NEWS
Pineapple Energy Highlights Market Factors That Shaped Financial Performance in Recent Months
Pineapple Energy Inc. (Nasdaq: PEGY) released an update on its Q2 2024 financial performance, highlighting market factors that impacted results. Despite industry headwinds, the company's New York subsidiary, SUNation, showed positive year-over-year growth in several key metrics. Quarterly revenues reached $13,549,420, with operating expenses down 37% from Q2 2023. However, gross profit decreased by 37%, and operating losses increased by 41% compared to the same period last year.
The company experienced delays in commercial projects and a decline in battery attachment rates in Hawaii. Pineapple Energy is focusing on restructuring efforts to reduce overhead and operating expenses. The company remains optimistic about future growth, citing a 46% increase in commercial contract sales and potential opportunities in the solar industry.
The company experienced delays in commercial projects and a decline in battery attachment rates in Hawaii. Pineapple Energy is focusing on restructuring efforts to reduce overhead and operating expenses. The company remains optimistic about future growth, citing a 46% increase in commercial contract sales and potential opportunities in the solar industry.
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