BOSTON–(BUSINESS THREAD)–Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”) (formerly OTCQX: NCPL), a private markets digital ecosystem, today announced financial results for its fiscal 2022 fiscal year ended April 30, 2022.
“Our company achieved good results for fiscal year 2022,” said Dr. Cecilia Lenk, CEO of Netcapital Inc. “The growth and momentum of the business fueled our efforts to go public and we began trading on the Nasdaq on July 13. 2022, a huge milestone for Netcapital. The visibility and exposure we hope to gain with our rise to the Nasdaq is an important part of our efforts to build towards the future.”
Jason Frishman, CEO of Netcapital Funding Portal Inc., added: “We are pleased with the momentum generated by the Netcapital Funding Portal during the year. Another highlight of the year was being named “Best Crowdfunding Platform ” at the 6th Annual FinTech Breakthrough Awards. Netcapital’s funding portal was selected from nearly 4,000 nominations in a number of FinTech categories.”
Financial data for the 2022 financial year
Revenue growth of 16% year over year to $5.5 million. EPS growth of 43% year-over-year to $1.27 per diluted share As of April 30, 2022, equity securities at fair value were $12.9 million compared to $6.3 million in dollars from a year ago. , an increase of 104%. Net proceeds include loan forgiveness of a $1.9 million PPP loan.
Subsequent event
After the end of fiscal year 2022, Netcapital completed an underwritten public offering of 1,205,000 shares of the Company’s common stock and warrants to purchase up to 1,205,000 shares of the Company’s common stock at a price of a combined public offering of $4.15 per share and warrants. The gross proceeds of the offering were $5,000,750. The Company intends to use the net proceeds of this offering for research and development activities (including the development of a mobile application), sales and marketing, general working capital purposes, potential acquisitions of other companies , products or technologies (although there are currently no such acquisitions). contemplated), and for the repayment of certain debts.
Conference call information
The company will hold a conference call to discuss financial results today, August 8, at 5:00 PM ET. To access the call, dial 844-985-2012 or 973-528-0138 and use the following access code: 860883.
Those unable to listen to the call live can access a replay through the Investors section of Netcapital Inc.’s website: https://netcapitalinc.com/.
For additional information on operating results, see the Annual Report on Form 10-K for the period ended April 30, 2022, which has been filed with the Securities and Exchange Commission.
About Netcapital Inc.
Netcapital Inc. is a fintech company with a scalable technology platform that enables private companies to raise capital online and offers private equity investment opportunities to investors. Company Consulting Group, Netcapital advisors, provides strategic and marketing advice and holds equity positions in select companies with disruptive technologies. The Netcapital financing portal is registered with the US Securities & Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA), a national registered securities association.
The information contained herein includes forward-looking statements. These statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements, as they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could, and likely will, materially affect actual results, levels of activity , performance or achievements. Any forward-looking statements reflect our current views regarding future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We undertake no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons why actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future
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