NCPL

MKT CAP:$2M

Netcapital Inc.

Market Cap

$2M

Financial Services·Financial - Capital Markets·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$0.41-$0.25 (-37.91%)

Apr 22, 2026

Company Details

Netcapital Inc. operates as a fintech company. It offers Netcapital.com, an SEC-registered funding portal that enables private companies to raise capital online, as well as allows investors to invest from anywhere in the world. It also prov...

CEO

Rich Wheeless

IPO Date

Jun 5, 2006

Website

www.netcapitalinc.com

Key Metrics TTM

Revenue

$739.5K

-9.0% YoY

Net Income

-$28M

EPS (Diluted)

-$11.40

Free Cash Flow

-$8M

Revenue / Share

$0.13

Gross Margin

-26.1%

Operating Margin

-1299.3%

Net Margin

-3804.1%

FCF Margin

-1134.0%

P/S

2.5x

P/E

—

Earnings Reports

Q3 2026

Mar 19, 2026

$94.3K-38.2%EPS -$0.32

Q2 2026

Dec 15, 2025

$51.1K-70.0%EPS -$0.44

Q1 2026

Sep 22, 2025

$190.1K+33.6%EPS -$1.27

FY 2025

Aug 12, 2025

$869.5K-82.4%EPS -$20.39

Q4 2025

Aug 12, 2025

$404.0K+16.4%EPS -$9.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$2M	$2M	$505.8K
Q1 23	$1M	$1M	$6.7K
Q2 23	$2M	$2M	$335.2K
Q3 23	$2M	$2M	$570.6K
Q4 23	$3M	$3M	$1M
Q1 24	$2M	$2M	-$749.0K
Q2 24	$2M	$2M	$52.2K
Q3 24	$1M	$983.9K	-$1M
Q4 24	$347.2K	$336.2K	-$2M
Q1 25	$142.2K	$132.0K	-$3M
Q2 25	$170.5K	$150.7K	-$2M
Q3 25	$152.7K	$145.5K	-$2M
Q4 25	$404.0K	-$408.9K	-$2M
Q1 26	$190.1K	$182.6K	-$3M
Q2 26	$51.1K	$49.2K	-$2M
Q3 26	$94.3K	-$16.1K	-$2M

Valuation

Quarter	P/S	P/E
Q4 22	364.2x	569.8x
Q1 23	149.3x	438.2x
Q2 23	95.5x	252.1x
Q3 23	62.6x	185.0x
Q4 23	60.4x	173.7x
Q1 24	44.3x	160.2x
Q2 24	25.2x	88.2x
Q3 24	18.7x	—
Q4 24	22.7x	—
Q1 25	0.9x	—
Q2 25	0.9x	—
Q3 25	5.5x	—
Q4 25	5.2x	—
Q1 26	11.1x	—
Q2 26	12.5x	—
Q3 26	4.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	-$703.2K	-$703.2K
Q1 23	-$1M	-$1M
Q2 23	-$990.9K	-$990.9K
Q3 23	-$1M	-$1M
Q4 23	-$1M	-$1M
Q1 24	-$1M	-$1M
Q2 24	-$481.8K	-$481.8K
Q3 24	-$2M	-$2M
Q4 24	-$1M	-$1M
Q1 25	-$2M	-$2M
Q2 25	-$1M	-$1M
Q3 25	-$1M	-$1M
Q4 25	-$724.6K	-$724.6K
Q1 26	-$4M	-$4M
Q2 26	-$3M	-$3M
Q3 26	-$868.7K	-$868.7K

Capital Expenditures

Quarter	CapEx
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$5
Q1 25	$5
Q2 25	$5
Q3 25	$0
Q4 25	$0
Q1 26	$0
Q2 26	$3
Q3 26	$3

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+94.1%	-13.7%
Q1 23	+114.4%	-21.6%
Q2 23	+48.3%	-5.3%
Q3 23	+24.8%	-13.2%
Q4 23	+68.8%	+31.0%
Q1 24	+13.4%	+70.1%
Q2 24	+14.8%	+37.8%
Q3 24	-53.9%	+33.0%
Q4 24	-88.9%	+7.6%
Q1 25	-90.6%	+16.8%
Q2 25	-91.6%	+19.3%
Q3 25	-85.4%	-18.1%
Q4 25	+16.4%	+23.7%
Q1 26	+33.6%	+30.9%
Q2 26	-70.0%	-8.5%
Q3 26	-38.2%	+28.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$39.0K	2.1%
Q1 23	$33.0K	2.5%
Q2 23	$33.0K	1.9%
Q3 23	$63.1K	2.8%
Q4 23	$140.6K	4.5%
Q1 24	$483.4K	31.8%
Q2 24	$280.5K	13.7%
Q3 24	$280.5K	26.9%
Q4 24	$280.5K	80.8%
Q1 25	$139.4K	98.0%
Q2 25	$139.4K	81.7%
Q3 25	$139.4K	91.3%
Q4 25	$339.4K	84.0%
Q1 26	$516.1K	271.5%
Q2 26	$139.4K	272.9%
Q3 26	$368.5K	390.6%

OpEx Breakdown

Quarter	G&A	S&M
Q4 22	$1M	$28.0K
Q1 23	$1M	$7.8K
Q2 23	$1M	$32.9K
Q3 23	$2M	$23.5K
Q4 23	$2M	$21.3K
Q1 24	$2M	$241.9K
Q2 24	$2M	$46.7K
Q3 24	$2M	$32.2K
Q4 24	$2M	$13.0K
Q1 25	$3M	$6.9K
Q2 25	$1M	$12.2K
Q3 25	$2M	$12.9K
Q4 25	$168.9K	$5.7K
Q1 26	$2M	$11.4K
Q2 26	$1M	—
Q3 26	$874.5K	$5.0K

Revenue Segments

Quarter	Consulting Services	Fees From Online Services	Fees from Online Services	Fees from OnlineServices
Q1 24	$1M	$376.1K	—	—
Q2 24	$2M	—	$463.0K	—
Q3 24	$862.8K	$179.9K	—	—
Q1 25	—	—	$142.2K	—
Q2 25	—	—	$170.5K	—
Q3 25	—	—	—	$152.7K
Q2 26	—	$51.1K	—	—
Q3 26	—	$94.3K	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$473.9K	$0	$473.9K
Q1 23	$3M	$0	$3M
Q2 23	$2M	$0	$2M
Q3 23	$2M	$0	$2M
Q4 23	$569.4K	$0	$569.4K
Q1 24	$1M	$0	$1M
Q2 24	$528.8K	$0	$528.8K
Q3 24	$2M	$0	$2M
Q4 24	$863.2K	$0	$863.2K
Q1 25	$855.2K	$0	$855.2K
Q2 25	$1M	$0	$1M
Q3 25	$614.3K	$0	$614.3K
Q4 25	$289.4K	$0	$289.4K
Q1 26	$5M	$0	$5M
Q2 26	$2M	$0	$2M
Q3 26	$715.4K	$0	$715.4K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	3M	-4.7%	+36.6%
Q1 23	3M	+15.4%	+41.5%
Q2 23	4M	+35.3%	+57.8%
Q3 23	5M	+20.4%	+79.2%
Q4 23	5M	-4.7%	+79.1%
Q1 24	7M	+51.8%	+135.6%
Q2 24	9M	+26.3%	+119.9%
Q3 24	11M	+21.5%	+121.9%
Q4 24	12M	+2.8%	+139.5%
Q1 25	495K	-95.8%	-93.4%
Q2 25	947K	+91.3%	-90.0%
Q3 25	2M	+102.2%	-83.3%
Q4 25	2M	+14.5%	-81.4%
Q1 26	3M	+31.1%	+480.1%
Q2 26	5M	+67.4%	+407.7%
Q3 26	6M	+16.7%	+193.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$92.2K	20
Q1 23	$67.0K	20
Q2 23	$88.9K	20
Q3 23	$113.0K	20
Q4 23	$778.5K	4
Q1 24	$380.0K	4
Q2 24	$510.4K	4
Q3 24	$260.7K	4
Q4 24	$16.5K	21
Q1 25	$6.8K	21
Q2 25	$8.1K	21
Q3 25	$7.3K	21
Q4 25	$20.2K	20
Q1 26	$9.5K	20
Q2 26	$2.6K	20
Q3 26	$4.7K	20

Revenue / Employee