The following is a summary of the NetSol Technologies, Inc. (NTWK) Q2 2024 Earnings Call Transcript:

Financial Performance:

• NetSol reported Q2 2024 net revenues of $15.2 million, a significant increase from $12.4 million in the prior year.

• License fees recognized substantial growth from $16,000 in the prior-year period to $3 million in Q2 2024, mainly due to a new larger contract in Asia.

• The company also saw a rise in recurring revenues from $6.5 million to $6.8 million in Q2 2024.

• Despite services revenue showing a slight dip from $5.9 million to $5.4 million in Q2 2024, a massive jump in gross profit from $3.1 million to $7.2 million was observed.

• NetSol bounced back with a net income of $408,000 in Q2 2024, compared to a net loss of $2.1 million in Q2 2023.

Business Progress:

• In its pursuit to bolster Software as a Service (SaaS) offerings, NetSol unveiled Otoz 2.0 with a phased launch planned over the next year.

• Boosted by Otoz, MINI Anywhere enrollment doubled over the past year, contributing substantially to the increase in lead volume and vehicle sales.

• NetSol expanded its relationship with the key automotive client, AutoNation, by supporting the launch of AutoNation Mobility micro lease marketplace with Otoz's back-end technology.

• The company is strategically investing to grow its presence across key markets like North America, Europe, and APAC.

• Leveraging AI, NetSol is able to provide value to their consumers with two-way communication addressing dealership systems and credit risk assessment. Plans for further expanding AI capabilities are also in place.

More details: NETSOL Technologies Inc IR

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