year, further supporting an improvement in net loss before taxes to $(557,736) from $(848,605) for the prior-year quarter, an improvement of 34.28%.benefits

~~Outlook~~All payroll expenses include our team members’ salaries, commissions, and benefits.

~~Management~~Selling, ~~remains~~general ~~focused on balancing transaction volume growth with disciplined cost management to protect margins~~ and ~~shareholder~~administrative value. The Company will continue to monitor macroeconomic developments closely and is positioned to capture growth opportunities as the housing and mortgage markets stabilize, while maintaining operational efficiencies and strengthening its financial position.expenses

24Selling, general and administrative expenses include software subscriptions, license fees, professional services, marketing expenses, and other operating expenses.

~~Selling,~~Share-based ~~General and Administrative Expenses.~~compensation

~~The~~Share-based ~~breakdown~~compensation ofcomprises ~~selling,~~equity ~~general~~awards and ~~administrative~~is ~~expenses~~measured ~~are~~and asexpensed ~~follows:~~accordingly under Accounting Standards Codification (“ASC”) 718 Compensation—Stock Compensation.

	Nine months period ended				Increase/			Increase/
Period Ended	May 31, 2025 ($)		May 31, 2024 ($)		(Decrease) ($)			(Decrease) %
Software subscription		624,587		663,424		(38,837	)		(5.85	)
Office and general		114,864		117,213		(2,349	)		(2.00	)
Professional fee		108,359		157,531		(49,172	)		(31.21	)
Dues and subscription		364,287		146,964		217,323			147,.87
Rent		140,168		155,628		(15,460	)		(9.93	)
Consulting fee		45,483		45,167		316			0.70
Travel		25,467		137,940		(112,473	)		(81.54	)
Donations		789		7,406		(6,617	)		(89.35	)
Lease expense		507		54,946		(54,439	)		(99.08	)
Insurance		98,267		59,681		38,586			64.65
		1,522,778		1,545,900		(23,122	)		(1.50	)

Comparison of the three months ended November 30, 2025 and 2024

Selling, General, and Administrative Expenses

Three months ended	November 30, 2025 ($)			November 30, 2024 ($)			Increase/ (Decrease) ($)			Increase/ (Decrease) %
Revenue		721,727			766,074			(44,347	)		(5.79	)
Expenses
Selling, general and administrative		394,850			417,406			(22,556	)		(5.40	)
Advertising and Marketing		124,398			273,009			(148,611	)		(54.43	)
Salaries, wages and benefits		162,383			436,365			(273,982	)		(62.79	)
Interest expense and bank charges		265,236			174,505			90,731			51.99
Depreciation		222,800			185,523			37,277			20.09
Fair value loss on crypto assets		6,140,379			-			6,140,379			100.00
Government incentive		(26,973	)		(27,219	)		246			(0.90	)
Total expense		7,283,073			1,459,588			5,823,484			398.98
Loss from operations		(6,561,346	)		(693,513	)		(5,867,831	)		846.10
Foreign exchange gain (loss)		28,831			5,089			23,742			466.54
Gain(loss) on change in fair value of warrant liability		97,430			31,532			65,898			208.99
Net loss		(6,435,085	)		(656,894	)		(5,778,191	)		879.62

For the nine-month period ended May 31, 2025, selling, general, and administrative (SG&A) expenses totaled $1,522,778, representing a slight decrease of 1.50% compared to $1,545,900 for the same period in the prior year. This reflects the Company’s continued commitment to disciplined cost management while strategically reallocating spending to priority areas.Revenue

~~Software~~For ~~Subscription~~the three months ended November 30, 2025, the Company generated gross billings of approximately $4.1 million, compared to $4.4 million for the same period in the prior year. The modest decrease reflects changes in product mix and commission structures during the quarter, partially offset by higher residential mortgage origination volumes.

~~Software~~Mortgage ~~subscription~~origination ~~expenses~~volume ~~decreased~~increased byto approximately $38457.1 million for the three months ended November 30,~~837~~ ~~(5.85%)~~2025, ~~from~~compared to $~~663,~~424.1 tomillion in ~~$624~~the comparable prior-year period,~~587~~ representing an increase of approximately 7.8%. ~~The~~This ~~reduction~~growth iswas primarily ~~due~~driven toby ~~the~~higher ~~discontinuation~~renewal ofand ~~Salesforce~~refinance ~~subscriptions~~activity ~~effective~~and ~~April~~improved 1,agent ~~2025,~~productivity. ~~following~~During the ~~successful~~quarter, ~~implementation~~mortgage ofmarket conditions continued to benefit from the Bank ~~Company~~of Canada’s ~~internally~~prior ~~developed system~~interest-rate reductions, which issupported ~~expected~~borrowing toactivity, ~~improve~~although ~~cost~~overall ~~efficiency~~housing ~~and~~market ~~data~~conditions remained ~~control~~below pre-2022 levels.

~~Office~~Net ~~and~~sales ~~General~~revenue for the three months ended November 30, 2025 was approximately $0.36 million, compared to $0.41 million in the same period of the prior year. The decrease was primarily attributable to lower gross billings during the quarter, partially offset by increased mortgage volumes.

~~Office~~Subscription ~~and~~revenue ~~general~~increased ~~expenses~~to ~~decreased~~approximately ~~modestly~~$0.21 bymillion $2for the three months ended November 30,~~349~~ (22025, compared to $0.~~00%)~~18 ~~year~~million in the comparable prior-~~over-~~year, ~~reflecting~~period. ~~tight~~The ~~cost~~increase ~~discipline~~reflects ~~across~~continued ~~day-to-day~~adoption ~~administrative~~and usage of the Company’s Pineapple Plus technology platform by its ~~expenditures~~agent network. Underwriting and other ancillary revenue remained relatively consistent year over year.

~~Professional~~Cost ~~Fees~~of Gross Billings

~~Professional~~Cost ~~fees~~of ~~decreased~~gross ~~by $49~~billings,~~172~~ ~~(31.21%)~~which consists primarily of commission expense, ~~from~~totaled approximately $~~157~~3.7 million for the three months ended November 30,~~531~~ 2025, compared to $~~108,359~~3.99 ~~This~~for ~~reduction~~the issame ~~due~~period toin ~~decreased~~the ~~reliance~~prior onyear. ~~external~~The ~~legal~~decrease ~~and~~in ~~advisory~~commission expense was generally ~~services~~consistent ~~after~~with the ~~Company~~decline ~~streamlined~~in ~~its~~gross ~~compliance~~billings and ~~reporting~~reflects ~~workflows~~ongoing ~~following~~optimization ~~its~~of ~~public~~commission ~~listing~~arrangements and agent mix.

~~Dues~~The Company continues to focus on balancing transaction volume growth with disciplined commission management. Initiatives implemented during the quarter, including enhanced workflow automation, centralized underwriting processes, and ~~Subscriptions~~agent-performance analytics, are intended to support operating efficiency and improve margin performance over time while maintaining competitive agent compensation structures.

Dues and subscriptions increased significantly by $217,323 (147.87%) to $364,287 from $146,964 in the prior period. This increase is attributable to the Company’s expanded engagement with industry groups, data services, and technology associations to strengthen market insights and maintain competitive positioning in a dynamic regulatory environment.23

~~Rent~~Selling, General and Administrative Expenses.

~~Rent~~The ~~expense~~breakdown ~~decreased~~of ~~by $15~~selling,~~460~~ ~~(9.93%)~~general ~~to $140,168 from $155,628, reflecting the renegotiation of lease terms~~ and ~~more~~administrative ~~efficient~~expenses ~~space utilization~~are ~~aligned~~as ~~with hybrid work arrangements.~~follows:

Consulting Fees

Three months ended	November 30, 2025 ($)		November 30, 2024 ($)		Increase/ (Decrease) ($)			Increase/ (Decrease) %
Software subscription		115,980		219,908		(103,928	)		(47.26	)
Office and general		36,178		45,571		(9,393	)		(20.61	)
Professional fee		60,465		29,275		31,190			106.54
Dues and subscription		68,964		31,600		37,364			118.24
Rent		50,797		31,610		19,187			60.70
Consulting fee		8,967		9,679		(712	)		(7.36	)
Travel		18,824		20,589		(1,765	)		(8.57	)
Donations		-		652		(652	)		(100.00	)
Lease expense		-		1,045		(1,045	)		(100.00	)
Insurance		34,675		27,477		7,198			26.20
		394,850		417,406		(22,556	)		(5.40	)

~~Consulting fees remained broadly flat at $45~~Selling,~~483, compared to $45,167 in the same period last year, reflecting consistent use of specialized external~~ ~~expertise~~General ~~for~~and ~~targeted~~Administrative ~~strategic~~(“SG&A”) ~~initiatives.~~Expenses

~~Travel~~Selling, general and administrative (“SG&A”) expenses for the three months ended November 30, 2025 were $394,851, compared to $417,406 for the same period in the prior year, representing a decrease of $22,555, or approximately 5.4%. The decrease reflects the Company’s continued focus on cost discipline and operating efficiency, partially offset by higher professional and compliance-related expenditures during the quarter.

~~Travel~~Software expenses decreased significantly by $112,473 (81.54%), from $137,940 to $25,467. The decrease reflects continued restrictions on discretionary travel and the increased use of virtual collaboration tools across operations and stakeholder engagement.Subscription

~~Donations~~Software subscription expenses decreased to $115,980 for the three months ended November 30, 2025, compared to $219,908 in the comparable prior-year period, representing a decrease of $103,928, or approximately 47.3%. The reduction primarily reflects continued optimization of the Company’s technology stack, including the consolidation of third-party software tools and increased reliance on internally developed functionality within the Pineapple Plus platform.

~~Donations~~Office ~~decreased by $6,617 (89.35%), from $7,406 to $789, in line with management’s decision to prioritize cost containment~~ and ~~focus resources on core business operations.~~General

~~Lease~~Office ~~Expense~~and general expenses totaled $36,178 for the three months ended November 30, 2025, compared to $45,571 in the same period of the prior year, representing a decrease of $9,392, or approximately 20.6%. The decrease reflects lower administrative overhead and continued cost-containment measures across general office operations.

~~Lease~~Professional ~~expense decreased materially by $54,439 (99.08%) to $507 from $54,946, primarily due to the termination of non-core leased assets and a shift toward more cost-effective operating arrangements.~~Fees

~~Insurance~~Professional fees increased to $60,465 for the three months ended November 30, 2025, compared to $29,275 in the comparable prior-year period, representing an increase of $31,190, or approximately 106.5%. The increase was primarily attributable to higher legal, accounting, and advisory costs incurred during the quarter in connection with regulatory compliance, reporting requirements, and transaction-related activities.

~~Insurance~~Dues ~~expenses increased by $38,586 (64.65%) to $98,267, compared to $59,681 in the prior year. The increase primarily reflects higher costs for enhanced coverage under the Company’s director~~ and ~~officer (D&O) insurance program and expanded liability protection requirements as a public company.~~Subscriptionsz

25Dues and subscriptions increased to $68,964 for the three months ended November 30, 2025, compared to $31,600 in the prior-year period, representing an increase of $37,364, or approximately 118.2%. The increase primarily reflects higher exchange listing fees, regulatory compliance costs, and expanded use of data and industry-related subscriptions.

~~The breakdown of selling, general and administrative expenses are as follows:~~Rent

	Three months period ended						Increase/			Increase/
Period Ended	May 31, 2025 ($)			May 31, 2024 ($)			(Decrease) ($)			(Decrease) %
Software subscription		174,116			260,951			(86,835	)		(33.28	)
Office and general		32,112			60,558			(28,446	)		(46.97	)
Professional fee		47,866			11,871			35,995			303.21
Dues and subscription		165,688			(5,149	)		170,837			3,317.88
Rent		54,997			57,528			(2,531	)		(4.40	)
Consulting fee		15,888			20,663			(4,775	)		(23.11	)
Travel		2,108			51,867			(49,759	)		(95.94	)
Donations		-			2,759			(2,759	)		(100.00	)
Lease expense		(942	)		956			(1,898	)		(198.55	)
Insurance		36,002			29,661			6,341			21.38
		527,835			491,666			36,169			7.36

Rent expense increased to $50,797 for the three months ended November 30, 2025, compared to $31,610 in the same period of the prior year, representing an increase of $19,187, or approximately 60.7%. The increase reflects changes in leased facilities and space utilization during the quarter.

~~Selling,~~Consulting ~~General, and Administrative Expenses~~Fees

~~For~~Consulting fees were $8,967 for the three~~-month~~ ~~period~~months ended ~~May~~November 3130, 2025, ~~selling,~~compared ~~general~~to $9,679 ~~and~~in ~~administrative~~the ~~(SG&A)~~comparable ~~expenses~~prior-year ~~totaled $527~~period,~~835,~~ representing ana ~~increase~~decrease of ~~7.36% compared to~~ $~~491~~712,~~666~~ ~~for~~or ~~the~~approximately ~~same~~7.4%, ~~period~~reflecting inreduced ~~the~~reliance ~~prior~~on ~~year.~~external ~~The~~consultants ~~increase~~as ~~reflects~~certain ~~higher~~functions ~~professional~~continued ~~services and subscription costs~~ to ~~support~~be ~~operational requirements during the quarter~~transitioned in-house.

~~Software Subscription~~Travel

~~Software~~Travel ~~subscription~~ expenses decreased byto $8618,~~835~~824 ~~(33.28%)~~for tothe ~~$174~~three months ended November 30,~~116~~ 2025, compared to $~~260~~20,~~951~~589 ~~for~~in the ~~same quarter last~~ prior-year. ~~This~~period, ~~decrease is~~representing ~~primarily~~a ~~due~~decrease toof ~~the~~$1,765, ~~Company’s~~or ~~decision~~approximately to8.6%, ~~discontinue~~reflecting ~~its~~continued ~~Salesforce~~cost ~~subscription~~controls ~~effective~~and ~~April~~a 1,greater ~~2025,~~use ~~following the launch~~ of ~~its~~virtual ~~internally developed system~~engagement.

~~Office~~Donations and ~~General~~Lease Expense

~~Office~~Donations and ~~general~~lease expenses ~~decreased~~were bynil ~~$28~~for the three months ended November 30,~~446~~ ~~(46.97%)~~2025, compared to $32652 and $1,~~112~~045, ~~reflecting~~respectively, ~~tighter~~in ~~cost~~the ~~controls~~prior-year period. ~~and~~The ~~reduced~~decreases ~~spending~~reflect onthe ~~day-to-day~~absence ~~administrative costs~~of ~~during~~discretionary donations and the ~~quarter~~expiration of certain short-term lease commitments.

~~Professional Fees~~Insurance

~~Professional~~Insurance ~~fees~~expense increased ~~significantly~~to by $3534,~~995~~675 ~~(303.21%)~~for tothe ~~$47~~three months ended November 30,~~866~~ 2025, compared to $1127,~~871~~477 in the same ~~quarter~~period ~~last~~of the prior year., representing ~~The~~an increase isof ~~due to higher legal~~$7, ~~audit~~198, ~~and~~or ~~advisory~~approximately ~~fees~~26.2%, ~~related~~primarily due to ~~regulatory~~higher ~~filings~~premiums ~~and~~associated ~~corporate~~with ~~compliance~~coverage ~~activities~~renewals ~~during~~and ~~the~~expanded insurance ~~quarter~~requirements.

~~Dues and Subscriptions~~24

Dues and subscriptions increased by $170,837, moving from a net credit of $(5,149) in the prior period to $165,688 in the current quarter. The increase reflects expanded participation in industry groups and access to specialized data platforms to enhance market positioning.Expenses

Rent

Three months ended	November 30, 2025 ($)			November 30, 2024 ($)			Increase/ (Decrease) ($)			Increase/ (Decrease) %
Advertising and marketing		124,398			273,009			(148,611	)		(54.43	)
Salaries, wages and benefits		394,850			436,365			(41,515	)		(9.51	)
Interest expense and bank charges		265,236			174,505			90,731			51.99
Depreciation		222,800			185,523			37,277			20.09
Fair value loss on crypto assets		6,140,379			-			6,140,379			100.00
Government incentive		(26,973	)		(27,219	)		246			(0.90	)

~~Rent~~Operating ~~expenses remained relatively stable, decreasing slightly by $2,531 (4.40%) to $54,997, reflecting continued optimization of office space.~~Expenses

~~Consulting~~Three ~~Fees~~Months Ended November 30, 2025 Compared to November 30, 2024

~~Consulting~~Advertising ~~fees~~and ~~decreased by $4,775 (23.11%) to $15,888, reflecting lower reliance on external consultants during the quarter as core projects were transitioned to in-house teams.~~Marketing

~~Travel~~Advertising and marketing expenses for the three months ended November 30, 2025 were $124,398, compared to $273,009 in the same period of the prior year, representing a decrease of $148,611, or approximately 54.4%. The decrease reflects reduced discretionary marketing spend, continued emphasis on cost-efficient digital marketing initiatives, and more targeted agent-acquisition and retention campaigns during the quarter.

~~Travel expenses decreased by $49~~Salaries,~~759 (95.94%) to $2,108, compared to $51,867 in the prior-year quarter. The decrease is due to continued travel~~ ~~restrictions~~Wages and ~~increased use of virtual meetings for internal and external engagement.~~Benefits

~~Donations~~Salaries, wages and benefits totaled $394,850 for the three months ended November 30, 2025, compared to $436,365 in the comparable prior-year period. The decrease reflects workforce optimization measures implemented in prior periods, improved operational efficiency, and disciplined personnel cost management during the quarter.

NoInterest ~~donations~~Expense ~~were~~and ~~made~~Bank ~~during the quarter, compared to $2,759 in the same period last year, consistent with the Company’s focus on directing funds toward operational priorities.~~Charges

~~Lease~~Interest ~~Expense~~expense and bank charges increased to $265,236 for the three months ended November 30, 2025, compared to $174,505 in the same period of the prior year, representing an increase of $90,731, or approximately 51.99%. The increase was primarily attributable to higher borrowings associated with the Company’s Injective digital asset investment, including loans bearing interest at approximately 11.5%, which resulted in higher financing costs during the quarter.

~~Lease expense decreased by $1,898 (198.55%), reflecting adjustments for the reduction of non-core leased equipment.~~Depreciation

~~Insurance~~Depreciation expense increased modestly to $222,800 for the three months ended November 30, 2025, compared to $185,523 in the prior-year period, representing an increase of $37,277 or approximately 20.09%. The increase reflects continued investment in technology infrastructure and capitalized software assets supporting the Company’s digital platform and internal systems.

~~Insurance~~Change ~~expenses~~in ~~increased~~Fair byValue ~~$6,341~~- ~~(21.38%)~~Injective toDigital ~~$36,002, reflecting ongoing adjustments for expanded coverage under the Company’s director and officer insurance program and general liability coverage.~~Assets

26During the three months ended November 30, 2025, the Company recognized a $6.14 million non-cash loss related to changes in the fair value of its Injective digital asset holdings, compared to no such adjustment in the comparable prior-year period. This fair-value loss reflects market-driven valuation changes and did not result in a corresponding cash outflow during the quarter.

~~Expenses~~25

	Nine months period ended						Increase/			Increase/
Period Ended	May 31, 2025 ($)			May 31, 2024 ($)			(Decrease) ($)			(Decrease) %
Advertising and marketing		617,987			648,197			(30,210	)		(4.66	)
Salaries, wages and benefits		1,223,722			1,825,786			(602,064	)		(32.98	)
Interest expense and bank charges		306,267			42,825			263,442			614.16
Depreciation		648,991			535,575			113,416			21.18
Government incentive		(70,657	)		(176,326	)		(105,669	)		(59.93	)

Government Incentive

~~Operating~~Government ~~Expenses~~incentives for the three months ended November 30, 2025 totaled $(26,973), compared to $(27,219) in the prior-year period, remaining relatively consistent quarter over quarter and ~~Other~~reflecting ~~Income~~refundable credits and program-based support.

~~For~~Liquidity ~~the nine-month period ended May 31, 2025, the Company continued to focus on disciplined cost control while investing in areas that support operational efficiency~~ and ~~regulatory~~Capital ~~compliance. Below is a breakdown of key expense line items:~~Resources

~~Advertising~~Going ~~and Marketing~~Concern

~~Advertising~~The Company has incurred recurring operating losses and ~~marketing~~continues ~~expenses~~to ~~decreased~~experience bynegative $cash flows from operations. For the three months period ended November 30,~~210~~ (42025, the Company recorded a net loss of $6.~~66%)~~4 tomillion and negative operating cash flows of $~~617~~498,~~987,~~367. ~~compared~~As toat ~~$648~~November 30,~~197~~ in2025, the ~~same~~Company ~~period~~had ~~last~~an ~~year~~accumulated deficit of $19.832 ~~The~~million ~~decrease~~and ~~reflects more~~a ~~targeted~~working-capital ~~marketing~~deficit. ~~campaigns~~These factors ~~and~~raise ~~improved~~substantial ~~allocation~~doubt ofabout ~~digital~~the ~~marketing~~Company’s ~~spend~~ability to ~~higher-conversion~~continue ~~channels~~as a going concern within twelve months after the date of these financial statements.

~~Salaries~~● Management has developed plans intended to improve liquidity and address these uncertainties. These plans include: ● Accessing additional capital through the Injective Digital Asset Treasury Initiative ● Pursuing additional financing and capital-raising activities as required to support ongoing operations and fund strategic initiatives. ● Continuing cost-management measures, ~~Wages~~ including reductions in payroll, operating expenses, and ~~Benefits~~discretionary spending.

~~Salaries~~While management believes these plans are achievable, ~~wages~~there ~~and~~can ~~benefits~~be ~~decreased~~no byassurance ~~$602,064~~that ~~(32.98%)~~the toCompany ~~$1,223,722,~~will ~~compared~~obtain tothe ~~$1,825,786~~necessary infinancing or that the ~~prior~~planned ~~year~~initiatives will be successful. ~~The~~If the ~~decrease~~Company is ~~primarily due~~unable to ~~workforce~~secure ~~optimization~~adequate ~~initiatives,~~funding ~~including~~or ~~streamlining~~generate ~~certain~~positive ~~non-core~~operating ~~roles~~results, ~~and~~it ~~aligning~~may ~~staffing~~be ~~levels~~unable ~~with~~to ~~current~~meet ~~transaction~~its obligations as they ~~volumes~~become due.

~~Interest~~Our ~~Expense~~primary liquidity needs encompass working capital, capital expenditures, and ~~Bank~~technology ~~Charges~~investments, particularly those related to enhancing our proprietary Pineapple Plus platform, supporting skilled personnel, and maintaining compliance infrastructure. These items continue to represent the largest components of our capital deployment. We finance these needs primarily through cash on hand, cash flow from operations, and strategic financing facilities obtained from external lenders and related parties.

~~Interest~~The ~~expense~~following ~~and~~table ~~bank~~summarizes ~~charges~~our ~~increased~~cash ~~significantly~~flows byfrom ~~$263~~operating,~~442~~ ~~(614.16%)~~investing toand ~~$306,267, compared to $42,825 for the same period last year. The increase is primarily driven by higher interest costs related to new~~ financing ~~facilities secured to support working capital needs and costs associated with the issuance of warrants during the period.~~activities:

Depreciation

Three months ended	November 30, 2025 ($)			November 30, 2024 ($)			Increase/ (Decrease) ($)
Cash (used) provided in operating activities		(489,745	)		(663,597	)		173,852
Cash (used) provided by financing activities		11,954,105			1,188,036			10,766,069
Cash (used) provided in investing activities		(12,106,830	)		(282,298	)		(11,824,532	)
Cash at the end of the period		1,479,167			619,581			859,586

~~Depreciation~~Net ~~expense~~cash ~~increased~~flow byfrom ~~$113,416~~ (~~21.18%)~~used ~~to $648,991, compared to $535,575~~ in) ~~the~~operating ~~prior period. The increase reflects additional amortization of new capitalized technology investments, including the internally developed platform that replaced the Salesforce system.~~activities

Government Incentive

	Three months ended
Description	November 30, 2025 ($)			November 30, 2024 ($)
Operating activities
Net loss		(6,435,085	)		(656,894	)
Adjustments for the following non-cash items:
Depreciation of property and equipment		10,611			21,618
Bad debts written off		7,154			-
Amortization of intangible assets		182,493			131,030
Depreciation on right of use asset		29,696			32,874
Interest expense on lease liability		10,096			13,921
Fair value loss on crypto assets		6,140,379			-
Change in fair value of warrant liabilities		(97,430	)		(31,532	)
Foreign exchange gain (loss)		-			(5,089	)
Net changes in non-cash working capital balances:
Trade and other receivables		(58,663	)		(27,302	)
Prepaid expenses and deposits		(56,974	)		2,928
Accounts payable and accrued liabilities		(123,226	)		(33,677	)
Deferred Government Grant		(28,241	)		(45,236	)
Deferred revenue		(70,555	)		(66,238	)
		(489,745	)		(663,597	)

Government incentives decreased by $105,669 (59.93%) to $(70,657), compared to $(176,326) in the prior year. The reduction reflects lower available grant funding in the current fiscal period as prior-year government support programs concluded.26

~~Liquidity~~Net ~~and~~Cash ~~Capital~~Used ~~Resources~~in Operating Activities

~~Our~~Net ~~primary~~cash ~~liquidity~~used ~~needs~~in ~~include~~operating ~~working~~activities ~~capital~~for ~~and~~the ~~capital~~three ~~expenditures~~months ended November 30, ~~particularly~~2025 ~~those~~was ~~related~~$489,745 compared to ~~technological enhancements~~$663,597 ~~investments~~for the same period in ~~skilled~~the ~~personnel~~prior year, ~~and~~representing ~~marketing~~an ~~services.~~improvement ~~These~~of ~~three~~$173,852. ~~categories~~The ~~have~~reduction ~~represented~~in aoperating ~~significant~~cash ~~share~~outflows ofwas ~~our~~primarily ~~liquidity~~driven ~~and capital~~by ~~resource~~non-cash ~~demands~~adjustments, ~~throughout~~including ~~the~~a ~~year~~$6.1 Wemillion ~~primarily~~change ~~rely~~in onthe ~~cash~~fair onvalue ~~hand~~of Injective digital assets and ~~cash~~depreciation ~~flows~~and amortization, ~~generated~~partially ~~from~~offset ~~our~~by ~~operations~~changes toin ~~satisfy~~working-capital ~~these needs~~balances.

~~The~~Working-capital ~~following~~movements ~~table~~during ~~summarizes~~the ~~our~~quarter included increases in trade and other receivables, prepaid expenses, and reductions in accounts payable and accrued liabilities, which together resulted in a net working-capital outflow. Non-cash ~~flows~~items ~~from~~such ~~operating~~as fair-value remeasurements, depreciation, ~~investing~~amortization, and ~~financing~~foreign ~~activities:~~exchange movements significantly reduced the impact of the net loss on operating cash flows but did not affect cash usage.

	Nine months period ended						Increase/
Year Ended	May 31, 2025 ($)			May 31, 2024 ($)			(Decrease) ($)
Cash (used) provided in operating activities		(439,198	)		(1,443,610	)		(1,004,412	)
Cash (used) provided by financing activities		1,836,327			2,480,806			(644,479	)
Cash (used) provided in investing activities		(811,443	)		(901,185	)		(89,742	)
Cash at the end of the period		1,134,583			748,769			385,814

Net Cash Provided by Financing Activities

27Net cash provided by financing activities for the three months ended November 30, 2025 totaled $11.95 million, compared to $1.19 million in the comparable prior-year period. The increase was primarily attributable to additional borrowings obtained during the quarter, including financing arrangements related to the Company’s Injective digital asset investment strategy. These borrowings provided significant liquidity to support investment activities and working-capital requirements, while also resulting in higher interest expense recognized during the quarter.

Net ~~cash~~Cash ~~flow~~Used ~~from (used~~ in) ~~operating~~Investing ~~activities~~Activities

	Nine months period ended
Description	May 31, 2025 ($)			May 31, 2024 ($)
Operating activities
Net loss		(1,814,112	)		(2,379,444	)
Adjustments for the following non-cash items:
Depreciation of property and equipment		64,201			65,300
Amortization of intangible assets		430,391			369,993
Depreciation on right of use asset		154,399			100,282
Interest expense on lease liability		39,601			47,482
Change in fair value of warrant liability		341,765			(42,251	)
Foreign exchange gain (loss)		(1,905	)		(10,751	)
Change in fair value of warrant liability
Change in fair value of conversion feature liability					(18,133	)
Net changes in non-cash working capital balances:
Trade and other receivables		(25,238	)		607,724
Prepaid expenses and deposits		76,090			65,976
Accounts payable and accrued liabilities		337,367			(74,756	)
Deferred government incentive		81,164			(175,032	)
Deferred revenue		39,407			-

Net cash used in investing activities for the three months ended November 30, 2025 was $12.11 million, compared to $0.28 million in the same period of the prior year. The increase in investing cash outflows was driven primarily by purchases of Injective digital assets during the quarter. These outflows reflect management’s execution of its treasury and capital-allocation strategy and did not relate to routine capital expenditures.

~~For~~Overall ~~the~~Liquidity nine-month period ended May 31, 2025, net cash used in operating activities was $(439,198), a substantial improvement compared to $(1,443,610) for the same period in the prior year. The reduction in operating cash outflows reflects improved operational efficiencies, continued cost discipline, and a more effective approach to managing working capital.Position

~~The~~As ~~net~~of ~~loss~~November ~~for~~30, 2025, the ~~period~~Company ~~was~~had cash and cash equivalents of $(1.48 million,~~814,112),~~ compared to $(2~~,379,444)~~.34 ~~for~~million ~~the~~at ~~same~~November ~~nine-month~~30, ~~period~~2024. ~~last~~The decrease ~~year.~~reflects ~~This~~the ~~improvement~~timing isof ~~primarily due~~financing toinflows ~~more~~and ~~efficient~~significant ~~operations,~~investing ~~tighter~~outflows ~~expense~~during ~~management~~the quarter, ~~and~~partially ~~adjustments~~offset ~~related~~by toimproved operating ~~non-~~cash ~~fair value changes~~flows.

~~Key~~Management ~~non-~~continues to monitor liquidity closely, particularly in light of increased borrowing levels and associated interest costs. Based on current operating plans, expected cash ~~adjustments~~flows, ~~included:~~and access to financing arrangements, management believes the Company has sufficient liquidity to meet its operating requirements and obligations for at least the next twelve months.

● Amortization of intangible assets totaling $430,391, up from $369,993, reflecting continued investment in proprietary technology and systems. ● Depreciation of property and equipment was $64,201, in line with $65,300 last year, while depreciation on right-of-use assets increased to $154,399, compared to $100,282, due to new office and equipment lease commitments. ● Interest expense on lease liability totaled $39,601, slightly lower than $47,482 in the prior period. ● The Company recorded a gain on change in fair value of warrant liability of $341,765, compared to a loss of $(42,251) last year, due to updated valuations reflecting prevailing capital market conditions. ● A foreign exchange loss of $(1,905) was recorded, compared to a gain of $10,751 in the prior-year period.27

~~Net~~The ~~changes~~following intable ~~non-cash~~presents ~~working~~our ~~capital provided further support for improved operating cash flow~~liquidity:

● Trade and other receivables increased slightly by $(25,238), reflecting timing differences on collections. ● Prepaid expenses and deposits increased by $76,090, up from $65,976, due to upfront payments for strategic services and subscriptions. ● Accounts payable and accrued liabilities increased by $337,367, compared to a reduction of $(74,756) last year, highlighting more effective management of vendor payments. ● Deferred government incentives rose by $81,164, compared to a decrease of $(175,032) in the prior year. ● Deferred revenue of $39,407 reflects upfront billings for services to be delivered in future periods.

Period Ended	November 30, 2025 ($)		August 31, 2025 ($)
Cash		1,479,167		2,117,371
Trade and other receivables		143,732		92,223
Prepaid expenses and deposit		166,975		110,001
		1,789,874		2,319,595

Current liabilities
Accounts payable and accrued liabilities		2,001,934		2,125,160
Loan payable		11,983,087		-
Deferred revenue		37,997		108,552
Loan from directors		629,728		629,120
Current portion of lease liability		140,288		138,859
		14,793,034		3,001,691

~~Net~~As ~~cash~~of ~~provided~~November by30, ~~financing~~2025, ~~activities for~~ the ~~nine-month~~Company’s ~~period~~total ~~amounted~~current toassets were $1,~~836~~789,~~327~~874, compared to $2,~~480~~319,~~806~~595 inas ~~the~~of ~~same~~August ~~period~~31, ~~last~~2025, representing ~~year.~~a ~~The~~ decrease of approximately $~~644~~529,~~479~~721. isThe decrease was primarily attributable to ~~lower~~changes ~~net~~in ~~proceeds~~the ~~from~~Company’s ~~financing~~cash ~~transactions~~position during the ~~period~~quarter, ~~while~~partially ~~the Company~~offset ~~continued~~by toincreases ~~utilize~~in ~~equity~~trade and ~~debt~~other ~~facilities~~receivables ~~to support operations~~ and ~~growth~~prepaid ~~initiatives~~expenses.

~~Net~~Cash ~~cash~~decreased ~~used~~to in$1,479,167 ~~investing~~as ~~activities~~of ~~was~~November ~~$(811~~30,~~443)~~ 2025, ~~compared~~from to $~~(901~~2,~~185)~~117,371 inas ~~the~~of ~~prior~~August ~~period~~31, a2025. The decrease ofprimarily ~~$89,742.~~reflects ~~This~~the ~~reflects~~timing ~~disciplined~~of ~~investment~~significant ininvesting ~~intangible~~activities ~~assets~~during ~~and~~the quarter, including capital ~~expenditures~~deployed astoward the Company’s ~~focuses~~digital-asset oninvestment ~~enhancing~~strategy, partially ~~its~~offset ~~proprietary~~by ~~systems~~financing inflows and ~~technology~~operating ~~infrastructure~~cash flows.

28Trade and other receivables increased to $143,732 as of November 30, 2025, compared to $92,223 at August 31, 2025. The increase was primarily attributable to the timing of billings and collections toward the end of the quarter.

AsPrepaid ofexpenses ~~May 31, 2025, the Company’s cash~~ and ~~cash~~deposits ~~equivalents~~increased ~~stood~~to at $1166,~~134,583,~~975 anas ~~increase~~ of ~~$385~~November 30,~~814~~ ~~compared~~2025, tofrom $~~748~~110,~~769~~001 atas ~~the end~~ of ~~the~~August ~~same~~31, ~~period last year~~2025, ~~demonstrating~~reflecting ~~progress~~the intiming ~~strengthening~~of ~~liquidity~~advance payments ~~despite~~for ~~ongoing~~software ~~investments~~subscriptions, ininsurance ~~technology~~premiums, and ~~working capital~~other service contracts.

~~Management remains~~Current focused on maintaining a healthy cash position to meet near-term operating requirements while supporting strategic investments. The Company continues to evaluate both non-dilutive and equity-based funding options to strengthen its balance sheet, expand its technology roadmap, and drive long-term shareholder value.Liabilities

As of November 30, 2025, the Company’s total current liabilities were $14,793,034, compared to $3,001,691 as of August 31, 2025. The increase was driven primarily ~~following~~by ~~table~~the ~~presents~~recognition ~~our~~of ~~liquidity:~~the FalconX loan payable of $11,983,087, which was classified as a current liability based on its contractual repayment terms in effect at the balance-sheet date. Accounts payable and accrued liabilities decreased modestly to $2,001,934 from $2,125,160, reflecting the timing of vendor payments and accrued expenses. Deferred revenue declined to $37,997 from $108,552 as services were delivered during the quarter. The loan from directors, totaling $629,728, remained substantially unchanged, while the current portion of lease liabilities increased slightly to $140,288 from $138,859, primarily due to scheduled lease payments.

As at:	May 31, 2025 ($)		August 31, 2024 ($)
Cash		1,134,583		580,356
Trade and other receivables		180,462		155,224
Prepaid expenses and deposit		81,821		157,911
		1,396,866		893,491

Overall, the Company’s liquidity position at November 30, 2025 reflects the timing of operating, investing, and financing activities during the quarter. Management continues to monitor working-capital levels and cash flows closely and believes that existing cash resources, together with expected operating cash flows and access to financing arrangements, are sufficient to meet the Company’s short-term obligations and near-term operating requirements.

AsCritical ofAccounting ~~May~~Policies ~~31, 2025, Pineapple Financial maintained a solid liquidity position with $1,134,583 in cash, supplemented by $180,462 in trade~~ and ~~other~~Significant ~~receivables~~Judgments and $81,821 in prepaid expenses and deposits, bringing total current liquid assets to $1,396,866. This compares favorably to $893,491 as at August 31, 2024, reflecting an increase of $503,375. The improvement is primarily attributable to new equity injection, stronger revenue generation, continued expense discipline, and the Company’s successful execution of targeted financing activities during the period.Estimates

~~Management~~This ~~remains~~management’s ~~focused~~discussion onand ~~preserving~~analysis ~~adequate~~of ~~liquidity~~the tofinancial ~~meet~~condition ~~short-term~~and ~~obligations~~results ~~while~~of ~~supporting~~operations ~~strategic~~is ~~investments~~based toon ~~drive~~our ~~sustainable~~financial statements, ~~growth~~which have been prepared in accordance with U.S. GAAP. The ~~Company~~preparation ~~continues~~of these financial statements requires us to ~~monitor~~make ~~its~~estimates ~~cash~~and assumptions ~~flows~~that affect the reported amounts of assets and ~~working~~liabilities, ~~capital~~disclosure ~~needs~~of contingent assets and liabilities at the date of the financial statements, and the reported amounts of Revenue and expenses during the reported period. Per U.S. GAAP, we base our estimates on historical experience and various other assumptions we believe to ~~ensure~~be ~~prudent~~reasonable ~~resource~~under ~~allocation~~the incircumstances. ~~line~~Actual ~~with~~results may differ ~~its~~from ~~operational~~these estimates if conditions differ from our assumptions. While our significant accounting policies are more fully described in Note 2 in the “Notes to Financial Statements,” we believe the following accounting policies are critical to making effective judgments and ~~expansion~~estimates ~~objectives~~in preparing our financial statements.

~~Critical Accounting Policies and Significant Judgments and Estimates~~28

This management’s discussion and analysis of the financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of Revenue ~~and expenses during the reported period. Per U.S. GAAP, we base our estimates~~ on historical experience and various other assumptions we believe to be reasonable under the circumstances. Actual results may differ from these estimates if conditions differ from our assumptions. While our significant accounting policies are more fully described in Note 2 in the “Notes to Financial Statements,” we believe the following accounting policies are critical to making effective judgments and estimates in preparing our financial statements.Recognition

The Company has adopted ASC 606, Revenue from Contracts with Customers, which provides a single comprehensive model for revenue recognition. ~~Recognition~~The core principle of the standard is that Revenue should be recognized when goods or services are transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard introduced a new contract- based revenue recognition model with a measurement approach that is based on an allocation of the transaction price. It establishes a five-step model to account for revenue arising from contracts with customers. Under this standard, Revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The standard requires entities to exercise Judgment, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with customers. Additionally, the standard specifies the accounting for incremental costs of obtaining a contract and the costs directly related to fulfilling a contract.

~~The~~When ~~Company has adopted ASC 606, Revenue from Contracts with Customers, which provides a single comprehensive model for revenue recognition. The core principle of~~ the ~~standard~~Company istransfers ~~that Revenue should be recognized when~~ goods or services ~~are transferred~~ to ~~customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard introduced~~ a new contract- based revenue recognition model with a measurement approach that is based on an allocation of the transaction price. It establishes a five-step model to account for Revenue arising from contracts with customers. Under this standardcustomer, Revenue is recognized at an amount that reflects the consideration toexpected ~~which an entity expects~~ to be ~~entitled in exchange for transferring goods or services to a customer~~received. The standard requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with customers. Additionally, the standard specifies the accounting for incremental costs of obtaining a contract and the costs directly related to fulfilling a contract.

29The Company operates an online platform, that enables brokers and agents to efficiently close deals.

~~When~~The ~~the~~ Company’s ~~transfers~~subsidiary, ~~goods~~Pineapple orInsurance Inc., generates Revenue by charging premiums for insurance policies and services. toPineapple Insurance is affiliated with a ~~customer~~major insurance company, ~~Revenue~~from which it earns commissions for providing services, primarily mortgage insurance. Mortgage insurance is ~~recognized~~a atoffered anfor ~~amount~~each ~~that~~mortgage. ~~reflects~~Pineapple Insurance acts as the ~~consideration~~agent ~~expected~~that supplies insurance services to the consumer beand ~~received~~is paid a commission from the premiums collected by the insurance company whose products and services it provides to the end consumer.

~~The~~Basis ~~Company~~of ~~operates an online platform powered by Salesforce~~presentation, ~~that~~functional ~~enables brokers~~ and ~~agents~~presentation ~~to efficiently close deals.~~currency

The Company’s ~~subsidiary,~~headquarters ~~Pineapple Insurance Inc., generates Revenue by charging premiums for insurance policies and services. Pineapple Insurance~~ is ~~affiliated~~in ~~with a major insurance company~~Ontario, ~~from which it earns commissions for providing services~~Canada, ~~primarily~~and ~~mortgage~~the ~~insurance. Mortgage~~functional ~~insurance~~currency is ain ~~requirement~~Canadian ~~for~~Dollars ~~each~~(CAD) ~~mortgage.~~with ~~Pineapple Insurance acts as~~ the ~~agent~~presentation ~~that~~currency being ~~supplies~~US ~~insurance~~Dollars ~~services~~(USD). toThe ~~the consumer~~Company’s ~~and~~subsidiaries ishave ~~paid~~ a ~~commission~~functional ~~from~~currency ~~the~~of ~~premiums~~CAD ~~collected by the insurance company whose products~~ and ~~services~~presentation itcurrency ~~provides~~of toUSD ~~the~~which have ~~end~~been ~~consumer.~~applied ~~Additionally, Pineapple Insurance has adopted ASC 606~~consistently.

~~Basis~~There ofwill ~~presentation,~~be ~~functional~~a ~~and~~foreign ~~presentation~~ currency translation undertaken to report under US GAAP which will be the basis of presentation.

~~The~~Foreign ~~Company’s~~Currency ~~headquarters~~Transactions ~~is in Ontario, Canada,~~ and the functional currency is in Canadian Dollars (CAD) with the presentation currency being US Dollars (USD). The Company’s subsidiaries have a functional currency of CAD and presentation currency of USD which have been applied consistently.Translation

~~There~~Although ~~will~~the beCompany aconducts ~~foreign~~substantially ~~currency~~all ~~translation~~of ~~undertaken~~its tooperating ~~report~~activities ~~under~~and USgenerates ~~GAAP~~nearly ~~which~~all ~~will~~revenues beand ~~the~~expenses ~~basis~~in ofCanadian ~~presentation~~dollars (“CAD”), it engages in certain financing and vendor transactions that are denominated in U.S. dollars (“USD”). These USD-denominated balances include equity proceeds raised in USD, payments to U.S.-based service providers, and other non-operating expenditures.

~~Lease~~Foreign ~~Accounting~~currency transactions are translated into CAD at the exchange rate in effect on the transaction date. Monetary assets and liabilities denominated in USD are remeasured at the closing exchange rate at each reporting date, and the resulting foreign exchange gains or losses are recognized in the consolidated statements of operations.

~~The~~In ~~relevant~~addition, ~~criteria~~because ~~applicable~~the isCompany ~~ASC~~reports ~~842.~~its Weconsolidated ~~assess~~financial atstatements ~~contract~~in ~~inception~~U.S. ~~whether a contract is~~dollars, orCAD-denominated ~~contains~~assets, ~~a lease. That is~~liabilities, ~~if the~~revenues, ~~contract~~and ~~conveys~~expenses ~~the~~are ~~right~~translated tointo ~~control~~USD ~~the~~using ~~use~~appropriate ~~of an identified asset for a~~ period-end ofor ~~time~~average in exchange ~~for consideration~~rates. WeThese ~~apply~~translation aadjustments ~~single recognition~~are ~~and measurement approach for all leases, except for short-term leases and leases of low-value assets. We recognize lease~~recorded ~~liabilities~~within toother ~~make~~comprehensive ~~lease~~income ~~payments~~(loss) and ~~right-of-~~do ~~use~~not ~~assets~~impact ~~representing~~ the ~~right~~Company’s tounderlying ~~use~~cash ~~the~~flows ~~underlying~~or ~~assets~~economic performance.

~~At the commencement date of the lease, we recognize lease liabilities measured at the present value of lease payments to be made over the lease term.~~ Lease ~~payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable~~ lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Lease payments also include the exercise price of a purchase option reasonably certain to be exercised by us and payments of penalties for terminating the lease, if the lease term reflects us exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, we use our incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.Accounting

WeThe ~~recognize~~relevant ~~right-of-use~~criteria ~~assets~~applicable atis ~~the~~ASC ~~commencement~~842. ~~date~~We ofassess ~~the~~at ~~lease~~contract ~~(i.e.,~~inception ~~the~~whether ~~date~~a ~~the~~contract ~~underlying asset~~ is, ~~available~~or ~~for~~contains, ~~use)~~a lease. ~~Right-of-use assets~~That ~~are~~is, ~~measured~~if atthe contract ~~cost,~~conveys ~~less~~the ~~any~~right ~~accumulated~~to ~~depreciation~~control ~~and~~the ~~impairment~~use ~~losses,~~of ~~and~~an ~~adjusted~~identified asset for ~~any~~a ~~remeasurement~~period of ~~lease~~time ~~liabilities. The~~in ~~cost~~exchange offor ~~right-of-use~~consideration. ~~assets~~We ~~includes~~apply ~~the~~a ~~amount~~single recognition ofand ~~lease~~measurement ~~liabilities~~approach ~~recognized~~for all leases, ~~initial~~except ~~direct~~for ~~costs~~short-term ~~incurred,~~leases and ~~lease~~leases ~~payments made~~of atlow-value orassets. ~~before~~We ~~the~~recognize ~~commencement~~lease liabilities ~~date~~to ~~less~~make ~~any~~ lease ~~incentives~~payments ~~received.~~and ~~Right~~right-of- use assets ~~are~~representing ~~depreciated on a straight-line basis over~~ the ~~shorter~~right ofto ~~the~~use ~~lease term and~~ the ~~estimated~~underlying ~~useful lives of the~~ assets.

3029

~~Investments~~At the commencement date of the lease, we recognize lease liabilities measured at the present value of lease payments to be made over the lease term. Lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Lease payments also include the exercise price of a purchase option reasonably certain to be exercised by us and payments of penalties for terminating the lease, if the lease term reflects us exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, we use our incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

We ~~invested~~recognize inright-of-use ~~MCommercial~~assets at the commencement date of the lease (i.e., athe ~~commercial~~date ~~mortgage~~the ~~firm~~underlying ~~based~~asset inis ~~Montreal~~available ~~and~~for ~~Toronto~~use). Right-of-use assets are measured at cost, ~~Canada~~less any accumulated depreciation and impairment losses, ~~representing~~and 5%adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the ~~total~~amount ~~issued~~of lease liabilities recognized, initial direct costs incurred, and ~~outstanding~~lease payments ~~shares.~~made ~~This~~at ~~strategic~~or ~~partnership~~before ~~allows~~the ~~Pineapple~~commencement ~~residential~~date ~~mortgage~~less ~~agents~~any tolease ~~access~~incentives areceived. ~~leading~~Right-of-use ~~commercial~~assets ~~mortgage~~are ~~firm~~depreciated ~~and~~on ~~experts, which~~a ~~will~~straight-line ~~expand~~basis over ~~their~~the ~~product~~shorter ~~offerings,~~of ~~service~~the ~~levels,~~lease term and ~~corporate~~the ~~Revenue~~estimated ~~through~~useful ~~increased~~lives ~~transactions~~of the assets.

The Company entered into a share purchase agreement with 9142-2964 Quebec Inc., pursuant to which it acquired five Class A Shares of 7326904 Canada Inc. (doing business as Mortgage Alliance Corporation) (“Alliance”), representing 5% of the total issued and outstanding shares of Alliance. Alliance is a mortgage brokerage firm based in Ontario, Canada, with locations in Calgary, Vancouver, and Halifax.Investments

~~The~~We ~~total~~invested ~~value~~in ofa ~~both~~commercial ~~investments~~mortgage ~~was~~firm, ~~recorded~~MCommercial, atbased ~~fair~~in ~~value~~Montreal and Toronto, Canada representing 5% of the total issued and ~~any~~outstanding shares. ~~impairment~~This ~~loss~~strategic ispartnership ~~recognized~~allows inPineapple ~~the~~residential ~~profit~~mortgage agents to have access to a leading commercial mortgage firm and ~~loss~~experts, ~~account~~which will expand their product offerings, service levels and corporate Revenue through increased transactions.

~~Share~~The ~~Based~~Company ~~Compensation~~entered into a share purchase agreement with 9142-2964 Quebec Inc. pursuant to which the Company acquired five Class A Shares of 7326904 Canada Inc. (dba as Mortgage Alliance Corporation) (“Alliance”), representing 5% of the total issued and outstanding shares of Alliance. Alliance is a mortgage brokerage firm based in Ontario, Canada with locations in Calgary, Vancouver and Halifax.

~~Stock-based~~The ~~compensation~~total isamount ~~accounted for based on the requirements~~ of ~~the~~both ~~Share-Based~~investments ~~Payment~~was ~~Topic~~recorded ofat ~~ASC~~fair ~~718~~value, ~~“Compensation — Stock Compensation” (“ASC 718”), which requires recognition in the financial statements of the cost of employee, non-employee~~ and ~~director~~any ~~services~~impairment ~~received~~loss ~~in exchange for an award of equity instruments over the period the employee, non-employee or director~~ is ~~required~~recognized ~~to perform the services~~ in ~~exchange~~profit ~~for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee, non- employee,~~ and ~~director~~loss ~~services received in exchange for an award based on the grant-date fair value of the award~~account.

The Company has a share option plan (the “Plan”) to attract, retain and motivate qualified directors, officers, employees, and consultants whose present and future contributions are important to the success of the Company by offering them an opportunity to participate in the Company’s future performance through the award of share options.30

~~Each~~Item ~~share option converts into one common share of Pineapple Financial Inc~~3. onQuantitative ~~exercise.~~and NoQualitative ~~amounts~~Disclosures ~~are~~about ~~paid~~Market or payable by the recipient on receipt of the option. The options carry neither right to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry.Risk

InAs ~~2017,~~a ~~the~~smaller ~~Plan~~reporting ~~was~~company, ~~amended~~this ~~such~~disclosure ~~that the total number of common shares reserved and available for grant and issuance pursuant to the Plan~~ is tonot ~~equal 10% of the issued and outstanding common shares of the Company~~required.

~~Options~~Item ~~granted~~4. onControls ~~June 14, 2021, vest over a 2-year period whereby 25% of the options granted vested on the date of grant,~~ and the remaining unvested options vest in equal instalments every 6-months thereafter. The fair value of stock options granted was $1,317,155. These options were fully vested in year ended August 31, 2023.Procedures

OnEvaluation ~~July~~of 6,Disclosure ~~2023,~~Controls ~~we completed a 1-for-3.9 reverse stock split, or the Reverse Split, effective immediately. Consequently, all the share numbers, shares prices,~~ and ~~exercise prices have been retroactively adjusted in these condensed interim consolidated financial statements for all periods presented.~~Procedures

~~Controls~~Management evaluated the effectiveness of the Company’s internal control over financial reporting as of November 30, 2025. Based on this evaluation, management concluded that a material weakness continues to exist related to segregation of duties within the finance function, primarily due to the limited number of personnel responsible for financial reporting and ~~Procedures~~related control activities.

~~While~~Notwithstanding this material weakness, management ~~the~~believes ~~Company~~that isthe ~~not~~condensed ~~currently~~consolidated ~~required~~financial tostatements ~~maintain~~included anin ~~effective~~this ~~internal~~Quarterly ~~controls~~Report ~~system,~~on weForm ~~recognize~~10-Q ~~the~~fairly ~~importance~~present, ofin ~~strong~~all ~~internal~~material ~~controls~~respects, ~~and~~the ~~have~~Company’s ~~proactively~~financial ~~initiated~~position, ~~steps~~results toof ~~establish~~operations, and ~~enhance~~cash ~~our~~flows ~~control~~in ~~environment.~~accordance ~~These~~with ~~measures~~U.S. ~~include:~~GAAP.

●Management ~~Employing~~has ~~skilled~~initiated ~~staff~~remediation inefforts ~~financial,~~to ~~accounting~~address this material weakness, including enhancing review and approval controls and planning for the engagement of external ~~reporting~~accounting ~~roles~~and internal-control resources. These remediation activities are ongoing, and ~~focusing~~the onmaterial ~~segregation~~weakness has not been fully remediated as of ~~duties~~the end of the reporting period.

31Changes in Internal Control Over Financial Reporting

●There have ~~Conducting~~been ~~regular~~no ~~reconciliations~~changes toin ~~ensure~~our ~~accurate~~internal ~~recording,~~control ~~correct~~over ~~classification,~~financial ~~and~~reporting ~~balanced~~that ~~books.~~occurred ●during ~~Ensuring~~our ~~timely~~last ~~and~~fiscal ~~accurate~~quarter ~~recording~~that ofhave ~~expenses~~materially affected, ~~liabilities,~~or ~~and~~are ~~other~~reasonably ~~accounting~~likely ~~entries in accordance with the matching principle. ● Maintaining a detailed fixed assets register~~ to ~~track~~materially ~~users~~affect, ~~departments,~~our ~~and assets. ● Requiring~~ internal ~~review~~control ~~and~~over ~~approval~~financial ~~of accounting transactions by at least two independent personnel~~reporting. ~~● Documenting processes, assumptions, and conclusions related to significant estimates. ● Establishing comprehensive documentation of accounting policies and procedures.~~

AsPART of May 31, 2025, under the supervision and with the participation of management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reportingII. ~~Based~~OTHER ~~on this assessment, management concluded that our disclosure controls and procedures were effective as of May 31, 2025.~~INFORMATION

~~Improvements~~Item ~~made~~1 ~~during~~Legal ~~the year include carrying out independent reviews, establishing approval processes for transactions and reconciliations, and hiring additional personnel to enhance our control environment~~Proceedings. ~~Plans are in place to further improve controls by segregating duties and refining processes, thus ensuring robust and effective internal controls that uphold the integrity of our financial reporting.~~

~~Financial~~To ~~Instruments~~our best knowledge, we are currently not a party to any legal proceedings that, individually or in the aggregate, are deemed to be material to our financial condition or results of operations.

AsItem of1A ~~May~~Risk ~~31, 2025, the Company’s financial instruments include cash, trade and other receivables, investments, accounts payable, and accrued liabilities~~Factors.

AsSmaller ~~per~~reporting ~~ASC~~companies ~~820,~~are ~~Fair~~not ~~value~~required ~~measurement establishes a fair value hierarchy based on the level of independence, objective evidence surrounding the inputs used~~ to ~~measure~~provide ~~fair value. A financial instrument’s categorising within~~ the ~~fair~~information ~~value~~required ~~hierarchy~~by isthis ~~based upon the lowest level of input that is significant to the fair value measurement~~item.

i)Item ~~Level~~2 1Unregistered ~~fair~~Sales ~~value~~of ~~measurements~~Equity ~~are~~Securities ~~those~~and ~~derived~~Use ~~from~~of ~~quoted prices (unadjusted) in active markets for identical assets or liabilities;~~Proceeds.

ii) Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and31

~~iii)~~Item ~~Level~~ 3 ~~fair~~Defaults ~~value~~Upon ~~measurements~~Senior ~~are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs)~~Securities.

The following table provides the fair values of the financial assets in the Company’s consolidated statements of financial position, categorized by hierarchical levels and their related classificationsNone.

32Item 4 Mine Safety Disclosures.

As of May 31, 2025

Level 1

Level 2

Level 3

Total

Assets:

Cash

1,134,583

Investment

9,847

Not applicable.

~~Risks~~Item ~~and~~5 ~~Uncertainties~~Other Information.

~~The Company’s business is subject to numerous risks and uncertainties, including those described elsewhere in this MD&A, as well as general economic and market risks~~None. These risk factors could materially affect the Company’s future operating results and could cause actual events to differ materially from those described in forward-looking information relating to the Company.

AsItem ~~part of our regular business operations, we face various risks that can impact our profitability and operations~~6. ~~These risks can be broadly categorized as interest rate risk, credit risk, counterparty risk, and risks associated with the pandemics like COVID-19.~~EXHIBITS

Interest rate risk

Exhibit No.		Description
31.1 *		Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a).

31.2 *		Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a).

32.1 *		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2 *		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS *		Inline XBRL Instance Document.

101.SCH* *		Inline XBRL Taxonomy Extension Schema Document.

101.CAL* *		Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF* *		Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB* *		Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE *		Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104		The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended November 30, 2025, formatted in Inline XBRL (included in Exhibit 101).

~~We do~~* ~~not~~Filed ~~face interest rate risk as we do not have any variable-rate loans or borrowings~~herewith.

~~Credit risk~~32

Credit risk is the risk of financial loss to the Corporation if a counterparty to a financial instrument fails to meet its contractual obligations. The Corporation’s credit risk is mainly attributable to its cash and trade and other receivables.SIGNATURES

~~The~~Pursuant ~~Corporation~~to ~~has~~the ~~determined~~requirements ~~that~~of ~~its~~Section ~~exposure~~13 toor ~~credit~~15(d) ~~risk~~of onthe ~~its~~Securities ~~cash~~Exchange isAct ~~minimal~~of as1934, the ~~Corporation’s~~Registrant ~~cash~~has ~~are~~duly ~~held~~caused ~~with~~this ~~financial~~report to be signed ~~institutions~~on inits ~~Canada~~behalf by the undersigned thereunto duly authorized.

Our primary source of credit risk relates to the possibility of Core Business Operation’s brokerages or other customers not paying receivables. Core Business Operations manages its credit risk by performing credit risk evaluations on its brokerages and agents and monitoring overdue trade and other receivables. As of May 31, 2025, $83,967 of our trade receivables are greater than 90 days outstanding, as compared to $57,165 for May 31, 2024. A decline in economic conditions or other adverse conditions experienced by brokerage and agents could impact the collectability of the Corporation’s accounts receivable.

	PINEAPPLE FINANCIAL INC.

Date: January 20, 2026	By:	/s/ Shubha Dasgupta
		Shubha Dasgupta
		Chief Executive Officer

Date: January 20, 2026	By:	/s/ Sarfraz Habib
		Sarfraz Habib
		Chief Financial Officer

~~Our maximum exposure to credit risk approximates the carrying value of the assets on the Corporation’s consolidated statements of financial position.~~33

As at:	May 31, 2025 ($)		August 31, 2024 ($)
Cash		1,134,583		580,356
Trade and other receivables		180,462		155,224
Prepaid expenses and deposit		81,821		157,911
		1,396,866		893,491

Item 3. Quantitative and Qualitative Disclosures about Market Risk

As a smaller reporting company, this disclosure is not required.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We are transitioning to and will maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and timely reported as provided in SEC rules and forms and that such information is accumulated and communicated to our management, as appropriate, to allow for timely decisions regarding required disclosure. We will periodically review the design and effectiveness of our disclosure controls and procedures, including compliance with various laws and regulations that apply to our operations. We will make modifications to improve the design and effectiveness of our disclosure controls and procedures and may take other corrective action if our reviews identify a need for such modifications or actions. In designing and evaluating the disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and we will apply judgment in evaluating the cost-benefit relationship of possible controls and procedures. In addition, the design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a control system, misstatements due to error or fraud may occur and not be detected.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1 Legal Proceedings.

To our best knowledge, we are currently not a party to any legal proceedings that, individually or in the aggregate, are deemed to be material to our financial condition or results of operations.

Item 1A Risk Factors.

Our securities are currently quoted on the OTC Pink Open Market, which may adversely affect the liquidity and market price of our common shares.

Following a notice of delisting from the NYSE American due to non-compliance with certain continued listing standards, our common shares commenced trading on the OTC Pink Open Market (OTCPK). While we have appealed the delisting decision and the process remains pending, there is no assurance that the appeal will be successful or that we will be able to regain listing on a national securities exchange.

Trading on the OTC Pink Open Market is generally less liquid and more volatile than trading on a national exchange. Investors may find it more difficult to buy or sell our common shares, and the market price may be subject to greater fluctuations with limited trading volume. Additionally, trading on the OTC Markets may limit our ability to access capital markets, attract institutional investors, or maintain analyst coverage.

Should we be unable to regain listing on a national exchange, our business, financial condition, and shareholder value could be materially adversely affected.

The Reverse Stock Split may not achieve the intended results and could adversely affect the liquidity of our common shares.

On June 26, 2025, the Company’s shareholders approved, and the Board of Directors authorized, a reverse stock split of the Company’s common shares at a ratio of 1-for-20. While the reverse stock split is intended to increase the trading price of our common shares and assist in regaining compliance with the continued listing requirements of the NYSE American, there can be no assurance that the reverse stock split will have the desired effect. The trading price of our common shares may decline below the required levels despite the reverse split, or the market may perceive the reverse split negatively, resulting in reduced liquidity or increased volatility. In addition, the reverse split could adversely impact the perception of our Company among investors, analysts, and other market participants

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds.

There were no issuances of unregistered sales of equity securities during the nine months ended May 31, 2025.

Item 3 Defaults Upon Senior Securities.

None.

Item 4 Mine Safety Disclosures.

Not applicable.

Item 5 Other Information.

On June 26, 2025, the Company’s shareholders approved, and the Board of Directors subsequently authorized, a reverse stock split of the Company’s common shares at a ratio of 1-for-20. The reverse stock split was implemented as part of the Company’s strategy to regain compliance with the continued listing standards of the NYSE American, specifically relating to minimum share price requirements. The Company is working with its transfer agent, regulatory authorities, and market participants to complete all necessary steps for the effective execution of the reverse stock split, including notification filings with FINRA and applicable Canadian securities regulators. The Company remains committed to maintaining its public listing and enhancing shareholder value.

Item 6. EXHIBITS

Exhibit No.		Description
31.1 *		Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a).
31.2 *		Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a).
32.1 *		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 *		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS *		Inline XBRL Instance Document.
101.SCH* *		Inline XBRL Taxonomy Extension Schema Document.
101.CAL* *		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF* *		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB* *		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE *		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended May 31, 2025, formatted in Inline XBRL (included in Exhibit 101).

* Filed herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PINEAPPLE FINANCIAL INC.
Date: July 14, 2025	By:	/s/ Shubha Dasgupta
		Shubha Dasgupta
		Chief Executive Officer
Date: July 14, 2025	By:	/s/ Sarfraz Habib
		Sarfraz Habib
		Chief Financial Officer

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