Netcapital Inc. (NCPL) Cash Flow Statement
Where NCPL’s cash came from and went, FY2025
April 30, 2025 · U.S. dollars- Cash from operations
- −$5.3M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$5.3M −614.1% margin
- Returned to shareholders
- —
- Change in cash
- −$573,754 cash at year-end $289,428
Cash from operations
−$5.3M
Net borrowing (repayment)
+$256,500
Shares issued
+$2.0M
Other financing
+$2.5M
Change in cash
−$573,754
Drawn to scale: where the cash came from and how it was used. Hover for values.
NCPL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NCPL cash flow trends, FY2017–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$14,179FY2017 | −$5.3MFY2025 | — | |
| Capital expenditures | $0FY2017 | $0FY2025 | — | |
| Free cash flow | −$14,179FY2017 | −$5.3MFY2025 | — | |
| Free cash flow margin | −15.1%FY2017 | −614.1%FY2025 | −598.9 pts | |
| Operating cash flow / net income | −0.38FY2018 | −1.56FY2023 | −1.18 | |
| Stock-based compensation | $157,983FY2017 | $757,484FY2025 | +21.6%/yr | |
| Share buybacks (net) | $0FY2022 | $0FY2024 | — | |
| Capex / revenue | 0.0%FY2017 | 0.0%FY2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NCPL cash flow by activity
OperatingInvestingFinancingChange in cash
NCPL net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NCPL cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −$28.3M | −$5.0M | $3.0M | $3.5M | $1.5M | $604,851 | $582,880 | $131,129 | −$828,121 |
| Depreciation & amortization | $35,476 | $93,862 | $96,407 | $1.0M | $401,501 | $893,492 | $0 | $0 | $381,060 |
| Stock-based compensation | $757,484 | $1.3M | $269,577 | $1.2M | $680,611 | $356,252 | $65,153 | $130,203 | $157,983 |
| Change in working capital | $2.2M | −$239,666 | $1.2M | −$739,338 | −$1.2M | $40,781 | −$647,225 | $74,335 | $110,127 |
| Other non-cash items | $20.0M | −$1.1M | −$9.1M | −$8.0M | −$4.6M | −$1.9M | $29,750 | −$385,823 | $164,772 |
| Cash from operating activities | −$5.3M | −$4.9M | −$4.6M | −$3.0M | −$3.3M | −$3,604 | $30,558 | −$50,156 | −$14,179 |
| Investing activities | |||||||||
| Capital expenditures | $0 | −$2 | $0 | −$3 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | $0 | −$20,000 | $200,000 | −$117,166 | −$122,914 | −$122,914 | — | — | — |
| Acquisitions & other investing | — | $2 | $0 | −$201,997 | $364,939 | $364,939 | — | — | — |
| Cash from investing activities | — | −$20,000 | $200,000 | −$319,166 | $242,025 | $242,025 | — | — | — |
| Financing activities | |||||||||
| Dividends paid | — | — | −$1.1M | — | — | — | — | — | — |
| Share repurchases & issuance (net) | — | $366,377 | $435,000 | $900,000 | — | — | — | — | — |
| Net borrowing (repayment) | $256,500 | −$350,000 | −$1.1M | $700,000 | $4.3M | $4.3M | — | — | — |
| Shares issued | $2.0M | $5.5M | $5.6M | $0 | $0 | $0 | $5,000 | $0 | $0 |
| Other financing | $2.5M | −$361,409 | $622,860 | −$274,201 | $1.2M | −$4.3M | −$18,103 | $48,487 | $16,660 |
| Cash from financing activities | $4.8M | $5.2M | $4.5M | $1.3M | $5.5M | −$4,300 | −$13,103 | $48,487 | $16,660 |
| Summary | |||||||||
| Net change in cash | −$573,754 | $293,741 | $95,516 | −$2.0M | $2.5M | −$7,904 | $17,455 | −$1,669 | $2,481 |
| Cash at end of period | $289,428 | $863,182 | $569,441 | $473,925 | $2.5M | $11,206 | $19,110 | $1,655 | $3,324 |
| Free cash flow | −$5.3M | −$4.9M | −$4.6M | −$3.0M | −$3.3M | −$3,604 | $30,558 | −$50,156 | −$14,179 |
| Free cash flow margin | −614.1% | −98.6% | −54.4% | −54.9% | −68.9% | −0.2% | 3.0% | −45.1% | −15.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | — | −1.56 | −0.86 | −2.21 | −0.01 | 0.05 | −0.38 | — |
| Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | Jul '23 | Apr '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.8M | −$2.1M | −$3.6M | −$20.5M | −$3.0M | −$2.2M | −$2.5M | −$2.6M | −$2.2M | $339,616 | −$491,655 | $1.0M |
| Depreciation & amortization | $54,298 | $8,869 | $8,869 | $8,869 | $8,869 | $8,869 | $8,869 | $8,869 | $28,331 | $28,331 | $28,331 | $28,331 |
| Stock-based compensation | $368,523 | $139,371 | $516,073 | $339,371 | $139,371 | $139,371 | $139,371 | $280,522 | $280,522 | $280,522 | $483,351 | $140,614 |
| Change in working capital | $475,073 | −$595,544 | −$1.3M | $723,715 | $409,573 | $599,567 | $425,412 | $1.9M | −$634,573 | −$1.3M | −$195,050 | $943,868 |
| Other non-cash items | $46,205 | −$1,510 | $249,273 | $18.8M | $1.3M | −$14,748 | −$10,127 | −$898,757 | $933,123 | $182,000 | −$1.3M | −$3.3M |
| Cash from operating activities | −$868,745 | −$2.6M | −$4.2M | −$724,581 | −$1.2M | −$1.5M | −$2.0M | −$1.3M | −$1.6M | −$481,791 | −$1.5M | −$1.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3 | −$3 | $0 | $0 | $0 | −$5 | −$5 | −$5 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 | −$20,000 | $0 | $0 |
| Acquisitions & other investing | −$99,997 | — | — | — | — | $0 | — | — | — | $0 | — | — |
| Cash from investing activities | −$100,000 | — | — | — | — | −$5 | — | — | — | −$20,000 | — | — |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$350,000 | — |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | $183,189 | $373,937 | — | $183,188 | $373,937 |
| Net borrowing (repayment) | $0 | −$300,000 | −$19,850 | $256,500 | $0 | $0 | $0 | — | — | — | −$350,000 | −$350,000 |
| Shares issued | $0 | $0 | $8.5M | $0 | $0 | $2.0M | $0 | $0 | $3.3M | $0 | $2.3M | $0 |
| Other financing | $0 | $0 | $0 | $143,205 | $431,108 | $0 | $2.0M | −$178,221 | −$373,937 | $0 | $166,812 | $979,263 |
| Cash from financing activities | $0 | −$300,000 | $8.5M | $399,705 | $431,108 | $2.0M | $2.0M | $4,968 | $3.3M | $0 | $1.9M | $1.0M |
| Summary | ||||||||||||
| Net change in cash | −$968,745 | −$2.9M | $4.3M | −$324,876 | −$732,435 | $491,558 | −$8,000 | −$1.3M | $1.6M | −$501,791 | $461,177 | −$1.2M |
| Cash at end of period | $715,443 | $1.7M | $4.6M | $289,428 | $614,304 | $1.3M | $855,181 | $863,182 | $2.2M | $528,827 | $1.0M | $569,441 |
| Free cash flow | −$868,748 | −$2.6M | −$4.2M | −$724,581 | −$1.2M | −$1.5M | −$2.0M | −$1.3M | −$1.6M | −$481,791 | −$1.5M | −$1.2M |
| Free cash flow margin | −920.8% | −5,048.0% | −2,217.4% | −179.3% | −762.1% | −872.3% | −1,380.6% | −378.5% | −155.4% | −23.6% | −96.3% | −38.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | −1.42 | — | −1.19 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NCPL cash generation
In fiscal 2025 (ended April 30, 2025), Netcapital generated -$5.3 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$5.3 million, −614.1% of revenue. Cash and equivalents fell by $0.6 million over the year.
Related: NCPL income statement, NCPL balance sheet. See the NCPL stock overview for the latest quote and news.
NCPL cash flow FAQ
What is Netcapital's free cash flow?
Netcapital's free cash flow was -$5.3 million in fiscal 2025: -$5.3 million of operating cash flow minus $0 of capital expenditures It was -$4.9 million a year earlier..
How much cash does Netcapital generate from operations?
Netcapital generated -$5.3 million of cash from operating activities in fiscal 2025.