Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 161

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 161
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 for the six months ended March 31, 2025, and 2024, respectively. Our marketing expenses were 79.45%, and 77.65% of the total selling and marketing expenses for the six months ended March 31, 2025, and 2024, respectively. The increase was due to the company obtained more capital after IPO to promote the company’s brand and services. Our marketing expenses accounted for approximately 77.0% of the total selling and marketing expenses for the fiscal year ended September 30, 2024. In 2024 we reduced market expense, our marketing expense was $296,850, $513,474 and $1,202,430 for the years ended September 30, 2024, 2023 and 2022, respectively. Our marketing expenses were 77.0%, 84.6% and 92.6% of the total selling and marketing expenses for the years ended September 30, 2024, 2023 and 2022, respectively. The decrease in marketing expenses has to some extent led to a decrease in subscription service revenue, from $5,877,323 in 2022 to $2,776,175 in 2023, and further decrease to $2,288,806, while our application development services have maintained growth. Since we operate in a highly competitive market, brand maintenance and enhancement directly affect our ability to improve our market position. We plan to further increase brand awareness and market share by (i) promoting our products and services in different countries especially in southeast Asia, (ii) engaging marketing partners to expand market reach, and (iii) explore new marketing channels, especially internet and social media marketing. Customers and Suppliers Major Customers We have a B2B business model and we mainly serve enterprise/institutional customers, including: enterprises (including in-house on-job training department), educational institutions (including schools and training companies) and government agencies (mainly Municipal Education Commission). The categories of our customers and the ratio to revenue are as follows: Major customers that make up 10% or more of revenue for the six months ended March 31, 2025, 2024, are as follows:

| ​          | ​ |         ​ | ​ |    ​ | ​ |
| ​          | ​ | March 31, |   |      |   |
| ​          |   |      2025 |   | 2024 |   |
| Customer A |   |