Netcapital Inc (NCPL) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Netcapital Inc, third quarter fiscal 2025 conference call. (Operator Instructions) We will open the floor for your questions and comments after the presentation. (Operator Instructions)

早安，歡迎參加 Netcapital Inc 2025 財年第三季電話會議。（操作員指示）演示結束後，我們將開放您的提問和評論。（操作員指示）

It's now my pleasure to turn the floor over to your host, Coreen Kraysler, CFO of Netcapital Inc., Coreen, the floor is yours.

現在我很高興將發言權交給主持人、Netcapital Inc. 財務長 Coreen Kraysler，Coreen，請您發言。

Thank you, Tom. Good morning, everyone, and thank you for joining Netcapital's quarter fiscal 2025 results call. I'm Coreen Kraysler, CFO of Netcapital Inc., and I will begin by reviewing our financial results; and then our Chief Executive Officer, Martin Kay will share his prepared remarks before we open the Q&A portion of our call.

謝謝你，湯姆。大家早安，感謝您參加 Netcapital 2025 財年季度業績電話會議。我是 Netcapital Inc. 的財務長 Coreen Kraysler，我將首先回顧我們的財務表現；然後我們的執行長 Martin Kay 將在我們開始電話會議的問答環節之前分享他準備好的發言。

Before we begin, I'd like to remind everyone of the safe harbor disclosure regarding forward-looking information. Management's discussion may include forward statements. These statements relate to future events or future financial performance and involve known and own risks, uncertainties and other factors that may cause actual results to be materially different from any future results, levels of activities, performance or achievements expressed or implied by these forward-looking statements.

在我們開始之前，我想提醒大家有關前瞻性資訊的安全港披露。管理階層的討論可能包括前瞻性聲明。這些聲明涉及未來事件或未來財務業績，涉及已知和自身風險、不確定性和其他因素，這些因素可能導致實際結果與這些前瞻性聲明表達或暗示的任何未來結果、活動水平、業績或成就有重大差異。

Any forward-looking statements reflect management's current views with respect to operations results of operations, growth strategies, liquidity and future events. Netcapital assumes no obligation to publicly update or revise these forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

任何前瞻性陳述均反映管理階層對經營成果、成長策略、流動性和未來事件的當前看法。Netcapital 不承擔因任何原因公開更新或修改這些前瞻性聲明的義務，也不承擔因實際結果可能與這些前瞻性聲明的預期存在重大差異而更新這些前瞻性聲明的義務，即使將來出現新的資訊。

With that said, I'd like to now turn to our financial results for the second quarter fiscal 2025. Revenues for the three months ended January 31, 2025, decreased by $890,111 or approximately 85% to $152,682 as compared to $1,042,793 during the three months ended January 31, 2024. The decline in revenue was attributed to the lack of consulting service revenue for equity securities in Q3 2025 as compared to revenue of $862,346 for consulting services for equity securities in Q3 2024.

話雖如此，我現在想談談我們 2025 財年第二季的財務表現。截至 2025 年 1 月 31 日的三個月的收入減少了 890,111 美元，約 85%，至 152,682 美元，而截至 2024 年 1 月 31 日的三個月的收入為 1,042,793 美元。收入下降的原因是 2025 年第三季股權證券諮詢服務收入不足，而 2024 年第三季股權證券諮詢服務收入為 862,346 美元。

In fiscal 2025, management has progressed on establishing our broker-dealer subsidiary to gain additional sources of revenue and we have not been pursuing the equity-based revenue contracts. On November 22, 2024, we received FINRA approval for our broker-dealer subsidiary, Netcapital Securities, Inc.

在 2025 財年，管理層已著手建立我們的經紀自營商子公司以獲得額外的收入來源，並且我們尚未追求基於股權的收入合約。2024 年 11 月 22 日，我們的經紀交易商子公司 Netcapital Securities, Inc. 獲得了 FINRA 批准。

We reported an operating loss of $1,687,692 for the third fiscal third quarter fiscal 2025 as compared to an operating loss of $1,205,157 for the third quarter of fiscal 2024. We reported a net loss for the third quarter of fiscal 2025 and of approximately $3,006,537 as compared to a net loss of approximately $2.2 million for the same period in the prior year.

我們報告 2025 財年第三季的營業虧損為 1,687,692 美元，而 2024 財年第三季的營業虧損為 1,205,157 美元。我們報告 2025 財年第三季淨虧損約為 3,006,537 美元，而去年同期淨虧損約為 220 萬美元。

Third quarter results reflect an impairment charge of $1.3 million for one of our portfolio companies. We reported a net loss per share of $1.57 EPS for the third quarter compared to EPS of a loss of $13.60 a share for the same period in prior year.

第三季的業績反映出我們投資組合中的一家公司有 130 萬美元的減損費用。我們報告第三季每股淨虧損為 1.57 美元，去年同期每股淨虧損為 13.60 美元。

I'll now turn the call over to our CEO, Martin Kay.

現在我將把電話轉給我們的執行長馬丁凱 (Martin Kay)。

Thank you, Coreen, and thank you to all our shareholders for being on this call today and for your continued interest and support of the company. As you heard from Coreen, we did face a tough time during the quarter. From a revenue perspective, we had a decrease, which we already touched on. And while I don't want to diminish this, I do want to look at a major success we had during the quarter with our wholly owned subsidiary Netcapital Securities, Inc., or NSI becoming a broker dealer.

謝謝你，科琳，也感謝我們所有的股東今天參加電話會議，感謝你們對公司的持續關注和支持。正如您從 Coreen 那裡聽到的，我們在本季確實面臨艱難時期。從收入角度來看，我們的收入有所下降，這一點我們之前已經提到過。雖然我不想貶低這一點，但我確實想看看我們在本季度取得的重大成功，我們的全資子公司 Netcapital Securities, Inc.（或 NSI）成為經紀交易商。

During the year, as a company, we have shifted some focus towards the goal of establishing Netcapital securities as a broker-dealer, and we successfully completed this goal following approval Financial Industry Regulatory Authority, or FINRA in November. NSI is now approved to do three things: first, handle private placements of securities as well as referral business, second, support companies raising equity capital under Reg A and Reg D enabling larger fundraises and potentially attracting a broader range of issuers. And thirdly, partnering with other broker-dealers.

今年，作為一家公司，我們將部分重點轉向將 Netcapital 證券打造成一家經紀交易商的目標，並在 11 月獲得美國金融業監管局 (FINRA) 的批准後成功實現了這一目標。NSI 目前被批准做三件事：第一，處理證券私募以及推薦業務；第二，支持公司根據 Reg A 和 Reg D 籌集股權資本，從而實現更大規模的融資，並可能吸引更廣泛的發行人。第三，與其他經紀交易商合作。

Looking forward, we are pleased that Algernon NeuroScience, Inc. recently engaged Netcapital securities before one of those planned Regulation A or Reg A offerings and to provide broker-dealer and administrative services. So although the market environment remains uncertain, management remains cautiously optimistic and we look forward to keeping you updated on our progress.

展望未來，我們很高興 Algernon NeuroScience, Inc. 最近在計劃中的其中一項 Regulation A 或 Reg A 發行之前與 Netcapital 證券公司合作，為其提供經紀交易商和行政服務。因此，儘管市場環境仍然不確定，管理層仍然保持謹慎樂觀，我們期待隨時向您通報我們的進展。

As always, thank you for your interest and support of Netcapital. And operator, we are ready for questions.

一如既往，感謝您對 Netcapital 的關注與支持。接線員，我們已經準備好回答問題了。

(Operator Instructions). And there are no questions in queue at this time. I would now like to turn the floor back to Martin Kay for closing comments.

（操作員指令）。目前隊列中沒有問題。現在我想請馬丁凱 (Martin Kay) 發表最後評論。

Okay. Well, thank you, Tom, and thanks, Coreen, our CFO, and thank you all for joining and again, for your continued interest and support of the company. Take care. Thank you.

好的。好吧，謝謝你，湯姆，也謝謝你，我們的財務長科琳，再次感謝大家的加入，感謝你們對公司的持續關注和支持。小心。謝謝。

This does conclude today's conference call. You may disconnect your lines at this time, and have a wonderful day. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路，享受美好的一天。感謝您的參與。