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NETSOL Technologies, Inc. reports developments in AI-enabled enterprise software and services for the asset finance and leasing market. The company serves OEMs, dealerships, auto captives and financial institutions through platforms including Transcend Finance, Transcend Retail and the Wholesale Finance System.
Recurring news covers fiscal results and conference calls, subscription and support revenue trends, services activity, customer renewals, platform upgrades and go-lives across markets such as the United Kingdom, China and Thailand. Updates also include leadership and accounting changes tied to the company’s global operations in Asia-Pacific, North America and Europe.
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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