Pineapple Energy Inc. - PEGY STOCK NEWS

Pineapple Energy Inc. appoints Eric Ingvaldson as the new Chief Financial Officer effective October 10, 2022, succeeding Mark Fandrich who resigned. Ingvaldson brings extensive experience in financial management, having previously driven growth in various companies, including leading C.H. Robinson’s International Division from $100M to $2B in revenue. His appointment aligns with Pineapple’s vision of enhancing sustainable solar energy access, amidst rising electric prices and decreasing solar costs. CEO Kyle Udseth expressed confidence in Ingvaldson’s strategic thinking and commitment to driving long-term value for the company.

Pineapple Energy Inc. (Nasdaq:PEGY) announced solid financial results for Q2 2022, marking its first full quarter as a publicly traded company. Revenue reached $5.89 million, up from $318,800 in Q1 2022. Key highlights include a 75% increase in systems sold and a 137% surge in batteries sold. The company also reduced customer acquisition costs by 37%. Despite a net income of $1.44 million, operating losses persisted at $3.2 million, attributed to rising labor costs. Pineapple aims for growth by expanding its workforce and infrastructure in Hawaii.

Pineapple Energy Inc. has praised the passage of the Inflation Reduction Act, termed the most significant federal climate investment in U.S. history. CEO Kyle Udseth believes this legislation will lower energy costs and enhance energy security for Americans, while accelerating growth in the solar industry, particularly due to an increased federal solar investment tax credit of 30%. Pineapple aims to expand its market presence in California and Hawaii and supports the industry's goal of 30% of U.S. electricity generation from solar by 2030, marking this bill as a potential major catalyst for achieving that target.

Pineapple Energy Inc. (Nasdaq: PEGY) announced the resignation of CFO Mark Fandrich, effective upon filing its second quarter Form 10-Q, expected on August 12, 2022. Fandrich plans to assist during the transition and the sale of legacy assets. He expressed confidence in Pineapple's future in residential solar but aims to refocus on personal opportunities. Pineapple Chairman Roger Lacey commended Fandrich's role in the company's strategic transformation and supported his decision to leave. The company focuses on solar, storage, and energy services, fostering grassroots growth in the energy sector.

Pineapple Energy has sold its headquarters in Minnetonka for $6.5 million to Buhl Investors LLC, a real estate firm. Pineapple will continue to lease approximately 8,500 square feet of the 100,000 square foot facility, maintaining its corporate operations there. The sale proceeds, after expenses, will be distributed to CVR holders by July 30, 2022. CEO Kyle Udseth stated that this move supports the company's transition post-merger and enhances their ability to attract talent, underscoring the strategic benefit of the renovated location.

Pineapple Energy has successfully completed its merger with Communications Systems, Inc. and is now trading under the symbol PEGY. For Q1 2022, the company reported a GAAP revenue of $319,000, reflecting only three days of post-merger operations. However, pro forma revenue rose to $5.5 million, a 24% increase year-over-year, with solar-specific revenue in Hawaii growing by 39%. Despite a net loss of $1.9 million and an operating loss of $1.5 million, Pineapple’s cash position stands at $9.7 million, providing a long runway for future acquisitions.

Pineapple Holdings, Inc., formerly known as Communications Systems, Inc., has officially changed its legal name to Pineapple Energy Inc., effective immediately. The company continues trading on the Nasdaq Capital Market under the symbol PEGY. CEO Kyle Udseth emphasized that the new name reflects their strategy to become a leading rooftop solar provider in the U.S. Pineapple Energy focuses on expanding solar, storage, and energy service companies across the nation, aiming to drive the energy transition through its brands, including Hawaii Energy Connection and Horizon Solar Power.

Pineapple Energy, formed by the merger of Pineapple Energy LLC and Communications Systems Inc., is now publicly traded on Nasdaq under the symbol PEGY. The company recently closed acquisitions with Hawaii Energy Connection and E-Gear, which collectively generated approximately $19 million in revenue in 2021, expecting $23-25 million in 2022. CEO Kyle Udseth announced ongoing discussions for further acquisitions to enhance market presence. Additionally, Pineapple closed a $32 million offering to support its growth strategy and merger-related expenses.

Communications Systems, Inc. has completed its merger with Pineapple Energy LLC, rebranding as Pineapple Holdings, Inc., effective March 28, 2022. The company will trade under the symbol 'PEGY' starting March 29, 2022. The merger also included the acquisition of two Hawaiian solar companies, enhancing its solar, battery storage, and grid service offerings. A private placement raised $32 million. Existing shareholders own approximately 20% post-merger due to dilution from new shares and preferred stock issuance.