Business
NETSOL Technologies Reports Fiscal Third Quarter 2023 Financial Results
Net Revenue for the Quarter was $13.5 Million; $14.1 Million on a Constant Currency Basis Expansion into North America Market on Track; Establishing Client
About this update from Netsol Technologies Inc.
[{"type":"text","content":"Net Revenue for the Quarter was $13.5 Million; $14.1 Million on a Constant Currency Basis Expansion into North America Market on Track; Establishing Client Support and ‘Center of Excellence’ Facility in Austin, TX to Grow Revenues and Customer Base Recurring Revenue (SaaS and Support) of $6.7 Million; $6.8 Million on a Constant Currency Basis; Expect Fiscal 2023 Annual Recurring Revenue (SaaS and Support) of over $25 million Strategic Business and Cost Transformation in Place; 20-25% Reduction in Headcount and Significant Total Savings Expected Integrating Generative AI and Machine Learning Capabilities into NETSOL Products through AWS Partnership $15.3 Million in Cash and $3.63 per Share in Shareholders’ Equity at March 31, 2023 ENCINO, Calif., May 11, 2023 (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, 2023. Fiscal Third Quarter 2023 and Recent Operational Highlights Signed multi-million-dollar agreement with leading Japanese equipment finance company based in Australia for the deployment of premier NETSOL technology platform NFS Ascent Retail. Went live with the Company’s API-first and cloud-based calculation engine, Flex, for Haydock Finance, a business finance provider in the United Kingdom. Otoz, the Company’s fully digital, white label platform for lease, finance, and cash transactions, is live with 53 dealers across 24 U.S. states. Entered into teaming agreement with Digital Intelligence Systems (DISYS) to leverage large resource pool of over 5,000 U.S.-based engineers to augment and complement NETSOL’s growing U.S. presence and jointly undertake large enterprise-grade programs for existing and new U.S. clients. Extended partnership with Amazon Web Services (AWS) and became an API Gateway Delivery Partner, positioning NETSOL to expand capabilities and better serve clients across a variety of industries. Generated approximately $1.0 million through successful implementation of change requests from customers across multiple regions. Fiscal Third Quarter 2023 Financial Results Total net revenues for the third quarter of fiscal 2023 were $13.5 million, compared with $14.8 million in the prior year period. The decrease in total net revenues was primarily due to a decrease of $1...