Pineapple Express (MNAO) Q3 2025 Earnings Report

Pineapple Express Cannabis Company (MNAO) reported QQ3 2025 revenue of USD 4,332, with gross profit matching revenue, yielding a gross margin of 100%. Despite the top-line strength implied by the 1:1 gross profit to revenue relationship, the company posted an operating loss of USD 1,248 and a net loss of USD 1,248, producing an EPS of -0.0001. The results reflect a micro-cap operation with a fixed cost base that overwhelms a modest revenue scale, resulting in negative fully-loaded margins (EBITDA -USD 1,248; EBITDAR -0.29). YoY comparisons in operating income show a reported improvement of 95.80%, while net income and EPS deteriorated by -100.69% and -101.14%, respectively, highlighting a volatile profitability profile driven by scale and cost structure rather than revenue growth. Liquidity metrics underscore material balance-sheet fragility. The reported current ratio and quick ratio stand at approximately 0.0051, and cash ratio at 0.0003, signaling a precarious short-term liquidity position. Cash at end of period is USD 1,043 with a net cash increase of USD 1,013 in the quarter, suggesting that cash variability is dominated by non-operating sources rather than cash generated from operations (operating cash flow is not disclosed). The balance sheet is heavily weighted toward intangible assets (USD 3,000,000) against total assets of USD 3,016,699, and retained earnings sit at negative USD 924,146 with stockholders’ equity of USD 28,501. Net debt shows a small negative figure (-USD 1,000), implying a marginal net cash position on a reported basis but with an extremely tight liquidity cushion. Taken together, the QQ3 2025 results reveal a fragile profitability and liquidity profile in a micro-cap cannabis-tech context. Absent management guidance or an earnings call transcript, the outlook hinges on three levers: (1) monetization of intangible assets and potential IP licensing, (2) disciplined cost control and potential operating leverage as the business scales, and (3) access to external capital to fund ongoing burn until a path to break-even emerges. Investors should approach with a high degree of scrutiny and focus on cash runway, milestones for any IP monetization, and the company’s ability to translate a thin revenue base into durable profitability.