Income Statement Netcapital Inc.

Stocks

NCPL

US64113L2025

Miscellaneous Fintech Infrastructure

Market Closed - Nasdaq Other stock markets 01:30:00 17/06/2026 am IST			5-day change	1st Jan Change
0.6851 ^USD	-10.21%		-21.67%	+3.85%

09/06	Netcapital Inc. announced that it expects to receive $0.25 million in funding from FirstFire Capital Management LLC	CI
04/06	Netcapital Inc. entered into a non-binding letter of intent to acquire Substantially all of the assets and assumed liabilities of Resmac, Inc. for $8 million.	CI

d3974d9.pqYkBpRNu3OvT1tGk9PKOKI_jlkCW45htKTMCNRzNfw.wZdXS90Ozj2bKm0_w7uBXe10yz86Lfk-8PuLX74CW57o52A-1zvoGp57MA

Published financial data: NETCAPITAL INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: April	2021	2022	2023	2024	2025
Revenues	47.21L	54.81L	84.94L	49.51L	9L
Total Revenues	47.21L	54.81L	84.94L	49.51L	9L
Cost of Goods Sold, Total	8L	1L	85.04T	1L	40.34T
Gross Profit	39.62L	53.71L	84.09L	48.43L	8L
Selling General & Admin Expenses, Total	36.83L	64.02L	61.37L	82.86L	91.5L
Stock-Based Compensation (IS)	7L	-	-	-	-
Amortization of Goodwill and Intangible Assets - (IS)	-	-	96.41T	93.86T	35.48T
Other Operating Expenses	-	-25.01T	-51.64T	-1.2T	-1.2T
Other Operating Expenses, Total	43.63L	63.77L	61.82L	83.78L	91.85L
Operating Income	-4L	-10.06L	22.27L	-35.35L	-83.56L
Interest Expense, Total	-87.33T	-1L	-93.84T	-45.99T	-48.23T
Net Interest Expenses	-87.33T	-1L	-93.84T	-45.99T	-48.23T
EBT, Excl. Unusual Items	-5L	-11.33L	21.33L	-35.81L	-84.04L
Gain (Loss) On Sale Of Investments	25.71L	32.76L	14.51L	-26.96L	18.05T
Asset Writedown	-	-	-	-10.48L	-1.99Cr
Other Unusual Items	-	19.04L	2L	-	-
EBT, Incl. Unusual Items	20.83L	40.48L	38.09L	-73.26L	-2.83Cr
Income Tax Expense	6L	5L	9L	-23.39L	-
Earnings From Continuing Operations	14.7L	35.04L	29.55L	-49.86L	-2.83Cr
Net Income to Company	14.7L	35.04L	29.55L	-49.86L	-2.83Cr
Net Income - (IS)	14.7L	35.04L	29.55L	-49.86L	-2.83Cr
Net Income to Common Incl Extra Items	14.7L	35.04L	29.55L	-49.86L	-2.83Cr
Net Income to Common Excl. Extra Items	14.7L	35.04L	29.55L	-49.86L	-2.83Cr
Per Share Items
Net EPS - Basic	82.3	91.99	44.22	-28.83	-20.39
Basic EPS - Continuing Operations	82.3	91.99	44.22	-28.83	-20.39
Basic Weighted Average Shares Outstanding	17.86T	38.09T	66.82T	2L	13.88L
Net EPS - Diluted	62.3	88.9	44.1	-28.83	-20.39
Diluted EPS - Continuing Operations	62.3	88.9	44.1	-28.83	-20.39
Diluted Weighted Average Shares Outstanding	23.53T	39.26T	66.82T	2L	13.88L
Normalized Basic EPS	-17.11	-18.58	19.95	-12.94	-3.79
Normalized Diluted EPS	-12.98	-18.03	19.95	-12.94	-3.79
Supplemental Items
EBITDA	-	-	23.24L	-34.41L	-83.2L
EBITA	-4L	-10.06L	23.24L	-34.41L	-83.2L
EBIT	-4L	-10.06L	22.27L	-35.35L	-83.56L
EBITDAR	-	-	23.99L	-33.65L	-82.41L
Effective Tax Rate - (Ratio)	29.43	13.44	22.42	31.93	-
Total Current Taxes	6L	-	-	-	-
Total Deferred Taxes	-	5L	9L	-	-
Normalized Net Income	-3L	-7L	13.33L	-22.38L	-52.52L
Interest on Long-Term Debt	87.33T	1L	93.84T	45.99T	41.29T
Supplemental Operating Expense Items
Marketing Expenses	44.93T	95.75T	85.48T	3L	37.7T
Selling and Marketing Expenses	44.93T	95.75T	85.48T	3L	37.7T
General and Administrative Expenses	5L	24.95L	23.3L	40.37L	55.31L
Net Rental Expense, Total	49.2T	47.67T	75.05T	76.12T	79.57T
Imputed Operating Lease Interest Expense	10.76T	10.18T	16.26T	10.76T	12.03T
Imputed Operating Lease Depreciation	38.43T	37.49T	58.79T	65.36T	67.54T
Stock-Based Comp., Other (Total)	7L	11.76L	3L	13.25L	8L
Total Stock-Based Compensation	7L	11.76L	3L	13.25L	8L

Fiscal Period: April	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	24.74L	5L	6L	9L	3L
Total Cash And Short Term Investments	24.74L	5L	6L	9L	3L
Accounts Receivable, Total	13.57L	24.34L	13.88L	1L	78.65T
Other Receivables	-	668	-	1.2T	-
Notes Receivable	-	-	-	20T	-
Total Receivables	13.57L	24.35L	13.88L	2L	78.65T
Prepaid Expenses	7L	5.69T	6L	23.3T	31.54T
Total Current Assets	44.85L	29.14L	25.41L	10.43L	4L
Long-term Investments	64.21L	1.31Cr	2.32Cr	2.56Cr	57.48L
Other Intangibles, Total	1.48Cr	1.55Cr	1.59Cr	1.47Cr	1.47Cr
Loans Receivable Long-Term	-	2L	2L	2L	50T
Deferred Tax Assets Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	6.3T	6.3T	6.3T	6.3T	6.3T
Total Assets	2.57Cr	3.18Cr	4.18Cr	4.16Cr	2.09Cr
Liabilities
Accounts Payable, Total	41.52L	9L	7L	8L	29.41L
Accrued Expenses, Total	4L	5L	4L	4L	4L
Short-term Borrowings	10.57L	17.57L	4L	34.32T	3L
Current Portion of Long-Term Debt	18.86L	18.91L	18.86L	18.86L	18.86L
Current Income Taxes Payable	-	-	2L	-	-
Unearned Revenue Current, Total	622	2.53T	661	466	330
Deferred Tax Liability Current	4L	10L	16.57L	-	-
Other Current Liabilities	12L	33.4T	10T	-	-
Total Current Liabilities	91.52L	60.28L	51.64L	31.17L	54.96L
Long-Term Debt	23.86L	5L	5L	5L	5L
Total Liabilities	1.15Cr	65.23L	56.64L	36.17L	59.96L
Common Stock, Total	2.18T	2.93T	6.44T	22.88T	2.19T
Additional Paid In Capital	1.52Cr	2.25Cr	3.05Cr	3.73Cr	4.25Cr
Retained Earnings	-10L	25.11L	54.66L	5L	-2.78Cr
Comprehensive Income and Other	-	2L	2L	1L	2L
Total Common Equity	1.42Cr	2.52Cr	3.62Cr	3.79Cr	1.49Cr
Total Equity	1.42Cr	2.52Cr	3.62Cr	3.79Cr	1.49Cr
Total Liabilities And Equity	2.57Cr	3.18Cr	4.18Cr	4.16Cr	2.09Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	41.38T	61.04T	1L	6L	47.2L
ECS Total Common Shares Outstanding	31.12T	41.92T	92.01T	3L	21.92L
Book Value / Share	455.54	602.06	392.98	116.07	6.8
Tangible Book Value	-6L	97.01L	2.03Cr	2.32Cr	2L
Tangible Book Value Per Share	-20.09	231.43	220.43	71	0.09
Total Debt	53.29L	41.43L	27.85L	24.2L	26.84L
Net Debt	28.55L	36.69L	22.16L	15.57L	23.94L
Debt Equivalent Oper. Leases	4L	4L	6L	6L	6L
Equity Method Investments, Total	1L	2L	2L	2L	-
Account Code - Inventory Valuation	-	-	3	3	3
Full Time Employees	-	-	-	21	23

Fiscal Period: April	2021	2022	2023	2024	2025
Net Income	14.7L	35.04L	29.55L	-49.86L	-2.83Cr
Amortization of Goodwill and Intangible Assets - (CF)	-	-	96.41T	93.86T	35.48T
Depreciation & Amortization, Total	-	-	96.41T	93.86T	35.48T
(Gain) Loss on Sale of Investments - (CF)	-25.71L	-32.76L	-14.51L	26.96L	-18.05T
Asset Writedown & Restructuring Costs	-	-	-	10.48L	1.99Cr
Stock-Based Compensation (CF)	7L	11.76L	3L	13.25L	8L
Provision and Write-off of Bad Debts	60.32T	76.63T	5.44T	3L	2L
Other Operating Activities, Total	-17.07L	-37.48L	-76.54L	-50.86L	-65.15T
Change In Accounts Receivable	-14.17L	-11.54L	10.41L	-3L	52.07T
Change In Accounts Payable	2L	3L	88.2T	2L	21.07L
Change in Unearned Revenues	-34	1.91T	-1.87T	-195	-136
Change In Income Taxes	-	-	2L	-2L	-
Change in Other Net Operating Assets	61.65T	1L	-1L	-10.65T	-1.12T
Cash from Operations	-32.51L	-30.07L	-46.17L	-48.8L	-53.39L
Cash Acquisitions	4L	-	-	-	-
Investment in Marketable and Equity Securities, Total	-1L	-1L	2L	-	-
Other Investing Activities, Total	-	-2L	-	-20T	-
Cash from Investing	2L	-3L	2L	-20T	-
Short Term Debt Issued, Total	-	-	-	-	3L
Long-Term Debt Issued, Total	42.72L	7L	-	-	-
Total Debt Issued	42.72L	7L	-	-	3L
Long-Term Debt Repaid, Total	-	-	-10.5L	-4L	-
Total Debt Repaid	-	-	-10.5L	-4L	-
Issuance of Common Stock	12L	6L	55.71L	55.44L	45.09L
Other Financing Activities, Total	-	-	-7.86T	-	-
Cash from Financing	54.72L	13.26L	45.13L	51.94L	47.65L
Net Change in Cash	24.63L	-20L	95.52T	3L	-6L
Supplemental Items
Cash Interest Paid	2.07T	2.06T	2L	50.26T	32.85T
Cash Income Tax Paid (Refund)	4.99T	-	-	-	-
Levered Free Cash Flow	45.61L	-37.9L	26.67L	-7L	-22.75L
Unlevered Free Cash Flow	46.16L	-37.11L	27.26L	-7L	-22.44L
Change In Net Working Capital	-41.86L	42.58L	-10L	-1L	-21.85L
Net Debt Issued / Repaid	42.72L	7L	-10.5L	-4L	3L

Fiscal Period: April	2021	2022	2023	2024	2025
Profitability
Return on Assets	-1.8	-2.19	3.78	-5.3	-16.72
Return on Total Capital	-2.36	-2.57	4.07	-5.57	-18.02
Return On Equity %	19.78	17.78	9.63	-13.46	-107.11
Return on Common Equity	19.78	17.78	9.63	-13.46	-107.11
Margin Analysis
Gross Profit Margin %	83.92	97.99	99	97.82	95.36
SG&A Margin	78.01	116.8	72.25	167.34	1.05T
EBITDA Margin %	-	-	27.35	-69.5	-956.93
EBITA Margin %	-8.5	-18.36	27.35	-69.5	-956.93
EBIT Margin %	-8.5	-18.36	26.22	-71.39	-961.01
Income From Continuing Operations Margin %	31.13	63.92	34.79	-100.7	-3.26T
Net Income Margin %	31.13	63.92	34.79	-100.7	-3.26T
Net Avail. For Common Margin %	31.13	63.92	34.79	-100.7	-3.26T
Normalized Net Income Margin	-6.47	-12.91	15.7	-45.2	-604.1
Levered Free Cash Flow Margin	96.62	-69.15	31.4	-14.32	-261.61
Unlevered Free Cash Flow Margin	97.77	-67.71	32.09	-13.74	-258.15
Asset Turnover
Asset Turnover	0.34	0.19	0.23	0.12	0.03
Receivables Turnover (Average Receivables)	-	2.89	4.44	6.5	8.14
Short Term Liquidity
Current Ratio	0.49	0.48	0.49	0.33	0.07
Quick Ratio	0.42	0.48	0.38	0.32	0.07
Operating Cash Flow to Current Liabilities	-0.36	-0.5	-0.89	-1.57	-0.97
Days Sales Outstanding (Average Receivables)	-	126.23	82.13	56.3	44.81
Average Days Payable Outstanding	1.07T	8.4T	3.37T	2.45T	16.89T
Long Term Solvency
Total Debt/Equity	37.58	16.42	7.7	6.38	18
Total Debt / Total Capital	27.32	14.1	7.15	6	15.26
LT Debt/Equity	16.83	1.96	1.38	1.32	3.35
Long-Term Debt / Total Capital	12.23	1.68	1.28	1.24	2.84
Total Liabilities / Total Assets	44.86	20.54	13.54	8.7	28.69
EBIT / Interest Expense	-4.6	-7.96	23.73	-76.87	-173.26
EBITDA / Interest Expense	-	-	24.76	-74.82	-172.52
(EBITDA - Capex) / Interest Expense	-	-	24.76	-74.82	-172.52
Total Debt / EBITDA	-	-	1.2	-0.7	-0.32
Net Debt / EBITDA	-	-	0.95	-0.45	-0.29
Total Debt / (EBITDA - Capex)	-	-	1.2	-0.7	-0.32
Net Debt / (EBITDA - Capex)	-	-	0.95	-0.45	-0.29
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	169.22	16.09	54.98	-41.71	-82.44
Gross Profit, 1 Yr. Growth %	127.37	35.56	56.57	-42.4	-82.88
EBITDA, 1 Yr. Growth %	-	-	-	-248.1	141.78
EBITA, 1 Yr. Growth %	-135	150.59	-330.93	-248.1	141.78
EBIT, 1 Yr. Growth %	-135	150.59	-321.35	-258.73	136.36
Earnings From Cont. Operations, 1 Yr. Growth %	142.98	138.39	-15.66	-268.74	467.58
Net Income, 1 Yr. Growth %	142.98	138.39	-15.66	-268.74	467.58
Normalized Net Income, 1 Yr. Growth %	-143.32	131.68	-288.37	-267.87	134.68
Diluted EPS Before Extra, 1 Yr. Growth %	-	42.7	-50.39	-165.38	-29.27
Accounts Receivable, 1 Yr. Growth %	-	79.37	-42.95	-90.29	-41.68
Total Assets, 1 Yr. Growth %	1.06T	23.51	31.67	-0.63	-49.7
Tangible Book Value, 1 Yr. Growth %	-216.75	-1.65T	109.06	14.43	-99.1
Common Equity, 1 Yr. Growth %	1.99T	78	43.26	4.93	-60.71
Cash From Operations, 1 Yr. Growth %	90.1T	-7.51	53.57	5.69	9.41
Levered Free Cash Flow, 1 Yr. Growth %	-	-183.09	-170.36	-126.59	220.76
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-180.4	-173.44	-124.96	229.88
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	76.79	34.13	-4.95	-68.01
Gross Profit, 2 Yr. CAGR %	-	75.56	45.69	-5.04	-68.6
EBITDA, 2 Yr. CAGR %	-	-	-	-	89.23
EBITA, 2 Yr. CAGR %	-	-6.35	140.56	84.94	89.23
EBIT, 2 Yr. CAGR %	-	-6.35	135.52	87.44	93.69
Earnings From Cont. Operations, 2 Yr. CAGR %	-	140.67	41.8	19.3	209.48
Net Income, 2 Yr. CAGR %	-	140.67	41.8	19.3	209.48
Normalized Net Income, 2 Yr. CAGR %	-	0.18	108.9	77.82	98.48
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	-15.87	-43.05	-31.99
Accounts Receivable, 2 Yr. CAGR %	-	-	1.16	-76.46	-76.2
Total Assets, 2 Yr. CAGR %	-	278.8	27.52	14.39	-29.3
Tangible Book Value, 2 Yr. CAGR %	-	325.55	469.46	54.67	-89.87
Common Equity, 2 Yr. CAGR %	-	509.6	59.69	22.61	-35.79
Cash From Operations, 2 Yr. CAGR %	-	2.79T	19.18	27.4	7.53
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-23.54	-56.75	-7.65
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-23.16	-57.18	-9.25
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	69.2	1.6	-45.87
Gross Profit, 3 Yr. CAGR %	-	-	68.99	6.93	-46.36
EBITA, 3 Yr. CAGR %	-	-	26.52	104.65	102.22
EBIT, 3 Yr. CAGR %	-	-	24.75	106.49	102.51
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	69.68	50.26	100.65
Net Income, 3 Yr. CAGR %	-	-	69.68	50.26	100.65
Normalized Net Income, 3 Yr. CAGR %	-	-	23.65	94.22	95.05
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	-22.65	-38.78
Accounts Receivable, 3 Yr. CAGR %	-	-	-	-53.68	-68.15
Total Assets, 3 Yr. CAGR %	-	-	166.34	17.35	-13.02
Tangible Book Value, 3 Yr. CAGR %	-	-	235.78	233.55	-72.21
Common Equity, 3 Yr. CAGR %	-	-	276.19	38.83	-16.1
Cash From Operations, 3 Yr. CAGR %	-	-	986.09	14.5	21.1
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-46.23	-15.65
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-47.18	-15.43
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	-	-13.09
Gross Profit, 5 Yr. CAGR %	-	-	-	-	-13.8
EBITA, 5 Yr. CAGR %	-	-	-	-	48.63
EBIT, 5 Yr. CAGR %	-	-	-	-	48.75
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-	115.79
Net Income, 5 Yr. CAGR %	-	-	-	-	115.79
Normalized Net Income, 5 Yr. CAGR %	-	-	-	-	49.42
Total Assets, 5 Yr. CAGR %	-	-	-	-	56.68
Tangible Book Value, 5 Yr. CAGR %	-	-	-	-	-17.22
Common Equity, 5 Yr. CAGR %	-	-	-	-	85.47
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	330.66