Netcapital Inc.NCPL

Netcapital Inc, the Boston-based operator of a digital private-market ecosystem, reported revenue of $94,347 for the quarter to January 31 2026, alongside a net loss of $1.8 M and an operating cash burn of $7.7 M. The figures sit in the company’s latest 10-Q, where assets total $26.1 M, liabilities $4.5 M, and equity $21.6 M. Diluted EPS came in at -$0.32 on 5.6 M diluted shares. These numbers are not the handwriting of a scaled platform; they read like the first draft of a start-up’s quarterly update.

Netcapital sells a private-investment platform that lets companies raise capital online and investors trade private securities. The product page shows a clean interface promising AI-powered solutions, but the numbers are the cold print: a platform that is still collecting pocket money rather than scaling revenue. The website’s imagery-private investors clicking a sleek dashboard-feels like marketing art, not an operating snapshot. The company’s own contact page confirms the platform exists, yet the $94,347 revenue figure suggests it is barely breathing.

SEC filings show Netcapital’s latest 10-Q for the period ending January 31 2026 lists revenue at $94,347, net loss at $1.8 M, operating loss at $2.2 M, operating cash used at $7.7 M, assets at $26.1 M, liabilities at $4.5 M, equity at $21.6 M, diluted EPS at -$0.32, and diluted shares at 5.6 M. The 10-Q is the definitive source for these figures; no other filing revises them.

The company has also been active on the capital-raising side of its own ledger. On June 29 2026 Netcapital issued a common-stock purchase warrant to Hudson Global Ventures LLC promising $10 per trading day once shares are delivered. On July 1 2026 it issued a convertible promissory note to Dune Equity Holdings LLC with a 2.0 % conversion fee. These instruments are not cheap capital; they are dilution machines running while the platform’s revenue idles.

Company filings reveal a non-binding letter of intent with RezyFi Inc, a South Dakota entity, but the document carries no binding terms, no price, and no certainty of closing. The press-release rail confirms the LOI exists; it does not confirm a deal. The ‘fundamental transformation’ announced in the press release lives only on the page, not on the cash-flow statement.

For investors who want to see the platform’s traction, the evidence is thin. SEC ownership data shows insider holdings and public float but no revenue milestone, no customer count, and no transaction-volume disclosure. The only concrete number tying the platform to real activity is the $94,347 revenue line-small enough to be a rounding error and large enough to prove the platform is alive. What remains unproven is whether the platform can grow beyond pocket money and whether the warrants and notes will dilute shareholders into the dust.

The evidence rail does not provide revenue by segment, customer concentration, platform transaction volume, user growth, or guidance. It does not supply a cash-flow forecast, capex breakdown, or R&D spend. Without those data, the file cannot assess whether the platform is investing to scale or merely burning to survive.