Pineapple Energy Files Q2 2024 10-Q
Ticker: SUNE · Form: 10-Q · Filed: Aug 19, 2024 · CIK: 22701
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
**Pineapple Energy Q2 10-Q is IN! Check financials for latest performance.**
AI Summary
Pineapple Energy Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter of 2024, detailing its income, assets, and liabilities. Specific financial figures and operational details are provided within the filing.
Why It Matters
This filing provides investors with a detailed look at Pineapple Energy's financial health and performance during the second quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — As a publicly traded company, Pineapple Energy Inc. faces inherent market and operational risks detailed in its SEC filings.
Key Numbers
- 0.06 — Income Loss From Discontinued Operations Net Of Tax (Reported for the period)
- 0.50 — Value related to Income Loss From Discontinued Operations Net Of Tax (Reported for the period)
Key Players & Entities
- Pineapple Energy Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240819 (date) — Filing date of the 10-Q
- Minnetonka, MN (location) — Company's business and mailing address
- Pineapple Holdings, Inc. (company) — Former company name
- COMMUNICATIONS SYSTEMS INC (company) — Former company name
FAQ
What is the total revenue for Pineapple Energy Inc. for the quarter ending June 30, 2024?
The provided text does not explicitly state the total revenue for the quarter ending June 30, 2024. It focuses on other financial metrics and company identification.
What were the net earnings or losses for Pineapple Energy Inc. in the reported period?
The filing mentions 'Income Loss From Discontinued Operations Net Of Tax' with values of 0.06 and 0.50, but a comprehensive net earnings or loss figure for the entire company is not detailed in this excerpt.
When was Pineapple Energy Inc. incorporated?
The filing indicates that Pineapple Energy Inc. was incorporated in Minnesota (MN).
What is the company's SIC code?
The Standard Industrial Classification (SIC) code for Pineapple Energy Inc. is 3661, which corresponds to TELEPHONE & TELEGRAPH APPARATUS.
What significant changes or restatements were made to the company's financial statements as of March 31, 2024?
The filing notes 'Restatement Adjustment' for 'Additional Paid In Capital' as of March 31, 2024, indicating a revision to previously reported figures.
Filing Stats: 4,457 words · 18 min read · ~15 pages · Grade level 19.7 · Accepted 2024-08-19 15:29:32
Key Financial Figures
- $0.05 — ch registered Common Stock, par value $0.05 per share PEGY The Nasdaq Stock Mar
Filing Documents
- pegy-20240630x10q.htm (10-Q) — 4430KB
- pegy-20240630xex3_7.htm (EX-3.7) — 18KB
- pegy-20240630xex31_1.htm (EX-31.1) — 15KB
- pegy-20240630xex31_2.htm (EX-31.2) — 13KB
- pegy-20240630xex32.htm (EX-32) — 15KB
- pegy-20240630xex3_7g001.jpg (GRAPHIC) — 54KB
- pegy-20240630xex3_7g002.jpg (GRAPHIC) — 5KB
- 0000022701-24-000006.txt ( ) — 15688KB
- pegy-20240630.xsd (EX-101.SCH) — 62KB
- pegy-20240630_cal.xml (EX-101.CAL) — 87KB
- pegy-20240630_def.xml (EX-101.DEF) — 243KB
- pegy-20240630_lab.xml (EX-101.LAB) — 497KB
- pegy-20240630_pre.xml (EX-101.PRE) — 444KB
- pegy-20240630x10q_htm.xml (XML) — 3649KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations and Comprehensive Loss 4 Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) 6 Condensed Consolidated Statements of Cash Flows 9 Notes to Condensed Consolidated Financial Statements 11 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 39 Item 4.
Controls and Procedures
Controls and Procedures 39 Part II. Other Information 40 SIGNATURES CERTIFICATIONS 46 1 PINEAPPLE ENERGY INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ASSETS June 30 December 31 2024 2023 CURRENT ASSETS: Cash and cash equivalents $ 1,046,343 $ 3,575,283 Restricted cash and cash equivalents 1,085,712 1,821,060 Trade accounts receivable, less allowance for credit losses of $ 159,949 and $ 94,085 , respectively 4,764,055 5,010,818 Inventories, net 3,233,620 3,578,668 Prepaid income taxes 64,598 — Related party receivables 24,871 46,448 Prepaid expenses 1,589,679 1,313,082 Costs and estimated earnings in excess of billings 4,615 57,241 Other current assets 416,954 376,048 TOTAL CURRENT ASSETS 12,230,447 15,778,648 PROPERTY, PLANT AND EQUIPMENT, net 1,377,150 1,511,878 OTHER ASSETS: Goodwill 20,545,850 20,545,850 Operating lease right of use asset 4,298,661 4,516,102 Intangible assets, net 14,389,583 15,808,333 Other assets, net 12,000 12,000 TOTAL OTHER ASSETS 39,246,094 40,882,285 TOTAL ASSETS $ 52,853,691 $ 58,172,811 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable $ 8,499,765 $ 7,677,261 Accrued compensation and benefits 924,068 1,360,148 Operating lease liability 415,675 394,042 Accrued warranty 261,489 268,004 Other accrued liabilities 635,634 867,727 Income taxes payable - 5,373 Refundable customer deposits 1,337,839 2,112,363 Billings in excess of costs and estimated earnings 1,413,550 440,089 Contingent value rights 1,198,212 1,691,072 Earnout consideration 2,700,000 2,500,000 Current portion of loans payable 1,877,694 1,654,881 Current portion of loans payable - related party 3,511,341 3,402,522 Embedded derivative liability 1,055,600 - TOTAL CURRENT LIABILITIES 23,830,867 22,373,48