Netcapital Inc (NCPL) 2026 Q3 法說會逐字稿

Good morning, everyone, and welcome to Net Capital Incorporated's earnings call. (Operator Instructions), so it is now my pleasure to turn the floor over to your host, Coreen Kraysler of Netcapital. Coreen, the floor is yours.

各位早安，歡迎參加 Net Capital Incorporated 的財報電話會議。（接線員指示）現在我很榮幸把會議交給今天的主持人、Netcapital 的 Coreen Kraysler。Coreen，請開始。

Thank you, Jenny. Good morning, everyone, and thank you for joining Netcapital's Third Quarter Fiscal 2026 Financial Results Conference Call. I'm Coreen Kraysler, CFO of Netcapital Inc. I will begin by reviewing our financial results and then our Chief Executive Officer, Rich Wheeless, will share his prepared remarks. Before we begin, I'd like to remind everyone of the safe harbor disclosure regarding forward-looking information.

謝謝你，Jenny。各位早安，感謝各位參加 Netcapital 2026 會計年度第三季財務業績電話會議。我是 Netcapital Inc. 的財務長 Coreen Kraysler。我將先回顧我們的財務結果，接著我們的執行長 Rich Wheeless 將分享其事先準備的發言。在開始之前，我想提醒各位注意有關前瞻性資訊的安全港聲明。

Management's discussion may include forward-looking statements. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

管理層的討論可能包含前瞻性陳述。這些陳述涉及未來事件或未來財務表現，並包含已知與未知的風險、不確定性及其他因素，可能導致實際結果與這些前瞻性陳述所明示或暗示的任何未來結果、活動水準、表現或成就存在重大差異。

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層目前對營運、營運結果、成長策略、流動性及未來事件的看法。Netcapital 不承擔因任何原因公開更新或修訂這些前瞻性陳述的義務，也不承擔更新實際結果可能與這些前瞻性陳述所預期結果存在重大差異之原因的義務，即使未來出現新資訊亦然。

With that said, I'd like to now turn to our financial results for the third quarter of fiscal 2026. We reported revenues of approximately $94,000 for the three months ended January 31, 2026, and as compared to approximately $153,000 during the three months ended January 31, 2025. The decrease in revenues was primarily attributed to a decrease in funding portal fees during the quarter.

在此之後，我現在轉到 2026 會計年度第三季的財務結果。我們在截至 2026 年 1 月 31 日止三個月的營收約為 94,000 美元，相較於截至 2025 年 1 月 31 日止三個月約為 153,000 美元。營收下滑主要歸因於本季資金募集入口網站（funding portal）費用的減少。

I'll add that our revenues can be lumpy quarter-over-quarter, as the timing of large client funding events can have an outsized impact on results. We reported an operating loss of approximately $2.2 million compared to an operating loss of approximately $1.7 million for the third quarter of fiscal 2025. We reported a loss per share of $0.32, compared to a loss per share of $1.57 for the third quarter of fiscal year 2025. As of January 31, 2026, the company had Cash and Cash Equivalents of approximately $715,000.

我也補充說明，我們的營收在各季之間可能會有較大波動，因為大型客戶募資事件的時間點可能對結果造成不成比例的影響。我們的營業損失約為 220 萬美元，相較於 2025 會計年度第三季的營業損失約 170 萬美元。我們每股虧損為 0.32 美元，相較於 2025 會計年度第三季每股虧損 1.57 美元。截至 2026 年 1 月 31 日，公司持有的現金及約當現金約為 715,000 美元。

I will now turn the call over to our CEO, Rich Wheeless.

我現在把電話交給我們的執行長 Rich Wheeless。

Thank you, Coreen. Fiscal third quarter 2026 included my first two months as Netcapital's new CEO, and I'm more confident than ever in the company's value proposition to help small businesses meet their financing and capital market’s needs. Since joining Netcapital, my work is focused on strengthening the company's technology foundation, improving operational efficiency, and supporting initiatives that position the platform for future growth.

謝謝你，Coreen。2026 會計年度第三季包含我作為 Netcapital 新任執行長的前兩個月，我比以往任何時候都更有信心，相信公司協助小型企業滿足其融資與資本市場需求的價值主張。自加入 Netcapital 以來，我的工作重點在於強化公司的技術基礎、提升營運效率，並支持能讓平台為未來成長做好準備的各項倡議。

These efforts span platform architectural planning, regulatory tooling, workflow automation, and marketing enablement, areas I'll elaborate on in a moment. Coming to Netcapital's core, our Funding Portal is fundamentally a technology business with a largely fixed-cost structure, which means higher volume can drive attractive incremental margins.

這些工作涵蓋平台架構規劃、監管工具、工作流程自動化，以及行銷賦能等領域，我稍後會進一步說明。回到 Netcapital 的核心，我們的 Funding Portal 本質上是一家科技業務，且成本結構多為固定成本，這意味著更高的交易量可帶來具吸引力的增量利潤率。

At the same time, Netcapital Securities allows us to participate in larger Reg A transactions and broaden the range of issuers and investors that we can serve. This established regulated platform connects entrepreneurs and investors, and we are now building on that foundation by expanding into blockchain-enabled solutions.

同時，Netcapital Securities 讓我們得以參與更大型的 Reg A 交易，並擴大我們可服務的發行人與投資人範圍。這個既有的受監管平台連結創業者與投資人，而我們現在正以此為基礎，擴展至區塊鏈賦能的解決方案。

While third quarter fiscal 2026 revenue increased from the second quarter of fiscal 2026, I want to remind investors that we're still in a transition period, as the underlying economics of our model will only be realized when operating at sufficient scale. I'm laser-focused on achieving this goal.

雖然 2026 會計年度第三季營收較 2026 會計年度第二季增加，但我想提醒投資人，我們仍處於轉型期，因為我們模式的底層經濟效益只有在營運達到足夠規模時才會真正顯現。我正全力以赴達成這個目標。

Coupled with recent strategic investments, we believe that we have the right team and enhanced infrastructure in place to grow platform volume, leverage our broker-dealer to expand transaction opportunities, and benefit from digital assets and tokenization, which we view as a natural extension of our business.

結合近期的策略性投資，我們相信我們已具備合適的團隊與強化後的基礎設施，以提升平台交易量、運用我們的券商自營商（broker-dealer）擴大交易機會，並受益於數位資產與代幣化；我們認為這是我們業務的自然延伸。

Turning to more specifics. During the third quarter of fiscal 2026, in addition to signing four new broker-dealer clients, we executed on several strategic initiatives that we believe meaningfully advance Netcapital's transformation into a more scalable digital private capital markets platform with increasing exposure to tokenization, digital securities, and technology-enabled investor engagement.

接著談更具體的內容。在 2026 會計年度第三季，除了簽下四家新的券商自營商客戶外，我們也推動了多項策略性計畫；我們相信這些計畫能實質推進 Netcapital 轉型為更具可擴展性的數位私募資本市場平台，並提高我們在代幣化、數位證券以及科技賦能的投資人互動方面的曝險。

First, we continue building the infrastructure to support the next phase of private market evolution. Through our partnerships with Horizon and Silicon Prairie, we are working to integrate primary issuance capabilities with blockchain-based technology and compliant secondary trading infrastructure. We believe this expanded platform architecture to position Netcapital to support a broader range of digital securities, tokenized real-world assets, and enhanced liquidity solutions over time.

第一，我們持續建置基礎設施，以支援私募市場演進的下一階段。透過與 Horizon 與 Silicon Prairie 的合作夥伴關係，我們正致力於整合初級發行能力與基於區塊鏈的技術，以及合規的次級交易基礎設施。我們相信，這套擴展後的平台架構可使 Netcapital 隨時間推進，支援更廣泛的數位證券、代幣化的實體資產，以及更強化的流動性解決方案。

Our goal is to create a more efficient and accessible marketplace for both issuers and investors while remaining grounded in regulatory compliance. Second, we announced our first tokenized asset issuer engagement with PureWave Hydrogen, which we believe represents an important milestone in the execution of our tokenization strategy.

我們的目標是在堅守監管合規的前提下，為發行人與投資人打造更有效率且更易於取得的市場。第二，我們宣布與 PureWave Hydrogen 展開首次代幣化資產發行人合作；我們相信這代表我們執行代幣化策略的一個重要里程碑。

This engagement is focused on structuring a securities-based tokenization of hydrogen drilling assets located in Kansas and has the potential to become our first revenue-generating real-world asset tokenization project. Beyond the immediate opportunity, we view this engagement as an initial blueprint for future asset-backed tokenization mandates across additional sectors.

此合作聚焦於對位於堪薩斯州的氫氣鑽探資產進行以證券為基礎的代幣化架構設計，並有潛力成為我們第一個可創造營收的實體資產代幣化專案。除了眼前的機會之外，我們也將此合作視為未來在更多產業推動資產擔保型代幣化委託案的初步藍圖。

By applying a standardized technology and fee framework, we believe we can build a repeatable model that supports a diversified and scalable platform revenue stream over time. Third, we enhanced our in-house creative and product capabilities through the acquisition of the assets of Iverson Design. This transaction brought Michael Iverson to Netcapital as Chief Design Director and Head of AI Experience, along with the proprietary suite of AI-driven design, animation, and real-time rendering technologies.

透過採用標準化的技術與費用架構，我們相信可建立可重複的模式，並隨時間推進，支持多元化且可擴展的平台營收來源。第三，我們透過收購 Iverson Design 的資產，強化了內部的創意與產品能力。此交易使 Michael Iverson 加入 Netcapital，擔任首席設計總監與 AI 體驗主管，並帶來一套專有的 AI 驅動設計、動畫與即時渲染技術組合。

We believe these capabilities are strategically important as tokenization moves from concept to adoption. In our view, success in this market will depend not only on the regulatory and technical execution, but also on the ability to clearly communicate complex investment structures in a way that is accessible, intuitive, and compelling. With these capabilities in-house, we believe we can accelerate development cycles, improve issuer-facing and investor-facing content, and strengthen the overall user experience across our platform.

我們相信，隨著代幣化從概念走向採用，這些能力具有策略性重要性。在我們看來，在此市場取得成功不僅取決於監管與技術的執行，也取決於能否以易於理解、直覺且具吸引力的方式，清楚傳達複雜的投資結構。將這些能力內部化後，我們相信可加速開發週期、改善面向發行人與投資人的內容，並強化我們平台整體的使用者體驗。

Now, I'll take a moment to elaborate on strategic product and development initiatives underway to drive our long-term growth strategy and the continued evolution of our platform. Under Netcapital's integrated development plan, we made substantial progress in aligning development priorities across several key areas, including wallet infrastructure, tokenization capabilities, and issuer onboarding enhancements.

現在，我將花點時間說明正在進行的策略性產品與開發計畫，以推動我們的長期成長策略與平台的持續演進。在 Netcapital 的整合式開發計畫下，我們在多個關鍵領域的開發優先順序對齊方面取得了重大進展，包括錢包基礎設施、代幣化能力，以及發行人導入（onboarding）強化。

A major focus of mine has been ensuring these initiatives move forward as a part of the coordinated integrated development plan rather than stand-alone efforts. That includes improving communication and alignment across internal teams and external technology partners so that execution remains closely tied to our broader strategic road map. We advanced our early-stage planning around digital assets and tokenization.

我主要的重點之一，是確保這些計畫作為協調一致的整合式開發計畫的一部分向前推進，而非各自為政。這包括改善內部團隊與外部技術合作夥伴之間的溝通與一致性，使執行能緊密連結到我們更廣泛的策略路線圖。我們也推進了數位資產與代幣化的早期規劃。

As we continue evaluating tokenized securities offerings and related opportunities, we've been focused on how blockchain-based assets can integrate with Netcapital's existing systems, regulatory workflows, and compliance architecture. We believe that foundational planning is important as the market evolves and as we position the platform to support next-generation capital formation models over time.

在我們持續評估代幣化證券產品與相關機會的同時，我們一直專注於區塊鏈資產如何與 Netcapital 既有系統、監管工作流程與合規架構整合。我們相信，隨著市場演進，以及我們讓平台隨時間推進支援下一代資本形成模式，這些基礎性規劃至關重要。

Adding to our regulatory infrastructure, we developed a proprietary application designed to streamline the preparation of SEC EDGAR filings. This tool helps clean and prepare XML filing documents, which can reduce formatting issues and improve filing efficiency for issuers. We have continued refining the platform to enhance reliability, performance, and usability, and we believe infrastructure like this can play an important role in creating a more scalable and issuer-friendly operating model.

在監管基礎設施方面，我們開發了一款專有應用程式，用於簡化 SEC EDGAR 申報文件的準備流程。該工具可協助清理並準備 XML 申報文件，從而降低格式問題並提升發行人的申報效率。我們持續精進平台以提升可靠性、效能與易用性，並相信此類基礎設施可在打造更具可擴展性且更友善於發行人的營運模式方面扮演重要角色。

On the marketing and communications side, we implemented an automated workflow connecting monday.com, Make, and Mailchimp to support the preparation of investor newsletter campaigns based on the marketing calendar, while still including human review prior to distribution. This is a practical example of how thoughtful automation can reduce manual effort, improve consistency, and support a more scalable communications framework as the business grows.

在行銷與溝通方面，我們導入一套自動化工作流程，串接 monday.com、Make 與 Mailchimp，以依據行銷行事曆支援投資人電子報活動的準備，同時在發送前仍保留人工審核。這是一個務實的例子，說明周延的自動化如何能降低人工投入、提升一致性，並在業務成長時支持更具可擴展性的溝通架構。

Last, we began evaluating product analytics tools to help us better understand platform usage and user behavior. Over time, we believe a stronger analytics foundation could support more data-driven decision-making and help guide future product enhancements across the Netcapital ecosystem.

最後，我們開始評估產品分析工具，以協助我們更深入了解平台使用情況與使用者行為。隨時間推進，我們相信更強的分析基礎可支持更以數據為導向的決策，並協助引導 Netcapital 生態系中未來的產品強化。

In summary, we've delivered several key operating milestones and made substantial progress in advancing multiple initiatives to broaden Netcapital’s platform capabilities, deepen our monetization opportunities, and position the company at the intersection of private capital formation and digital asset innovation.

總結來說，我們達成了數項關鍵營運里程碑，並在推進多項計畫方面取得重大進展，以擴大 Netcapital 的平台能力、深化我們的變現機會，並使公司站在私募資本形成與數位資產創新的交會點上。

While we are still in the early stages of this evolution, we believe the strategic groundwork laid during the quarter supports our long-term vision and expands the range of opportunities we could pursue going forward. Thank you. Operator. That concludes our prepared remarks.

雖然我們仍處於此演進的早期階段，但我們相信本季所奠定的策略基礎支持我們的長期願景，並擴大我們未來可追求的機會範圍。謝謝。接線員。以上為我們事先準備的發言。

Thank you very much. This does conclude today's conference call. Thank you very much for attending. Please can you disconnect your phone lines and have a wonderful day. We thank you for your participation.

非常感謝。今天的電話會議到此結束。非常感謝各位出席。請各位掛斷電話線，祝各位有美好的一天。感謝各位的參與。