Summary by Moomoo AI
On July 29, 2024, Netcapital Inc., a digital private capital markets ecosystem, released its financial results for the fiscal year ended April 30, 2024. Despite a challenging economic climate, the company reported a significant increase in portal fees, which rose by approximately 109% year-over-year. However, overall revenues saw a decline of about 42% from the previous fiscal year, dropping to $4.9 million. The company also experienced an operating loss of $3.44 million and a net loss of nearly $5 million, a stark contrast to the previous year's net income of $2.95 million. Loss per share was reported at $0.41, down from an earnings per share of $0.63 in the prior year. An impairment loss of over $1 million was also recorded for the fiscal year 2024. Netcapital's CEO, Martin Kay, expressed optimism for the future, highlighting the growth in portal fees. The company's financial statements and additional details were provided in the Annual Report on Form 10-K filed with the SEC. Netcapital is set to host an earnings call on July 30, 2024, to discuss the results further.