Pineapple Financial Shows Early Results, Increasing Gross Billing Margin with Potential to Grow from 7.94% to 34.8% Through Innovative Counsellor Program
Pineapple Financial Inc. (NYSE American: PAPL) reports significant results from its Pineapple Counsellor Program, showing a potential increase in gross billing margin from 7.94% to 34.8%. Despite industry challenges, the company has maintained growth with 60% and 20% year-over-year revenue increases in the past two quarters. The program has funded over $87.5 million in volume USD, representing 2.53% of overall volume and increasing overall margins from 7.94% to 8.68%.
Key achievements include 43,000 new client opportunity leads uploaded and a 130% higher close rate for enrolled agents compared to non-enrolled counterparts in Fiscal 2023. The program's success is attributed to personalized mentoring, innovative technology, and a focus on efficiency and accountability.
Pineapple Financial Inc. (NYSE American: PAPL) riporta risultati significativi dal suo Programma Pineapple Counsellor, evidenziando un potenziale aumento del margine di fatturato lordo dal 7,94% al 34,8%. Nonostante le sfide del settore, l'azienda ha mantenuto una crescita con aumenti del fatturato del 60% e del 20% su base annua nei due ultimi trimestri. Il programma ha finanziato oltre 87,5 milioni di dollari in volume USD, rappresentando il 2,53% del volume totale e aumentando i margini complessivi dal 7,94% all'8,68%.
I risultati chiave includono 43.000 nuove opportunità di clienti caricate e un 130% in più di tasso di chiusura per gli agenti iscritti rispetto ai non iscritti nell'anno fiscale 2023. Il successo del programma è attribuito a un mentoring personalizzato, tecnologia innovativa e un focus su efficienza e responsabilità.
Pineapple Financial Inc. (NYSE American: PAPL) informa sobre resultados significativos de su Programa Pineapple Counsellor, mostrando un aumento potencial en el margen de facturación bruto del 7.94% al 34.8%. A pesar de los desafíos de la industria, la empresa ha mantenido un crecimiento con incrementos del 60% y 20% en los ingresos interanuales en los últimos dos trimestres. El programa ha financiado más de $87.5 millones en volumen USD, que representa el 2.53% del volumen total y ha aumentado los márgenes generales del 7.94% al 8.68%.
Los logros clave incluyen 43,000 nuevas oportunidades de clientes cargadas y una tasa de cierre 130% más alta para los agentes inscritos en comparación con sus contrapartes no inscritas en el año fiscal 2023. El éxito del programa se atribuye a la tutoría personalizada, tecnología innovadora y un enfoque en la eficiencia y la responsabilidad.
Pineapple Financial Inc. (NYSE American: PAPL)는 Pineapple Counsellor 프로그램의 중요한 결과를 보고하며, 총 매출 마진이 7.94%에서 34.8%로 증가할 가능성을 보여줍니다. 산업의 도전에도 불구하고, 이 회사는 지난 두 분기 동안 연간 수익이 60% 및 20% 증가하며 성장을 유지하고 있습니다. 이 프로그램은 8700만 달러 이상의 거래량 USD를 지원했으며, 전체 거래량의 2.53%를 차지하고 총 마진을 7.94%에서 8.68%로 증가시켰습니다.
주요 성과로는 43,000개의 새로운 고객 기회가 업로드되었고, 2023 회계연도에 등록된 대리인이 등록되지 않은 대리인에 비해 130% 더 높은 성사율을 기록했습니다. 프로그램의 성공은 개인 맞춤 멘토링, 혁신적인 기술, 효율성과 책임에 대한 집중에 기인합니다.
Pineapple Financial Inc. (NYSE American: PAPL) présente des résultats significatifs de son programme Pineapple Counsellor, montrant une augmentation potentielle de la marge brute de facturation de 7,94 % à 34,8 %. Malgré les défis du secteur, l'entreprise a maintenu une croissance avec des augmentations de revenus de 60 % et 20 % d'une année sur l'autre au cours des deux derniers trimestres. Le programme a financé plus de 87,5 millions de dollars en volume USD, représentant 2,53 % du volume total et augmentant les marges globales de 7,94 % à 8,68 %.
Les réalisations clés incluent 43 000 nouvelles opportunités de clients téléchargées et un taux de conclusion supérieur de 130 % pour les agents inscrits par rapport à ceux non inscrits au cours de l'exercice 2023. Le succès du programme est attribué au mentorat personnalisé, à la technologie innovante et à une concentration sur l'efficacité et la responsabilité.
Pineapple Financial Inc. (NYSE American: PAPL) berichtet von erheblichen Ergebnissen aus seinem Pineapple Counsellor Programm und zeigt ein potenzielles Ansteigen der Bruttorechnungsmargin von 7,94% auf 34,8%. Trotz der Herausforderungen in der Branche hat das Unternehmen in den letzten beiden Quartalen ein Wachstum von 60% und 20% im Jahresvergleich erzielt. Das Programm hat über 87,5 Millionen USD an Volumen finanziert, was 2,53% des Gesamtvolumens entspricht, und hat die Gesamtmargen von 7,94% auf 8,68% erhöht.
Zu den wichtigsten Erfolgen gehören 43.000 neue Kundenanfragen, die hochgeladen wurden, und eine 130% höhere Abschlussquote für eingeschriebene Agenten im Vergleich zu nicht eingeschriebenen während des Geschäftsjahres 2023. Der Erfolg des Programms wird auf individuelles Mentoring, innovative Technologie sowie einen Fokus auf Effizienz und Verantwortlichkeit zurückgeführt.
- Potential increase in gross billing margin from 7.94% to 34.8% through the Pineapple Counsellor Program
- 60% and 20% year-over-year revenue growth in the past two quarters
- $87.5 million in volume USD funded through the Counsellor Program
- Overall margins increased from 7.94% to 8.68% due to the program
- 130% higher close rate for agents enrolled in the program compared to non-enrolled agents in Fiscal 2023
- None.
Pineapple Financial's Counsellor Program is showing promising early results, with potential to significantly boost the company's gross billing margin. The program has demonstrated an impressive 34.8% margin compared to the company's average of 7.94% outside the program. This
The program's success is particularly noteworthy given the challenging market conditions in the Canadian mortgage industry over the past 28 months. Despite these headwinds, Pineapple has managed to achieve
Key metrics from the Counsellor Program are encouraging:
- Funded volume of
$87.5 million USD, representing2.53% of overall volume 130% higher close rate for enrolled agents compared to non-enrolled counterparts- 43,000 new client opportunity leads uploaded, with a potential customer lifetime value of approximately
$68,700 per closed lead
The program's impact on overall margins, moving them from
Pineapple Financial's Counsellor Program represents an innovative approach to addressing key challenges in the mortgage industry. The program's focus on personalized mentoring and structured support for new agents is particularly relevant in the current high-interest rate environment, where closing deals has become more challenging.
The
The program's emphasis on leveraging technology, including data analytics and AI-driven customer service tools, aligns with broader industry trends towards digitalization and data-driven decision-making. This approach could position Pineapple well for future growth, particularly if it can effectively scale these technological advantages.
However, it's important to note that the program's current impact on overall business metrics is still While the potential for growth is significant, investors should closely monitor the company's ability to scale the program without diluting its effectiveness or increasing costs disproportionately.
Toronto, Ontario--(Newsfile Corp. - July 31, 2024) - Pineapple Financial Inc. (NYSE American: PAPL) ("the Company" or "Pineapple"), a leading mortgage fintech with a nationwide network of partner brokerages and agents, is pleased to report significant results from its Pineapple Counsellor Program. Today, we are pleased to announce the initial results since the program's inception. A key success indicator is the significant increase in higher-margin revenue. Our average margin outside the program stands at
Over the past 28 months, the Canadian mortgage industry has faced significant challenges, including high inflation and rising interest rates. Despite these headwinds, Pineapple Financial has maintained a growth trajectory, successfully navigating market turbulence and outperforming competitors, as reflected in our past two quarters of
The Pineapple Counsellor Program provides new agents with personalized mentoring from trained and professional counsellors. This structured support system has proven effective in increasing revenues and enhancing net income margins over time, making it a cornerstone of Pineapple's profitability strategy.
"This substantial margin growth will positively impact the company's bottom line as the share of revenue from this department continues to expand," said Shubha Dasgupta, CEO of Pineapple. "With a focus on profitability, Pineapple is taking definitive steps to ensure long-term stability for shareholders and stakeholders alike."
To date, the Pineapple Counsellor Program has funded over
Notable Program Achievements:
- 43,000 New Client Opportunities Leads Uploaded: Given the short-term and cyclical nature of the Canadian mortgage market, this presents a tremendous revenue growth opportunity for Pineapple. The customer lifetime value of a "closed lead" is approximately
$68,700 over the life of their mortgage. Our platform, optimized with data analytics and AI-driven customer service tools, enhances lead conversion and maximizes customer retention. 130% Higher Close Rate: Agents enrolled in the program achieved a130% higher close rate than their non-enrolled counterparts in Fiscal 2023. This increase in efficiency allows us to focus more on higher probability close transactions, generating greater overall revenue for the company.
"Agents in the Pineapple Counsellor Program leverage our innovative technology, proprietary training, and in-house underwriting team through practical, hands-on learning and support," said Kendall Marin, President and COO of Pineapple. "This approach enhances their ability to convert and close deals more efficiently, boosting their overall career sustainability."
Christa Mitchell, CSO at Pineapple, emphasized the program's impact: "The Pineapple Counsellor Program is built on effective management and cutting-edge technology, fostering a culture of accountability for both Counsellors and Counsellor Agents. The significant increase in close rates underscores the program's effectiveness."
As Pineapple Financial continues to prioritize profitability and margin growth, the Pineapple Counsellor Program exemplifies our commitment to innovation, efficiency, and long-term shareholder value.
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About Pineapple Financial:
Pineapple is an award-winning fintech and leading Canadian mortgage brokerage network. It focuses on the long-term success of agents and brokers and the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.
Follow us on social media:
Instagram: @pineapplemortgage @empoweredbypineapple
Facebook: Pineapple Mortgage
LinkedIn: Pineapple Mortgage
SOURCE: Pineapple Financial Inc. (NYSE American: PAPL)
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company's proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.
Follow us on social media:
Instagram: @pineapplemortgage @empoweredbypineapple
Facebook: Pineapple Mortgage
LinkedIn: Pineapple Mortgage
Related Links:
https://gopineapple.com
http://empoweredbypineapple.com
Media Contact:
For media inquiries, please contact Alexandria Guo, Marketing Manager at Pineapple
Email: alexandria@gopineapple.com
Investor Relations Contact:
For investor relations inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple
Email: shubha@gopineapple.com
Phone: +1 (416) 669-2046
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218354
FAQ
What is the potential gross billing margin increase for Pineapple Financial (PAPL) through its Counsellor Program?
How much volume has the Pineapple Counsellor Program funded for PAPL as of July 31, 2024?
What is the close rate improvement for agents enrolled in PAPL's Counsellor Program in Fiscal 2023?
How many new client opportunity leads has PAPL's Counsellor Program generated?
