Welcome to our dedicated page for Pineapple Energy news (Ticker: $PEGY), a resource for investors and traders seeking the latest updates and insights on Pineapple Energy stock.
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Pineapple Energy Inc. (NASDAQ: PEGY) reported a challenging first quarter in 2024, with revenue and gross profit down 40% from Q1 2023. Operating expenses decreased by 31%, but the operating loss increased by 2%. The company experienced a net income of $1.2M but a net loss attributable to common shareholders of $10.1M. Adjusted EBITDA showed a loss of $1.5M. CEO Kyle Udseth highlighted stable sales performance in core markets and efforts to improve profitability in Q2. CFO Eric Ingvaldson discussed challenges in Q1 2023 impacting comparisons. Business highlights included declines in residential installations and battery attachment rates. Total revenue decreased to $13.2M, gross profit to $4.8M, and operating expenses to $7M. Other income increased to $3.4M. The company reported a net loss of $10.1M. Adjusted EBITDA decreased by 505% in Q1 2024. Cash and investments stood at $3.3M. The status of Contingent Value Rights was also addressed.
Pineapple Energy Inc. (NASDAQ: PEGY) will release its first quarter 2024 financial results on May 9, 2024, and host a conference call on May 10 at 8:30am ET to discuss the results. The company specializes in sustainable solar energy and back-up power solutions for households and small businesses.
