Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025 -82.4% Revenue growth, 20252 Where the money goes Where each dollar of revenue went, fiscal 2025 Other costs
Cost of revenue 5¢ $40.3K Other costs 95¢ $829.1K Out of $869.5K in revenue.2 The company lost money this year.
Financial statements
Income statement Balance sheet Cash flow
Annual Quarterly
Revenue4 5 6 7 8 9 2 $869.5K in 2025+682% since 2018 0 $2.5M $5.0M $7.5M $10.0M 2018: $111.2K $111.2K 2018 2019: $1.0M $1.0M 2019 +812% 2020: $1.8M $1.8M 2020 +73% 2021: $4.7M $4.7M 2021 +169% 2022: $5.5M $5.5M 2022 +16% 2023: $8.5M $8.5M 2023 +55% 2024: $5.0M $5.0M 2024 −42% 2025: $869.5K $869.5K 2025 −82% Gross profit4 5 6 7 8 9 2 $829.1K in 2025+850% since 2018 0 $2.5M $5.0M $7.5M $10.0M 2018: $87.3K $87.3K 2018 2019: $988.4K $988.4K 2019 +1032% 2020: $1.7M $1.7M 2020 +76% 2021: $4.0M $4.0M 2021 +127% 2022: $5.4M $5.4M 2022 +36% 2023: $8.4M $8.4M 2023 +57% 2024: $4.8M $4.8M 2024 −42% 2025: $829.1K $829.1K 2025 −83% Operating income4 5 6 7 8 9 2 -$8.3M in 2025+4233% since 2018 -$10.0M -$5.0M 0 $5.0M 2018: -$192.1K -$192.1K 2018 2019: $624.4K $624.4K 2019 2020: $1.1M $1.1M 2020 +84% 2021: -$401.5K -$401.5K 2021 2022: -$1.0M -$1.0M 2022 +157% 2023: $2.3M $2.3M 2023 2024: -$3.4M -$3.4M 2024 2025: -$8.3M -$8.3M 2025 +142% Net income4 5 6 7 8 9 2 -$28.3M in 2025-$30.0M -$20.0M -$10.0M 0 $10.0M 2018: $131.1K $131.1K 2018 2019: $582.9K $582.9K 2019 +345% 2020: $604.9K $604.9K 2020 +4% 2021: $1.5M $1.5M 2021 +143% 2022: $3.5M $3.5M 2022 +138% 2023: $3.0M $3.0M 2023 −16% 2024: -$5.0M -$5.0M 2024 2025: -$28.3M -$28.3M 2025 +468%
Revenue10 11 12 $94.3K in Q3 FY2026−50% since Q1 FY2025 0 $50.0K $100.0K $150.0K $200.0K Q1 FY2025: $190.1K $190.1K Q1 FY2025 Q2 FY2025: $51.1K $51.1K Q2 FY2025 −73% Q3 FY2026: $94.3K $94.3K Q3 FY2026 +85% Gross profit10 11 12 $92.5K in Q3 FY2026−49% since Q1 FY2025 0 $50.0K $100.0K $150.0K $200.0K Q1 FY2025: $182.6K $182.6K Q1 FY2025 Q2 FY2025: $49.2K $49.2K Q2 FY2025 −73% Q3 FY2026: $92.5K $92.5K Q3 FY2026 +88% Operating income10 11 12 -$2.2M in Q3 FY2026−34% since Q1 FY2025 -$4.0M -$3.0M -$2.0M -$1.0M 0 Q1 FY2025: -$3.3M -$3.3M Q1 FY2025 Q2 FY2025: -$2.1M -$2.1M Q2 FY2025 −35% Q3 FY2026: -$2.2M -$2.2M Q3 FY2026 +3% Net income10 11 12 -$1.8M in Q3 FY2026−50% since Q1 FY2025 -$4.0M -$3.0M -$2.0M -$1.0M 0 Q1 FY2025: -$3.6M -$3.6M Q1 FY2025 Q2 FY2025: -$2.1M -$2.1M Q2 FY2025 −42% Q3 FY2026: -$1.8M -$1.8M Q3 FY2026 −15%
Fiscal year 2018 2019 2020 2021 2022 2023 2024 2025 Revenue $111.2K4 $1.0M5 $1.8M6 $4.7M7 $5.5M8 $8.5M9 $5.0M2 $869.5K2 Cost of revenue $23.9K4 $25.2K5 $11.1K6 $759.2K7 $110.1K8 $85.0K9 $108.1K2 $40.3K2 Gross profit $87.3K4 $988.4K5 $1.7M6 $4.0M7 $5.4M8 $8.4M9 $4.8M2 $829.1K2 Selling, general and admin $66.8K4 $54.2K5 $72.7K6 $465.0K7 $1.6M8 $1.7M9 $3.4M9 Operating income -$192.1K4 $624.4K5 $1.1M6 -$401.5K7 -$1.0M8 $2.3M9 -$3.4M2 -$8.3M2 Interest $69.5K4 $19.4K5 $18.9K6 $87.3K7 $126.4K8 $93.8K8 Income tax -$3.7K5 -$129.0K6 $613.0K7 $544.0K8 $854.0K9 -$2.3M2 Net income $131.1K4 $582.9K5 $604.9K6 $1.5M7 $3.5M8 $3.0M9 -$5.0M2 -$28.3M2 Earnings per share $0.004 $0.005 $1.506 $1.187 $1.318 $0.639 -$28.832 -$20.392 Earnings per share (diluted) $0.004 $0.005 $1.506 $0.897 $1.278 $0.639 -$28.832 -$20.392
Total assets4 5 6 7 8 9 2 $20.9M in 2025+21140% since 2018 0 $20.0M $40.0M $60.0M 2018: $98.4K $98.4K 2018 2019: $719.4K $719.4K 2019 +631% 2020: $2.2M $2.2M 2020 +208% 2021: $25.7M $25.7M 2021 +1062% 2022: $31.8M $31.8M 2022 +24% 2023: $41.8M $41.8M 2023 +32% 2024: $41.6M $41.6M 2024 −1% 2025: $20.9M $20.9M 2025 −50% Total liabilities4 5 6 7 8 9 2 $6.0M in 2025+279% since 2018 0 $5.0M $10.0M $15.0M 2018: $1.6M $1.6M 2018 2019: $1.6M $1.6M 2019 +0% 2020: $1.5M $1.5M 2020 −3% 2021: $11.5M $11.5M 2021 +652% 2022: $6.6M $6.6M 2022 −43% 2023: $5.7M $5.7M 2023 −14% 2024: $3.6M $3.6M 2024 −36% 2025: $6.0M $6.0M 2025 +66% Shareholders’ equity5 6 7 8 9 2 $14.9M in 2025-$20.0M 0 $20.0M $40.0M 2018: -$1.5M -$1.5M 2018 2019: $638.7K $638.7K 2019 2020: $760.0K $760.0K 2020 +19% 2021: $20.5M $20.5M 2021 +2598% 2022: $30.3M $30.3M 2022 +48% 2023: $39.1M $39.1M 2023 +29% 2024: $37.9M $37.9M 2024 −3% 2025: $14.9M $14.9M 2025 −61% Cash5 6 8 9 2 $289.4K in 2025+17388% since 2018 0 $1.0M $2.0M $3.0M 2018: $1.7K $1.7K 2018 2019: $19.1K $19.1K 2019 +1055% 2020: $11.2K $11.2K 2020 −41% 2021: $2.5M $2.5M 2021 +21977% 2022: $473.9K $473.9K 2022 −81% 2023: $569.4K $569.4K 2023 +20% 2024: $863.2K $863.2K 2024 +52% 2025: $289.4K $289.4K 2025 −66% Long-term debt7 8 9 2 $500.0K in 2025−79% since 2021 0 $1.0M $2.0M $3.0M 2021: $2.4M $2.4M 2021 2022: $495.1K $495.1K 2022 −79% 2023: $500.0K $500.0K 2023 +1% 2024: $500.0K $500.0K 2024 +0% 2025: $500.0K $500.0K 2025 +0%
Total assets12 10 11 $26.1M in Q3 FY2026+25% since Q3 FY2025 0 $10.0M $20.0M $30.0M Q3 FY2025: $20.9M $20.9M Q3 FY2025 Q1 FY2025: $28.4M $28.4M Q1 FY2025 +36% Q2 FY2025: $25.4M $25.4M Q2 FY2025 −11% Q3 FY2026: $26.1M $26.1M Q3 FY2026 +2% Total liabilities12 10 11 $4.5M in Q3 FY2026−26% since Q3 FY2025 0 $2.0M $4.0M $6.0M Q3 FY2025: $6.0M $6.0M Q3 FY2025 Q1 FY2025: $5.3M $5.3M Q1 FY2025 −12% Q2 FY2025: $4.0M $4.0M Q2 FY2025 −25% Q3 FY2026: $4.5M $4.5M Q3 FY2026 +11% Shareholders’ equity12 10 11 $21.6M in Q3 FY2026+45% since Q3 FY2025 0 $10.0M $20.0M $30.0M Q3 FY2025: $14.9M $14.9M Q3 FY2025 Q1 FY2025: $23.1M $23.1M Q1 FY2025 +55% Q2 FY2025: $21.4M $21.4M Q2 FY2025 −7% Q3 FY2025: $21.4M $21.4M Q3 FY2025 +0% Q3 FY2026: $21.6M $21.6M Q3 FY2026 +1% Cash12 10 11 $715.4K in Q3 FY2026+147% since Q3 FY2025 0 $2.0M $4.0M $6.0M Q3 FY2025: $289.4K $289.4K Q3 FY2025 Q1 FY2025: $4.6M $4.6M Q1 FY2025 +1476% Q2 FY2025: $1.7M $1.7M Q2 FY2025 −63% Q3 FY2026: $715.4K $715.4K Q3 FY2026 −58% Long-term debt12 10 11 $492.4K in Q3 FY2026−2% since Q3 FY2025 0 $200.0K $400.0K $600.0K Q3 FY2025: $500.0K $500.0K Q3 FY2025 Q1 FY2025: $500.0K $500.0K Q1 FY2025 +0% Q2 FY2025: $495.8K $495.8K Q2 FY2025 −1% Q3 FY2026: $492.4K $492.4K Q3 FY2026 −1%
Fiscal year 2018 2019 2020 2021 2022 2023 2024 2025 Cash $1.7K5 $19.1K6 $11.2K6 $2.5M8 $473.9K9 $569.4K2 $863.2K2 $289.4K2 Current assets $43.4K4 $65.8K5 $476.8K6 $4.5M7 $2.9M8 $2.5M9 $1.0M2 $399.6K2 Total assets $98.4K4 $719.4K5 $2.2M6 $25.7M7 $31.8M8 $41.8M9 $41.6M2 $20.9M2 Current liabilities $582.4K4 $584.7K5 $1.5M6 $9.2M7 $6.0M8 $5.2M9 $3.1M2 $5.5M2 Long-term debt $2.4M7 $495.1K8 $500.0K9 $500.0K2 $500.0K2 Total liabilities $1.6M4 $1.6M5 $1.5M6 $11.5M7 $6.6M8 $5.7M9 $3.6M2 $6.0M2 Shareholders’ equity -$1.5M5 $638.7K6 $760.0K7 $20.5M8 $30.3M9 $39.1M9 $37.9M2 $14.9M2 Shares outstanding 731.7M shares13 755.3M shares4 831.3M shares5 2.7M shares6 4.3M shares7 9.4M shares14 40.5M shares9 4.7M shares2
Cash from operations4 5 6 7 8 9 2 -$5.3M in 2025+10545% since 2018 -$6.0M -$4.0M -$2.0M 0 $2.0M 2018: -$50.2K -$50.2K 2018 2019: $30.6K $30.6K 2019 2020: -$3.6K -$3.6K 2020 2021: -$3.3M -$3.3M 2021 +90102% 2022: -$3.0M -$3.0M 2022 −8% 2023: -$4.6M -$4.6M 2023 +54% 2024: -$4.9M -$4.9M 2024 +6% 2025: -$5.3M -$5.3M 2025 +9%
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Fiscal year 2018 2019 2020 2021 2022 2023 2024 2025 Cash from operations -$50.2K4 $30.6K5 -$3.6K6 -$3.3M7 -$3.0M8 -$4.6M9 -$4.9M2 -$5.3M2
Compare Netcapital Inc. with another company
Former names
ValueSetters Inc. Sep 30, 2013 to Nov 5, 20203 ValueSetters Corp Oct 5, 2007 to Sep 24, 20143
Recent filings
Oct 14, 2026 8-K Sep 25, 2026 8-K Sep 3, 2026 8-K Aug 28, 2026 8-K Aug 25, 2026 8-K Aug 18, 2026 8-K Aug 10, 2026 8-K Jul 29, 2026 NT 10-K Jul 9, 2026 8-K Jul 8, 2026 8-K Jun 16, 2026 8-K Jun 10, 2026 8-K Jun 10, 2026 8-K Jun 8, 2026 3 Jun 4, 2026 8-K
Every filing from the last three years, summarized . The full record is on SEC EDGAR.1