Netcapital Inc. NCPL
Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online from accredited
and non-accredited investors. We give virtually all investors the opportunity to access investments in private companies. Our model
is disruptive to traditional private equity investing and is based on Title III, Regulation Crowdfunding ("Reg CF") of
the Jumpstart Our Business Startups Act ("JOBS Act"). We generate fees from listing private companies on our funding
Valuation FY2024 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $869.5K | $5.0M | $8.5M | $5.5M | $4.7M | $1.8M | $1.0M | $111.2K | $21.5K | $44.9K |
| Cost of revenue | $40.3K | $108.1K | $85.0K | $110.1K | $759.2K | $11.1K | $25.2K | $23.9K | — | $115.9K |
| Gross profit | $829.1K | $4.8M | $8.4M | $5.4M | $4.0M | $1.7M | $988.4K | $87.3K | $21.5K | -$71.0K |
| SG&A | $5.2M | $3.4M | $1.7M | $1.6M | $465.0K | $72.7K | $54.2K | $66.8K | $25.2K | $255.2K |
| Total operating expenses | $9.2M | $8.3M | $6.1M | $6.4M | $4.4M | $595.2K | $364.0K | $279.3K | $570.6K | $752.1K |
| Operating income | -$8.3M | -$3.4M | $2.3M | -$1.0M | -$401.5K | $1.1M | $624.4K | -$192.1K | -$549.0K | -$707.2K |
| Interest expense | $41.3K | $46.0K | $93.8K | $126.4K | $87.3K | $18.9K | $19.4K | $69.5K | $115.3K | $113.6K |
| Pre-tax income | -$28.3M | -$7.3M | $3.8M | $4.0M | $2.1M | $733.9K | $586.6K | — | — | — |
| Income tax | — | $2.3M | $854.0K | $544.0K | $613.0K | $129.0K | $3.7K | — | — | — |
| Net income | -$28.3M | -$5.0M | $3.0M | $3.5M | $1.5M | $604.9K | $582.9K | $131.1K | -$828.1K | -$835.9K |
| EPS, basic | -20.39 | -28.83 | 0.63 | 1.31 | 1.18 | 1.50 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS, diluted | -20.39 | -28.83 | 0.63 | 1.27 | 0.89 | 1.50 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares, diluted (wtd. avg.) | $1.4M | $172.9K | $4.7M | $2.7M | $1.6M | $402.3K | $741.7M | $637.7M | $512.2M | $506.0M |
Balance sheet
| Fiscal year | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $289.4K | $863.2K | $569.4K | $473.9K | $2.5M | $11.2K | $19.1K | $1.7K | $17.5K | $843 |
| Receivables | $78.6K | $134.8K | $1.4M | $2.4M | $1.4M | — | $6.0K | $6.8K | — | — |
| Total current assets | $399.6K | $1.0M | $2.5M | $2.9M | $4.5M | $476.8K | $65.8K | $43.4K | $19.7K | $155.9K |
| Property, plant and equipment | — | — | — | — | — | — | — | — | — | $539.8K |
| Other intangibles | $14.7M | $14.7M | $15.9M | $15.5M | $14.8M | — | — | — | — | — |
| Total assets | $20.9M | $41.6M | $41.8M | $31.8M | $25.7M | $2.2M | $719.4K | $98.4K | $19.7K | $701.7K |
| Accounts payable | $2.9M | $793.3K | — | — | — | — | — | — | — | — |
| Short-term debt | $2.2M | $1.9M | $2.3M | $3.6M | $2.9M | $1.1M | $1.1M | $1.1M | $533.1K | $1.8M |
| Total current liabilities | $5.5M | $3.1M | $5.2M | $6.0M | $9.2M | $1.5M | $584.7K | $582.4K | $2.6M | $764.9K |
| Long-term debt | $500.0K | $500.0K | $500.0K | $495.1K | $2.4M | — | — | — | — | — |
| Total liabilities | $6.0M | $3.6M | $5.7M | $6.6M | $11.5M | $1.5M | $1.6M | $1.6M | $2.6M | $2.5M |
| Retained earnings | -$27.8M | $479.6K | $5.5M | $2.5M | -$992.6K | -$2.5M | -$3.1M | -$3.7M | -$3.8M | -$3.0M |
| Total equity | $14.9M | $37.9M | $36.2M | $25.2M | $14.2M | $679.2K | -$865.3K | -$1.5M | -$2.6M | -$1.8M |
Cash flow
| Fiscal year | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$5.3M | -$4.9M | -$4.6M | -$3.0M | -$3.3M | -$3.6K | $30.6K | -$50.2K | -$14.2K | -$21.7K |
| Depreciation and amortisation | — | — | — | — | — | — | — | — | $381.1K | $381.1K |
| Stock-based compensation | $757.5K | $1.3M | $269.6K | $1.2M | $680.6K | $356.3K | $65.2K | $130.2K | $164.3K | $198.9K |
| Investing cash flow | — | -$20.0K | $200.0K | -$319.2K | $242.0K | — | — | — | — | — |
| Financing cash flow | $4.8M | $5.2M | $4.5M | $1.3M | $5.5M | -$4.3K | -$13.1K | $48.5K | $16.7K | $17.3K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001641172-25-023248.
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