Core Viewpoint - Netcapital Inc. has shifted its strategy to build a scalable foundation for future growth, focusing on democratizing access to private markets and enhancing its service offerings with a secured broker-dealer license [2]. Financial Performance - Reported revenues for fiscal year 2025 were $869,460, a significant decrease from $4,951,435 in fiscal year 2024, primarily due to a decline in consulting services [6]. - The company experienced an operating loss of $8,321,317 compared to a loss of $3,442,388 in fiscal year 2024 [6]. - An impairment loss of $19.9 million was recorded in fiscal year 2025 [6]. - The net loss per share was $20.39, an improvement from $28.83 in fiscal year 2024 [6]. Balance Sheet Overview - As of April 30, 2025, total assets were $20,901,491, down from $41,557,306 in the previous year [8]. - Cash and cash equivalents decreased to $289,428 from $863,182 [8]. - Total current liabilities increased to $5,495,767 from $3,116,698 [8]. - Total stockholders' equity fell to $14,905,724 from $37,940,608 [8]. Operational Insights - The company’s consulting group, Netcapital Advisors, provides marketing and strategic advice while taking equity positions in select companies [4]. - The funding portal, Netcapital Funding Portal Inc., is registered with the SEC and a member of FINRA, enhancing its credibility in the market [4].

Group 1 - Netcapital Inc. announced that Avadain raised over $1.275 million within the first 24 hours of its third offering on the Netcapital funding portal [1] - Avadain is a Tennessee-based company with globally patented technology for manufacturing graphene, which can be used as an additive material in various applications across growth industries [3] - Netcapital Inc. operates a scalable technology platform that enables private companies to raise capital online and offers private equity investment opportunities [4] Group 2 - The offering from Avadain is available for a limited time on the Netcapital platform, where investors can review details, risks, and disclosures [2]