Agent network grew 82% year-over-year. A record. FY2025 gross billings $17.4M. Operating losses improved 22.9%. The platform is growing through a rate suppression cycle. Rate normalization is the operating leverage event.
Pineapple is software for Canadian mortgage brokers; helps them manage clients, applications, and paperwork. The mortgage market has been terrible because interest rates are high and nobody's buying houses. Despite that, their broker network grew 82% in a year, because brokers sign up for the software whether or not they're closing loans. When rates eventually drop and people start buying houses again, all those brokers already on the platform start generating transaction fees automatically. They're building during the worst market so they're ready for when it turns.
Watch broker/agent network count in each quarterly filing and gross billings trajectory relative to the CAD $17.5M-$20.8M FY2026 guidance. If the network keeps growing and billings start accelerating, the operating leverage inflection is approaching. All figures in Canadian dollars.