Netcapital Inc (NCPL) reported QQ2 2025 revenue of $170,528 thousand with a gross margin of 88.4%, but the quarter remains unprofitable at the operating level and on a net basis. Total operating expenses surged to $2,353,178 thousand, driven by elevated SG&A and platform-related investments, resulting in an operating loss of $2,202,431 thousand and a net loss of $2,220,501 thousand. Despite the heavy losses, the company generated financing proceeds of $1,979,000 thousand to fund ongoing burn, leading to a net cash increase of $491,558 thousand for the quarter and a cash balance of $1,346,739 thousand at period end. The balance sheet shows a strong equity base ($37,406,323 thousand) and substantial intangible assets ($14,715,267 thousand) along with sizable long-term investments ($25,598,341 thousand), indicating a platform-building, long-horizon value proposition rather than near-term profitability. Liquidity metrics are tight (current ratio 0.35), reflecting the ongoing burn and working capital dynamics, though debt levels remain modest (total debt $500,000 thousand). The year-over-year revenue decline (~94.5%) contrasts with a modest QoQ rebound (~+19.9%), underscoring the company’s dependency on a volatile private fundraising market and the need for meaningful monetization of the Netcapital platform. Management commentary (where available) would be focused on platform expansion, onboarding automation, and strategic initiatives to monetize services; however, the transcript data is not provided in the input. Investors should consider NCPL as a growth-stage fintech with high implied upside tied to private markets normalization but substantial near-term risk from operating losses and liquidity dynamics.