Summary by Futu AI
Netcapital Inc., a digital private capital markets ecosystem, reported its financial results for the third quarter of fiscal year 2024 on March 18, 2024. The company experienced a significant decrease in revenues, with a 54% year-over-year drop to $1.0 million for the quarter, and a 14% decrease to $4.6 million for the first nine months of the fiscal year. Despite a decline in the number of issuers on its platform, funding portal revenues saw a year-to-date increase of over 70%. The company also highlighted the closing of a $4 million public offering in December 2023, which is expected to bolster its working capital and financial position. Diluted earnings per share fell to ($0.19) for the quarter, compared to $0.33 in the same period of the previous year. As of January 31, 2024, Netcapital had cash and cash equivalents of $2,172,099. The company's CEO, Martin Kay, expressed optimism about future prospects and the strength of their funding portal. Netcapital will host an earnings call on March 19, 2024, to discuss the results further.