• Pro forma total revenue of $63 million in 2021, $71 million for the 12 months ended September 30, 2022
• Pro forma gross profit margin over 30%
• Pro forma cash and cash equivalents of $5 million as of September 30, 2022
  

MINNETONKA, Minn., Jan. 24, 2023 (GLOBE NEWSWIRE) — Pineapple Energy Inc. PEGYa leading provider of sustainable solar energy and backup power for homes and small businesses, filed a Form 8-K/A on January 23, 2023, containing unaudited pro forma financial information illustrating the financial impact of the acquisition of SUNation on January 9, 2023. Closed November 2022.

Pro Forma Financial Highlights

The unaudited pro forma financial information is not necessarily indicative of the combined company’s results of operations if the acquisition had occurred at the beginning of each period, nor is it necessarily indicative of the combined company’s future results of operations. The unaudited pro forma financial information is based on various assumptions and estimates and should be read in conjunction with the complete pro forma financial information and accompanying notes as set forth on Form 8-K/A filed by the Company on January 23, 2008. was submitted in January. 2023

Kyle Udseth, CEO of Pineapple, commented, “The acquisition of SUNation has been transformative for Pineapple, has demonstrated our ability to execute our growth strategy through acquisition and has provided a solid financial and operational foundation to drive continued growth. We believe this critical mass will assist us as we seek other attractive regional installers, focusing on expanding our geographic footprint and enabling meaningful synergies as our family of companies grows.”

Eric Ingvaldson, CFO of Pineapple, commented, “With pro forma revenue for the trailing twelve months…