Pineapple Energy Inc. - PEGY STOCK NEWS

Pineapple Energy Inc. (NASDAQ: PEGY) announced a conference call scheduled for March 31, 2023, at 8:00 a.m. ET to discuss its Fourth Quarter 2022 financial results. A press release with these results will be available on their Investor Relations website after market close on the same day. Pineapple Energy aims to lead the energy transition by providing sustainable solar energy solutions and backup power to households and small businesses through its brands, including SUNation and Hawaii Energy Connection.

Pineapple Energy Inc. (NASDAQ: PEGY) announced its participation at the 35th Annual Roth Conference in Laguna Niguel, California, on March 13-14, 2023. The company will engage in one-on-one meetings with institutional investors during this event, which is exclusive to Roth Capital Partners clients. Pineapple Energy is dedicated to enhancing sustainable solar energy and backup power solutions for households and small businesses. They aim to support the energy transition through grassroots growth in solar and battery storage, offering a comprehensive product range through their brands, including SUNation and Horizon Solar Power.

Pineapple Energy Inc. (NASDAQ: PEGY) will celebrate its near one-year anniversary on February 27, 2023, by ringing the closing bell at Nasdaq's MarketSite in Times Square. CEO Kyle Udseth highlighted the significant milestones achieved, including the acquisition of three solar companies: Hawaii Energy Connection, E-Gear, and SUNation. Pineapple aims to drive the energy transition through a comprehensive offering of solar and battery storage solutions for homeowners and small businesses. The company remains committed to expanding its presence in the solar energy market.

Pineapple Energy Inc. (NASDAQ: PEGY) announced a contract for its subsidiary SUNation to provide solar energy solutions for a new housing development on Long Island, New York. Partnering with Baiting Hollow Development Group, SUNation will outfit 29 'net zero energy ready' homes with solar panels, battery storage, EV charging stations, and energy management systems. This initiative marks SUNation's first foray into the new-build housing market, aiming to provide sustainable energy solutions. The project is expected to enhance Pineapple's reputation and customer experience in the clean energy sector, addressing growing consumer interest in operational cost savings and environmental sustainability.

Pineapple Energy (NASDAQ: PEGY) announced a new partnership with Suffolk County Community College to train workers for the solar energy industry. The initiative, led by SUNation founder Scott Maskin, features a 60-hour training program with a guaranteed job interview upon completion. The first class graduated in January 2023, consisting of 12 students, five of whom secured full-time positions at SUNation. This program is part of Pineapple’s commitment to social responsibility, aiming to address the current labor shortage in the industry while expanding skilled labor availability across the country.

Pineapple Energy Inc. (NASDAQ:PEGY) recently filed a Form 8-K/A revealing pro forma financial data post-acquisition of SUNation, completed on November 9, 2022. The company reported pro forma combined revenue of $71 million for the trailing twelve months as of September 30, 2022, with a gross profit margin exceeding 30%. Cash equivalents stood at $5 million on the same date. CEO Kyle Udseth noted that this acquisition enhances their growth strategy and provides a robust financial base for future operations. CFO Eric Ingvaldson emphasized that the company can cover public company costs, aiming for profitability through prudent management.

Pineapple Energy announced the appointment of Scott Maskin as Senior Vice President and General Manager of the New York Division and James Brennan as Senior Vice President, Corporate Development, both effective November 9, 2022. As part of their inducement to join the company, they were granted restricted stock units (RSUs)—69,091 for Maskin and 65,455 for Brennan. These RSUs will vest over three years, with accelerated vesting under certain conditions. Pineapple Energy continues to focus on solar energy and battery storage solutions while adhering to Nasdaq Listing Rule 5635(c)(4).

Pineapple Energy Inc. (NASDAQ:PEGY) reported a 31% increase in revenue for Q3 2022, totaling $7.7 million, and a 58% rise in gross profit to $2.0 million compared to Q2 2022. The company saw a 105% year-over-year increase in kW sold and a 40% increase in pending installations. The recent acquisition of SUNation aims to triple Pineapple's revenue, expanding its geographical reach and operational scale. Despite a net loss of $(2.5 million), adjusted EBITDA improved by 43% from the previous quarter, reflecting operational growth and a solid foundation for future expansion.

Pineapple Energy announced the acquisition of SUNation Energy, a New York installer of solar and battery systems, closing on November 9, 2022. This deal is expected to significantly boost Pineapple's revenues, potentially tripling annual revenue and enhancing its scale in the northeastern U.S., which has strong solar demand. SUNation generated $48 million in revenue in the past twelve months. The acquisition aligns with Pineapple's customer-centric approach, with SUNation's leadership joining Pineapple's board. Additionally, a PIPE investment agreement was reached to reset preferred stock conversion prices, providing greater flexibility for future growth.