NetSol Q1 FY2022: Revenue $13.4M, GAAP EPS $0.02; subscription revenue +20% YoY

NETSOL TECHNOLOGIES INC

2022-Q1 EPS reported $0.02 revenue$13,420,761

Total net revenue $13.4M vs $12.6M YoY; GAAP net income $188k ($0.02/diluted share) vs $718k ($0.06).
Subscription and support revenue $6.2M (+20% YoY); services revenue $7.2M (-4%). Gross margin fell to 40.6% from 50.5%.
Non-GAAP adjusted EBITDA $770k vs $1.6M; management reaffirms FY2022 revenue growth ≥10% and subscription growth ≥20%.
Otoz MINI Anywhere live with 10 dealers; targeting 100 by FY-end. First U.S. cloud NFS Ascent sale signed with Motorcycle Group.
Progress on German automaker $110M contract; implementation started in India. NFS Ascent went live in New Zealand for Japanese OEM.

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