L1 and VC1 (Variable Capacitor) make the tuning circuit to get signal of the radio stations' transmission and the received signal is amplified through Q1 amplified by Q2 and fed back to the tuning circuit (regenerative circuit, some times known as Autodyne, too, regenerative means amplified many times by the same active component, here the Q1 and Q2) and then it is fed to the final audio amplifier Q3. All details about the components is given in the artical with good explanation.
Any further help, if needed, welcomed.