Netcaptial Shares Drop After Posting 91% Fall in 1Q Revenue

Dow Jones09-17

By Connor Hart

Shares of Netcapital tumbled after the company widened its loss and posted a steep decline in revenue in its fiscal fist quarter.

The stock fell 28% to $2.06 in after-hours trading on Monday, below the 52-week low of $2.30 set on Thursday. Shares, which are down 81% this year, ended the regular session up 11% to $2.88.

The Boston financial-technology company after the bell reported a net loss of $2.5 million for the quarter ended July 31, compared with a loss of about $492,000 a year earlier.

On a per-share basis, Netcapital posted a loss of $5.10, with about 495,000 shares outstanding, compared with a loss of $4.61, with about 107,00 shares outstanding, last year.

Revenue fell 91% to about $142,000.

"This was a challenging quarter for us, driven primarily by a decrease in revenues for services that we provide in exchange for equity securities," Chief Executive Martin Kay said. "However, we have taken what we believe are important steps to lay the groundwork for future opportunities."

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

September 16, 2024 18:12 ET (22:12 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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