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NETSOL Technologies Inc. (NTWK-0.39%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total net revenues of $15,536,661 for the quarter, compared to $15,237,941 in the same quarter the previous year. The revenue streams include license fees, subscription and support, and services.
License fees decreased significantly to $72,688 from $2,990,453 in the previous year, attributed to a major sale of NFS Ascent® CMS software in the prior period.
Subscription and support revenue increased to $8,642,629 from $6,827,781, including a one-time catch-up from several customers.
Services revenue rose to $6,821,344 from $5,419,707, driven by implementation services in the US and Europe.
Gross profit for the quarter was $6,920,341, down from $7,175,737, with a gross margin of 44.5% compared to 47.1% in the prior year.
Operating expenses increased to $7,407,291 from $6,148,905, primarily due to higher selling and marketing expenses, salaries, and provision for doubtful accounts.
The company reported a loss from operations of $486,950, compared to an income of $1,026,832 in the previous year.
Other expenses totaled $367,642, a reversal from other income of $106,036 in the prior year, mainly due to foreign currency exchange losses.
Net loss attributable to NETSOL was $1,147,042, compared to a net income of $408,316 in the previous year.
Cash provided by operating activities was $369,716 for the six months ended December 31, 2024, compared to $604,684 in the previous year.
The company held $21,270,642 in cash and cash equivalents as of December 31, 2024, up from $19,127,165 at June 30, 2024.
NETSOL Technologies continues to focus on its core offerings, including the Transcend™ Platform, and aims to expand its presence in the global asset finance and leasing industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NETSOL Technologies Inc. quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.