Pineapple Express (MNAO) Q4 2025 Earnings Report

Pineapple Express Cannabis Company (MNAO) delivered QQ4 2025 results that show a modest top-line expansion but a material deterioration in profitability and cash flow quality. Revenue was reported at 11,836 USD, while gross profit totaled -4,332 USD, resulting in a gross margin of -36.6%. The company posted an operating loss of -772,798 USD and a net loss of -784,979 USD, translating to an EPS of -0.0386. EBITDA likewise reflected a deep negative of -772,798 USD with an EBITDA margin of -65.29%. QoQ metrics indicate a substantial revenue increase from the prior quarter (Q3 2025 revenue of 4,332 USD, up to 11,836 USD in Q4 2025, a reported +173.22% QoQ), but this improvement did not translate into margin expansion; gross profit swung from a positive 4,332 USD in Q3 to a negative -4,332 USD in Q4, underscoring cost structure and cost of revenue dynamics that remain unresolved. Operating cash flow was negative at -28,894 USD, with financing activity providing a modest offset of +29,279 USD; cash beginning of period was 1,043 USD, and common stock issued amounted to 45,000 shares, signaling continued reliance on external financing to fund operating losses. The balance sheet shows minimal current liabilities (2,079 USD) and a near-zero equity position when combining retained earnings (-673,646 USD), common stock (19,835 USD), and other stockholders’ equity (653,811 USD). Net debt data is not provided, but the lack of debt is notable in an otherwise cash-flow-constrained, loss-making profile. The quarterly data imply a high-uncertainty, early-stage technology services business with limited visible path to profitability based on the provided figures. Given the absence of earnings-call color in the dataset, management commentary cannot be quoted directly. Investors should treat the current period as a liquidity runway scenario rather than a signal of near-term profitability.