NETSOL Technologies reports strong revenue growth and profitability, meeting revenue target for fiscal year 2024.

From GlobeNewswire: 2024-05-20 08:30:00

NETSOL Technologies, Inc. reported a 14% increase in total revenues to $15.5 million in the third quarter of fiscal year 2024. Services revenues saw a significant 460% increase to $7.8 million. Gross margins also improved to 48%, up from 35% in the previous year’s third quarter.

This marks the third consecutive quarter of profitability for NETSOL Technologies, who are on track to meet their target revenue range of $60 – $61 million for the fiscal year 2024. They are aiming for subscription and support revenues of $28 million in the same fiscal year, and plan to integrate AI across the company.

CEO Najeeb Ghauri expressed satisfaction with the company’s strong quarter, showcasing growth without significant license fees and the ability to win new global customers. They reported a GAAP net income of $328,000 for the quarter, with a non-GAAP adjusted EBITDA of $810,000. Total net revenues for the nine months ended March 31, 2024, were $44.9 million, an increase from $38.6 million in the same period the prior year.



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