Here are the 10-K annual reports from Netcapital Inc. Warrants (NCPLW) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NCPLW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NCPLW filings page.
Netcapital Inc. reported a difficult fiscal year ended April 30, 2025 with material asset write-downs and cash shortfalls. Revenues declined to $869,460 in fiscal 2025 from $4,951,435 the prior year, producing a gross profit of $829,116. The company recorded impairments of approximately $17.9 million on portfolio investments and recognized a total non-cash loss of $19.9 million, reducing total investments at fair value to $5,748,050 from $25,333,386 a year earlier.
Liquidity and solvency metrics underline risk: negative working capital of $5,096,163, an operating loss of $8,321,317, net cash used in operations of $5,339,211, and a reported net loss of $28,301,325 for the year. The filing discloses substantial dependence on a small number of customers and secured SBA obligations of approximately $0.5 million. Recent financing activity after year-end included two July 2025 registered direct/private placements raising gross proceeds of about $5 million and $3 million, an ATM sale that generated net proceeds of approximately $944,067, and FINRA approval in November 2024 for the broker-dealer subsidiary. Management states these conditions raise substantial doubt about the company’s ability to continue as a going concern.