[Management View]
Netcapital reported a 34% increase in quarterly revenue to $190,000, driven by higher portal fees and service revenues exchanged for equity securities. The company is transitioning away from equity-based consulting revenue to focus on scalable business growth. New advisory boards for crypto and gaming have been established to guide integration with blockchain technologies and deepen engagement with online gaming sectors.

[Outlook]
Management emphasized ongoing efforts to reposition the business model toward scalable core operations. The company aims to enhance services through blockchain, crypto, and digital asset capabilities, positioning itself to play a larger role in fintech and decentralized finance (DeFi).

[Financial Performance]
Revenue for the three months ended July 31, 2025, was $190,058, a 34% increase YoY. Operating loss widened to $3.3 million from $2.5 million YoY. Loss per share narrowed to $1.27 from $5.10 YoY. Cash and cash equivalents stood at $4.6 million as of July 31, 2025.

[Q&A Highlights]
There were no questions and answers during the Q&A session.

[Sentiment Analysis]
The tone of the management was optimistic, focusing on strategic shifts and future growth opportunities. Analysts did not pose any questions, indicating either satisfaction with the provided information or a lack of immediate concerns.

[Quarterly Comparison]
| Key Metrics | Q1 2026 | Q1 2025 |
|------------------------|---------------|---------------|
| Revenue | $190,058 | $142,227 |
| Operating Loss | $3.3 million | $2.5 million |
| Loss Per Share | $1.27 | $5.10 |
| Cash and Equivalents | $4.6 million | Not provided |

[Risks and Concerns]
The company continues to rely heavily on a concentrated customer base, with one issuer responsible for 73% of total revenue. This concentration poses a risk if the issuer's performance declines or if they choose to leave the platform.

[Final Takeaway]
Netcapital's Q1 2026 results show significant revenue growth driven by a single issuer's fundraising success. The company is strategically shifting away from equity-based consulting to focus on scalable business growth, supported by new advisory boards in crypto and gaming. While the financial performance shows improvement, the heavy reliance on a concentrated customer base remains a risk. Management's optimistic tone and strategic initiatives indicate a positive outlook for future growth.