Netcapital Inc (NCPL) Q2 2026 Earnings Report

- Netcapital reported a sharp Q2 2026 revenue pullback to $51.1 million? [Note: In data, revenue is reported as 51,076 in thousands? The figures reflect a very small quarterly top line in USD terms for NCPL’s QQ2 2026 period; the company posted a material revenue decline YoY and QoQ, indicating a contraction in deal activity or market demand.] The quarter produced gross profit of $49.2k on a 96.3% gross margin, underscoring a highly favorable marginal cost structure on the limited revenue generated. However, fixed and semi-fixed operating costs dominated the cost base, resulting in an EBITDA loss of approximately $2.12 million and a net loss of roughly $2.13 million for the period, with an EPS of -$0.44. YoY revenue was down about 64.1% and QoQ down about 73.1%, while operating income improved on a year-over-year basis by about 15.5% (despite still negative) and grew 35.4% QoQ. These dynamics indicate substantial leverage in the cost base and an overhang of high fixed costs that must be absorbed by materially higher revenue to approach breakeven.

- Management commentary is not present in the data provided. The absence of explicit forward guidance requires investors to focus on cost structure optimization, ramp plans for deal flow on the Netcapital funding portal, and potential monetization of onboarding/compliance services as key near-term catalysts. The company operates in a highly fragmented, regulatory-heavy private markets niche, which offers long-run growth potential but heightens risk given the current profitability and scale profile.