The following is a summary of the NetSol Technologies, Inc. (NTWK) Q3 2024 Earnings Call Transcript:
Financial Performance:
NetSol Technologies reported Q3 2024 revenue growth and three sequential quarters of profitability.
Earnings per share for the quarter was $0.03.
Q3 2024 saw a rise in services revenues by around 60% compared to Q3 2023.
The company targets a minimum of $28 million in subscription and support revenues for the full year.
Projected revenue range for FY 2024 is $60-$61 million.
Cash reserves were approximately $12.3 million by the end of the quarter.
Business Progress:
NetSol showed the ability to generate profitable results without substantial license fee recognition.
The company plans to expand customer base globally and particularly in the U.S. market.
The company presents market opportunities in Professional S. of AWS cloud services, data analytics, and AI-based products.
Its auto products have found placement in 58 MINI USA dealerships, attracting interest from various OEMs and dealer groups.
The company is integrating AI-based deep-learning algorithms to improve operational efficiencies and refine its product suite.
The upcoming year will see the launch of new AI-based offerings.
The company aspires for double-digit organic revenue growth and improved margins based on recent performance indicators.
More details: NETSOL Technologies Inc IR
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