Business
Netcapital Announces Revenue Growth of 71% for First Half of Fiscal 2023
Conference call to be held tomorrow, December 13, 2022, at 10:00 a.m. ET BOSTON--(BUSINESS WIRE)-- Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a
About this update from Netcapital Inc.
[{"type":"text","content":"\nConference call to be held tomorrow, December 13, 2022, at 10:00 a.m. ET\n\n BOSTON--(BUSINESS WIRE)--\nNetcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced financial results for the second quarter and first six months of fiscal year 2023 ended October 31, 2022.\n\n“Continuing strong business trends fueled our growth across multiple financial and operating measures in the second quarter,” commented Cecilia Lenk, CEO of Netcapital Inc. “Our portfolio companies continued to perform well, and portal activity both from private companies seeking capital and private investors funding innovation remains solid. We look forward to similar trends in the second half of our fiscal year 2023.”\n\nJason Frishman, CEO of Netcapital Funding Portal Inc., commented, “We have hosted many exciting and lucrative offerings over the past six months and will continue to feature inspiring success stories by our clients in our communications to Netcapital stakeholders. The key purpose of our business is to mentor and support entrepreneurs in their journeys. It’s rewarding to see the benefits of our services as these startups build, expand, and prosper.”\n\nSecond Quarter Fiscal 2023 Financial Highlights\n\n\nRevenue growth of 48% year-over-year to $1.8 million\n\n\nPositive operating income compared to operating loss in the year-ago quarter\n\n\nDiluted earnings per share of $0.04 compared to loss per share of ($0.10) in the year-ago quarter\n\n\nEquity securities at fair value of $15.1 million at October 31, 2022\n\n\nCash and cash equivalents of $1.6 million at October 31, 2022\n\n\nFirst Half Fiscal 2023 Highlights\n\n\nRevenue growth of 71% year-over-year to $3.1 million\n\n\nPositive operating income compared to operating loss of $1.4 million in the first six months of fiscal year 2022\n\n\nEquity securities at fair value increased 18% compared to $12.9 million at April 30, 2022\n\n\nPaid down $1 million in debt, closed a $5 million underwritten public offering, and uplisted to Nasdaq in July 2022\n\n\nFor additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the period ended October 31, 2022, which has been filed with the Securities and Exchange Commission.\n\nConference Call Information\n\nThe Company will host an invest...