Pineapple Energy Reports Q2 Results, Delivers Solid Performance In Core Hawaii Market

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  • Pineapple Energy Inc PEGY reported second-quarter revenue of $5.89 million, and +7% year-over-year on a Pro-forma basis.
  • EPS was $0.15, compare to, $(0.58) in Q1 and $(0.74) in 2Q21.
  • The gross margin for the quarter was 21.7%. The operating loss widened to $(3.19) million versus $(1.85) million in 2Q21.
  • Adjusted EBITDA loss was $(1.83) million, compared to $(1.57) million in 2Q21.
  • PEGY held cash and cash equivalents of $17.9 million as of June 30, 2022.
  • In early August, Pineapple Energy and the CVR Holders' representative jointly determined that ~$8.75 million was available for distribution to the CVR Holders from the disposition of CSI's pre-merger assets between March 28 and June 30, 2022, representing a distribution of $3.60 per CVR.
  • "Growth was strong in our core initial market of Hawaii, especially in battery storage where installations were up 53%. We built backlog—and thus customer relationships and future revenue—with sales growth far outpacing installation growth, setting us up for a strong second half of the year," commented Kyle Udseth, Pineapple CEO.
  • Price Action: PEGY shares are trading lower by 0.93% at $3.18 on the last check Monday.
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