Business
NETSOL Technologies Reports Fiscal Third Quarter 2022 Financial Results
Total net revenues up 7.4% to $14.8 million in Q3 FY 2022 Annual recurring revenue (SaaS and Support) increased to a $26.2 million run rate CALABASAS, Calif.,
About this update from Netsol Technologies Inc.
[{"type":"text","content":"Total net revenues up 7.4% to $14.8 million in Q3 FY 2022 Annual recurring revenue (SaaS and Support) increased to a $26.2 million run rate CALABASAS, Calif., May 12, 2022 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal third quarter ended March 31, 2022. Fiscal Third Quarter 2022 and Recent Operational Highlights Subscription (SaaS and Cloud) and support quarterly revenues increased 16% to $6.6 million.NETSOL’s U.S. based mobility startup Otoz expanded its digital automotive retail platform MINI Anywhere® for BMW® Group Financial Services in the U.S. for its key brand MINI®. MINI Anywhere is now live with 17 MINI dealerships, including 70%+ of the California MINI dealerships and 75% of all Pennsylvania dealerships. The Company now has dealerships enrolled in California, Florida, Texas, New York, New Jersey, and Pennsylvania. Long term, the solution has the potential to be rolled out to over 100 MINI dealerships across all 50 states.Successfully completed key activities related to GAC China contract with deliveries expected in May and July 2022.Completed required workshops for Ascent 2.0 implementation for Motorcycle Group US with development of enhancements underway for three major modules: POS, CTA, and CMS. Fiscal Third Quarter 2022 Financial Results Total net revenues for the third quarter of fiscal 2022 were $14.8 million, compared with $13.8 million in the prior year period. The increase in total net revenues was primarily driven by increases in subscription and support revenues of $0.9 million and services revenue of $0.6 million, slightly offset by a decrease in license fees of $0.5 million. Total license fees were $1.6 million, compared with $2.1 million in the prior year period.Total subscription (SaaS and Cloud) and support revenues were $6.6 million, compared with $5.7 million in the prior year period.Total services revenues were $6.6 million, compared with $6.0 million in the prior year period. Gross profit for the third quarter of fiscal 2022 was $5.8 million (or 39% of net revenues), compared to $6.4 million (or 47% of net revenues) in the third quarter of fiscal 2021. The decrease in gross profit was primarily due to an increase in cost of sales of $1.6 million driven by increases in salaries an...