Business
NETSOL Technologies Reports Fiscal Fourth Quarter and Year End 2023 Financial Results
Recurring Revenue (Subscription and Support) of $6.8 Million; $6.9 Million on a Constant Currency Basis; $26 Million in Annual Recurring Revenue (Subscription
About this update from Netsol Technologies Inc.
[{"type":"text","content":"Recurring Revenue (Subscription and Support) of $6.8 Million; $6.9 Million on a Constant Currency Basis; $26 Million in Annual Recurring Revenue (Subscription and Support) Exceeded Fiscal 2023 Target of $25 MillionNet Revenue for the Quarter was $13.8 Million; $14.0 Million on a Constant Currency BasisServices Revenues for the Quarter were $7.0 million; $7.1 Million on a Constant Currency BasisContinued Progress Advancing Core Growth InitiativesCompany Targeting Revenue of $61 Million to $63 Million in Fiscal 2024; Expected increase of 16% to 20% compared to Fiscal 2023 revenue of $52.4 Million ENCINO, Calif., Sept. 22, 2023 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal fourth quarter and year ended June 30, 2023. Fiscal Fourth Quarter 2023 Operational Highlights Launched the Hubex API Library, the second product offering from the Company’s AppexNow marketplace, allowing customers to standardize all API integration procedures across multiple API services through a single integrationImplemented and went live with NFS Ascent for a Swedish bank operating across the Nordic and European regions, to support the bank’s lending business via the CloudAppointed Darryll Lewis as Managing Director of NETSOL Technologies Europe to drive business growth and innovation in this market; Hired two key sales personnel to promote expansion in the United StatesReceived numerous designations and accreditations establishing NETSOL as a premier Amazon Web Services partner committed to designing, building, and maintaining secure, reliable, and efficient cloud architectures Fiscal Fourth Quarter 2023 Financial Results Total net revenues for the fourth quarter of fiscal 2023 were $13.8 million, compared with $13.5 million in the prior year period. On a constant currency basis, total net revenues were $14.0 million. Total subscription (SaaS and Cloud) and support revenues were $6.8 million compared with $6.1 million in the prior year period. Total subscription and support revenues on a constant currency basis were $6.9 million.Total services revenues were $7.0 million compared with $6.5 million in the prior year period. Total services revenues on a constant currency basis were $7.1 million. Gross profit for the fourth quarter of fiscal ...