Pineapple Financial Inc.

Good morning. Welcome, everyone, to today's Fireside Chat with Pineapple Financial, hosted by KCSA-IR. I'm joined today by Sridhar 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 security 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. For those who have not yet submitted a question, please feel free to do so at any time using the Q&A function. 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 email at pineapple at kcsa.com. Please note that today's call is being recorded on Thursday, April 16th at 11 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, Jeff. 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. The focus today is really on execution, discipline, and what comes next for their business. We've gone through a meaningful transformation from a traditional mortgage brokerage into an integrated fintech platform in the last few quarters, and we want to frame it for everybody here. Let's start off with their point of this today. We spent the last decade building an incredible national mortgage brokerage 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 is posted at $367.2 million, with six-month aggregated volume being $829.3 million, implying that our annual run rate is near $1.6 to $1.7 billion for the year. For context, the six-month mortgage volume edged up to about $829.3 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 and origination market 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 constraints and limited housing supply. So the fact that we're continuing to see stable to improving activity across our network, even in this environment, speaks to the resilience of our platform as well as the reoccurring nature of Canada's renewal-driven mortgage stable. This is not a concept business. This is an operating age firm with real skill, real revenue, and a contrary footprint in one of the most resilient markets in the world. What's changed is where we are in that journey. We've moved out of the build phase and into a phase that is really about execution and performance as an integrated platform. Let me talk to you a little bit about a recent operation recent. Over the last couple of quarters, we've made a very deliberate decision to resetting the operating model. That was really about tightening discipline across the business with a key focus around reducing our fixed cost base, improving capital efficiency, and aligning the organization around execution while continuing to modernize and optimize our platform for the future of digital finance. This work included a workforce realignment, moving to a cleaner, technology-enabled moment, rationalizing software and third-party spend, ensuring that we were streamlining and allocating our funds to the right places, and integrating AI across a number of workflows, including automating agent onboarding, data and customer engagement, as well as a multitude of others. Initiating tokenization and mortgage data is also a big part of the last couple of quarters, and we'll be diving into that in more detail throughout this presentation. The results speak for themselves. We've implemented over $1.5 million of annualized cost savings to date. Total expected reductions will exceed $2.5 million on June 30th, later this year. We've reduced our monthly cash burn by over 50%, and this is a structured reset of our expense base and not just a temporary move. But I want to be clear. This is not about demand softening. This is about platform modernization and building a more efficient, more scalable platform for the years and decades ahead. Our goal is simple. We're building a business that's scalable, with materially better unit economics, and a more durable, multifaceted earnings profile. Let me talk to you a little bit about how we think about numbers. We now think of a pilot as one integrated operating system built around three core pillars. The first is the mortgage platform. This remains to be our core foundation and fundamental. It drives origination, relationships, and cash flow. A real operating business with a concrete footprint in the Canadian mortgage market and growing. Canada's mortgage market is structurally resilient. Let me talk to you a little bit about how it differs from that of the U.S. market. The U.S. market may see more longer-term 30-year mortgages. We have more short-term mortgages, typically between one to five years. And this short-term renewal cycle creates a reoccurring pipeline of refinance and renewal activity that continues to drive business independent of new home purchases. Q2 revenue was $0.7 million. but supported by stable subscription revenue and diversified income streams. Now, the second component is data antagonization. We've been collecting mortgage data for years across our expansive network. Now it's about structuring, standardizing, and ultimately, monetizing it. This is the path toward lender-facing, reoccurring revenue products, and a higher margin revenue mix. and our third, the Digital Asset Treasury. This is about capital efficiency and yield generation within a structured, governed framework. As of February 2028, the DAT was valued at approximately $22.4 million, comprised primarily of approximately $7.21 million on NJ tokens, injector tokens, During this period, we generated $221,718 in staking revenue. This is a new, incremental, reoccurring income stream, and that's just the start. We've assembled a best-in-place institutional infrastructure, the Injector Foundation, Kraken, FalconX, Monarch, and Canary Capital, covering custody, execution, advisory, and yield optimization. and we've also selectively deployed capital through lending arrangements and stricter derivative strategies to generate incremental yield while maintaining strict risk controls. The key point here is that these are not three separate businesses. These are designed to reinforce one another in the value compounds through integration. How do our Q2 results fit into that? Well, when we look at the second quarter, it was really about execution against the market. We completed the operational reset. We strengthened the cost structure and reduced cash burn. We generated over $220,000 in staking income, a new tangible revenue stream. We authorized a $3 million share repurchase program expected to commence in the coming days to reinforce our commitment to disciplined capital allocation and long-term shareholder value. And our balance sheet is the strongest position it's ever been. with $17.9 million in cash, $3.1 million in positive working capital, and a treasury value of approximately 22.4 million dollars. So this was not a quarter of new ideas. It was a quarter of putting our foundation in place and delivering tangible results. Now, we'd love to pass the line to Anthony, who's going to put the 2-2 financials in the greater context. Anthony?

Yeah, absolutely. Thanks for that, 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 six 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 three non-core and largely non-cash items. You have a $17 million unrealized non-cash 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 one-time financing costs associated with said 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 PIC and non-cash 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 positivity. Adjusted EBITDA as well came in at roughly half a million dollars versus a loss of roughly $600,000 last year. a $1 million improvement on a three-month basis year over year, or roughly 165% swing on a relative basis. What's important to really understand here is that that improvement was achieved while maintaining a relatively stable revenue base in a still constrained mortgage environment. So this tells you this is not really a cyclical improvement. This is structural. It has to do with a lot of what Shubha had alluded to. And this is really kind of where the narrative and work since. Over the last two quarters, we executed a full operating model reset. As Shuva mentioned, we reduced fixed costs materially. We rationalized vendor and software spend, and we reoriented the workforce towards a more technology-enabled model. Simultaneously, we've begun embedding AI across a number of different core workflows. To date, we've implemented over $1.5 million in annualized comp savings with line of sight to around $2.5 million later this calendar quarter, which will take us to break even on the cash flow and operating basis going forward. That equates to, as Shubha mentioned, a 50% plus reduction in monthly cash burn. So I want to be clear on one thing as well. You know, this was a very deliberate re-architecture of the cost base to really support a more scalable, capital-efficient platform. And these quarterly earnings are really the first time we're actually starting to see this trickle through the numbers here. What that means going forward is higher incremental margins, stronger operating leverage, and really a business that can compound earnings without scaling costs linearly. Now, stepping back to look at the balance sheet, because, you know, this is where a lot of the transformation begins and becomes far more evident itself. The business has obviously 50X plus its overall cash balance, largely by way of the pipe transaction that took place several months ago. We're also sitting at a positive working capital of roughly $3.5 million versus a deficit in the prior period. The slide here references a 22.4 million digital asset treasury. I do want to just clarify that that's roughly $22.4 million of INJ at the fair market value. There's also stable coins that are outstanding as well as a meaningful cash position. And so, we actually look at the digital asset component on a fair market basis. close to around $45 million in liquid and liquid equivalent assets. From a liquidity standpoint to that vein, we now have several years of operational runway, which gives us the ability to execute deliberately without really dependence on external capital or really shareholder dilutive capital sources. This is a fundamentally different company than really what it was 12 months ago. To spend another minute or so on the digital asset treasury, because I think it's still somewhat maybe misunderstood or underappreciated. At a high level, we think about the DAT as a structured capital allocation program, not necessarily passive balance sheet exposure. As I mentioned and as Shubh alluded to, we've generated several hundred thousand in staking income during the period. which has become a new recurring yield stream. We only forecast that to continue to grow as we continue to execute and deploy and state a variety of these different instruments. But that's really just the base layer. Where we've also really been focused is active yield generation within the discipline framework. This includes structured derivative strategies, including writing puts to generate premium against our underlying I&J positions. Accumulator-style exposures, which allow us to systematically build position at favorable levels. Meaningful discounts to open market transaction or purchases. Also, secured and unsecured lending strategies, where we deploy assets to generate incremental year. And broader market-neutral or partially hedged strategies to enhance returns while managing volatility. All of this is done within a governed framework to find liquidity thresholds, position limits, counterparty diversification, and board-level oversight. And importantly, we've really built a first-class institutional great stack around this, working with groups like FalconX on prime brokerage and lending, working with groups like Kraken on OTC transactions, working with groups like Monarch and Canary on structuring trades and structuring products. Each of these different counterparties handles very distinct functions across custody, execution, advisory, and yield generation strategies overall. From a valuation standpoint, we've also introduced MNAV, which we think is an important lens for investors overall. At quarter end, MNAV was approximately 0.73 times. In other words, what MNAV signifies is the fully diluted enterprise value of the business relative to the fair market value of its underlying crypto holdings and digital asset holdings itself. In other words, the market is valuing the company at a relative discount to the underlying asset base before fully attributing value to the operating platform itself or potential forward earnings power. And obviously, that dislocation is something we're very focused on, which leads us really directly to capital allocation. We've structured and authorized a $15 million share repurchase program. The board's approved that initial $3 million tranche, which we're expecting to commence imminently in the coming days. We'll operate within Rule 10b-18 parameters. We'll have an initial ceiling in terms of price per share in the open market that we're going to be acquiring in terms of $1.50. Obviously, that's subject to board oversight. But at concurrent levels, the board and management see compelling risk-adjusted return in our own equity And this gives us a disciplined mechanism to act on that. The last thing I want to touch on briefly is really where the business is going from here. We've alluded to this both in terms of what we've done on the cost reduction side, what we've done with respect to really re-architecting the business. But the next phase of the platform is really focused around intelligence and automation. We've already begun embedding AI across onboarding, across underwriting workflows, across customer engagement. That's really just the tipping point and starting point. As we continue to structure and tokenize the underlying data layer and integrate that across our platform, we believe there's a real opportunity to continue to build out and execute on software-driven, high margin, recurring revenue products that sit on top of really the existing mortgage infrastructure. Think automated underwriting support, data-driven lender products, intelligent lead routing, conversion optimization, and potentially eventually AI-native financial workflows. Directionally, we're very, very excited about where the platform is heading. We've already made tremendous progress in our respect, and we're excited to obviously continue to execute on the strategy from here.

Thank you, Trevor. Thank you, Anthony. Appreciate your comments. We'd now like to take some time to review several questions that have come in. If you haven't submitted a question yet and would like to do so, please type in the Q&A function now. First question, Pineapple, and this is for you, Anthony. Pineapple spent the last several quarters repositioning the business from the build-up phase towards execution and the 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?

Yeah, definitely. So, you know, I guess to kind of rephrase, you know, what's kind of actually changed inside the business. The cleanest way to think about it is we've really transitioned from, you know, 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. You know, we've moved from an adjusted operating loss to a positive adjusted operating income. And even as well, moved from a meaningful deficit 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 I would really take this business into the next phase of its evolution.

Excellent. Thank you, 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?

Yeah, absolutely. I think this one's important, too, because there are a lot of organizations and enterprises that go through the motions in terms of these sorts of re architectures and cost reduction exercises and whatnot. And to some extent, they're, you know, futile efforts or temporary in nature. We approach this reset as a permanent re architecture, 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 costs or incremental fixed costs to the platforms? 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, Shuva, 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? Guba? You're on mute. Is your hearing okay? Yep, we got you.

Sorry. Yeah, so I was saying, Jack, you know, 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. You know, we're constantly having meetings, refinements, and areas of improvement. How can we make this platform work? And over these next couple of quarters, we've continued to invest into an area with workflow information, continuous enhancements in significant CRM enhancements and optimizations, lead generation tools through pineapple plants or proprietary technology. And all of these things, plus this bus, are translating directly into our productivity. To give you some early indicators that are really encouraging that we've noticed here in the organizations, 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, I'll be at this 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 focused on efforts to increase the productivity of our platform and the users.

Excellent. Thank you, Shubha. And just kind of to 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?

Yeah, you know, the Canadian mortgage market has so much opportunity and various segments of opportunity that each move in different cycles. You know, we went through a phase here as a group of the years. We're home buying and investment purchases were the significant drivers of the mortgage market of our business. As the years have evolved and changed, you know, we've seen kind of the cyclical nature of mortgages and which protocol becomes more dominant in the interchange. Well, statistically, almost 60% of Canadian mortgages will be coming up for renewal in the next four years. We saw the biggest purchase in a year on record happen in 2021, when five-year fixed rates were at full terms. That brings you right to today, when all of those mortgages have 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, 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 and fixed-rate mortgages. Both of these two have allowed us to go back out to the market, and Canadians have bought a mortgage over the last couple of years at significantly higher interest rates and refinanced 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 financial results, this has been paying off for us. We can hopefully bring more agents and more productivity.

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

Yeah, so... I'd separate the or delineate really the cap accounting from the operating reality. The reported loss is almost entirely driven by three items, as you mentioned, right? You have a non-cash market-to-market adjustment on digital assets of roughly almost $17 million. You have one-time financing costs tied to the actual transaction itself. close to $2.3 million overall. There's also incremental interest expense pertaining to that 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. We're on track to be at 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 non-cash aren't things that, as it stands today, 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's improved, cash burn has materially reduced, and our operating trajectory, as we've guided, has actually moved ahead of forecast towards break even, which we anticipate occurring in the coming months. And that's the true underlying story.

Thank you, Anthony. Turning to data tokenization, Pineapple has framed this as a natural extension of the core 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.

Yeah, sure. So the data tokenization officer is to be specific, not a separate initiative. It's a national 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 cleaned 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 database, not building something wildly speculative. And so near term, investors should really be on the lookout for announcements pertaining to pilot programs, validation, POCs, etc., Over time, you know, we believe this becomes a very high margin lucrative layer on top of a core platform.

Thank you, Anthony. Next question is for Shubha. 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 approach yield generation alongside liquidity and risk management?

Yeah, absolutely. And I mean, you know, from a risk and an iceberg perspective, just to kick it off, you know, 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 and govern this digital asset treasury. And really, I think this is where this potential can be. You know, the doubt for us and how we look at it is there's nothing in here to cap it for. We're generating a staking yield, referencing this call a couple of times, over $200,000 over this period. And this is a new incremental and reoccurring revenue stream. So the yield is real yield, and capital would otherwise be sitting higher. But as I referenced just a moment ago, the key word here around income finance around risk is discipline. When we maintain minimum operating cash reserves, We're re-hypothecating outcomes. And we've built out an institutional-grade infrastructure. We have Kraken for custody, FalconX for execution, Monarch for advisory, and Canary Capital for yield optimization. This is a very, very well-governed program and not a specific trade.

Thank you, Shiva. 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?

Yeah, 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, Monarch, 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 an excess of our floor in terms of minimum cash reserves. And based on the 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 supplants 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?

Yeah. 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, MNAV was approximately 0.73 times, 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 various speculative growth initiatives we're engaging on. So with that in mind, we've authorized the $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, the $1.50 per share in terms of the maximum price per share we'll acquire at. And we'll remain disciplined, you know, always weighing buybacks against alternative uses of capital. But where we see obviously 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's 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 can, you know, round this question off for us and close this question off by tying together, you know, everything that Anthony and I have been talking about here today in three priorities. The first thing, continuing to scale brings a bridge on our mortgage platform. It means continuing to drive revenue growth while holding costs from two flat. You know, we believe internally as management boards, we believe and we know that we can scale this business multiple times within any movement. operational expenses. We've already given guidance to a full-year revenue in the range of about $7 to $9.5 billion on a rate basis going up until the end of this calendar year, and we're targeting break-even on a cash flow basis. So that's certainly something that investors will want to keep an eye on. This is something that the church will keep close attention to. Second, on the advancement of our data and tokenization roadmap, and they just go into detail. you know, from development into really commercialization. That's just going to 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 environments. And finally, third, is continuing to build yield for digital asset treasury and demonstrating that the governance frameworks work as 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, possible funded loans, 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 to our supporters and shareholders.

Thank you, Shubha, and thank you, Anthony. That concludes today's Tarside 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 at ktsa.com if you have further questions that we were not able to address today on the call. Thank you, everyone, and until next time.