Summary by Moomoo AI
Netcapital Inc., a fintech company specializing in online capital raising and private equity investment opportunities, reported a significant year-over-year decline in total revenues, from $8,493,985 in 2023 to $4,951,436 in 2024. The company's net income also shifted from a profit of $2,954,972 in 2023 to a loss of $4,986,317 in 2024, with basic and diluted earnings per share dropping from $0.63 to a loss of $0.41. Despite the downturn, Netcapital's cash and cash equivalents increased to $863,182 by the end of 2024, up from $569,441 the previous year. The company's business development efforts included the acquisition of a 10% interest in Caesar Media Group Inc. and the organization of Netcapital Securities Inc., which has applied to operate as a broker-dealer. Netcapital's future plans involve leveraging its technology platform and Netcapital Advisors to support companies with disruptive technologies, while also expanding its funding portal's services. The company's financial statements have been prepared in accordance with U.S. GAAP, and it operates as a single segment providing fintech services.