Pineapple Financial

The company holds about 49 million dollars of Injective tokens and earned roughly 620 thousand dollars in staking rewards in nine months, which is like interest paid for holding the coins. It also had about 10.5 million dollars in cash and restricted cash at the end of May 2026, up from about 2 million dollars the year before.

The nine month net loss narrowed to 1.3 million dollars from 1.8 million dollars a year earlier, helped by a 2.8 million dollar gain in the value of its tokens. Total assets jumped from 5.4 million dollars to 75.9 million dollars, so the balance sheet is far bigger than the old mortgage business ever was.

Its own filing says there is real doubt it can keep operating for the next year. The core mortgage business is tiny, with about 2.05 million dollars of revenue over nine months, down from 2.26 million dollars, and net margins are deeply negative.

The company owes about 19.4 million dollars to a crypto lender at 8.25 percent interest, due in January 2027, and the loan was upsized to 24 million dollars in June. The tokens are pledged as collateral, so if Injective drops hard the company could be forced to put up more or lose them. The stock has already slid from above 5 dollars to about 1 dollar in a year.