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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.
Visitors gain access to critical updates including quarterly earnings reports, product innovation milestones, partnership agreements, and operational expansions. The curated collection enables efficient tracking of NTWK's technological advancements in cloud-based platforms, digital retail solutions, and AI-driven financial systems.
All content undergoes rigorous verification to ensure compliance with financial reporting standards. The archive serves as both historical reference and real-time monitoring tool for stakeholders assessing the company's market position in automotive finance software and equipment leasing technologies.
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NETSOL Technologies, Inc. (Nasdaq: NTWK) has signed a $16 million, five-year contract with a major automaker to revolutionize digital car buying and leasing experiences in the United States. The agreement involves the customization, implementation, deployment, and ongoing SaaS subscription of Otoz, NETSOL's omnichannel digital retail platform.
This partnership builds on recent US-market successes with MINI Anywhere and AutoNation Mobility, marking a significant milestone for the Otoz platform. NETSOL anticipates further growth in the US automotive OEM and dealerships segment, positioning itself to capture market share with comprehensive solutions spanning from digital retail to auto finance.
Otoz's headless, API-first architecture offers unparalleled flexibility to auto and equipment dealerships, ensuring seamless integration with essential operations while maintaining high security and compliance standards.
NETSOL Technologies reported a 14% revenue increase to $15.5 million in Q3 2024, with a 60% rise in services revenue to $7.8 million. Gross margins improved to 48%, up from 35% in Q3 2023. The company achieved its third consecutive quarter of profitability, posting an EPS of $0.03. Operating expenses were $6.2 million, representing 40% of sales. GAAP net income was $328,000, down from $2.5 million in the previous year due to a foreign currency exchange loss of $964,000.
For the nine months ended March 31, 2024, total revenues were $44.9 million, with a net income of $767,000. The company aims for a revenue range of $60-61 million for FY 2024 and is targeting $28 million in subscription and support revenue. Notably, NETSOL is initiating AI integration to enhance internal efficiencies and client services.
NETSOL Technologies, Inc. rescheduled its fiscal third quarter 2024 conference call to May 20, 2024, to discuss financial results for the quarter ending March 31, 2024. The company appointed Fortune CPA, Inc. as its new auditor, replacing BF Borgers CPA PC. The rescheduling is to allow for additional time to review financial statements for inclusion in the Form 10-Q.
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