NCPLW

• Rich Wheeless joined Netcapital and emphasized the mission to democratize private investments. - The company is pivoting to its core fintech platform and recently licensed broker-dealer. - Potential from tokenized assets and Reg A offerings, with examples like Coinbase's utility token sale showing demand. - Focus on scalable growth by leveraging the platform and broker-dealer for larger transactions and new asset classes.

• Focus on growing volume on a scalable platform. - Leverage the broker-dealer to unlock larger transactions and broader product sets. - Position for opportunities in digital assets and tokenization, seeing utility token sales as a high-margin revenue stream opportunity.

For the 3 months ended October 31, 2025, Netcapital reported revenues of approximately $51,000, a decrease from approximately $170,000 in the same period of 2024, primarily due to lower portal fees. Operating loss was approximately $2.1 million compared to $2.2 million in the second quarter of fiscal year 2025. Loss per share was $0.44 vs. $2.34 in the prior year. As of October 31, 2025, cash and cash equivalents were approximately $1.7 million.

Q: Todd Oberle asked about employee count and revenue from Reg A offerings.

A: Rich Wheeless focused on the new strategy and Coreen Kraysler mentioned looking to next quarter for broker-dealer revenues.

Q: Emily McAllen asked about acquiring a defunct business.

A: Rich Wheeless and Coreen Kraysler discussed how the technology fits the strategy, with Rivetz bringing expertise and code for tokenized assets.