Summary by Moomoo AI
Netcapital Inc., a fintech company operating an online platform for private securities offerings, reported a significant decrease in revenue for the quarter ended July 31, 2024. Revenue fell by approximately 91% to $142,227 compared to $1,519,809 in the same period last year, primarily due to a reduction in equity-based consulting services. The company's operating loss widened to $2,508,237, and net cash used in operating activities increased to $1,963,645. Despite these challenges, Netcapital's funding portal business, which generates cash revenues, has seen year-on-year growth. The company has taken steps to reduce operating expenses and is focusing on establishing a broker-dealer subsidiary to diversify revenue streams. However, the financial results have raised substantial doubt about the company's ability to continue as a...Show More
