Business
NETSOL Technologies Reports 19% Revenue Growth in Fiscal Fourth Quarter of 2024 and Exceeds Full Fiscal Year 2024 Revenue Target
FY’24 Total Revenue Increase 17% to $61.4 million exceeding target revenue range of $60 - $61 millionQ4’ 24 Gross Margins of 52% increased from 35% in 4Q’ 23;
About this update from Netsol Technologies Inc.
[{"type":"text","content":"FY’24 Total Revenue Increase 17% to $61.4 million exceeding target revenue range of $60 - $61 millionQ4’ 24 Gross Margins of 52% increased from 35% in 4Q’ 23; FY’ 24 Gross Margins of 48% increased from 32% in FY ’23FY’24 Operating Income of $3.5 million from a loss of $(8.8 million) last year$0.06 earnings per share in FY’ 24 compared with a loss of $(0.46) per share in FY’ 2310% increase in Subscription and Support revenues to $7.5 million in 4Q’ 24; Annual Recurring Revenues of $28 million meets FY’ 24 target ENCINO, Calif., Sept. 30, 2024 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and asset finance solutions provider, reported results for the fourth quarter and full fiscal 2024 ended June 30, 2024. Najeeb Ghauri, Co-Founder, Chief Executive Officer, and Chairman of NETSOL Technologies Inc., commented, \"We're proud to have exceeded our full-year revenue estimates and achieve profitability for the full fiscal year. Our performance in fiscal 2024 underscores the successful execution of our long-term strategy, our commitment to investing in the growth of our business, and the ongoing development of innovative products and solutions that meet the diverse needs of our expanding customer base.” Fiscal Fourth Quarter 2024 Financial Results Total net revenues for the fourth quarter of fiscal 2024 increased 19% to $16.4 million, compared with $13.8 million in the prior year period. On a constant currency basis, total net revenues were $16.5 million. License fees were $621,000 compared with $21,000 in the prior year period. License fees on a constant currency basis were $605,000.Total subscription (SaaS and Cloud) and support revenues increased 10% to $7.5 million compared with $6.8 million in the prior year period. Total subscription and support revenues on a constant currency basis were $7.5 million.Total services revenues were $8.4 million, compared with $7.0 million in the prior year period. Total services revenues on a constant currency basis were $8.4 million. Gross profit for the fourth quarter of fiscal 2024 was $8.5 million or 52% of net revenues, compared to $4.8 million or 35% of net revenues in the fourth quarter of fiscal 2023. On a constant currency basis, gross profit for the fourth quarter of fiscal 2024 was $8.7 million or 52% of net revenues as measured on a constant curre...