Financial Analysis

15. Commitments and contingencies In the ordinary course of operating, the Company may from time to time be subject to various claims or possible claims. Management believes that there are no claims or possible claims that if resolved would either individually or collectively result in a material adverse impact on the Companys financial position, results of operations, or cash flows. These matters are inherently uncertain, and managements view of these matters may change in the future. See note 10 related to lease commitments. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

18. Convertible loan On May 10, 2024, the Company issued an unsecured convertible debt (debt) of $ 300,000 carrying a two 2 -year term with interest on the outstanding principal amount from the date of issuance accrued at the rate of 8 % per annum. The Company also issued 50,000 (pre-reverse split - 1,000,000 ) warrants with exercise price of $ 5 in connection with the convertible debt (Note 8). The Company has an option to prepay the loan prior to the maturity date subject to a prepayment fee of $ 75,000 . The conversion price of the debt shall equal to 75 % of the volume weighted average price (VWAP) on the trading day immediately preceding the conversion date. The conversion feature of the note was not clearly and closely related to the debt and should be recognized as a derivative liability. The Company determined that the estimate fair value of the derivative liability is $ 76,543 . The prepayment option was not clearly and closely related to the debt and should be recognized a derivative liability. The Company determined the estimated fair value of the prepayment option to be $ nil . The Company incurred debt issuance cost of $ 94,687 which was applied against the principal of the debt. The debt component of the convertible debt was valued using the effective interest method, based on an estimated effective interest of 46 %. During the year ended August 31, 2024, the Company incurred interest of $ 4,411 recognized in interest expense in the consolidated statement of ope …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

9. Share-based benefits reserve The Company maintains two equity-based compensation plans, the 2021 Legacy Plan and the 2022 Omnibus Plan, designed to attract, retain, and motivate qualified directors, officers, employees, and consultants whose contributions are important to the Companys success by offering them an opportunity to participate in the Companys future performance through share-based awards. Each stock option granted under the plans entitles the holder to acquire one common share of the Company upon exercise. No amounts are payable by the recipient on receipt of the option. The options carry no dividend or voting rights and may be exercised at any time after vesting and before their expiry date. The total number of common shares reserved for issuance under the plans is limited to 10 % of the Companys issued and outstanding common shares at any given time. On June 14, 2021, the Company granted stock options that vest over a two-year period, with 25% vesting on the grant date and the remaining unvested options vesting in equal six-month instalments thereafter. The fair value of these options at the grant date was $ 1,317,155 . No stock-based compensation expense was recognized in relation to these grants for the years ended August 31, 2025 and August 31, 2024. During the year ended August 31, 2025, pursuant to a Board of Directors resolution dated July 16, 2025, the Company approved the issuance of 46,437 Restricted Share Units (RSUs) for a value of $ 88,136 under t …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

19. Income taxes The reconciliation of the combined federal and state income tax rate of 26.5% (202 4 26.5%) to the effective tax rate is as follows: Schedule of federal and state income tax rate August 31, 2025 August 31, 2024 $ $ (Loss) before recovery of income taxes (3,638,465 ) (4,102,659 ) Expected income tax (recovery) expense (964,193 ) (1,087,200 ) Non-deductible expenses 265,113 112,110 Share issuance cost booked directly to equity (129,125 ) (219,330 ) Valuation Allowance 828,205 1,194,420 Income tax expense (recovery) - - Deferred income taxes The following table summarizes the component of deferred tax Schedule of deferred income taxes August 31, 2025 August 31, 2024 $ $ Deferred tax assets Intangible assets 210,730 54,750 Property, plant and equipment 9,760 - Finance lease liabilities 185,489 258,930 Convertible debentures - 6,550 Investments 3,972 5,240 Share issuance costs 299,391 413,950 Operating tax losses carried forward 3,419,095 2,633,950 SR&ED Pool from T661 271,748 271,750 Charitable donations carryforward 28,216 28,010 Deferred income tax assets 4,428,402 3,673,130 Valuation allowance (4,287,909 ) (3,440,100 ) Total net deferred tax assets 140,493 233,030 Deferred tax liabilities Property, plant and equipment - (13,430 ) Right of use assets (140,493 ) (219,600 ) Total deferred tax liability (140,493 ) (233,030 ) Net deferred tax liability - - The Canadian operating tax loss carry forward expire in 2045. The remaining deductible temporary differenc …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

17. Loan from directors During the year ended August 31, 2025, the Company entered into unsecured loan agreements with its directors and shareholders, for total proceeds of $ 608,940 loans bear interest at 12 percent per annum, are non-compounding, and are repayable after filling of S1 registration statement filling in December 2025. The loans are unsecured and may be repaid at any time without penalty. Total interest during the year was $ 48,570 . As of August 31, 2025, the outstanding principal and accrued interest are included in loans payable within current liabilities. Management believes the terms of these loans are consistent with those available in arms-length commercial transactions. …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recently issued and adopted accounting standards : As an emerging growth company, as defined under the Jumpstart Our Business Startups Act of 2012 (the JOBS Act), the Company is permitted to delay adoption of new or revised accounting pronouncements applicable to public business entities until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period provided under the JOBS Act. Accordingly, the adoption dates discussed below reflect this election. Recently Adopted 1. In December 2023, the FASB issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions. The ASU is effective for years beginning after December 15, 2024, but early adoption is permitted. This ASU should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the impact of this standard on its financial statements and disclosures. 2. In March 2024, the FASB issued ASU 2024-01 - CompensationStock Compensation (Topic 718): Scope Application of Profits …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

12. Related party transactions and balances Compensation of key management personnel includes the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer: Schedule of related party transactions August 31, 2025 August 31, 2024 $ $ Salaries, Wages and benefits 582,734 776,278 Share-based compensation 161,994 - Chief Strategy Officer resigned on March 07, 2025. Pineapple Financial Inc. Notes to the Consolidated Financial Statements For the years ended August 31, 2025 and 2024 (Expressed in US Dollars)

RelatedPartyTransactionsDisclosureTextBlock

2. Significant accounting policies Statement of compliance These consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP). The consolidated financial statements were authorized for issue by the Board of Directors on November ___, 2025. Basis of preparation, functional and presentation currency The consolidated financial statements have been prepared in accordance with US GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business on the historical cost basis except for certain financial instruments that are measured at fair value, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. All financial information is in US Dollars (USD) as the Companys presentation currency and transactions are conducted in the functional currency of Canadian dollars (CAD). Adjustment for Reverse Stock Split In July 2023, the Board of Directors approved a 1-for-3.9 reverse stock split (the 2023 Reverse Split), which became effective on July 14, 2023. On July 16, 2025, the Company effected a 1-for-20 reverse stock split of its issued and outstanding common shares. The reverse split did not affect the total shareholders equity of the Company or the par value of the common shares. All share, option, warrant and restricted share unit (RSU) …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

7. Share capital Authorized share capital The authorized share capital of the Company consists of an unlimited number of common shares with no par value. Schedule of authorized share capital # $ Balance, August 31, 2023 315,349 4,903,031 Issuance of common shares on initial public offering 43,750 3,500,000 Issuance of common share against conversion note 25,094 465,680 Issuance of common shares on equity purchase agreement 37,149 487,491 Share issuance costs - (748,063 ) Warrants issued - (48,283 ) Balance, August 31, 2024 421,342 8,559,856 Issuance of common shares against S3 19,133 232,708 Issuance of common shares against prefunded warrants 64,200 780,769 Issuance of common share against S1 500,000 834,000 Issuance of common shares against warrants conversion 336,266 1,701,398 Share issuance costs - (487,263 ) Balance, August 31, 2025 1,340,941 11,621,468 November 03, 2023 Initial public offering In the prior fiscal year (2024), the Company completed its initial public offering on the NYSE American, issuing 43,750 common shares for gross proceeds of approximately $ 3.5 million. That offering established the Companys public listing and provided the foundation for the subsequent financings. November 14, 2024 - Issuance under Form S-3 Offering On November 14, 2024, the Company issued 382,667 common shares (pre-reverse) at $ 0.60 per share, for total gross proceeds of approximately $ 232,708 Following the 1-for-20 reverse stock split implemented in July 2025, this issuance is …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

21. Subsequent events Subsequent to August 31, 2025, the Company entered into several material financing and digital-asset transactions. Management has evaluated these events in accordance with ASC 855, Subsequent Events , and determined that they represent non-recognized subsequent events requiring disclosure but no adjustment to the consolidated financial statements as of and for the year ended August 31, 2025. a) Injective Digital Asset Treasury Initiative On September 2, 2025, the Company entered into a Securities Purchase Agreement with certain accredited investors to issue 24,642,700 subscription receipts at an offering price of $ 3.80 per subscription receipt, with respect to certain purchasers, and $ 4.16 per subscription receipt, with respect to certain purchasers. The private placement closed on September 4, 2025, raising approximately $ 100 million in aggregate proceeds consisting of cash and Injective (INJ) tokens, all of which are held in escrow pending satisfaction of specified escrow release conditions under the Subscription Receipt Agreement. On October 31, 2025, shareholders approved the issuance of the underlying common shares. The Company is preparing a registration statement on Form S-1 to register the resale of approximately 25.7 million shares, including those issuable upon exercise of associated warrants. Escrowed funds will be released upon SEC effectiveness of the registration statement and NYSE American approval of listing of the underlying shares. b …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

15. Commitments and contingencies In the ordinary course of operating, the Company may from time to time be subject to various claims or possible claims. Management believes that there are no claims or possible claims that if resolved, would either individually or collectively result in a material adverse impact on the Companys financial position, results of operations, or cash flows. These matters are inherently uncertain, and managements view of these matters may change in the future. Centurion litigation On May 30, 2025, certain former consultants, financial advisors and shareholders commenced an action against the Company in the Ontario Superior Court of Justice. The action relates principally to previously terminated consulting and financial advisory arrangements and certain alleged shareholder matters. The plaintiffs allege, among other matters, that amounts remain payable under the consulting and financial advisory arrangements and seek damages, interest, costs and other relief, including relief under the Canada Business Corporations Act. The plaintiffs have delivered a draft amended statement of claim seeking approximately $ 2.2 million in monetary damages, together with additional non-monetary relief, including an order requiring the Company to purchase certain common shares and warrants at fair market value. The Company disputes the allegations and has filed a statement of defence denying that any amounts remain payable under the applicable agreements. The Companys …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

12. Loans payable, collateral and loans receivable FalconX Credit Facility On September 23, 2025, the Company entered into a Master Lender Agreement with FalconX, pursuant to which individual loans are documented through separate loan term sheets establishing the applicable principal amount, interest rate, maturity date, collateral requirements and other material terms. During the nine months ended May 31, 2026, the Company entered into a series of amended and restated loan term sheets. As of May 31, 2026, the financing arrangement provided for a $ 20.0 million fixed-term loan bearing interest at 8.25% per annum and maturing on January 16, 2027. As of May 31, 2026, the Company had $ 19,440,258 outstanding under the arrangement, which is presented within Loans Payable in the condensed consolidated balance sheets. During the nine months ended May 31, 2026, the Company recognized $ 1,026,187 of interest expense related to the financing arrangement. The Companys obligations are secured by substantially all of its INJ holdings together with not less than $ 5.0 million of cash and/or U.S. dollar-denominated stablecoin collateral. The collateral is subject to account control arrangements in favor of FalconX, including custodial account control agreements over the pledged INJ and deposit account control agreements over specified cash collateral accounts. Subsequent to May 31, 2026, on June 2, 2026, the Company entered into a Fourth Amended and Restated Loan Term Sheet increasing the …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

9. Share-based benefits reserve The Company maintains two equity-based compensation plans, 2021 Stock Option Plan and the 2022 Omnibus Equity Incentive Plan, which are intended to attract, retain, and motivate directors, officers, employees, and consultants by providing share-based compensation aligned with the Companys long-term performance. Each stock option granted under the plans entitles the holder to acquire one common share of the Company upon exercise. No amounts are payable by the recipient on receipt of the option. The options carry no dividend or voting rights and may be exercised after vesting and prior to their expiry date. The total number of common shares reserved for issuance under the plans is limited to 10 % of the Companys issued and outstanding common shares at any given time. During the year ended August 31, 2025, the Company granted 46,437 restricted share units (RSUs) and 73,570 stock options pursuant to resolutions of the Board of Directors dated July 16, 2025. These awards were granted in recognition of past performance and contributions and were therefore fully vested upon grant, with no remaining service or vesting conditions. The RSUs were valued at the market price of the Companys common shares on the grant date, and the stock options were valued using the Black-Scholes option-pricing model. Schedule of options outstanding granted May 31, 2026 August 31, 2025 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exer …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Recently Issued and Adopted Accounting Standards As an emerging growth company, as defined under the Jumpstart Our Business Startups Act of 2012, the Company is permitted to delay adoption of new or revised accounting pronouncements applicable to public business entities until such pronouncements are applicable to private companies. The Company has elected to use the extended transition period provided under the JOBS Act. Accordingly, unless otherwise indicated, the adoption dates discussed below reflect this election. Accounting Pronouncements Not Yet Adopted ASU 2024-03 - Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as clarified by ASU 2025-01 In November 2024, the FASB issued ASU 2024-03, which requires public business entities to disclose additional information about certain expenses included in relevant expense captions presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01 to clarify the effective date for interim reporting periods for entities with non-calendar year-ends. The amendments in ASU 2024-03 apply to public business entities and are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial s …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

11. Related party transactions and balances 1. Following the completion of the Companys private placement on January 6, 2026, the Injective Foundation became one of the Companys largest shareholders and is considered a related party in accordance with ASC 850, Related Party Disclosures . The Injective Foundation forms part of the broader ecosystem supporting the Companys Digital Asset Treasury strategy and, as a significant shareholder, may have the ability to exert significant influence over the Companys strategic direction and financing initiatives. In connection with certain financing arrangements, the Injective Foundation has also provided a guarantee supporting certain of the Companys obligations. Refer to Note 12 for additional information. The Company has also entered into financing, treasury placement and collateral arrangements with other related parties in the ordinary course of implementing its Digital Asset Treasury strategy. The Companys significant related parties include: the Injective Foundation, by virtue of its ownership interest in the Company; FalconX Charlie Inc. (FalconX which, as used herein, includes FalconX Charlie Inc., FalconX Bravo, Inc., and certain other FalconX-affiliated entities under common ownership and control with entities that hold a significant ownership interest in the Company), which serve as financing, treasury and derivative counterparties of the Company; affiliated treasury placement counterparties, including affiliates of Innovatin …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

18. Segment reporting The Company operates through two reportable segments in accordance with ASC 280: Mortgage operations mortgage brokerage, underwriting, and related services Crypto asset operations digital asset treasury, staking activities, and fair value changes on digital assets The Companys Chief Operating Decision Maker (CODM) is comprised of the Chief Executive Officer and a member of the Board of Directors. The CODM evaluates segment performance and allocates resources based primarily on revenue and operating loss Pineapple Financial Inc. Notes to the Condensed Interim Consolidated Financial Statements - Unaudited For the period ended May 31, 2026 (Expressed in US Dollars) 18. Segment reporting (continued from previous page) Segment results nine months ended May 31, 2026 Schedule of segment reporting For the period ended May 31, 2026 (Unaudited) May 31, 2025 (Unaudited) May 31, 2026 (Unaudited) May 31, 2026 (Unaudited) May 31, 2025 (Unaudited) Mortgage Operation Crypto Asset Operation Total For the period ended May 31, 2026 (Unaudited) May 31, 2025 (Unaudited) May 31, 2026 (Unaudited) May 31, 2026 (Unaudited) May 31, 2025 (Unaudited) $ $ $ $ $ Revenue 2,052,335 2,259,396 - 2,052,335 2,259,396 Expenses and other income Selling, general and administrative 1,747,235 1,522,778 - 1,747,235 1,522,778 Advertising and marketing 708,691 617,987 - 708,691 617,987 Salaries, wages and benefits 740,798 - - 740,798 1,223,722 Interest expense and bank charges 50,844 306,267 1,026 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

2. Material accounting policies Statement of compliance The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and, for SEC registrants, with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed interim consolidated financial statements were authorized for issue by the Board of Directors on July 20, 2026. Basis of preparation and presentation currency The condensed interim consolidated financial statements have been prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business on the historical cost basis except for certain financial instruments that are measured at fair value. All financial information is presented in US Dollars (USD). The interim financial statements are condensed and should be read in conjunction with the Companys latest annual year-end consolidated financial statements for the year ended August 31, 2025. It is managements opinion that all adjustments necessary for a fair statement of the results for the interim period has been made, and all adjustments are of a recurring nature or a description of the nature of and any amount of any adjustments other than normal recurring nature has been stated. Sufficient disclosures have been made so as to not make the interim financia …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

6. Share capital Authorized share capital The authorized share capital of the Company consists of an unlimited number of common shares with no par value. Schedule of authorized share capital # $ Balance, August 31, 2024 421,342 8,559,856 Issuance of common shares against S3 19,133 232,708 Issuance of common shares against prefunded warrants 64,200 780,769 Issuance of common share against S1 500,000 834,000 Issuance of common shares against warrants conversion 336,266 1,701,398 Share issuance costs - (487,263 ) Balance, August 31, 2025 1,340,941 11,621,468 Issuance of common shares against PIPE cash 5,776,304 21,949,955 Issuance of common shares against PIPE in-kind (digital assets) 18,866,396 31,323,740 Issuance of common shares against warrants conversion 5,010 35,473 Issuance of common shares in exchange for legal services 100,000 142,000 Repurchase of common shares (554,581 ) (648,805 ) Repurchase of common shares related expenses - (11,531 ) Share issue costs - (2,033,995 ) Balance, May 31, 2026 25,534,070 62,378,305 Pineapple Financial Inc. Notes to the Condensed Interim Consolidated Financial Statements - Unaudited For the period ended May 31, 2026 (Expressed in US Dollars) 6. Share capital (continued from previous page) January 6, 2026 Share issued against PIPE On January 6, 2026, the Company completed a PIPE financing, pursuant to which it issued an aggregate of 24,642,700 common shares. 5,776,304 common shares were issued for cash proceeds of $ 21.9 million. 18,866,3 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

22. Subsequent Events Management evaluated subsequent events through July 20, 2026, the date the condensed interim consolidated financial statements were available to be issued. Share Repurchases Subsequent to May 31, 2026, the Company repurchased and cancelled an additional 262,873 common shares pursuant to its authorized share repurchase program for total consideration of $ 268,170 excluding transaction costs. Transaction costs directly attributable to the share repurchases of $ 5,808 were incurred in connection with the subsequent repurchases and will be recorded as a reduction of share capital within shareholders equity. Digital Asset Activity Subsequent to May 31, 2026, the Company acquired approximately 130,343 INJ through market purchases and received approximately 55,444 INJ from staking rewards, bringing the Companys total holdings to approximately 7,746,789 INJ with a total fair value of approximately $ 41.9 million. These changes have not been recognized in the accompanying condensed interim consolidated financial statements. Financing Arrangements Subsequent to May 31, 2026, the Company borrowed an additional $ 1.26 million under its financing arrangements, the proceeds of which were used primarily to acquire additional digital assets and fund interest and related financing obligations. On June 2, 2026, the Company entered into a Fourth Amended and Restated Loan Term Sheet with FalconX Charlie Inc., increasing the maximum principal amount available under the finan …

SubsequentEventsTextBlock · excerpt; the full note is in the filing