The following is a summary of the Pineapple Energy Inc. (PEGY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Pineapple Energy reported Q1 revenue of $13.2 million, a decline of 40% from Q1 2023.

• Despite a decrease in gross profit by 40% to $4.8 million, the gross margin remained consistent at 36%.

• Total operating expenses decreased by 31% to $7 million due to reduced amortization and sales and marketing expenses.

• In Q1 2024, the net loss from continuing operations attributable to common shareholders was $10.1 million, or $0.26 per diluted share.

• At the end of Q1 2024, cash, cash equivalents, and restricted cash stood at $3.3 million.

Business Progress:

• The company expects a return to profitability in Q2, following a challenging Q1.

• Residential operations in Long Island are predicted to grow steadily due to increased demand for solar.

• Commercial projects which were postponed in Q1 are expected to commence later in the year.

• The company continues its commitment to aggregate leading local and regional rooftop solar businesses.

• Fundraising initiatives are in action to secure adequate funding for 2024.

• Despite a Q1 2024 negative EBITDA, Pineapple Energy remains committed to improving performance in Q2 based on the positive EBITDA reported in each quarter of 2023.

• The company believes in the future of the distributed grid and expects growth in battery attachment rates in the long term, despite a current decline due to market conditions and local incentives.

• Pineapple Energy has a particular focus on the Hawaii sector, where more opportunities for retrofitting and repowering existing systems are expected.

• The company aims to help more homeowners transition to solar while prudently managing costs and looking for acquisition-led growth.

More details: Pineapple Energy IR

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