Netcapital reported Q2 fiscal 2025 revenue of $170,528, a 92% year-over-year decline from approximately $2.04 million, entirely due to the cessation of equity-based consulting services. The company recorded an operating loss of $2.2 million, reversing from a $52,220 profit in Q2 2024, and posted a net loss of $2,220,501, or $2.34 per share, compared to prior-year net income of $339,616 (EPS $2.52). Cash and cash equivalents stood at $1,346,739 at quarter-end, with approximately 1.8 million shares outstanding and portfolio equity positions valued at just over $25 million.

On November 22, 2024, Netcapital secured FINRA approval for its broker-dealer subsidiary, Netcapital Securities, Inc., enabling the firm to conduct private placements under Reg A and Reg D. Management emphasized that broker-dealer status will support larger fundraises, deal syndication, and fee-sharing arrangements. The platform now counts over 115,000 investor accounts, and CEO Martin Kay noted that nearly 300 companies have successfully raised capital on Netcapital’s marketplace.

Although the technical and product build-out of the Templum ATS secondary trading platform is complete, unresolved regulatory framework issues are delaying its public launch. Management offered no timeline or confidence level for when secondary market trading functionality will go live, leaving investors uncertain about the timing of anticipated fee-generating trading operations.