NetSol Technologies, Inc., a global provider of business services and asset finance solutions, has recently disclosed its financial performance for the quarter ending September 30, 2024, in an 8-K filing. The company reported a 3% increase in total net revenues to $14.6 million for the first quarter of fiscal 2025. Key highlights include a notable 26% growth in recurring subscription and support revenues reaching $8.2 million. The company also achieved 45% in gross margins during the same period.
The quarter’s success was further demonstrated by NetSol’s net income of $71,000, showcasing growth from the previous fiscal year. Cash and cash equivalents also saw an increase, reaching $24.5 million by September 30, 2024.
Total operating expenses for the quarter were reported at $7.3 million, representing 50% of sales compared to the prior year period. Despite this, NetSol Technologies reported a loss from operations of $(760,000) for the first quarter of fiscal 2025, in contrast to income from operations in the preceding year.
Chief Financial Officer Roger Almond highlighted the company’s improved liquidity position and strategic growth outlook moving forward. The financial results indicate NetSol’s resilience and ability to navigate through evolving market conditions efficiently.
With a focus on geographic expansion and innovation, NetSol Technologies recently announced significant agreements with major automakers in China and the United States, further solidifying its position in the global market.
NetSol Technologies management will host a conference call on November 13, 2024, to discuss these financial results and provide additional insights into the company’s performance and future outlook.
NetSol Technologies, Inc. remains committed to delivering value to its shareholders and anticipates continued growth and success in the fiscal year 2025.
For more details on NetSol Technologies’ financial results and operations, investors can refer to the complete 8-K filing on the company’s website or the Securities and Exchange Commission’s EDGAR database.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NetSol Technologies’s 8K filing here.
About NetSol Technologies
NetSol Technologies, Inc designs, develops, markets, and exports enterprise software solutions to the automobile financing and leasing, banking, and financial services industries worldwide. The company offers NFS Ascent, a suite of financial applications for businesses in the finance and leasing industry.
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