Netcoins Holdings Inc (RM) AI Stock Analysis

• Market Cap: C$177.70M
• Dividend Yield: N/A
• Average Volume (3M): 119.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.05
• Revenue Growth: N/A
• EPS Growth: 51.07%
• Country: CA
• Employees: N/A
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.14
• Shares Outstanding: 54,342,160
• 10 Day Avg. Volume: 204,398
• 30 Day Avg. Volume: 119,138
• PEG Ratio: 0.34
• Price to Book (P/B): 8.39
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -20.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: C$2.50 ▲(13.64% Upside)
• Action: Downgraded Date: 01/27/26
• Date: Action: Downgraded 01/27/26

Overall score is held back primarily by weak financial performance (widening losses and a sharp swing to cash burn), partially offset by a strong technical uptrend (price above key moving averages with positive MACD). Valuation is also constrained due to negative earnings (negative P/E) and no dividend support.

Positive Factors

Low financial leverage

Very low debt-to-equity (~0.02) provides durable financial flexibility and reduces solvency risk. A light leverage profile gives management time to execute strategy, absorb operating losses, and pursue product or regulatory milestones without urgent refinancing pressure.

Core crypto brokerage/custody business

Operating a regulated digital-asset brokerage and custody platform is a structurally attractive fintech model: it can generate recurring transaction and custody revenue and scale with user adoption. The platform focus supports long-term market access as crypto demand matures.

Larger equity and asset base

A materially larger equity and asset base strengthens the company’s balance sheet footprint, increasing runway to invest in product development, compliance, and market expansion. This capital buffer supports multi-month execution despite current losses.

Negative Factors

Widening net losses

A sharp increase in net losses erodes retained capital and compresses returns; ROE sits deeply negative (~-27%). Persistent widening losses undermine sustainable profitability and require either material operating improvement or external capital to avoid dilution.

Material operating cash burn

Significant negative operating and free cash flow indicate ongoing cash consumption that can quickly deplete reserves. Elevated cash burn increases reliance on financing, creates dilution risk, and constrains the ability to fund growth or regulatory costs without capital raises.

No reported revenue visibility

Absence of reported revenue across recent years makes it difficult to assess core product-market fit, recurring economics, or margin sustainability. Without clear revenue traction, the business depends on financing and faces higher execution risk to prove a durable revenue model.

Netcoins Holdings Inc Business Overview & Revenue Model

Company Description

Axcap Ventures Inc. focuses on investing in various industries, including mineral exploration, technology, software development, and biotechnology industries. The company was formerly known as Netcoins Holdings Inc. and changed its name to Axcap Ventures Inc. in April 2022. Axcap Ventures Inc. is headquartered in Vancouver, Canada.

How the Company Makes Money

Netcoins Holdings Inc generates revenue primarily through transaction fees associated with the buying and selling of cryptocurrencies on its platform. These fees are charged as a percentage of each transaction or as a flat fee, depending on the nature of the trade. Additionally, the company may offer premium services, such as advanced trading tools or personalized customer support, which contribute to its revenue streams. Partnerships with financial institutions and integration with payment processors may also play a role in broadening its service offerings and enhancing its revenue potential. Netcoins' strategic focus on expanding its user base and increasing trading volume is a key driver of its financial performance.

Netcoins Holdings Inc Financial Statement Overview

Summary

Financials are pressured by widening losses and a sharp deterioration in cash flow: 2024 net loss expanded to about -$4.4M (vs. -$1.7M in 2023) and operating cash flow fell to about -$5.4M with free cash flow about -$6.6M. The main offset is a low-leverage balance sheet (debt-to-equity ~0.02) with higher equity/assets in 2024, but returns remain deeply negative (ROE about -27%).

Income Statement

Profitability is weak and deteriorated in the most recent period: annual net loss widened to about -$4.4M in 2024 vs. -$1.7M in 2023, and operating losses also expanded (EBIT about -$3.8M in 2024 vs. -$0.5M in 2023). Revenue is reported as $0 in most recent years (including 2024–2021), limiting visibility into the core business trajectory and making margin trends largely uninformative. The main positive is that losses were smaller in earlier years (e.g., 2022–2023) before the sharp step-down in 2024.

Balance Sheet

Leverage is very low (2024 debt-to-equity ~0.02), which reduces financial risk and provides flexibility. Equity and assets increased meaningfully in 2024 (equity ~$16.2M; assets ~$17.2M), strengthening the balance sheet footprint versus prior years. Offsetting this, returns to shareholders are deeply negative due to ongoing losses (2024 return on equity about -27%), so the larger capital base is not currently translating into earnings power.

Cash Flow

Cash generation weakened materially in 2024, with operating cash flow around -$5.4M and free cash flow around -$6.6M, implying elevated cash burn. While 2023 showed positive operating and free cash flow (~$0.45M each), the reversal in 2024 raises funding and sustainability risk if losses persist. A relative positive is that free cash flow tracked net income reasonably in 2024 (free cash flow about 1.2x the net loss), but the absolute cash outflow remains the key concern.

Breakdown
Income Statement
Total Revenue
Gross Profit
EBITDA
Net Income
Balance Sheet
Total Assets
Cash, Cash Equivalents and Short-Term Investments
Total Debt
Total Liabilities
Stockholders Equity
Cash Flow
Free Cash Flow
Operating Cash Flow
Investing Cash Flow
Financing Cash Flow

Netcoins Holdings Inc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:RM, the sentiment is Positive. The current price of 2.2 is below the 20-day moving average (MA) of 2.87, below the 50-day MA of 2.64, and above the 200-day MA of 1.85, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 62.42 is Neutral, neither overbought nor oversold. The STOCH value of 87.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:RM.

Netcoins Holdings Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
RM	54 Neutral	C$177.70M	-4.90	-106.58%	―	―	51.07%
XTRA	52 Neutral	C$141.70M	-10.96	-108.12%	―	-12.14%	4.41%
WNDR	51 Neutral	C$213.02M	-6.12	-31.23%	―	13.16%	-1375.61%
ABXX	45 Neutral	C$61.56M	-2.34	-147.54%	―	-34.80%	-28.42%
ONE	45 Neutral	C$53.61M	-44.59	-144.12%	―	-10.57%	-117.50%
LQWD	44 Neutral	C$32.18M	-3.73	-21.52%	―	782.42%	-63.88%

Netcoins Holdings Inc Corporate Events

Roxmore Resources Secures TSX Uplisting to Support Nevada Gold Project

Roxmore Resources Inc. has secured an uplisting to the Toronto Stock Exchange, with its shares set to voluntarily delist from the Canadian Securities Exchange on February 4, 2026 and begin trading on the TSX under the existing “RM” ticker the following day, while maintaining its OTCQX listing. Management says the move marks a key capital-markets milestone expected to boost the company’s visibility and appeal to institutional and retail investors as it advances the Converse Gold Project and prepares to deliver a preliminary economic assessment in the second quarter, with no action required from existing shareholders.

The most recent analyst rating on (TSE:RM) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Netcoins Holdings Inc stock, see the TSE:RM Stock Forecast page.