Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 80

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 80
---
 ​ |            ​ | ​ |    ​ | ​ |    ​ | ​ |
| Customer A                          |   |         35.6 | % | 43.1 | % |    — | ​ |
| Customer B                          |   |            * |   | 10.6 | % |    * | ​ |
| Customer C                          |   |            * |   |    * |   | 14.1 | % |
| Customer D                          |   |            * |   |    * |   | 11.7 | % |
| Customer E                          |   |            ​ |   |    * | ​ | 11.3 | % |

| * | The revenue of this customer is not over 10% of total revenue of the Company. |

There are inherent risks whenever a large percentage of total revenues are concentrated with a limited number of customers. It is not possible for us to predict the future level of demand for our services that will be generated by these customers or the future demand for the products and services of these customers in the end-user marketplace. In addition, revenues from our top three customers may fluctuate from time to time based on the commencement and completion of projects, the timing of which may be affected by market conditions or other factors, some of which may be outside of our control. Further, some of our contracts with our top five customers permit them to terminate our services at any time (subject to notice and certain other provisions). If any of our top three customers experience declining or delayed sales due to market, economic or competitive conditions, we could be pressured to reduce the prices we charge for our services or we could lose the customer. Any such development could have an adverse effect on our margins and financial position and would negatively affect our revenues and results of operations and/or trading price of our Class A Ordinary Shares. Failure to effectively expand our sales and marketing capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our platform. Our ability to broaden our customer base, particularly our Enterprise customer base, and achieve broader market acceptance of our platform, will depend to a significant extent on the ability of our sales and marketing organizations to work together to increase our sales

35

pipeline and cultivate customer and partner relationships to drive revenue growth. Our marketing efforts include the use of search engine optimization, paid search, and custom website development and deployment.

We invested in and plan to continue expanding our sales and marketing organizations, both domestically and internationally. Identifying, recruiting, and training sales