Netcapital Inc. (Nasdaq: NCPL, NCPLW), a private capital markets ecosystem that operates a crowdfunding portal, announced select financial results for the second quarter of fiscal year 2024 ending October 31, 2023.
Martin Kay, CEO of Netcapital Inc., said:
“It was a strong quarter for our funding portal business, which experienced revenue growth of 151%,” This was driven by a significant increase in investment dollars closed on the Netcapital funding portal platform during the quarter, helped by the success of several large issuers, including Avadain, a graphene technology company, and EarthGrid PBC, a plasma boring technology company.”
Second Quarter Fiscal 2024 Financial Highlights:
- Revenues grew by approximately 15% year-over year to $2.0 million, compared to revenue of $1.8 million in the second quarter of fiscal year 2023.
- Funding portal revenues increased approximately 151% year-over-year to $462,706, compared to $184,095 in the second quarter of fiscal 2023.
- Diluted earnings per share of $0.04 in the three months ended October 31, 2023, were flat compared to diluted earnings per share of $0.04 for the same period in the prior year.
For additional disclosure regarding Netcapital’s operating results, you may review the Quarterly Report on Form 10-Q for the period ended October 31, 2023, which has been filed with the Securities and Exchange Commission.
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., offers securities issued under Reg CF.
As reported earlier, Netcapital Inc. had announced the successful completion of a capital offering by EarthGrid Public Benefit Corporation, a plasma boring technology and infrastructure development company.
EarthGrid raised approximately $3.3 million on Netcapital’s funding portal “as part of a $30 million seed funding round, to support the production of tunnel boring robots, to be used to create a network of underground transmission lines across the country.”
Martin Kay, Netcapital Inc. CEO, said:
“Like many of the entrepreneurial companies that we support, we believe EarthGrid PBC is a true innovator, whose technology has been designed to fundamentally change the way tunnels and trenches are built and facilitate the transition to clean power. We congratulate their team on all of their accomplishments to date and prospects for an exciting future ahead.”