Pineapple Financial Inc. ($PAPL)

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 [indiscernible], General Partner at Innovating Capital and a member of Pineapple's Board of Directors. We appreciate today's attendance 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 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 Injected 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 [email protected]. 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 a start today before we get into some Q&A. Over to you, Shubha.

Thank you so much, Jacques. 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 and 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, [indiscernible] quarters, and I want to frame for everybody here. Let's start off with [indiscernible]. We spent the last decade in building an incredible national mortgage platform here in Canada, we're supporting hundreds of units brokers from post the 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 the 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 $829.3 million from $811.5 million in the prior year. It might seem like a modest increase, but it's very worth noting that the broader Canadian mortgage and 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 and the ability for new Canadians to enter the housing market was limited constraint [indiscernible] 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. This is not a concept business. This is an operating game storm with real scale. Real revenue and a contract country footprint in one of the most resilient markets in the world. What's changed is where we are in that journey. We've moved [indiscernible] phase and [indiscernible] phase that is really about execution and performance as an integrated platform. Let me talk to you a little bit about the recent operational reset. Over the last couple of quarters, we've made a very deliberate decision to resetting the operating model. That was really about tightening discipline case business with a key focus around reducing fixed cost base, improving capital efficiency and aligning the organization around execution while continuing to modernize and optimize our conform for the future of digital [indiscernible] This work included a workforce realignment moving to a cleaner technology-enabled money. 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 web case, including automating agent onboarding, data and customer engagement as well as a multitude of owners. Initiating tokenization in navigating was also a big part of the last couple of quarters, and we'll be diving into that in more detail throughout this presentation. results speak for themselves. We've implemented over $1.4 million of annualized cost savings to date. Total active reductions will exceed $2.5 million on June 30 later this year. We've reduced a monthly cash burn by over 50%. And this is a structural reset of our expense base and not just a temporary [indiscernible] but I want to be clear, this is not about demand cycles. This is about or meterization and building a more efficient and 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 our business. We now think [indiscernible] 1 integrated operating system built around 3 core pillars: The first is the mortgage platform. This remains to be our core foundation and fundamental. It drives origination, relationships and Cash, 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 in the U.S. market. The U.S. market may see more longer-term 30-year mortgages. We have more short mortgages typically between 1 to 2 years. And this short-term renewal face 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 is supported by stable subscription revenue and diversified income streams. And the second component is data [indiscernible] we've been collecting mortgage data for years in crossing our expansive network. Now it's structuring, standardizing and ultimately monetizing it. This is the path toward lender-facing reoccurring revenue products at a higher margin revenue mix and our third digital asset treasury. This is about capital efficiency and yield generation within a structured govern frame. As of February 2028, the doubt was evaluated at approximately $22.4 million, comprised primarily of approximately $7.21 million on the [indiscernible] tokens. During this period, we generated $221,718 in staking revenue. This is a new incremental recurring income stream. And that's just -- we've assembled the best institutional infrastructure, the injector foundation, [indiscernible], [indiscernible] covering custody, execution, advisory and yield intimization and we've also selectively deployed capital lending arrangements of structure derivative strategies to generate incremental yield while maintaining strict risk controls. The key point here is that these are not separate businesses. These are designed to reinforce 1 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 model. We completed the operational [indiscernible] strengthened the cost structure and reduced cash growth. We generated over 220,000 [indiscernible] in taking income, a new tangible revenue stream. We authorized $3 million share repurchase program expected to commence in the coming days to reinforce our commitment to disciplined capital location and long-term shareholder value. And our balance sheet is the strongest position is ever been with $17.9 million in cash, $3.1 million positive working capital and a treasury value of approximately $22.4 million. So this was not a quarter of new ideas. It was a quarter of putting our commendation in place and delivering tangible results. Now we'd look to pass the line that Anthony is going to be the 2 financials into greater [indiscernible]. Anthony?

Yes, 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 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, we lived 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 set pipe that hit the quarter. There's also around 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 noncash paid. 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 $0.5 million versus a loss of roughly $600,000 last year, a $1 million improvement on a 3-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 and a still constrained mortgage environment, so this tells you this is not really a cyclical improvement. This is structural and has to do with a lot of what Shubha had alludedto. And this is really kind of where the narrative and work sense. Over the last few quarters, we executed a full operating model reset. As Shubha mentioned, we reduced fixed costs materially. We rationalized vendor and software spend, and we reoriented the workflow for us 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 cost savings with line of sight to around $2.5 million later this calendar quarter, which will take us to breakeven on a cash flow and operating basis going forward. That equates to a Shubha mentioned, a 50%-plus reduction and monthly cash burn. And so I want to be clear on one thing as well. This was a very deliberate rearchitecture 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 this is where a lot of the transformation begins and becomes for more evident itself. The business has obviously 50 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. This slide here references a $22.4 million digital asset treasury. I do want to just clarify that that's roughly $22.4 million of [indiscernible] 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 equipment 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. So 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 debt as a structured capital allocation program, not necessarily passive balance sheet exposure. As I mentioned and as Shubha alluded to, we've generated several hundred thousand in staking income during the period, which has become a new recurring yield stream. And we only forecast that to continue to grow as we continue to execute and deploy and stake 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 a [indiscernible] framework. That includes structured derivative strategies, including write inputs to generate premium against our underlying [indiscernible], 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 government framework, the final liquidity thresholds physician limits, counterparty diversification and board level oversight. And importantly, we've really built a first-class institutional grade around this working with groups like [indiscernible] Prime Brokerage and lending working with groups like Kraken on OTC transactions, working with groups like Monarch and Canary on structuring trades and structuring product -- each of these different counterparties handles very distinct functions across custody, execution, advisory annual generation strategies overall. From a valuation standpoint, we've also introduced NAV, which we think is an important lens for investors overall. At quarter end, NAV was approximately 0.73x. In other words, what MB signifies is a 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 has approved an 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 that in terms of $150. Obviously, that's subject to Board oversight. But at current 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 rearchitecting 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. So that's really just a 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 and [indiscernible] 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 that respect, and we're excited to obviously continue to execute on the strategy from here.

Thank you, Shubha. Thank you, Anthony. Appreciate your comments. [Operator Instructions] First question, Pineapple -- and this is for you, Anthony. Pineapple spent the last several quarters positioning 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, 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 multi-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 and will really take this business into the next phase of its evolution.

Excellent., 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 in what 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, there are futile efforts or temporary in nature. We approached this reset as a permanent rearchitecture, not any sort of temporary cost reduction 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 into scale without adding incremental variable cost or incremental fixed costs to the platform. Obviously, as we 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 it's an exciting time moving forward for the company. Taking a deeper look at the mortgage platform and Shubha, I think there's 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.

Yes. So I was saying, Jack, as an organization, we spend so much time with a focus around agents, ensuring that we're [indiscernible] their businesses and enhancing it to increase our revenue, increase our margins and increase our potential. We're constantly having meetings [indiscernible] areas of improvement, how can we make those platforms there. And over these last couple of quarters, we've continued to invest into an area with or formations, continuous enhancements in significant slant optimizations, lead generation tools through potable cancer property technologies. And all of these things, places are translating directly into our productivity. To give you some many indicators that are really encouraging that we've noticed here in the organization, subscription revenue has increased to 210,000 [indiscernible] this quarter, which is up from about 185 [indiscernible] in the prior year period. And what that tells us is that our agents are engaged in seeing value in Six-month mortgage volume continues to increase and move on the upward trajectory. As I referenced earlier, albeit it is right now, it's a really good indicator to show them 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 be focused on refers to increase the productivity of our [indiscernible] and the [indiscernible]

And just kind of a follow-up on that. From a market perspective, renewal and refined 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 in various segments of opportunity that each move in different cycles. We went through a phase here [indiscernible]. We're honing in investment purchases were the significant drivers in the mortgage market as the years have evolved and changed, we've seen kind of the cyclical nature of mortgage in which vertical becomes more dominant than the other change with it. And today, we're seeing a focus and activity in that renewal and refinance. Well, statistically, almost 60% of Canadian mortgages will be coming up for renewal in the next quarters. We saw the biggest purchase year impacted in 2021, the 5-year fixed rates were up [indiscernible] 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 renewable 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 [indiscernible] the last few months -- sorry, the last few years, the Bank of Canada as well as bond market has continued to move in a downward trajectory. Bank of Canada has reduced interest rates by over 200 basis points and [indiscernible] have dropped 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 and bottom mortgage to last complete years and significantly higher interest rates and refinance into lower and acceptable prices. This allows us to reduce their liabilities, and live then were comfortably and certainly helps us drive more revenue into the business. This is one of the core and really capturing this reoccurring revenue. We've built and denied it in a way that we have triggers and milestones we will drive these is right to our sales force, we'll put it at the top of their decor so that they can see which customers they need to work with and how they can help them find solutions for the specific mortgage needs. And over the last -- as you can see from the financial results, this has been paying off for us more intact and more productivity.

Next question. This one is for you, Anthony. This quarter's reported results are significantly impacted by noncash [indiscernible] 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 cap accounting from the operating reality the reported loss is almost entirely driven by 3 items, as you mentioned, right? You have a noncash market-to-market adjustment on digital assets of roughly almost $17 million. you have onetime financing costs tied to the actual transaction itself close to $2.3 million overall. There's also incremental interest expense pertaining to the tax 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, [indiscernible] 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, this last 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. I now post frame 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.

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 same or globally, still operates on an extremely [indiscernible] unstructured data set, documents, PDFs, silo 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 offer 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 able to look out 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. Shubha, the digital asset treasury is a new 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 perspective, just to kick it off is it would be remiss of me to note that we have an exceptional a advisory committee led by Anthony on this call. that has done a tremendous job from a Board perspective to build out and this digital asset treasury and really is it where this potential can be. The gap for us and how we look at is designed to make our capital [indiscernible] we're generating a taking yield. I've read this on this call a couple of times, were $200,000 over this period. And this is a new incremental and reoccurring revenue stream. -- yield is really yield on capital than it would otherwise be sitting on. But as I referenced just a moment ago, the key word here around the confidence around risk is discipline. And we've maintained minimum operating cash reserves, we're not using Libre aggressively or rehypothecate opens. And we've built out an institutional-grade infrastructure with [indiscernible] for execution, Monarch for advisory and Canary Capital for yield optimization. This is a very, very well governed program and [indiscernible]

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, physician limits, concentration guidelines and really approval protocols at both 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, Falcon X, [indiscernible], Monarch or Canary Capital. So there's no single point of failure or concentration risk in our counterparty exposure overall. 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 enhance it [indiscernible] plan set 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 go forward. We see a clear disconnect between intrinsic value and market pricing. Last quarter end, NAV was approximately 0.3x, 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 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 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 can round this question off for us and close this question off the tying together everything that today been talking about here today and 3 priorities: First, being continuing to scale putting bridge on our mortgage platform, means continuing to drive rent growth while holding costs from to flat. We believe internally as management and board meaning we know that we can scale this business multiple x within any movement additional expenses. We've already given guidance to a full year revenue in the range of to $9.5 million rate basis. We tied 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 some of the title close attention to. Second, on the advancement of our data and tokenization road [indiscernible] detail from development into really commercialization investors can definitely keep a watch out for pilot programs, lender 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 or digital asset treasury and demonstrating that the governance preworks were Speaking income row in the program will make sure. The ways to measure it pretty straightforward, keep watching our adjusted operating income, the EBITDA trajectory, poster funded loan subscription revenue trends and/or taking income. Those are the metrics we'll 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

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 [email protected] if you have further questions that we were not able to address today on the call. Thank you, everyone, and until next time.