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NETSOL Technologies Inc. (NASDAQ: NTWK) provides investors and industry professionals with authoritative coverage of corporate developments in enterprise software solutions for asset finance and leasing. This centralized resource aggregates official press releases, financial disclosures, and strategic announcements from the global IT leader.
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NETSOL Technologies reported a 10% increase in subscription (SaaS and Cloud) and support revenues to $5.7 million for the fiscal third quarter ending March 31, 2021. Total net revenues rose to $13.8 million, with improved gross profit of 46.6%. However, a net loss of $(623,000) was recorded, largely due to a $1.8 million loss from foreign currency exchange. The company appointed James Freto as Vice President of Sales and expanded its pipeline in North America and Europe, indicating potential growth opportunities.
NETSOL Technologies (Nasdaq: NTWK) will hold a conference call on May 13, 2021, at 9:00 a.m. ET to discuss its fiscal third-quarter results ended March 31, 2021. The financial results will be released prior to the call. Participants can dial in using the U.S. number 1-877-407-0789 or the international number 1-201-689-8562. The call will also be accessible via a live broadcast and available for replay through the company's Investor Relations section. The replay will be active until May 27, 2021.
NETSOL Technologies (Nasdaq: NTWK) has announced a multi-million-dollar contract renewal with a major Japanese automotive customer in Thailand. This deal continues the licensing of key components from NETSOL's NFS Retail platform, namely the NFS Credit Application Processing System (CAP) and the NFS Contract Management System (CMS). The partnership emphasizes NETSOL's commitment to enhancing operational efficiency and future-proofing client businesses, solidifying their status in Thailand and the Asia-Pacific region as a leading provider for finance and leasing companies.
NETSOL Technologies, Inc. (NASDAQ: NTWK) has appointed James Freto as the new Vice President of Sales for NETSOL Technologies Americas, effective April 1, 2021. Freto, previously a Senior Sales Executive at FIS, will focus on enhancing sales and customer relationships across North America. His appointment aims to strengthen NETSOL’s sales strategy, particularly for the NFS Ascent product. Freto is expected to leverage his expertise in digitization and automation to drive predictable revenue streams and expand NETSOL's market presence.
NETSOL Technologies (NASDAQ: NTWK) has announced the launch of a digital retail platform for car dealerships through its subsidiary Otoz. This platform aims to enhance the automotive shopping experience by integrating OEMs, finance companies, and dealers into a seamless, digital sales channel. Initially set to roll out in California, the platform will expand to over 100 dealerships nationwide, targeting a second-quarter launch. Otoz's technology, built on cloud-native architecture and incorporating AI and blockchain, aims to cater to the growing demand for online vehicle sales.
NETSOL Technologies (NTWK) reported improved operational highlights despite COVID-19 challenges, with subscription and support revenue rising 12% to $5.7 million, projecting a $23 million run rate. Notable contracts include a $9 million upgrade deal with a Chinese finance customer and successful implementations in Germany and the UK. While total net revenues decreased from $15.7 million to $13.1 million, operating expenses fell by 16.1%. The net loss for Q2 2021 was $(242,000) or $(0.02) per share, compared to a $586,000 profit the previous year. Cash reserves increased to $32 million.
NETSOL Technologies, Inc. (NTWK) announced a conference call scheduled for February 16, 2021, at 9:00 a.m. ET to discuss its fiscal Q2 results ended December 31, 2020. Financial results will precede the call, which includes a presentation by management followed by a Q&A session. Investors can join the call via U.S. dial-in or international dial-in numbers provided. The call will also be broadcast live and available for replay. NETSOL is a global IT and enterprise software solutions provider primarily serving the finance and leasing industry.
NETSOL Technologies (NTWK) has appointed Naeem Ghauri, its Co-Founder and former President of Global Sales, as the new President of NETSOL Technologies, Inc., effective immediately. Ghauri will oversee both domestic and international operations and report directly to the Chairman and CEO. His tenure has seen over $500 million in revenue generation, establishing NETSOL's leadership, especially in the APAC region. Ghauri will also continue leading Otoz, NETSOL's mobility subsidiary, which is set for rapid growth.
NETSOL Technologies (NTWK) has signed a multi-year, multi-million-dollar agreement with a leading automotive financial services company in China to transition from its legacy NFS system to the advanced Ascent® platform. This upgrade reflects confidence in NETSOL's service quality and highlights its dominant position with over 75% market share in China's auto finance sector. The transition will occur in three phases, allowing seamless data migration and integration. This contract will generate licensing, support, and service revenues over its duration, further strengthening NETSOL’s market presence.
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