Netcapital Announces Fiscal Year 2022 Financial Results
Netcapital Inc. (NASDAQ: NCPL, NCPLW) reported a strong fiscal year 2022 with 16% revenue growth to
- Revenue growth of 16% year-over-year to $5.5 million.
- EPS growth of 43% year-over-year to $1.27 per diluted share.
- Equity securities at fair value increased by 104% to $12.9 million.
- Uplisted to Nasdaq on July 13, 2022, increasing company visibility.
- Public offering raised $5 million for growth initiatives.
- Net income includes a significant $1.9 million PPP loan forgiveness, which may not be sustainable.
Fiscal year revenue growth of
“Our company posted strong results for fiscal year 2022,” said Dr.
Fiscal Year 2022 Financial Highlights
-
Revenue growth of
16% year-over-year to$5.5 million -
EPS growth of
43% year-over-year to per diluted share$1.27 -
As of
April 30, 2022 , equity securities at fair value totaled compared to$12.9 million one year ago, an increase of$6.3 million 104% . -
Net income includes loan forgiveness of a PPP loan of
.$1.9 million
Subsequent Event
-
Subsequent to fiscal year end 2022,
Netcapital completed an underwritten public offering of 1,205,000 shares of the Company’s common stock and warrants to purchase up to 1,205,000 shares of the Company’s common stock at a combined public offering price of per share and warrants. Gross proceeds from the offering were$4.15 . The Company intends to use the net proceeds from this offering for research and development activities (including development of a mobile app), sales and marketing, general working capital purposes, potential acquisitions of other companies, products or technologies (though no such acquisitions are currently contemplated), and for the repayment of certain indebtedness.$5,000,750
Conference Call Information
The company will hold a conference call to discuss financial results today,
Those unable to listen to the call live may access a replay via the Investors section of
For additional disclosure regarding operating results, please refer to the Annual Report on Form 10-K for the period ended
About
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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Investor Contact
800-460-0815
ir@netcapital.com
Source:
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