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Netcapital Inc. Announces Revenue Growth of 114% for First Quarter of Fiscal 2023
Conference call to be held tomorrow, September 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, September 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 first quarter of fiscal year 2023 ended July 31, 2022.\n\n“Our uplisting to Nasdaq in July was a fantastic way to kick off our new fiscal year, and we welcome our new shareholders and appreciate the investor interest we are receiving,” said Dr. Cecilia Lenk, CEO of Netcapital Inc. “We are pleased to deliver strong first quarter results and look forward to a productive year ahead.”\n\nJason Frishman, CEO of Netcapital Funding Portal Inc., commented, “We kicked off our fiscal year 2023 with strong momentum on our platform, surpassing 100,000 users. We believe the activity on our portal illustrates the key competitive advantages we offer over other online capital raising platforms – a comprehensive suite of services, scalable technology platform, and high-value consulting for issuers, plus the ability of investors to invest from virtually anywhere in the world, at almost any time, with just a few clicks.”\n\nFirst Quarter Fiscal 2023 Financial Highlights\n\n\nRevenue growth of 114% year-over-year to $1.3 million\n\n\nPositive operating income compared to operating loss of $1.1 million in the year-ago quarter\n\n\nEquity securities at fair value totaled $13.5 million at July 31, 2022, compared to $9.6 million one year ago, an increase of 41%\n\n\nCash and cash equivalents of $2.6 million at July 31, 2022\n\n\nPaid down $1 million in debt\n\n\nClosed a $5 million underwritten public offering\n\n\nConference Call Information\n\nThe Company will host an investor conference call tomorrow, September 13, 2022, at 10:00 a.m. ET.\n\nParticipant access: 844-985-2012 or 973-528-0138\nEntry code: 747753\n\nFor those unable to participate in the live call, a replay will be available in the Investor Relations section of the Company’s website.\n\nFor additional disclosure regarding operating results, please refer to the Quarterly Report on Form 10-Q for the period ended July 31,2022, which has been filed with the Securities and Exchange Commission.\n\nAbout Netcapital Inc.\n\nNetcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online a...