Netcapital Inc.

Netcapital Inc. operates an SEC-registered online funding portal that connects private companies seeking capital with investors through internet-based securities offerings. The company also provides related consulting, marketing, compliance, and technology services through Netcapital Advisors and operates a broker-dealer subsidiary, Netcapital Securities Inc., in the United States.

95,4 %

−3 255,0 %

−82,4 %

0.07

0.07

— Netcapital Inc.
%
Funding Portal Services45% Online capital-raising infrastructure that hosts securities offerings for private companies.
Consulting and Marketing Services30% Advisory, pitch development, online marketing, and campaign support for issuers.
Compliance and Administrative Services15% Onboarding, filing, compliance review, and ongoing issuer support services.
Broker-Dealer and Related Services10% Broker-dealer activities and related support functions through the regulated subsidiary.

Netcapital serves private companies that want to raise capital online, including early-stage and growth-stage...

  • Private company issuersprimary

    Companies that use the funding portal and advisory services to raise capital online.

  • Fundraising campaign clientsprimary

    Issuers that buy marketing, pitch deck, website, and consulting support from Netcapital Advisors.

  • Retail and individual investorssecondary

    Investors who browse offering pages and invest in private securities through the portal.

  • Regulated brokerage and compliance counterpartiessecondary

    Parties involved in transfer, custody, filing, and broker-dealer related services.

Netcapital is based in the United States and operates a U.S.-regulated funding portal and broker-dealer structure...

  • Headquartered and incorporated in the United States
  • Funding portal and broker-dealer operations are U.S.-regulated
  • Internet platform can reach investors from many locations
  • Issuer and investor activity depends on U.S. securities rules
  • No country-level revenue disclosure was provided

Netcapital’s strategy centers on combining a regulated funding portal with advisory and marketing services that help...

01
Grow issuer activity on the funding portalshort-term

More active offerings expand transaction opportunities and platform relevance.

02
Deepen advisory and marketing attach ratesmedium-term

Consulting services can increase issuer success and broaden revenue sources.

03
Strengthen compliance and regulated operating capabilitiesmedium-term

A robust control environment is essential in securities crowdfunding and broker-dealer activity.

Netcapital faces concentration risk because a small number of customers can account for a large share of revenue,...

critical

Going-concern and financing dependence

The company has disclosed doubt about its ability to continue as a going concern, implying reliance on future funding.

Scope
Operating losses and negative working capital increase dependence on external capital.
Materiality
high
high

Customer concentration

A few issuers account for a substantial portion of revenue, so one relationship can swing results.

Scope
One customer represented 73% of quarterly revenue in Q1 FY2026; multiple customers were material in FY2025.
Materiality
high
high

Regulatory and compliance risk

Funding portals and broker-dealers operate under SEC, FINRA, and state rules that can trigger sanctions for noncompliance.

Scope
Compliance systems, personnel, and jurisdiction-specific rules are critical to continued operation.
Materiality
high
high

Net capital constraints

Broker-dealer capital requirements can limit operations or lead to suspension if minimums are not maintained.

Scope
Capital-intensive activities and withdrawals from the subsidiary may be restricted.
Materiality
high
Revenue recognition under ASC 606
Affects revenue timing and quarter-to-quarter comparability
Allowance for doubtful accounts
Affects net receivables and bad debt expense
Long-lived asset impairment
Can produce large noncash charges
Equity securities valuation
Affects asset values and realized/unrealized gains or losses

: 29.4.2026