Company: NTWK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010127
Chunk: 129

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 129
---

Net
revenues for the three months ended March 31, 2025 and 2024 are broken out among the segments as follows:

    2025  
    2024 

    Revenue  
    %  
    Revenue  
    % 

    North America 
    $3,869,903  
     22.1% 
    $1,365,074  
     8.8%
  
    Europe 
     5,895,140  
     33.6% 
     3,045,784  
     19.7%
  
    Asia-Pacific 
     7,778,914  
     44.3% 
     11,053,658  
     71.5%
  
    Total 
    $17,543,957  
     100.0% 
    $15,464,516  
     100.0%

Revenues

License
fees

License
fees for the three months ended March 31, 2025 were $1,198 compared to $558,340 for the three months ended March 31, 2024 reflecting
a decrease of $557,142 with a decrease in constant currency of $557,142. During the three months ended March 31, 2024, we recognized
approximately $465,000 related to the additional sale of our NFS Ascent® CMS software to a renowned German auto manufacturer based
in China.

Page 41

Subscription
and support

Subscription
and support fees for the three months ended March 31, 2025 were $7,888,360 compared to $7,140,358 for the three months ended March 31,
2024 reflecting an increase of $748,002 with an increase in constant currency of $768,805. Subscription and support fees begin once a
customer has “gone live” with our product. Subscription and support fees are recurring in nature, and we anticipate these
fees to gradually increase as we implement both our NFS legacy products and NFS Ascent®.

Services

Services
income for the three months ended March 31, 2025 was $9,654,399 compared to $7,765,818 for the three months ended March 31, 2024 reflecting
an increase of $1,888,581, with an increase in constant currency of $1,863,412. The increase is mainly due to implementation