NetSol Q2 FY2023 revenue $12.4M, net loss $2.1M vs net income $1.4M a year ago

Total net revenues for the second quarter of fiscal 2023 were $12.4 million, compared with $15.5 million in the prior year period. The decrease in total net revenues was primarily due to the recording of an approximately $3.5 million onetime revenue gain in the second quarter of 2022 as well as a delay in recognition of license revenues. On a constant currency basis, net revenues were $14.6 million. The decrease in revenues on a constant currency basis was driven by a decrease in license fees of $1.9 million, and a decrease in subscription and support revenue of $1.7 million, which was offset by an increase in service revenue of $2.8 million compared to the prior year period. ● Total license fees were $15,900 compared with $1.9 million in the prior year period. Total license fees on a constant currency basis were $16,200. ● Total subscription (SaaS and Cloud) and support revenues were $6.5 million compared with $9.4 million in the prior year period. Total subscription and support reven