Pineapple Power Corp - Unaudited Interim Results

Pineapple Power

Yesterday 07:30

RNS Number : 7552Z
  
Pineapple Power Corporation PLC
  
21 October 2026
  
 



21 October 2026


Pineapple Power Corporation plc


 


Unaudited interim results for the six months ended 30 June 2026


 


Pineapple Power Corporation plc (the “Company” or “Pineapple”), a special purpose acquisition company, presents its unaudited interim results for the six months ended 30 June 2026.


Period Highlights:


•      Andrew Holland, Non-Executive Director, passed away on 17 January 2026.


•      Adam Park was appointed to the Board as a Non-Executive Director on 11 February 2026, with an initial focus on strengthening the Company’s financial and operational position and bringing its statutory and corporate obligations up to date.


•      The Board strengthened the Company’s financial controls during the period, introducing dual authorisation for payments, revising the Company’s banking mandate and transferring bookkeeping and company secretarial responsibilities to Orana Corporate LLP.


•      Nicholas Nelson was appointed to the Board as a Non-Executive Director on 24 June 2026.


•      On 29 June 2026, the Company announced that it had raised £309,000 through the issue of convertible loan notes to a group of investors. A further £9,000 of convertible loan notes were issued bringing the total in issue at 30 June 2026 to £318,000.


Chairman’s Statement


I am pleased to present the unaudited interim results of Pineapple Power Corporation plc for the six months ended 30 June 2026.


The first half of 2026 was a period of significant change for the Company. Following the death of our fellow Director Andrew Holland in January 2026, the Board was rebuilt with the appointments of Adam Park in February and Nicholas Nelson in June. The Board’s immediate focus has been to strengthen the Company’s financial and operational position and to bring its statutory and corporate obligations up to date. This has included reconstructing the Company’s accounting records, introducing dual authorisation for payments, revising the banking mandate and transferring bookkeeping and company secretarial responsibilities to Orana Corporate LLP.


In June 2026 the Company issued £318,000 of convertible loan notes to a group of investors led by William Potts, comprising £300,000 subscribed in cash and £18,000 issued in settlement of two bridging loans. Since the period end, £244,000 of these notes have converted into 97,600,000 new ordinary shares, leaving £74,000 outstanding. The funds raised are being applied to settle historical creditors and to maintain the Company’s operations as it works towards a transaction.


During the period the Company became involved in a dispute with two former consultants regarding unpaid fees, expenses and loans. Statutory demands served in July 2026 were withdrawn in September 2026; the underlying claims remain in dispute and discussions are continuing.


Trading in the Company’s shares on the Main Market of the London Stock Exchange has been suspended since April 2023. With the audited annual report for the year ended 31 December 2025 now published, our immediate priority is to complete the remaining steps required for the suspension to be lifted. Thereafter, the Board intends to continue to pursue acquisition opportunities consistent with the Company’s strategy of acquiring a controlling interest in a company or business by way of a reverse takeover, and expects to raise further equity funding to support this.


On behalf of the Board, I thank our shareholders for their continued patience and support.


Key Financial Indicators


•      Loss before taxation for the period of £83,800 (six months ended 30 June 2025: £46,492)


•      Cash and cash equivalents at period end: £300,014 (30 June 2025: £304)


•      Net liabilities at the period end of £511,465 (30 June 2025: £259,445)


•      Gross assets at the period end of £306,475 (30 June 2025: £7,984)


 



Pineapple Power Corporation 


Adam Park/Nicholas Nelson 


Flagstaff Communications Flagstaff Communications


Tim Thompson/Alison Allfrey/Anna Probert


 




pineapple@flagstaffcomms.com


 


 


Tel: 0207 129 1474




Corporate Broker- AlbR Capital. Guy Millar  




gm@albrcapital.com







PINEAPPLE POWER CORPORATION PLC


CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2026


 


 




 




Note




Unaudited 


Six months ended 30 June 2026 


£




Unaudited 


Six months ended 30 June 2025 


£





Revenue




 




-




-




Administrative expenses




 




(83,800)




(46,531)




Operating loss




 




(83,800)




(46,531)




Finance income




 




-




39




Loss before taxation




 




(83,800)




(46,492)




Taxation




3




-




-




Loss for the period




 




(83,800)




(46,492)




Other comprehensive income




 




-




-




Total comprehensive loss for the period attributable to equity holders




 




(83,800)




(46,492)




Loss per share – basic and diluted (pence)




4




(0.101)




(0.056)



 


The above results relate entirely to continuing operations. The notes form an integral part of these condensed interim financial statements.






PINEAPPLE POWER CORPORATION PLC


CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026


 




 




 


 


 


Notes




Unaudited


30 June 


2026 


£




Unaudited 


30 June 


2025 


£




Audited 


31 December 2025 


£





Non-current assets




 




 




 




 




Property, plant and equipment




 




-




1,080




-




Total Non-Current assets




 




-




1,080




-




Current assets




 




 




 




 




Trade and other receivables




 




6,461




6,600




6,661




Cash and cash equivalents




 




300,014




304




61




Total Current assets




 




306,475




6,904




6,722




TOTAL ASSETS




 




306,475




7,984




6,722




 




 




 




 




 




Current liabilities




 




 




 




 




Trade and other payables




 




445,008




224,229




380,105




Loans from related parties




7




54,932




43,200




54,282




Convertible loan notes




6




318,000




-




-




Total Current Liabilities




 




817,940




267,429




434,387




TOTAL LIABILITIES




 




817,940




267,429




434,387




NET LIABILITIES




 




(511,465)




(259,445)




(427,665)




 




 




 




 




 




EQUITY




 




 




 




 




Share capital




5




833,329




833,329




833,329




Share premium




5




1,250,382




1,250,382




1,250,382




Retained losses




 




(2,595,176)




(2,343,156)




(2,511,376)




TOTAL EQUITY




 




(511,465)




(259,445)




(427,665)



 






PINEAPPLE POWER CORPORATION PLC


CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2026


 


 




 




Share Capital




Share Premium Account




Share Based Payment Reserve




Retained Losses




TOTAL 


 




 




£




£




£




£




£





Balance at 31 December 2024




833,329




1,250,382




46,142




(2,342,805)




(212,952)




 




 




 




 




 




 




Loss and total comprehensive loss for the period




-




-




-




(46,493)




(46,493)




Transactions with owners in own capacity




 




 




 




 




 




Transfer to retained losses on lapse of options




-




-




(46,142)




46,142




-




Balance at 30 June 2025




833,329




1,250,382




-




(2,343,156)




(259,445)




 




 




 




 




 




 




Loss and total comprehensive loss for the period




-




-




-




(168,220)




(168,220)




 




 




 




 




 




 




Balance at 31 December 2025




833,329




1,250,382




-




(2,511,376)




(427,665)




 




 




 




 




 




 




Loss and total comprehensive loss for the period




-




-




-




(83,800)




(83,800)




 




 




 




 




 




 




Balance at 30 June 2026




833,329




1,250,382




-




(2,595,176)




(511,465)







 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


PINEAPPLE POWER CORPORATION PLC


CONDENSED INTERIM STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2026


 


 




 




Unaudited 


Six months to 30 June 2026 




Unaudited 


Six months to 30 June 2025 




Audited 


Year ended 31 December 2025 




 




£




£




£





Cash flows from operating activities




 




 




 




Loss before taxation




(83,800)




(46,492)




(214,713)




Adjustments for:




 




 




 




Depreciation




-




216




-




Operating cash flow before working capital movements




(83,800)




(46,276)




(214,713)




Decrease/ (increase)  in trade and other receivables




200




(5,975)




(6,036)




Increase in trade and other payables




64,903




3,158




159,034




Net cash used in operating activities




(18,697)




(49,093)




(61,715)




 




 




 




 




Cash flows from investing activities




 




 




 




Purchase of property, plant and equipment




-




(1,297)




-




Net cash used in investing activities




-




(1,297)




-




 




 




 




 




Cash flows from financing activities




 




 




 




Proceeds from related party loans




650




30,700




41,782




Proceeds from issue of convertible loan notes




318,000




-




-




Net cash generated from financing activities




318,650




30,700




41,782




 




 




 




 




Net increase / (decrease) in cash and cash equivalents




299,953




(19,690)




(19,933)




Cash and cash equivalents at beginning of period




61




19,994




19,994




Cash and cash equivalents at end of period




300,014




304




61



 


Non-cash transactions: during the period, bridging loans of £18,000 were settled through the issue of convertible loan notes (note 6).






PINEAPPLE POWER CORPORATION PLC


NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS


FOR THE SIX MONTHS ENDED 30 JUNE 2026


1.               General information


Pineapple Power Corporation plc (the “Company”) is a public limited company incorporated and domiciled in England and Wales, with registration number 09081452. The Company’s ordinary shares are admitted to the equity shares (shell companies) category of the Official List and to trading on the Main Market of the London Stock Exchange; trading in the shares has been suspended since 24 April 2023.


The principal activity of the Company is the identification and evaluation of potential companies, businesses or assets for acquisition.


The Company’s registered office is Eccleston Yards, 25 Eccleston Place, London SW1W 9NF.


These condensed interim financial statements were approved for issue by the Board of Directors on 20 October 2026.


2.               Basis of preparation and accounting policies


Basis of preparation


The condensed interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with UK-adopted IAS 34 ‘Interim Financial Reporting’ and the Disclosure Guidance and Transparency Rules sourcebook of the Financial Conduct Authority. They do not include all of the information required for a complete set of annual financial statements and should be read in conjunction with the annual report for the year ended 31 December 2025, which was prepared in accordance with UK-adopted international accounting standards and the requirements of the Companies Act 2006.


These condensed interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2025 have been delivered to Companies House and are available on the company website.


The condensed interim financial statements, including the comparative figures for the six months ended 30 June 2025, are unaudited. The comparative figures for the year ended 31 December 2025 are extracted from the statutory accounts audited for that year.


The financial information is presented in Pounds Sterling (£), which is the Company’s functional and presentational currency, and is rounded to the nearest £1. The Company’s operations are not considered to be seasonal in nature.


Going concern


The condensed interim financial statements have been prepared on the going concern basis. For the six months ended 30 June 2026 the Company incurred a loss of £83,800 and at 30 June 2026 had net liabilities of £511,465 (30 June 2025: £259,445) and cash and cash equivalents of £300,014 (30 June 2025: £304).


In June 2026 the Company raised £318,000 through the issue of convertible loan notes, of which £244,000 converted into 97,600,000 ordinary shares in September and October 2026. The remaining £74,000 is convertible at the discretion of the noteholder. Management prepares cash flow forecasts which are reviewed on a regular basis to ensure that the Company maintains required liquidity levels.


The Directors note that the auditor’s report on the financial statements for the year ended 31 December 2025 included a material uncertainty related to going concern. Having considered these matters, the Directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future and have therefore adopted the going concern basis. 


Accounting policies


The accounting policies applied in these condensed interim financial statements are consistent with those applied in the annual financial statements for the year ended 31 December 2025, except as described below. Amendments to IFRS 9 and IFRS 7 on the classification and measurement of financial instruments and the Annual Improvements to IFRS Accounting Standards – Volume 11 became effective for periods beginning on or after 1 January 2026 and have not had a material impact on these condensed interim financial statements. IFRS 18 ‘Presentation and Disclosure in Financial Statements’ is effective for periods beginning on or after 1 January 2027 and the Company is assessing its impact.


Convertible loan notes


Convertible loan notes are assessed on issue under “IAS 32 Financial Instruments - Presentation” to determine whether they contain separate liability and equity components. A conversion option settled by issuing a fixed number of the Company’s ordinary shares for a fixed amount is classified as equity. The liability component is measured at fair value on initial recognition and subsequently at amortised cost using the effective interest method, with any residual amount recognised in equity.


The notes issued in June 2026 are unsecured and interest-free. They convert into ordinary shares at £0.0025 per share on completion of a reverse takeover, automatically on expiry of their 12-month term, or earlier at the election of the noteholder. The notes become repayable in cash at their principal amount on specified events of default, some of which are outside the Company’s control, so the Company does not have an unconditional right to avoid settlement in cash. Given their short term and the obligation to repay at principal on default, the Directors consider that the fair value of the liability on initial recognition was not materially different from its principal amount. The notes are therefore carried at their principal amount within current liabilities, and no equity component has been recognised. On conversion, the carrying amount of the notes converted is transferred to share capital at nominal value, with the balance to share premium. No gain or loss is recognised.


Critical accounting estimates and judgements


The preparation of interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities and the reported amounts of income and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions, the resulting accounting estimates will, by definition, seldom equal related actual results.


In preparing these condensed interim financial statements, the significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 31 December 2025, being principally the assessment of going concern, together with the classification of the convertible loan notes issued in the period and the measurement of disputed liability claims.


3.               Taxation


No tax is applicable to the Company for the six months ended 30 June 2026. No deferred income tax asset has been recognised in respect of the losses carried forward, due to the uncertainty as to whether the Company will generate sufficient future profits in the foreseeable future to prudently justify this.



 




 


Unaudited 


Six months ended 


30 June 2026 




 


Unaudited 


Six months ended 


30 June 2025 




 




£




£




Loss before taxation




                 (83,800)




               (46,492)




Tax at the UK corporation tax rate of 25%




                 (20,950)




               (11,623)




Tax losses carried forward not recognised




                    20,950 




                 11,623 




Tax charge for the period




-




-



4.              Loss per share


Basic loss per ordinary share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.



 




Unaudited 
Six months ended 


30 June 2026




Unaudited
Six months ended 


30 June 2025 




Loss attributable to ordinary shareholders (£)




                 (83,800)




                 (46,492)




Weighted average number of ordinary shares




           83,332,877 




           83,332,877 




Loss per share – basic and diluted (pence)




                    (0.101)




                    (0.056)



5.             Share capital



 




Number of shares




Share capital




Share premium




Total




Ordinary shares




#




£




£




£




30 June 2025




83,332,877




833,329




1,250,382




2,083,711




Movement during the year




-




-




-




-




31 December 2025




83,332,877




833,329




1,250,382




2,083,711




Movement during the year




-




-




-




-




30 June 2026




83,332,877




833,329




1,250,382




2,083,711



 


The Company has one class of ordinary share of £0.01 each, which carries no right to fixed income. There were no movements in the Company’s issued share capital during the period. Details of shares issued since the period end are set out in note 8.


6.             Convertible loan notes



 




Unaudited
At 30 June 


2026 




Unaudited
At 30 June


 2025 




Audited
At 31 December 2025 




 




£




£




£




Convertible loan notes issued for cash




300,000




-




-




Convertible loan notes issued in settlement of bridging loans




18,000




-




-




Total convertible loan notes




318,000




-




-



 













This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
IR DBLFLQBLLFBL