Netcapital Inc. Q3 FY2025 earnings call

• Coreen noted revenue decline and progress on establishing broker-dealer subsidiary Netcapital Securities, Inc.
• Martin highlighted NSI becoming a broker-dealer in November 2024, approved for private placements, referral business, support for Reg A and Reg D offerings, and partnering with other broker-dealers
• Mentioned GenOn Neuroscience, Inc. engaged Netcapital Securities for broker-dealer and administrative services

Revenues for the three months ended January 31st, 2025 decreased by $890,111 or approximately 85% to $152,682 compared to $1,042,793 in the same period in 2024. The decline was due to lack of consulting service revenue for equity securities. Operating loss for Q3 2025 was $1,687,692 vs. $1,205,157 in Q3 2024. Net loss for Q3 2025 was approximately $3,006,537 vs. ~$2.2 million in Q3 2024, with a $1.3 million impairment charge for one of their portfolio companies.

• Management remains cautiously optimistic despite uncertain market environment
• Look forward to keeping shareholders updated on progress

• Forward-looking statements involve known and unknown risks, uncertainties, and factors that may cause actual results to differ materially from forward-looking statements
• No specific operational failures discussed in detail in the transcript

Q: [No actual questions posed during the call as per transcript] A: [Operator opened floor for questions but no questions were asked; Coreen and Martin provided prepared remarks]