Pineapple Energy Files Q3 2024 10-Q, Reports Reverse Stock Split
Ticker: SUNE · Form: 10-Q · Filed: Nov 14, 2024 · CIK: 22701
Sentiment: neutral
Topics: 10-Q, reverse-stock-split, financials
TL;DR
Pineapple Energy's Q3 10-Q is out - they did a reverse stock split on Oct 1st.
AI Summary
Pineapple Energy Inc. filed its 10-Q for the period ending September 30, 2024. The company reported key financial data, including a reverse stock split that occurred on October 1, 2024. Specific financial figures for the quarter and year-to-date are detailed within the filing.
Why It Matters
This filing provides investors with the latest financial performance and significant corporate actions, such as the reverse stock split, impacting the company's share structure.
Risk Assessment
Risk Level: medium — The filing details a reverse stock split, which can sometimes indicate underlying financial challenges or attempts to meet exchange listing requirements.
Key Numbers
- 0.07 — Income Loss From Discontinued Operations Net Of Tax (Reported for the period)
- 0.50 — Earnings Per Share (Reported for the period)
Key Players & Entities
- Pineapple Energy Inc. (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of the reporting period
- 2024-11-14 (date) — Filing date
- 2024-10-01 (date) — Date of October 2024 Reverse Stock Split
FAQ
What was the specific ratio of the October 2024 reverse stock split?
The filing mentions a reverse stock split on October 1, 2024, but the specific ratio is not detailed in the provided excerpt.
What is Pineapple Energy Inc.'s primary business sector?
Pineapple Energy Inc. is listed under the Standard Industrial Classification for TELEPHONE & TELEGRAPH APPARATUS [3661].
When was the company formerly known as Pineapple Holdings, Inc.?
The company changed its name from Pineapple Holdings, Inc. on March 28, 2022.
What are the key dates associated with the June 2024 Reverse Stock Split?
The minimum and maximum dates for the June 2024 Reverse Stock Split are both listed as January 3, 2024.
What is the fiscal year end for Pineapple Energy Inc.?
The fiscal year end for Pineapple Energy Inc. is December 31.
Filing Stats: 4,606 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-11-14 12:03:10
Key Financial Figures
- $0.05 — ch registered Common Stock, par value $0.05 per share PEGY The Nasdaq Stock Mar
Filing Documents
- pegy-20240930x10q.htm (10-Q) — 4938KB
- pegy-20240930xex10_15.htm (EX-10.15) — 67KB
- pegy-20240930xex10_16.htm (EX-10.16) — 107KB
- pegy-20240930xex10_19.htm (EX-10.19) — 22KB
- pegy-20240930xex10_20.htm (EX-10.20) — 25KB
- pegy-20240930xex31_1.htm (EX-31.1) — 15KB
- pegy-20240930xex31_2.htm (EX-31.2) — 13KB
- pegy-20240930xex32.htm (EX-32) — 15KB
- 0000022701-24-000008.txt ( ) — 16588KB
- pegy-20240930.xsd (EX-101.SCH) — 67KB
- pegy-20240930_cal.xml (EX-101.CAL) — 85KB
- pegy-20240930_def.xml (EX-101.DEF) — 266KB
- pegy-20240930_lab.xml (EX-101.LAB) — 532KB
- pegy-20240930_pre.xml (EX-101.PRE) — 465KB
- pegy-20240930x10q_htm.xml (XML) — 3689KB
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 11 Notes to Condensed Consolidated Financial Statements 13 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 38 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 46 Item 4.
Controls and Procedures
Controls and Procedures 46 Part II. Other Information 47 SIGNATURES CERTIFICATIONS 54 1 PINEAPPLE ENERGY INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ASSETS September 30 December 31 2024 2023 CURRENT ASSETS: Cash and cash equivalents $ 1,062,323 $ 3,575,283 Restricted cash and cash equivalents 1,099,763 1,821,060 Trade accounts receivable, less allowance for credit losses of $ 221,170 and $ 94,085 , respectively 4,228,470 5,010,818 Inventories, net 2,667,880 3,578,668 Prepaid income taxes 77,689 — Related party receivables 25,749 46,448 Prepaid expenses 1,759,905 1,313,082 Costs and estimated earnings in excess of billings 384,020 57,241 Other current assets 376,723 376,048 TOTAL CURRENT ASSETS 11,682,522 15,778,648 PROPERTY, PLANT AND EQUIPMENT, net 1,307,007 1,511,878 OTHER ASSETS: Goodwill 20,545,850 20,545,850 Operating lease right of use asset 3,771,749 4,516,102 Intangible assets, net 13,680,208 15,808,333 Other assets, net 12,000 12,000 TOTAL OTHER ASSETS 38,009,807 40,882,285 TOTAL ASSETS $ 50,999,336 $ 58,172,811 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable $ 8,248,106 $ 7,677,261 Accrued compensation and benefits 849,664 1,360,148 Operating lease liability 314,058 394,042 Accrued warranty 272,041 268,004 Other accrued liabilities 1,228,721 867,727 Income taxes payable - 5,373 Refundable customer deposits 1,841,459 2,112,363 Billings in excess of costs and estimated earnings 464,970 440,089 Contingent value rights 1,212,263 1,691,072 Earnout consideration 2,700,000 2,500,000 Current portion of loans payable 2,920,027 1,654,881 Current portion of loans payable - related party 4,389,487 3,402,522 Embedded derivative liability 484,993 - TOTAL CURRENT LIABILITIES 24,925,789 22,3