Netcapital Inc

netcapitalinc.com

What Do They Do?

Connects private companies seeking capital with accredited and non-accredited investors through an online funding portal and broker-dealer.

How Do They Make Money?

Private companies pay a listing fee when they sign a portal contract and a fee on capital raised at closing; Reg A issuers pay listing and success fees tied to capital raised.

FY2025 revenue

Who Are Their Customers?

Private companies use the online portal to list offerings, while accredited and non-accredited investors use it to invest; Reg A issuers work through the broker-dealer subsidiary.

Customers above 10% of revenue, FY2025

of revenue from two customers (20%, 11%)

FY2024: 69% from three customers

Do Revenues Turn Into Profits?

No. It lost $28.3M in FY2025.

Operating income, FY2025

−957% of revenue

▲ +142% (Loss) vs FY2024 (−$3.4M, −70%)

Net income, FY2025

−3255% of revenue

▲ +468% (Loss) vs FY2024 (−$5M, −101%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jan 31, 2026

Revenue: ▼ −38%; vs $152.7K in Q3 FY2025
Net income: ▼ −40% (Loss); vs −$3M in Q3 FY2025

Aug 28, 2026 Nasdaq flags late annual report filing as a listing-rule violation The notice had no immediate effect on trading; Netcapital said it planned to submit a compliance plan and file the report promptly.
Aug 18, 2026 Auditor resigns and investors are told not to rely on prior statements Affected reports include fiscal 2022 through fiscal 2025; the company is still assessing possible corrections.
Aug 10, 2026 Nasdaq gives Netcapital more time to meet the minimum bid-price rule The additional period runs until February 1, 2027; the company said it may use a reverse split if necessary.

Shrinking. Revenue fell 82% in 4 years, from $4.7M in FY2021 to $869.5K in FY2025, about 34% a year.

Broker-dealer offering The older report describes the portal and advisory services; the latest adds a broker-dealer subsidiary that handles Regulation A offerings.

Consulting work recedes The older report says Advisors earned cash and equity and took stakes in start-ups; the latest says it no longer seeks consulting engagements and describes equity stakes as past activity.

Who Do They Compete With?

Competes with StartEngine Crowdfunding, Wefunder, and Republic Core

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