Interim / Quarterly Report • Oct 1, 2025
Interim / Quarterly Report
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30 September 2025
Pineapple Power Corporation Plc, a special purpose acquisition company, is pleased to present its interim unaudited results for the six-month period ended 30 June 2025.
I am to present the Company's interim unaudited financial statements to shareholders for the six months ended 30 June 2025.
The period under review was extremely busy as the Company's Directors and advisors continued with discussions and negotiations to advance the proposed reverse takeover transaction with the principals of Buffalo Battery Metals. This predominantly involved the format of the proposed corporate structure and presentations to several investment banking firms in the City of London and elsewhere interested to consider the funding of the combined entities operations and the raising of additional development capital to address the costs of the RTO. Unfortunately, as detailed above, the discussions were terminated by mutual agreement on September 4, 2025.
However, since the announcement of the termination and the statement of the company's intention to relist Pineapple's shares on the Main Market of the London Stock Exchange, the Company has received a number of enquiries from substantive private companies, interested to secure a listing on the LSE through a Reverse Takeover transaction. The directors are considering these and will keep the market updated as to any progress with those discussions. The reinstatement of the listing will also allow the Company to refinance the Balance Sheet and the Directors and advisers are in negotiation to achieve a further raise at the earliest opportunity.
We are, as always, grateful for the support of our numerous shareholders.
For the six months to 30 June 2025, the Company reports a net loss of £46,492 (2024: £160,167). During the six months to 30 June 2025, the Company continued its strict financial discipline, incurring a net operating cash outflow of £19,690 (2024: £129,675). The Company held cash at 30 June 2025 of £304 (2024: £59,861).
The following directors have held office during the period: ClaudioMorandi Andrew Holland
The UK Corporate Governance Code (July 2018) ("the Code"), as appended to the Listing Rules, sets out the Principles of Good Corporate Governance and Code Provisions which are applicable to listed companies incorporated in the United Kingdom. As a standard listed company, the Company is not subject to the Code, but the Board recognises the value of applying the principles of the Code where appropriate and proportionate and has endeavoured to do so where practicable.
The Directors are responsible for preparing the Unaudited Interim Condensed Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ("DTR") and with International Accounting Standard 34 on Interim Reporting ("IAS 34"). The Directors confirm that, to the best of their knowledge, this condensed interim report has been prepared in accordance with IAS 34 as contained in UK adopted IFRS. The interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
On behalf of the board Claudio Morandi Director
30 September 2025
| Six months | Six months | Year | |||
|---|---|---|---|---|---|
| Notes | ended | ended | ended 31 | ||
| 30 June | 30 June | December | |||
| 2024 | 2024 | 2024 | |||
| Unaudited | Unaudited | Audited | |||
| £ | £ | £ | |||
| Revenue | - | - | - | ||
| Administrative expenses | (46,531) | (161,699) | (358,349) | ||
| Operating loss | (46,531) | (161,699) | (358,349) | ||
| Interest receivable | 39 | 1,532 | 1,760 | ||
| Loss onordinary activities before taxation |
(46,492) | (160,167) | (356,589) | ||
| Income tax expense | 3 | - | - | - | |
| Loss for the period | (46,492) | (160,167) | (356,589) | ||
| Other comprehensive income / (loss) | - | - | - | ||
| Total comprehensive loss for the | |||||
| period attributable toequity holders | (46,492) | (160,167) | (356,589) | ||
| Loss per share (basic and diluted) | |||||
| attributable to equity holders (p) | 4 | (0.0006)p | (0.0019)p | (0.0043)p |
Theincome statement has been prepared on the basis that all operations are continuing operations.
| At 31 | ||||
|---|---|---|---|---|
| At 30June 2025 Unaudited |
At 30 June 2024 Unaudited |
December 2024 Audited |
||
| Notes | £ | £ | £ | |
| Fixed Assets | ||||
| Equipment | 1,080 | 28 | - | |
| Current assets | ||||
| Prepayments and other receivables | 6,600 | 7,567 | 625 | |
| Cash at bank and in hand | 304 | 59,861 | 19,984 | |
| 6,904 | 67,428 | 20,619 | ||
| TOTAL ASSETS | 7,984 | 67,456 | 20,619 | |
| Current liabilities Loan from related party |
43,200 | - | 12,500 | |
| Trade and other payables | 224,229 | 83,986 | 221,071 | |
| TOTAL LIABILITIES | 267,429 | 83,986 | 233,571 | |
| NET ASSETS/(LIABILITIES) | (259,445) | (16,530) | (212,952) | |
| EQUITY | 833,329 | |||
| Share capital | 5 | 833,329 | 833,329 | |
| Share premium | 5 | 1,250,382 | 1,250,382 | 1,250,382 |
| Sharebased payment reserve | - | 46,142 | 46,142 | |
| Retained loss | (2,343,156) | (2,146,383) | (2,342,805) | |
| TOTAL EQUITY | (259,445) | (16,530) | (212,952) |
| Share Capital £ |
Share Based Share Premium Payment Account Reserve £ £ |
Retained Loss |
TOTAL | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Balance at 31 December 2023 | 833,329 | 1,250,382 | 46,142 | (1,986,216) | 143,167 |
| Total comprehensive loss for the year. | - | - | - | (356,589) | (356,589) |
| Balance at 31 December 2024 | 833,329 | 1,250,382 | 46,142 | (2,342,805) | (212,952) |
| Total comprehensive loss for the period | - | - | - | (46,493) | (46,493) |
| Expiration of Options | - | - | (46,142) | 46,142 | - |
| Balance at 30 June 2025 | 833,329 | 1,250,382 | - | (2,343,156) | (259,445) |
| Six months to30 June 2025 £ |
Six months to30 June 2024 £ |
12 months to 31 December 2024 £ |
|
|---|---|---|---|
| Cash flows from operating activities | |||
| Loss for the period | (46,492) | (160,167) | (356,589) |
| Adjustments for: | |||
| Depreciation | 216 | 23 | 51 |
| Operating cashflow before working capital movements | (46,276) | (160,144) | (356,538) |
| Decrease / (increase) in prepayments and other receivables | (5,975) | (1,453) | 5,489 |
| Increase / (decrease) in other payables and accruals | 3,158 | (31,922) | 169,007 |
| Net cash flow from operating activities | (49,093) | (129,675 | (182,042) |
| Investing activities | |||
| Purchase of office and computer equipment | (1,297) | - | - |
| Net cash (outflow) for investing activities | (1,297) | - | - |
| Financing activities | |||
| Loan from related party | |||
| Net cash generated from financing activities | |||
| Net (Decrease) / increase in cash and cash equivalents | |||
| Cash and cash equivalents at beginning of the period | |||
| Cash and cash equivalents at end of the period |
Pineapple Power Corporation Plc (the "Company'') looks to identify potential companies, businesses or asset(s) that will increase shareholder value.
The Company is domiciled in the United Kingdom and incorporated and registered in England and Wales, with registration number 09081452.
The Company's registered office is Studio 16, Cloisters House, 8 Battersea Park Road, London SW8 4BG.
The principal accounting policies applied in preparation of these consolidated financial statements are set out below. These policies have been consistently applied unless otherwise stated.
The interim unaudited financial statements for the period ended 30 June 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting. This interim financial information is not the Company's statutory financial statements and should be read in conjunction with the annual financial statements for the period ended 31 December 2024, which have been prepared in accordance with UK-adopted International accounting standards and have been delivered to the Registrars of Companies. The auditors have reported on those accounts; their report was qualified on the basis that no formal confirmations or guarantees of funding had not been received and the timeline and outcome of the fundraising efforts remained uncertain and the situation indicated that the going concern basis of accounting was inappropriate.
The interim financial information for the six months ended 30 June 2025 is unaudited. In the opinion of the Directors, the interim financial information presents fairly the financial position, and results from operations and cash flows for the period.
The Directors have made an assessment of the Company's ability to continue as a going concern and are aware that the Company requires additional investment to continue in operational existence for the foreseeable future. The Company is currently involved in discussions with a number of London based investment banks and potential RTO candidates to address these funding requirements and based on discussions held to date, the Directors have reason to expect that the necessary additional investment will be available and therefore continue to adopt the going concern basis.
The financial information of the Company is presented in British Pounds Sterling (£).
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 the interim financial information, 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 2024.
No tax is applicable to the Company for the six months ended 30 June 2025. 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.
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.
There are currently no dilutive potential ordinary shares.
| Weighted | Per-share | |||
|---|---|---|---|---|
| Earnings | average number of shares |
amount | ||
| £ | unit | pence | ||
| Loss per share attributed to ordinary shareholders |
(46,492) | 83,332,878 | (0.0006)p |
| Number | ||||
|---|---|---|---|---|
| ofshares | Share | Share | ||
| in issue | capital | premium | Total | |
| £ | £ | £ | ||
| Balanceat 31 December 2024 | 83,332,878 | 833,329 | 1,250,382 | 2,083,711 |
| Movements during the period | - | - | - | - |
| Balance at 30 June 2025 | 83,332,878 | 833,329 | 1,250,382 | 2,083,711 |
The Company has one class of ordinary share which carries no right to fixed income.
6 Share Options On 20 February, 2023 a total of 6,750,000 options were awarded to Directors and Advisors On 19 Februauy 2025, these options expired
Loans totalling £43,200 from 2 shareholders were outstanding at the period end.
The remuneration of the Directors during the six-month period to 30 June 2025 amounted to £24,000 (30 June 2024: £24,000).
Shares and options held by the Directors of the Company.
| Shares | Options | |
|---|---|---|
| Mr Claudio Morandi Mr Andrew Holland |
2,000,000 | 0 |
| 3,833,333 | 0 | |
| Balance at 30 June 2025 | 5,833,333 | 0 |
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