Significant Growth in Recurring Revenues
The company achieved a 27% increase in recurring revenues compared to the prior year period, with a notable contribution from a one-time catch-up of approximately $1 million.
Expansion of Strategic Partnerships
NetSol announced a multimillion-dollar agreement with BMW Group in the US and expanded its relationship with a leading automotive finance in China.
AI Initiatives and Innovations
NetSol continues to advance its AI initiatives with the establishment of Transcend AI Labs and the rollout of AI enhancements such as intelligent document processing and an interactive AI assistant.
Increase in Services Revenue
Services revenue increased by 26% compared to the prior year period, driven by strategic investments and business expansion.
Strong Cash Position
The company increased its cash and cash equivalents to approximately $21.3 million as of December 31, 2024.