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
Last close
1.33
2026-10-23
Market cap
$10.4M
2026-01-31 share count
52-week range
0.21 - 2.66
Valuation FY2024 figures against the last close
P/S12.0x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-20.39
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 | 172,937 | 4.7M | 2.7M | 1.6M | 402,284 | 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.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.9K | $21.5K | $111.2K | $1.0M | $1.8M | $4.7M | $5.5M | $8.5M | $5.0M | $869.5K |
| Gross profit | -$71.0K | $21.5K | $87.3K | $988.4K | $1.7M | $4.0M | $5.4M | $8.4M | $4.8M | $829.1K |
| Net income | -$835.9K | -$828.1K | $131.1K | $582.9K | $604.9K | $1.5M | $3.5M | $3.0M | -$5.0M | -$28.3M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Officer or director change Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Accounts can no longer be relied on The company is telling investors that figures it has already published are wrong. Rare, and about as direct as a filing gets. Item 4.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Delisting notice Item 3.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
- Unregistered share sale Item 3.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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