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Side-by-side financial comparison of Netcapital Inc. (NCPL) and Tivic Health Systems, Inc. (TIVC). Click either name above to swap in a different company.
Tivic Health Systems, Inc. is the larger business by last-quarter revenue ($146.0K vs $94.3K, roughly 1.5× Netcapital Inc.). Tivic Health Systems, Inc. runs the higher net margin — -1778.1% vs -1921.5%, a 143.4% gap on every dollar of revenue. On growth, Tivic Health Systems, Inc. posted the faster year-over-year revenue change (15.9% vs -38.2%). Over the past eight quarters, Tivic Health Systems, Inc.'s revenue compounded faster (-36.0% CAGR vs -47.9%).
Netcapital Inc. runs a U.S.-focused digital private capital markets platform that connects growth-seeking early startups, small and medium private businesses with accredited and non-accredited individual investors, providing fundraising support for issuers and accessible alternative investment options for platform users.
Tivic Health Systems, Inc. is a medical technology firm that develops and sells non-invasive, drug-free bioelectronic devices for chronic health condition management. Its flagship product relieves sinus pain and congestion, serving US consumer healthcare markets, with ongoing R&D for new devices targeting other common ailments.
NCPL vs TIVC — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $94.3K | $146.0K |
| Net Profit | $-1.8M | $-2.6M |
| Gross Margin | 98.1% | -99.3% |
| Operating Margin | -2304.6% | -1700.7% |
| Net Margin | -1921.5% | -1778.1% |
| Revenue YoY | -38.2% | 15.9% |
| Net Profit YoY | 39.7% | -81.4% |
| EPS (diluted) | $-0.32 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $94.3K | — | ||
| Q4 25 | $51.1K | — | ||
| Q3 25 | $190.1K | $146.0K | ||
| Q2 25 | $404.0K | $86.0K | ||
| Q1 25 | $152.7K | $70.0K | ||
| Q4 24 | $170.5K | $180.0K | ||
| Q3 24 | $142.2K | $126.0K | ||
| Q2 24 | $347.2K | $140.0K |
| Q1 26 | $-1.8M | — | ||
| Q4 25 | $-2.1M | — | ||
| Q3 25 | $-3.6M | $-2.6M | ||
| Q2 25 | $-20.5M | $-1.9M | ||
| Q1 25 | $-3.0M | $-1.5M | ||
| Q4 24 | $-2.2M | $-1.5M | ||
| Q3 24 | $-2.5M | $-1.4M | ||
| Q2 24 | — | $-1.3M |
| Q1 26 | 98.1% | — | ||
| Q4 25 | 96.3% | — | ||
| Q3 25 | 96.1% | -99.3% | ||
| Q2 25 | 99.2% | 62.8% | ||
| Q1 25 | 95.3% | 71.4% | ||
| Q4 24 | 88.4% | -132.8% | ||
| Q3 24 | 92.8% | 34.9% | ||
| Q2 24 | 96.8% | 21.4% |
| Q1 26 | -2304.6% | — | ||
| Q4 25 | -4149.6% | — | ||
| Q3 25 | -1728.8% | -1700.7% | ||
| Q2 25 | -476.0% | -2248.8% | ||
| Q1 25 | -1105.4% | -2151.4% | ||
| Q4 24 | -1291.5% | -165.6% | ||
| Q3 24 | -1763.5% | -1135.7% | ||
| Q2 24 | — | -904.3% |
| Q1 26 | -1921.5% | — | ||
| Q4 25 | -4169.3% | — | ||
| Q3 25 | -1916.3% | -1778.1% | ||
| Q2 25 | -5085.6% | -2245.3% | ||
| Q1 25 | -1969.1% | -2145.7% | ||
| Q4 24 | -1302.1% | -820.6% | ||
| Q3 24 | -1776.9% | -1135.7% | ||
| Q2 24 | — | -904.3% |
| Q1 26 | $-0.32 | — | ||
| Q4 25 | $-0.44 | — | ||
| Q3 25 | $-1.27 | — | ||
| Q2 25 | $-11.38 | $-2.19 | ||
| Q1 25 | $-1.57 | $-2.52 | ||
| Q4 24 | $-2.34 | $3.07 | ||
| Q3 24 | $-5.10 | $-0.23 | ||
| Q2 24 | — | $-5.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $3.5M |
| Total DebtLower is stronger | $492.4K | — |
| Stockholders' EquityBook value | $21.6M | $3.4M |
| Total Assets | $26.1M | $6.2M |
| Debt / EquityLower = less leverage | 0.02× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $3.5M | ||
| Q2 25 | — | $1.2M | ||
| Q1 25 | — | $669.0K | ||
| Q4 24 | — | $2.0M | ||
| Q3 24 | — | $2.2M | ||
| Q2 24 | — | $3.7M |
| Q1 26 | $492.4K | — | ||
| Q4 25 | $495.8K | — | ||
| Q3 25 | $500.0K | — | ||
| Q2 25 | $500.0K | — | ||
| Q1 25 | $500.0K | — | ||
| Q4 24 | $500.0K | — | ||
| Q3 24 | $500.0K | — | ||
| Q2 24 | $500.0K | — |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $21.4M | — | ||
| Q3 25 | $23.1M | $3.4M | ||
| Q2 25 | $14.9M | $3.3M | ||
| Q1 25 | $35.0M | $3.0M | ||
| Q4 24 | $37.4M | $2.5M | ||
| Q3 24 | $37.5M | $2.8M | ||
| Q2 24 | $37.9M | $4.2M |
| Q1 26 | $26.1M | — | ||
| Q4 25 | $25.4M | — | ||
| Q3 25 | $28.4M | $6.2M | ||
| Q2 25 | $20.9M | $4.5M | ||
| Q1 25 | $39.9M | $3.8M | ||
| Q4 24 | $41.9M | $2.8M | ||
| Q3 24 | $41.4M | $3.4M | ||
| Q2 24 | $41.6M | $4.8M |
| Q1 26 | 0.02× | — | ||
| Q4 25 | 0.02× | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 0.01× | — | ||
| Q3 24 | 0.01× | — | ||
| Q2 24 | 0.01× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-868.7K | $-2.0M |
| Free Cash FlowOCF − Capex | — | $-2.0M |
| FCF MarginFCF / Revenue | — | -1374.0% |
| Capex IntensityCapex / Revenue | — | 6.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-868.7K | — | ||
| Q4 25 | $-2.6M | — | ||
| Q3 25 | $-4.2M | $-2.0M | ||
| Q2 25 | $-5.3M | $-1.8M | ||
| Q1 25 | $-1.2M | $-889.0K | ||
| Q4 24 | $-1.5M | $-1.4M | ||
| Q3 24 | $-2.0M | $-1.4M | ||
| Q2 24 | $-4.9M | $-1.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $-2.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -1374.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
