Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 136

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 136
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 30, 2023. Gross profit for subscription services decreased by approximately $0.5 million or 74.1% from approximately $0.7 million for the year ended September 30, 2023 to approximately $0.2 million for the year ended September 30, 2024. Profit margin was approximately 8.3% and 26.5% for the years ended September 30, 2024 and 2023, respectively. The decrease of profit margin was due to we need to keep competitive price for customers despite cost increases. Operating Expenses

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 OPERATING EXPENSES:        | ​ 
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 For the years Ended 
 September 30,       
 2024                
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 2023 
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 Change 
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 % Change 
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|:---------------------------|:--|:--------------------|----------:|:--|:-----|----------:|:--|:-------|----------:|:--|---------:|:--|
| Selling                    | ​ | $                   |   385,513 | ​ | $    |   606,927 | ​ | $      |  -221,414 |   |    -36.5 | % |
| General and administrative | ​ |                     |   703,233 | ​ |      |   798,233 | ​ |        |   -95,000 |   |    -11.9 | % |
| Research and development   | ​ |                     | 2,515,015 | ​ |      |   567,809 | ​ |        | 1,947,206 |   |    342.9 | % |
| Total operating expenses   | ​ | $                   | 3,603,761 | ​ | $    | 1,972,969 | ​ | $      | 1,630,792 |   |     82.7 | % |

Our operating expenses consist of selling, general and administrative (“G&A”) and R&D expenses. Operating expenses increased by approximately $1.6 million, or 82