Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 142

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 142
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   % of 
 Change | ​ |
|:---------------------------------|:--|:--------------------|----------:|:--|-------:|:--|:-------|----------:|:--|-------:|:--|:-------|-----------:|:--|-------:|:--|
| Application development services | ​ | $                   | 1,622,688 |   |   19.5 | % | $      |   842,255 |   |   24.9 | % | $      |    780,433 |   |   92.7 | % |
| Subscription service             | ​ |                     |   736,984 |   |   26.5 | % |        | 2,198,578 |   |   37.4 | % |        | -1,461,594 |   |  -66.5 | % |
| Total gross profit               | ​ | $                   | 2,359,672 |   |   21.3 | % | $      | 3,040,833 |   |   32.8 | % | $      |   -681,161 |   |  -22.4 | % |

71

Our gross profit decreased by approximately $0.7 million or 22.4% from approximately $3.1 million for the year ended September 30, 2022 to approximately $2.4 million for the year ended September 30, 2023. Gross margin as a percent of overall revenue for the years ended September 30, 2023 and 2022 was approximately 21.3% and 32.8%, respectively. Gross profit for application development services increased by approximately $0.8 million or 92.7% from approximately $0.8 million for the year ended September 30, 2022 to approximately $1.6 million for the year ended September 30, 2023. Gross profit margin for the years ended September 30, 2023 and 2022 was approximately 19.5% and 24.9%, respectively. The decrease in gross profit margin was due to more IT equipment sales with lower gross profit margin were included in the revenue for the year ended September 30, 2023. Furthermore, in terms of new