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Netcapital Announces Third Quarter Fiscal 2024 Financial Results
Management to Host Earnings Call on March 19, 2024 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":"\n\nManagement to Host Earnings Call on March 19, 2024 at 10:00 a.m. ET\n\n\n\n BOSTON--(BUSINESS WIRE)--\nNetcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced select financial results for the third quarter of fiscal year 2024 ended January 31, 2024.\n\n\n\"Despite the challenges faced by businesses seeking capital in the current market climate, we remain optimistic about our future prospects and the strength of our funding portal,” said Martin Kay, CEO of Netcapital Inc. \"While we experienced a decline in the number of issuers listing on our platform this quarter, funding portal revenues increased by more than 70% on a year-to-date basis, and we continue to focus on the opportunities ahead. Most notably, we closed a $4 million public offering in December which adds to working capital, strengthens our financial position, and which we believe positions us for future success. ”\n\n\nThird Quarter Fiscal 2024 Financial Highlights\n\n\n\nRevenues decreased by approximately 54% year-over-year to $1.0 million, compared to revenue of $2.3 million in the third quarter of fiscal year 2023.\n\n\n\nFunding portal revenues decreased approximately 23% year-over-year to $179,588 compared to $231,833 in the third quarter of fiscal 2023.\n\n\n\nDiluted earnings per share of ($0.19) in the three months ended January 31, 2024, were down compared to diluted earnings per share of $0.33 for the same period in the prior year.\n\n\n\nAs of January 31, 2024, the Company had cash and cash equivalents of $2,172,099.\n\n\n\nFirst Nine Months of Fiscal 2024 Financial Highlights\n\n\n\nRevenues decreased by approximately 14% year-over-year to $4.6 million, compared to revenue of $5.4 million in the first nine months of fiscal year 2023.\n\n\n\nFunding portal revenues increased driven by higher portal fees of approximately 152% year-over-year to $375,683 and an increase in listing fees of $48,040, or 14% compared to the first nine months of fiscal 2023.\n\n\n\nDiluted earnings per share of ($0.25) in the nine months ended January 31, 2024, were down compared to diluted earnings per share of $0.46 for the same period in the prior year.\n\n\n\nIn December 2023, the Company closed a $4 million underwritten public offering.\n\n\n\nFor additional disclosure regarding Netcapital’s operating results, p...