Cash flow Netcapital Inc.

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NCPL

US64113L2025

Miscellaneous Fintech Infrastructure

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06-08	Netcapital Inc. announced that it expects to receive $0.25 million in funding from FirstFire Capital Management LLC	CI
06-03	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

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Published financial data: NETCAPITAL INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: April	2021	2022	2023	2024	2025
Revenues	4.72M	5.48M	8.49M	4.95M	869K
Total Revenues	4.72M	5.48M	8.49M	4.95M	869K
Cost of Goods Sold, Total	759K	110K	85.04K	108K	40.34K
Gross Profit	3.96M	5.37M	8.41M	4.84M	829K
Selling General & Admin Expenses, Total	3.68M	6.4M	6.14M	8.29M	9.15M
Stock-Based Compensation (IS)	681K	-	-	-	-
Amortization of Goodwill and Intangible Assets - (IS)	-	-	96.41K	93.86K	35.48K
Other Operating Expenses	-	-25.01K	-51.64K	-1.2K	-1.2K
Other Operating Expenses, Total	4.36M	6.38M	6.18M	8.38M	9.18M
Operating Income	-402K	-1.01M	2.23M	-3.54M	-8.36M
Interest Expense, Total	-87.33K	-126K	-93.84K	-45.99K	-48.23K
Net Interest Expenses	-87.33K	-126K	-93.84K	-45.99K	-48.23K
EBT, Excl. Unusual Items	-489K	-1.13M	2.13M	-3.58M	-8.4M
Gain (Loss) On Sale Of Investments	2.57M	3.28M	1.45M	-2.7M	18.05K
Asset Writedown	-	-	-	-1.05M	-19.92M
Other Unusual Items	-	1.9M	224K	-	-
EBT, Incl. Unusual Items	2.08M	4.05M	3.81M	-7.33M	-28.3M
Income Tax Expense	613K	544K	854K	-2.34M	-
Earnings From Continuing Operations	1.47M	3.5M	2.95M	-4.99M	-28.3M
Net Income to Company	1.47M	3.5M	2.95M	-4.99M	-28.3M
Net Income - (IS)	1.47M	3.5M	2.95M	-4.99M	-28.3M
Net Income to Common Incl Extra Items	1.47M	3.5M	2.95M	-4.99M	-28.3M
Net Income to Common Excl. Extra Items	1.47M	3.5M	2.95M	-4.99M	-28.3M
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	17.86K	38.09K	66.82K	173K	1.39M
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	23.53K	39.26K	66.82K	173K	1.39M
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	-	-	2.32M	-3.44M	-8.32M
EBITA	-402K	-1.01M	2.32M	-3.44M	-8.32M
EBIT	-402K	-1.01M	2.23M	-3.54M	-8.36M
EBITDAR	-	-	2.4M	-3.37M	-8.24M
Effective Tax Rate - (Ratio)	29.43	13.44	22.42	31.93	-
Total Current Taxes	613K	-	-	-	-
Total Deferred Taxes	-	544K	854K	-	-
Normalized Net Income	-306K	-708K	1.33M	-2.24M	-5.25M
Interest on Long-Term Debt	87.33K	126K	93.84K	45.99K	41.29K
Supplemental Operating Expense Items
Marketing Expenses	44.93K	95.75K	85.48K	334K	37.7K
Selling and Marketing Expenses	44.93K	95.75K	85.48K	334K	37.7K
General and Administrative Expenses	472K	2.49M	2.33M	4.04M	5.53M
Net Rental Expense, Total	49.2K	47.67K	75.05K	76.12K	79.57K
Imputed Operating Lease Interest Expense	10.76K	10.18K	16.26K	10.76K	12.03K
Imputed Operating Lease Depreciation	38.43K	37.49K	58.79K	65.36K	67.54K
Stock-Based Comp., Other (Total)	681K	1.18M	270K	1.32M	757K
Total Stock-Based Compensation	681K	1.18M	270K	1.32M	757K

Fiscal Period: April	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	2.47M	474K	569K	863K	289K
Total Cash And Short Term Investments	2.47M	474K	569K	863K	289K
Accounts Receivable, Total	1.36M	2.43M	1.39M	135K	78.65K
Other Receivables	-	668	-	1.2K	-
Notes Receivable	-	-	-	20K	-
Total Receivables	1.36M	2.43M	1.39M	156K	78.65K
Prepaid Expenses	654K	5.69K	583K	23.3K	31.54K
Total Current Assets	4.48M	2.91M	2.54M	1.04M	400K
Long-term Investments	6.42M	13.1M	23.2M	25.57M	5.75M
Other Intangibles, Total	14.8M	15.54M	15.88M	14.73M	14.7M
Loans Receivable Long-Term	-	202K	202K	202K	50K
Deferred Tax Assets Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	6.3K	6.3K	6.3K	6.3K	6.3K
Total Assets	25.72M	31.76M	41.82M	41.56M	20.9M
Liabilities
Accounts Payable, Total	4.15M	915K	654K	793K	2.94M
Accrued Expenses, Total	423K	452K	383K	403K	371K
Short-term Borrowings	1.06M	1.76M	399K	34.32K	298K
Current Portion of Long-Term Debt	1.89M	1.89M	1.89M	1.89M	1.89M
Current Income Taxes Payable	-	-	174K	-	-
Unearned Revenue Current, Total	622	2.53K	661	466	330
Deferred Tax Liability Current	433K	977K	1.66M	-	-
Other Current Liabilities	1.2M	33.4K	10K	-	-
Total Current Liabilities	9.15M	6.03M	5.16M	3.12M	5.5M
Long-Term Debt	2.39M	495K	500K	500K	500K
Total Liabilities	11.54M	6.52M	5.66M	3.62M	6M
Common Stock, Total	2.18K	2.93K	6.44K	22.88K	2.19K
Additional Paid In Capital	15.17M	22.48M	30.5M	37.32M	42.53M
Retained Earnings	-993K	2.51M	5.47M	480K	-27.82M
Comprehensive Income and Other	-	244K	183K	122K	200K
Total Common Equity	14.18M	25.24M	36.16M	37.94M	14.91M
Total Equity	14.18M	25.24M	36.16M	37.94M	14.91M
Total Liabilities And Equity	25.72M	31.76M	41.82M	41.56M	20.9M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	41.38K	61.04K	135K	579K	4.72M
ECS Total Common Shares Outstanding	31.12K	41.92K	92.01K	327K	2.19M
Book Value / Share	455.54	602.06	392.98	116.07	6.8
Tangible Book Value	-625K	9.7M	20.28M	23.21M	208K
Tangible Book Value Per Share	-20.09	231.43	220.43	71	0.09
Total Debt	5.33M	4.14M	2.79M	2.42M	2.68M
Net Debt	2.85M	3.67M	2.22M	1.56M	2.39M
Debt Equivalent Oper. Leases	394K	381K	600K	609K	637K
Equity Method Investments, Total	123K	240K	240K	240K	-
Account Code - Inventory Valuation	-	-	3	3	3
Full Time Employees	-	-	-	21	23

Fiscal Period: April	2021	2022	2023	2024	2025
Net Income	1.47M	3.5M	2.95M	-4.99M	-28.3M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	96.41K	93.86K	35.48K
Depreciation & Amortization, Total	-	-	96.41K	93.86K	35.48K
(Gain) Loss on Sale of Investments - (CF)	-2.57M	-3.28M	-1.45M	2.7M	-18.05K
Asset Writedown & Restructuring Costs	-	-	-	1.05M	19.92M
Stock-Based Compensation (CF)	681K	1.18M	270K	1.32M	757K
Provision and Write-off of Bad Debts	60.32K	76.63K	5.44K	268K	179K
Other Operating Activities, Total	-1.71M	-3.75M	-7.65M	-5.09M	-65.15K
Change In Accounts Receivable	-1.42M	-1.15M	1.04M	-294K	52.07K
Change In Accounts Payable	172K	272K	88.2K	240K	2.11M
Change in Unearned Revenues	-34	1.91K	-1.87K	-195	-136
Change In Income Taxes	-	-	174K	-174K	-
Change in Other Net Operating Assets	61.65K	141K	-139K	-10.65K	-1.12K
Cash from Operations	-3.25M	-3.01M	-4.62M	-4.88M	-5.34M
Cash Acquisitions	365K	-	-	-	-
Investment in Marketable and Equity Securities, Total	-123K	-117K	200K	-	-
Other Investing Activities, Total	-	-202K	-	-20K	-
Cash from Investing	242K	-319K	200K	-20K	-
Short Term Debt Issued, Total	-	-	-	-	256K
Long-Term Debt Issued, Total	4.27M	700K	-	-	-
Total Debt Issued	4.27M	700K	-	-	256K
Long-Term Debt Repaid, Total	-	-	-1.05M	-350K	-
Total Debt Repaid	-	-	-1.05M	-350K	-
Issuance of Common Stock	1.2M	626K	5.57M	5.54M	4.51M
Other Financing Activities, Total	-	-	-7.86K	-	-
Cash from Financing	5.47M	1.33M	4.51M	5.19M	4.77M
Net Change in Cash	2.46M	-2M	95.52K	294K	-574K
Supplemental Items
Cash Interest Paid	2.07K	2.06K	208K	50.26K	32.85K
Cash Income Tax Paid (Refund)	4.99K	-	-	-	-
Levered Free Cash Flow	4.56M	-3.79M	2.67M	-709K	-2.27M
Unlevered Free Cash Flow	4.62M	-3.71M	2.73M	-680K	-2.24M
Change In Net Working Capital	-4.19M	4.26M	-968K	-110K	-2.18M
Net Debt Issued / Repaid	4.27M	700K	-1.05M	-350K	256K

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	1.05K
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	-3.26K
Net Income Margin %	31.13	63.92	34.79	-100.7	-3.26K
Net Avail. For Common Margin %	31.13	63.92	34.79	-100.7	-3.26K
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	1.07K	8.4K	3.37K	2.45K	16.89K
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 %	1.06K	23.51	31.67	-0.63	-49.7
Tangible Book Value, 1 Yr. Growth %	-216.75	-1.65K	109.06	14.43	-99.1
Common Equity, 1 Yr. Growth %	1.99K	78	43.26	4.93	-60.71
Cash From Operations, 1 Yr. Growth %	90.1K	-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 %	-	2.79K	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