Netcapital (NCPL) Financial Statements & Analysis

Netcapital (NCPL) Income Statement

Netcapital reported revenue of $869.46K in fiscal 2025 (fiscal year ended Jul 31, 2025), down 82.4% from $4.95M a year earlier. Netcapital posted a net loss of $28.30M, compared with a net loss of $4.99M a year earlier. Gross margin was 95.4% and operating margin -952.4%. In the most recent quarter, Q3 fiscal 2026 (ended Jan 31, 2026), revenue was $94.35K, down 38.2% from the same quarter a year earlier.

Netcapital Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Netcapital Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Jul 2025	Apr 2025	Apr 2024	Apr 2023	Jul 2022	Apr 2022	Jul 2021	Apr 2021	Jul 2020	Jul 2019	Apr 2018	Apr 2017
Revenue & Gross Profit
Revenue	0.87	0.87	4.95	8.49	5.48	5.48	4.72	4.72	1.75	1.01	0.11	0.02
Cost of Revenue	0.04	0.04	0.11	0.09	0.11	0.11	0.76	0.76	0.01	0.03	0.02	0.38
Gross Profit	0.83	0.83	4.84	8.41	5.37	5.37	3.96	3.96	1.74	0.99	0.09	-0.36
Operating Expenses
Research & Development	0.00	-	0.00	0.00	0.00	-	0.00	-	0.00	0.00	0.00	0.00
Selling, General & Administrative	5.25	9.15	8.29	6.14	6.40	6.40	4.36	4.36	0.60	0.36	0.28	0.19
Operating Expenses	9.11	9.19	8.38	6.23	6.40	6.40	4.36	4.36	0.60	0.36	0.28	0.19
Operating Income	-8.28	-8.36	-3.54	2.18	-1.03	-1.03	-0.40	-0.40	1.15	0.62	-0.19	-0.55
Other Income/Expense
Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	-	0.00	0.00	0.00	0.00
Interest Expense	0.05	0.05	0.05	0.09	0.13	0.13	0.09	-0.09	0.02	0.02	0.07	-0.12
Other Income/Expense	-20.02	-19.90	-3.74	1.73	5.08	5.21	2.48	-	-0.72	-0.04	0.32	-0.28
Income
Income Before Tax	-28.30	-28.30	-7.33	3.81	4.05	4.05	2.08	2.08	0.42	0.59	0.13	-0.83
Income Tax Expense	0.00	-	-2.34	0.85	0.54	0.54	0.61	-0.61	-0.18	0.00	0.00	0.00
Net Income	-28.30	-28.30	-4.99	2.95	3.50	3.50	1.47	1.47	0.60	0.58	0.13	-0.83
Net Income - Continuous Operations	-28.30	-28.30	-4.99	2.95	3.50	3.50	1.47	-	0.60	0.58	0.13	-0.83
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-28.22	-28.22	-7.19	4.00	4.17	4.17	2.17	0.00	0.44	0.61	0.20	-0.33
EBIT	-	-28.25	-7.28	3.90	-	4.17	-	-0.40	-	-	-	-
Depreciation & Amortization	0.04	0.04	0.09	0.10	1.01	-	0.40	-	0.00	0.00	0.00	0.38
Earnings Per Share
Basic EPS	-20.00	-20.00	-29.00	44.00	92.00	92.00	83.00	82.00	2.00	2.00	-	-3.00
Diluted EPS	-20.00	-20.00	-29.00	44.00	89.00	89.00	62.00	62.00	2.00	2.00	-	-3.00
Basic Shares Outstanding	1.39	1.39	0.17	0.07	2.67	0.04	1.25	0.02	0.40	0.37	0.32	0.25
Diluted Shares Outstanding	1.39	1.39	0.17	0.07	2.75	0.04	1.65	0.02	0.40	0.37	0.32	0.25

Source: Company financial statements from annual and quarterly filings. Data as of Jan 31, 2026. Data sources and methodology

Frequently Asked Questions About Netcapital Financial Statements

What was Netcapital's revenue in fiscal 2025?

Netcapital reported revenue of $869.46K in fiscal 2025 (fiscal year ended Jul 31, 2025). That was down 82.4% from $4.95M a year earlier.

Is Netcapital profitable?

No. Netcapital reported a net loss of $28.30M in fiscal 2025. In fiscal 2024 it lost $4.99M.

What is Netcapital's operating margin?

Netcapital's operating income was −$8.28M on revenue of $869.46K in fiscal 2025, an operating margin of -952.4%, compared with -71.4% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition