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.
Pineapple Energy Inc. (NASDAQ: PEGY) is a leading provider of sustainable solar energy solutions, dedicated to empowering households and small businesses with renewable power. Specializing in the end-to-end installation of residential solar energy systems, Pineapple Energy offers comprehensive services including design, engineering, procurement, permitting, construction, grid connection, warranty, monitoring, and maintenance. Additionally, the company provides battery storage solutions in select markets, ensuring backup power and energy security.
Pineapple Energy’s portfolio boasts several key brands such as SUNation Energy, Hawaii Energy Connection, E-Gear, Sungevity, and Horizon Solar Power. These subsidiaries enhance its market presence by delivering high-quality products and services spanning solar energy, battery storage, and grid services. Notably, SUNation Energy received Platinum Status from NYSERDA, becoming one of only five companies in New York to achieve this distinction.
The company is actively involved in national efforts to expand solar accessibility. Through initiatives like the EPA's Solar for All grant competition, Pineapple Energy contributes to bringing solar energy to underserved and low-income communities.
Financially, Pineapple Energy reported $13.2 million in revenue for the first quarter of 2024, despite facing challenging market conditions. The company showed resilience by maintaining strong sales performance and actively managing overhead expenses. However, the quarter did see a net loss attributable to common shareholders amounting to $10.1 million. Management is focused on optimizing operations and exploring acquisition opportunities to foster growth.
In recent corporate developments, the company announced a reverse stock split to regain compliance with Nasdaq listing requirements. Furthermore, Scott Maskin, founder of SUNation Energy, has been appointed as Interim CEO following the resignation of Kyle Udseth.
Pineapple Energy continues to champion the transition to renewable energy across the United States by nurturing grassroots growth in solar electricity paired with battery storage. Their mission remains steadfast: to provide sustainable and cost-effective energy solutions while driving innovation and growth within the renewable energy sector.
SUNation Energy, a subsidiary of Pineapple Energy Inc. (Nasdaq: PEGY), has secured an exclusive agreement with Empire Automotive Group (EAG) to provide electric vehicle (EV) home charging stations. EAG, one of New York State's largest automotive dealership groups with 20 locations, will offer complimentary SUNation Energy Level 2 EV charging stations to new EV clients.
The collaboration aims to create a new potential revenue stream by introducing EV owners to residential solar power. Scott Maskin, Interim CEO of Pineapple Energy and SUNation founder, emphasized the customer-first approach shared by both companies. The agreement includes staff training and dedicated resources for EAG customers.
Michael Brown, EAG's owner, cited SUNation's reputation for excellent customer service as a key factor in the partnership. The program will be rolled out to individual EAG dealers in the coming months, addressing the fragmented Level 2 EV charging infrastructure market and potentially increasing residential solar adoption among EV purchasers.
Pineapple Energy Inc. (Nasdaq: PEGY) has announced a significant restructuring of its existing Series A Convertible Preferred Stock and related Warrants. The company has entered into Securities Exchange Agreements with holders to exchange these for shares of Series C Convertible Preferred Stock. This move follows an amendment to the company's Secured Credit Note, providing an additional $120,000 principal advance convertible at $0.45 per share.
The restructuring triggered adjustments in the conversion price of Series A Preferred Stock and exercise price of Warrants to $0.45 per share. As a result, holders can now convert their Series A Preferred Stock into 28,942,573 common shares and exercise Warrants for 66,741,065 common shares. The new Series C Preferred Stock is convertible into up to 62,313,111 common shares at $0.45 per share, without the price reset provisions of the Series A stock.
Pineapple Energy Inc. (Nasdaq: PEGY) has appointed Spring Hollis as an independent member of its Board of Directors. Ms. Hollis brings over 25 years of experience in finance and operations, with a focus on supporting early-stage growth companies. This appointment is part of Pineapple's ongoing initiative to reshape its executive team and Board composition.
The company has recently undertaken several initiatives to address long-term market opportunities, including improving corporate governance, restructuring operations, and addressing its capital structure. Pineapple expects marked improvement in the second half of 2024, particularly in its commercial business, and anticipates that restructuring efforts will lead to operating efficiencies complementing top-line growth.
Pineapple Energy Inc. (Nasdaq: PEGY) has appointed Andy Childs as Interim Chief Financial Officer, succeeding Eric Ingvaldson who resigned on August 30, 2024. Childs brings nearly 25 years of accounting, finance, and operational experience to the role. Scott Maskin, Pineapple's Interim CEO, expressed confidence that Childs' experience will support the company's evolution and focus on long-term market opportunities.
Childs' background includes experience in capital raises, M&A completions, and corporate restructuring. He previously worked with Conduit Capital Partners and co-founded Cinema Labs. Pineapple Energy expects marked improvement in the second half of 2024, particularly in the commercial side of the business, compared to the first six months.
Pineapple Energy Inc. (Nasdaq: PEGY) has released a corrected update on its recent financial performance and market factors affecting the renewable energy sector. Key points include:
1. Q2 2024 results reflected industry headwinds, with some metrics showing improvement.
2. SUNation, Pineapple's NY subsidiary, showed positive year-over-year growth in several areas.
3. Commercial projects delayed in H1 2024 are now underway, expected to impact Q3 results positively.
4. Q2 financial highlights: Revenue of $13,549,420, 20% decrease in operating expenses, 33% decrease in gross profit, and a net loss of $6.9M.
5. Recent share authorization provides opportunity for potential capital market access and positive accounting impact.
The company remains focused on addressing industry pressures, improving operations, and positioning itself as a national industry leader in sustainable solar energy.
Pineapple Energy Inc. (Nasdaq: PEGY) released an update on its Q2 2024 financial performance, highlighting market factors that impacted results. Despite industry headwinds, the company's New York subsidiary, SUNation, showed positive year-over-year growth in several key metrics. Quarterly revenues reached $13,549,420, with operating expenses down 37% from Q2 2023. However, gross profit decreased by 37%, and operating losses increased by 41% compared to the same period last year.
The company experienced delays in commercial projects and a decline in battery attachment rates in Hawaii. Pineapple Energy is focusing on restructuring efforts to reduce overhead and operating expenses. The company remains optimistic about future growth, citing a 46% increase in commercial contract sales and potential opportunities in the solar industry.
Pineapple Energy Inc. (Nasdaq: PEGY) has successfully regained compliance with Nasdaq's equity listing requirements. The company, a leading provider of sustainable solar energy and back-up power solutions, now meets the Nasdaq Capital Market's Equity Rule (Listing Rule 5550(b)(1)), which mandates a minimum stockholders' equity of $2,500,000. This achievement follows Pineapple's recent compliance with Nasdaq's Bid Price listing requirements.
As part of the compliance issuance, PEGY will be subject to a Mandatory Panel Monitor for one year. Interim CEO Scott Maskin emphasized that regaining compliance has been a top priority since he assumed leadership in May 2024, demonstrating the company's commitment to its shareholders.
Pineapple Energy Inc. (Nasdaq: PEGY), a leading provider of sustainable solar energy and backup power solutions, has successfully completed its first round of capital fundraising. The initiative, led by Conduit Capital and MBB Energy, can provide Pineapple with over $1 million in funding. The first tranche was funded on July 23rd, 2024, with a potential second tranche available as per loan documents.
Scott Maskin, Interim CEO of Pineapple Energy, expressed gratitude towards the financiers and highlighted the company's commitment to growth strategies. He emphasized that the funding addresses Pineapple's short-term needs and aligns with management's vision to reimagine, restructure, recapitalize, and rebuild shareholder equity.
SUNation, a subsidiary of Pineapple Energy Inc. (Nasdaq: PEGY), has been named the top solar and storage installer in New York by Solar Power World. In 2023, SUNation installed five times more battery storage capacity than its local competitors. Scott Maskin, Interim CEO of Pineapple Energy, praised the team's efforts in helping New York State reduce its carbon footprint.
John Mucci, SUNation's General Manager of NY Operations, emphasized the importance of battery storage in residential installations, especially with the gradual introduction of time-of-use rates. Kelly Pickerel, editor-in-chief of Solar Power World, highlighted the increasing complexity of solar projects and commended top installation companies for their strong performance.
SUNation's battery installations in 2024 are trending upward from the previous year's high, indicating the growing significance of batteries in the renewable energy landscape.
Pineapple Energy Inc. (NASDAQ: PEGY), a leading provider of sustainable solar energy and back-up power solutions, has successfully regained compliance with NASDAQ's Bid Price Rule (Listing Rule 5550(a)(2)). This rule requires companies to maintain a stock price consistently above $1.00 US. Scott Maskin, Pineapple's interim CEO, emphasized that ensuring bid price compliance has been a top priority for the management team.
The company's leadership has been focused on implementing strategies aimed at restoring shareholder equity and demonstrating the value of Pineapple Energy. This development is seen as a positive step, reflecting the management's efforts to enhance transparency and open communication with stakeholders.
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