Netcapital Inc. (NCPL) Income Statement
NCPL FY2025 at a glance
Fiscal year ended April 30, 2025 · U.S. dollarsNCPL revenue and net income
Where NCPL's revenue goes
FY2025Each bar shows an amount and its share of revenue. NCPL kept −3,255.0% of revenue as net income.
NCPL profit margins
NCPL growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −82.4% | −45.9% | −13.1% | — |
| Gross profit | −82.9% | −46.4% | −13.8% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NCPL quarterly EPS vs estimates
Netcapital beat the analyst EPS estimate in 1 of the last 7 quarters.
NCPL income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $869,460 | $5.0M | $8.5M | $5.5M | $4.7M | $1.8M | $1.0M | $111,171 | $93,632 | $4,679 |
| Cost of revenue | $40,344 | $108,060 | $85,038 | $110,115 | $759,158 | $11,105 | $25,198 | $23,885 | $496,924 | $0 |
| Gross profit | $829,116 | $4.8M | $8.4M | $5.4M | $4.0M | $1.7M | $988,414 | $87,286 | $93,632 | $4,679 |
| Sales, general & admin | $5.3M | $8.3M | $6.1M | $6.4M | $4.4M | $595,231 | $357,231 | $279,340 | — | — |
| Total operating expenses | $9.1M | $8.3M | $6.1M | $6.4M | $4.4M | $595,231 | $363,981 | $279,340 | $655,995 | $13,182 |
| Operating income | −$8.3M | −$3.4M | $2.3M | −$1.0M | −$401,501 | $1.1M | $624,433 | −$192,054 | −$851,210 | −$27,985 |
| Interest expense | $48,226 | $45,990 | $93,842 | $126,372 | $87,333 | $18,879 | $19,408 | $69,490 | $76,766 | $18,240 |
| Income before taxes | −$28.3M | −$7.3M | $3.8M | $4.0M | $2.1M | $424,851 | $586,625 | $131,129 | −$485,668 | −$27,985 |
| Income taxes | — | −$2.3M | $854,000 | $544,000 | $613,000 | −$180,000 | $3,745 | $69,490 | −$381,060 | — |
| Net income | −$28.3M | −$5.0M | $3.0M | $3.5M | $1.5M | $604,851 | $582,880 | $131,129 | −$485,668 | −$27,985 |
| EBITDA | −$28.2M | −$7.2M | $4.0M | $5.2M | −$401,501 | $443,730 | $606,033 | $200,619 | −$549,043 | −$27,985 |
| EPS (diluted) | −$5.88 | −$5.12 | $0.63 | $12.80 | $0.40 | $196.38 | $108.35 | $27.20 | −$224.22 | −$11.20 |
| Gross margin | 95.4% | 97.8% | 99.0% | 98.0% | 83.9% | 99.4% | 97.5% | 78.5% | 100.0% | 100.0% |
| Operating margin | −952.4% | −69.5% | 26.7% | −18.8% | −8.5% | 65.4% | 61.6% | −172.8% | −909.1% | −598.1% |
| Net margin | −3,255.0% | −100.7% | 34.8% | 63.9% | 31.1% | 34.5% | 57.5% | 118.0% | −518.7% | −598.1% |
| Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | Jul '23 | Apr '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94,347 | $51,076 | $190,058 | $404,023 | $152,682 | $170,528 | $142,227 | $347,175 | $1.0M | $2.0M | $1.5M | $3.1M |
| Cost of revenue | $1,823 | $1,877 | $7,409 | $3,188 | $7,155 | $19,781 | $10,220 | $10,998 | $58,875 | $20,134 | $18,053 | $23,435 |
| Gross profit | $92,524 | $49,199 | $182,649 | $400,835 | $145,527 | $150,747 | $132,007 | $336,177 | $983,918 | $2.0M | $1.5M | $3.1M |
| Sales, general & admin | $879,529 | $1.2M | $1.6M | $2.3M | $1.8M | $1.5M | $2.6M | $1.9M | $2.2M | $2.0M | $2.3M | $1.7M |
| Total operating expenses | $2.3M | $2.2M | $3.5M | $2.3M | $1.8M | $2.4M | $2.6M | $1.9M | $2.2M | $2.0M | $2.3M | $1.8M |
| Operating income | −$2.3M | −$2.1M | −$3.3M | −$1.9M | −$1.7M | −$2.2M | −$2.5M | −$1.5M | −$1.2M | $52,220 | −$749,020 | $1.4M |
| Interest income | $630 | $11,041 | $0 | — | $400 | $400 | $400 | — | $0 | $0 | — | — |
| Interest expense | $24,076 | $12,204 | $36,067 | $17,785 | $10,376 | $9,601 | $10,464 | $10,206 | $11,918 | $10,562 | $13,304 | $16,920 |
| Income before taxes | −$1.8M | −$2.1M | −$3.6M | −$20.5M | −$3.0M | −$2.2M | −$2.5M | −$2.6M | −$3.9M | $13,327 | −$790,655 | $1.4M |
| Income taxes | — | — | — | — | — | — | $10,864 | $1 | −$1.7M | −$326,289 | −$299,000 | $355,000 |
| 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 |
| EBITDA | −$1.7M | −$2.1M | −$3.3M | −$20.5M | −$3.0M | −$2.2M | −$2.5M | −$2.6M | −$3.9M | $52,220 | −$749,020 | $1.4M |
| EPS (diluted) | — | −$0.44 | −$9.37 | — | −$1.57 | −$2.34 | −$5.10 | −$4.90 | −$0.19 | $0.04 | −$0.07 | $0.10 |
| Gross margin | 98.1% | 96.3% | 96.1% | 99.2% | 95.3% | 88.4% | 92.8% | 96.8% | 94.4% | 99.0% | 98.8% | 99.2% |
| Operating margin | −2,415.1% | −4,149.6% | −1,724.9% | −478.1% | −1,105.4% | −1,291.5% | −1,763.5% | −443.7% | −115.6% | 2.6% | −49.3% | 43.7% |
| Net margin | −1,921.5% | −4,169.3% | −1,916.3% | −5,085.6% | −1,969.1% | −1,302.1% | −1,776.9% | −750.8% | −213.6% | 16.6% | −32.3% | 32.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NCPL's financial statements (latest annual report filed August 12, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NCPL financial results
In fiscal year 2025 (ended April 30, 2025), Netcapital reported revenue of $0.9 million, down 82.4% from the year before. It had a net loss of $28.3 million, a net profit margin of −3,255.0%. Diluted earnings per share came to −$5.88. Over five years revenue grew at an average rate of −13.1% a year.
See the NCPL stock overview for the latest quote and news, or the NCPL chart for price history and technical indicators.
NCPL income statement FAQ
What is Netcapital's annual revenue?
Netcapital reported total revenue of $0.9 million for fiscal year 2025, which ended on April 30, 2025. That was down 82.4% from $5.0 million the previous year.
Is Netcapital profitable?
No. Netcapital reported a net loss of $28.3 million in fiscal 2025, a net profit margin of −3,255.0%; its operating margin was −952.4%.
What is Netcapital's gross margin?
Netcapital's gross margin was 95.4% in fiscal 2025: for every $100 of revenue, Netcapital kept $95 after the direct cost of its products and services.
How fast is Netcapital growing?
Revenue grew −13.1% a year on average over the last five fiscal years, from $1.8 million to $0.9 million.
What are Netcapital's earnings per share?
Netcapital earned $-5.88 per diluted share in fiscal 2025, compared with $-5.12 a year earlier.
When does Netcapital's fiscal year end?
Netcapital's fiscal year ends in April. The latest annual report covers the year ended April 30, 2025 and was filed on August 12, 2025.