Netcapital Funding Portal Revenues Increase Substantially

Netcapital Inc. (Nasdaq: NCPL), a digital private capital markets ecosystem, announced financial results for the first quarter of fiscal year 2024 ended July 31, 2023.

Martin Kay, CEO of Netcapital Inc., said:

“We are delighted to announce a very strong quarter for our funding portal, delivering a more than doubling of revenue. In addition, we maintained our strategic focus on the build-out of the software required to enable issuers and investors on the Netcapital platform the ability to access a registered alternative trading system (ATS) in order to engage in secondary trading of securities. We commenced internal testing of the secondary trading platform features this week, and we are excited about the potential for this liquidity model to support the continued growth of both our investor and issuer communities.”

First Quarter Fiscal 2024 Financial Highlights

  • Revenue growth of 13% year-over-year (YoY) to $1.5 million, when compared to revenue of $1.3 million in the first quarter of fiscal year 2023.
  • Year-over-year (YoY) increase of around 110% in revenue from our funding portal services, which have reportedly increased by $197,356 to $375,856 in the three months that had ended July 31, 2023, compared to $178,500 in the three months ended July 31, 2022.
  • Net loss of approximately $492,000 in the three months that had ended July 31, 2023, compared to net income of approximately $65,000 in the three months ended July 31, 2022.
  • Diluted loss per share of $0.07 in the three months that had ended July 31, 2023, compared to diluted earnings per share of $0.02 in the three months ended July 31, 2022.
  • First quarter net loss was driven primarily by higher marketing spend and increased
    payroll expenses that had reportedly included $483,351 in stock-based compensation in the three months ended July 31, 2023, as compared to $32,953 in the three months ended July 31, 2002.

As covered, Netcapital Inc. is a fintech company “with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors.”

The company’s consulting group, Netcapital Advisors, “provides marketing and
strategic advice and takes equity positions in select companies.”

The company’s funding portal, Netcapital Funding Portal, Inc. is registered “with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association.”


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