Good morning. Welcome, everyone, to today's fireside chat with Pineapple Financial, hosted by KCSA IR. I'm joined today by Shubha-Jeet Dasgupta, Chief Executive Officer of Pineapple Financial, along with Anthony Georgiades, General Partner at Innovating Capital and a member of Pineapple's Board of Directors. We appreciate today's attendees taking the time to join us as we walk through Pineapple's Q2 2026 results. Before we begin, I'd like to remind everyone that statements made during today's discussion may be considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable securities laws. Actual results may differ materially due to risks and uncertainties described in Pineapple Financial's filings with the SEC. The company undertakes no obligation to update forward-looking statements, except as required by law. In a moment, Shubha and Anthony will provide an overview of the business and recap of Pineapple's Q2 results and strategic priorities. Following our discussion, we will turn to the audience for live questions regarding Pineapple, its core mortgage platform and its partnership with the Injective Foundation. [Operator Instructions] If we're unable to address your question during today's session, you can also follow up after today's discussion by contacting us through Pineapple Investor Relations e-mail at pineapple@kcsa.com. Please note that today's call is being recorded on Thursday, April 16, at 11:00 a.m. Eastern Time, and a replay link will be made available following the conclusion of the presentation. With that, I'd like to pass the line to Shubha to get us started today before we get into some Q&A. Over to you, Shubha.

Thank you so much, Jack. And on behalf of our Board of Directors, our management, Anthony and myself, I'd like to thank all of you for joining us here today, for your interest in Pineapple and for your support over the years. With our Q2 earnings now complete, this is a great moment for us to step back and talk about where Pineapple is today and also talk more about where we're headed. Focus today is really on execution, discipline and what comes next for the business. We've gone through a meaningful transformation from a traditional mortgage brokerage into an integrated fintech platform over the last few quarters, and I want to frame it for everybody here. Let's start off with where Pineapple is today. We spent the last decade building an incredible national mortgage broker platform here in Canada. We're supporting hundreds of mortgage brokers from coast to coast and funding almost $2 billion a year in annual mortgage originations. Our Q2 2026 mortgage volume was posted at $367.2 million with 6-month aggregated volume being $829.3 million, implying that our annual run rate is near $1.6 billion to $1.7 billion for the year. For context, the 6-month mortgage volume edged up to about $829.3 million from $811.5 million in the prior year. This might seem like a modest increase, but it's very worth noting that the broader Canadian mortgage origination market is still operating below its 2022 levels. We're still seeing significant effects of the rise in interest rates and inflation that have caused consumer sentiment to be dampened and continuously impact affordability and the ability for new Canadians to enter the housing market with limited constraint -- sorry, with constraints and limited housing supply. So the fact that we're continuing to see stable to improving activity across our…

Yes, absolutely. Thanks, Shubha. So I just wanted to take a quick moment to really reframe the quarter a bit because I think it's critical that investors understand the underlying performance relative to some of the reported numbers directly. And also just really understand the magnitude of what's actually changed inside the business over the last 6 and 12 months. So if you look at the headline number, there's obviously a reported net loss of roughly $19 million or so. But that really reflects 3 noncore and largely noncash items. You have a $17 million unrealized noncash mark-to-market adjustment on digital assets. Obviously, the digital asset landscape has been largely volatile over the last several months related to both monetary policy as well as a number of different global and macro concerns. Simultaneously, this quarter reflected the consummation of the PIPE transaction that officially went through in January. So there's $2.8 million of onetime financing costs associated with that PIPE that hit the quarter. There's also around $2 million or so of fair value changes in different instruments such as warrant liabilities as well as incremental interest expense tied to the treasury strategy, that interest being largely PIK and noncash pay. So if you normalize for that, what you see is really a business that has undergone a material financial and operational inflection. So to quantify that for a moment, we generated positive adjusted operating income of approximately $125,000, which while on the face might seem de minimis, if you compare that to the previous year, we're on the same metric, the business generated a negative loss of around $2 million and around minus $500,000 for the same period. That's a roughly 150% plus improvement in operating performance and a swing from both cash flow negative generation to cash flow…

Thank you, Shubha. Thank you, Anthony. Appreciate your comments. We'd now like to take some time to review several questions that have come in. [Operator Instructions] First question, Pineapple, and this is for you, Anthony. Pineapple has spent the last several quarters repositioning the business from the build-out phase towards execution and operating discipline. Could you, at a high level, tell us how investors should think about what has changed inside the business and why this is an important moment for the company?

Yes, definitely. So I guess to kind of rephrase what's kind of actually changed inside the business. The cleanest way to think about it is we've really transitioned from a general build phase into an execution phase, and that execution is far more focused on a -- it's really predicated and supported by a much larger balance sheet as well as a much more data-driven and software-driven and intelligence-driven initiative towards new revenue streams. Over the last 12, 18 months or so, we invested heavily in infrastructure, heavily in capital formation and significantly in a lot of the platform development. A lot of that work is largely behind us. You're starting to see that in the numbers already as a result of that transition. We've moved from an adjusted operating loss to a positive adjusted operating income and EBITDA as well moved from a meaningful deficit to positive. At the same time, and obviously, directly related, we've reduced monthly cash burn significantly. This isn't really a forward-looking story in that respect anymore in terms of forward growth. It's already showing up in the financials. The organization is now far more aligned around execution, efficiency and capital discipline. That's where our focus remains. And now we're doubling down on areas of growth across those different streams that will really take this business into the next phase of its evolution.

Excellent. Thanks, Anthony. That was great. Another question for you. As you have described, this is a structural reset of the operating model. Can you walk us through what that reset involved and what it enables going forward in terms of margins, efficiency and scalability?

Yes, absolutely. I think this one is important, too, because there are a lot of organizations and enterprises that go through the motions in terms of these sorts of rearchitectures and cost reduction exercises and whatnot. And to some extent, they're tile efforts or temporary in nature. We approach this reset as a permanent rearchitecture, not any sort of temporary cost reduction exercise. Management went through the business line by line, vendor stack, software, operational workflows, workforce and really aligned everything around a more efficient technology-enabled model. A key component of that, as we've discussed, was how can we really embed AI across core functions, whether that's onboarding, whether that's data processing, whether that's customer engagement. And how do we use that to leverage and to scale without adding incremental variable cost or incremental fixed costs to the platform. Obviously, as we've discussed, we've been able to both implement a more efficient and robust platform while simultaneously doing that with an estimated $2.5 million of savings on a net-net basis. But really, the more important point is what that enables, right? We have a much more structurally lower fixed cost base, which means, generally speaking, as revenue continues to grow, whether from the mortgage platform, whether from data initiatives, whether from treasury income, we anticipate and meaningfully expect higher incremental margins. That's the operating leverage we've been talking about. That's operating leverage we're focused on unlocking overall.

Wonderful. Thank you, Anthony. That's an exciting time moving forward for the company. Taking a deeper look at the mortgage platform, and Shubha, I think this is a good question for you. What specific actions have been taken to improve agent productivity, retention and overall unit economics? And what early indicators are you seeing from these initiatives? Shubha, you're on mute.

You guys hear me okay?

Yes, we got you.

Sorry. Yes. So I was saying, Jack, as an organization, we spend so much time with a focus around our agents and ensuring that we're optimizing their businesses and enhancing it to increase our revenue, increase our margins and increase our potential. We're constantly having meetings refine areas of improvement, how can we make this platform. And over these last couple of quarters, we've continued to invest into that area with workflow automation, continuous enhancements and significant CRM enhancements and optimization, lead generation tools through Pineapple our proprietary technology stack. All of these things plus are translating directly into our productivity. To give you some early indicators that are really encouraging that we've noticed here in the organization, subscription revenue has increased to $210,000 -- over $210,000 this quarter, which is up from about $185,000 in the prior year period. And what that tells us is that our agents are engaged and seeing value in the platform. Six-month mortgage volume continues to increase and move on the upward trajectory, as I referenced earlier, albeit modest right now, it's a really good indicator to show that the work that we are doing is very resilient even in difficult markets and in trying times. So we think that we're continuously making impacts, continuously making improvements and continuously focus on efforts to increase the productivity of our platform and the user.

Excellent. Thank you, Shubha. And just kind of a follow-up on that. From a market perspective, Renewal and refinance activity appear to be driving a greater share of the mortgage volume today. Can you talk a little bit about how Pineapple's platform position will benefit from that shift?

Yes. The Canadian mortgage market has so much opportunity and various segments of opportunity that each move in different cycles. We went through a phase a couple of years back where home buying and investment purchases were the significant drivers of the mortgage market of our business. As the years have evolved and changed, we've seen kind of the cyclical nature of mortgages and which vertical becomes more dominant than the other change with it. And today, we're seeing a lot of focus in activity around renewal and refinance. Well, statistically, almost 60% of Canadian mortgages will be coming up for renewal in the next we saw the biggest purchase year happen in 2021 when 5-year fixed rates were. That brings you right to today with all of those mortgages that happened in a record year coming up for renewal and coming up for maturity. That gives us an incredible opportunity to capture this reoccurring pipeline of renewal business, deliver value to our clients and drive revenue back towards us. We're also seeing a shift in the interest rate landscape here in Canada. Over the last few months -- sorry, over the last few years, Bank of Canada as well as our bond market has continued to move in a downward trajectory. Bank of Canada has reduced interest rates by over 200 basis points and yields have dropped to the same, which have reflected over into lower fixed cost and fixed rate mortgages. Both of these 2 have allowed us to go back out to the market Canadians have bought a mortgage over the last couple of years at significantly higher interest rates and refinance them into lower more acceptable prices. This allows us to reduce their monthly liabilities, allows them to live a little bit more comfortably and certainly helps us drive more revenue into the business. This is one of the core elements of our team and really capturing this reoccurring revenue. We've built and designed it in a way that we have triggers and milestones where we'll drive these opportunities right to our sales force. We'll put it at the top of their dashboard so that they can see which customers they need to work with and how they can help them find solutions for their specific mortgage needs. And over the last couple of quarters, as you can see from our financial results, this has been paying off for us with more volume, more agents and more productivity.

Thank you, Shubha. Next question, this one is for you, Anthony. This quarter's reported results are significantly impacted by noncash digital asset revaluation and onetime financing costs. How should investors think about the underlying operating performance of the business, particularly in light of the improvements in adjusted operating loss?

Yes. So I'd separate the -- or delineate really the GAAP accounting from the operating reality. The reported loss is almost entirely driven by 3 items, as you mentioned, right? You have a noncash mark-to-market adjustment on digital assets of roughly almost $17 million. You have onetime financing costs tied to the actual transaction itself, close to $2.83 million overall. There's also incremental interest expense pertaining to the debt strategy overall. But none of these really reflect the core recurring performance of the platform itself. Normalizing for these takes us to obviously the adjusted operating income and adjusted EBITDA. Looking at those same adjusted metrics on a year-over-year or quarter-over-quarter basis, we're seeing obviously a meaningful swing and movement towards positivity rather than operating at a deficit, which is exactly what we've been guiding for the last several months. And we're on track to be a cash flow positivity by the end of calendar Q2, by the end of June of this year. And importantly, overall, the digital asset adjustments of unrealized and noncash aren't things that as it stands today, the digital asset treasury contemplates or forecasts will become realized at any point in the near term. from our perspective, the real more important and relevant lens is that cost structure has improved, cash burn has materially reduced and our operating trajectory, as we've guided, has actually moved ahead of forecast towards breakeven, which we anticipate occurring in the coming months. And that's the true underlying story.

Thank you, Anthony. Turning to data and tokenization. Pineapple has framed this as a natural extension of the Core mark mortgage platform. Can you walk us through how the company is thinking about unifying its data assets and what key milestones investors should be watching over the next few months -- sorry, over the next few quarters? Anthony, I think this is a good one for you.

Yes, sure. So the data tokenization opportunity is to be specific, not a separate initiative. It's a natural extension of the underlying platform. Mortgage finance, whether it's in Canada, whether it's in the U.S., whether it's anywhere globally, still operates on an extremely fragmented unstructured data set, documents, PDFs, siloed systems. So what we've been doing and what we've had success doing is taking that disparate unstructured data that we've accumulated over years across the mortgage network and converting it into structured, verified, highly clean and centralized data sets that can subsequently be tokenized or licensed or offered in the form of API subscriptions to a constituent of third parties, whether that's lenders, whether that's hedge funds, institutional asset managers, data providers, you name it. And this has really created the foundation for things like internal automated compliance workflows, lender-facing analytics and ultimately, as I just alluded to, recurring software-driven revenue streams. The key point is that we already own the data. So this isn't about necessarily going out and trying to find and procure incremental data sets. This is about monetizing an existing asset base, not building something wildly speculative. And so near term, investors should really be on the lookout for announcements pertaining to pilot programs, validation, POCs, et cetera. Over time, we believe this becomes a very high-margin lucrative layer on top of the core platform.

Thank you, Anthony. Next question is for Shubha, the digital asset treasury is a newer component of the story. Can you explain how this strategy fits in with the broader operating model and how you're approaching yield generation alongside liquidity and risk management?

Yes, absolutely. And I mean from a risk management perspective, just to kick it off, it would be remiss of me not to note that we have an exceptional special advisory committee led by Anthony on this call that has done a tremendous job from a Board perspective to build out this digital asset treasury and really optimize what this potential can be. The gap for us and how we look at it is the -- we're generating a staking yield. We've referenced on this call a couple of times over $200,000 over this period. And this is a new incremental and reoccurring revenue stream. So it's yield, it's real yield on capital that would otherwise be sitting. But as I referenced just a moment ago, the key word here around risk is discipline. We've maintained minimum operating cash reserves. We're not using leverage aggressively. We're [ rehypothecating ] assets. And we've built out an institutional grade infrastructure. We have Kraken for custody; FalconX for execution; Monarq for advisory; and Canary Capital for yield optimization. This is a very, very well-governed program and not.

Thank you, Shubha. Anthony, can you explain -- sorry, can you expand on the governance framework around the treasury, including how decisions are made and what safeguards are in place to ensure it supports the operating business?

Yes, definitely. So risk management overall is foundational to how we've built the program, generally speaking. The treasury operates under a policy framework with clearly defined parameters, liquidity thresholds, position limits, concentration guidelines and really approval protocols at both the management, Board and counterparty level, including our asset managers. Every significant deployment decision goes through that process. On the execution side, we've deliberately separated custody execution, advisory and yield functions across a consortium of independent institutional partners whether that's Kraken, FalconX, BitGo, Monarq or Canary Capital. So there's no single point of failure or concentration risk in our counterparty exposure overall. And on the risk management side, we maintain significant cash positions. We've also built a surplus of working capital. Historically, the business has operated at a working capital deficit, and we've been able to shift from working capital deficit to positive working capital in the range of plus $3 million, which is really in excess of our floor in terms of minimum cash reserves. And based on current operating burn, we estimate in really a downside scenario that there's at least several years of operational runway. The treasury enhances that overall financial position doesn't put risk on the operating business, but rather enhances it and some plans it with incremental yield.

Great. And now with the share repurchase program in place, how should investors think about the framework that you'll use to evaluate when and how to deploy capital into buybacks?

Yes. So I guess, first and foremost, we view buybacks strictly through a capital allocation lens. When we look at the business today, when you look at our cash position, when you look at our treasury value and when you look at the operating platform that we've been building and evolving and obviously driving going forward, we see a clear disconnect between intrinsic value and market pricing. Last quarter end, NAV was approximately 0.73x, which implies the market is valuing the underlying business at a discount to the liquidation value of its underlying assets on an enterprise value basis and providing no intrinsic value to any other of the assets of the business itself, such as the operating platform, mortgage platform or very speculative growth initiatives we're engaging on. So with that in mind, we've authorized a $15 million share repurchase program with an initial $3 million tranche that's going to be deployed and commenced in the coming days. We're going to be executing this within Rule 10b-18 guidelines, subject to Board oversight, we have an initial threshold set of $1.50 per share in terms of the maximum price per share we'll acquire at. And we'll remain disciplined, always weighing buybacks against alternative uses of capital. But where we see obviously a compelling risk-adjusted return, we're prepared to obviously act and execute on.

Great. Thank you, Anthony. I think we have time for one more question. Shubha, this one is for you. Looking ahead to the balance of 2026, what are the key execution priorities for management? And how should investors measure progress as Pineapple moves towards improved operating leverage and a more durable earnings profile?

Sure. And I think I've been round this question off for us and pose this question off tying together everything that Anthony and I have been talking about here today in 3 priorities. The first being continuing to scale bridge on our mortgage platform. It means continuing to drive revenue growth while holding cost structure flat. We believe internally as management and Board. We believe and we know that we can scale this business multiple within any movement in operational expenses. We've already given guidance to a full year revenue in the range of about $7 million to $9.5 million on a run rate basis going up until the end of this calendar year, and we're targeting breakeven on a cash flow basis. So that's certainly something that investors will want to keep an eye on the metrics we keep close attention to. Second, on the advancement of our data and tokenization road map that just spoke in detail from development into early commercialization, investors can definitely keep a watch out for pilot programs, vendor partnerships, POCs and everything else as we begin to really push this product into real-world. And finally, third is continuing to build yield on digital asset treasury and demonstrating that the governance frameworks were designed, staking income should grow and the program will mature. The ways to measure it, it's pretty straightforward. Keep watching our adjusted operating income, the EBITDA trajectory, cost per funded loan, subscription revenue trends and our staking income. Those are the metrics that will tell you and guide you whether the execution that we are implementing on a daily basis is working. We're confident it is, and we expect the numbers to reflect over the coming quarters, and we are continuously thankful of our supporters and shareholders.

Thank you, Shubha, and thank you, Anthony. That concludes today's fireside chat. On behalf of Pineapple Financial, thank you to everyone who joined us today. A replay of today's discussion will be made available through the company's Investor Relations website and social channels. Please contact pineapple@kcsa.com if you have further questions that we were not able to address today on the call. Thank you, everyone, and until next time.