Q4 2026 NetSol Technologies Inc Earnings Call

September 28, 2026

Speaker #1: Good morning, and welcome to NETSOL TECHNOLOGIES' fourth quarter and full fiscal year ended June 30, 2026, earnings conference call. On the call today are founder and Chief Executive Officer of NETSOL TECHNOLOGIES INC., Najeeb Ghauri; Global Head of Sales and Group Managing Director of Europe, Asad Ghauri; Chief Financial Officer, Sadar Abubakar; and Senior Vice President and Corporate Legal Affairs, General Counsel and Corporate Secretary, Patti McGlasson. Also available for the Q&A portion are our Chief Accounting Officer, Roger Ahmed, and Chief Marketing Officer, Eric Wagner.

Operator: Good morning, and welcome to NETSOL Technologies' Q4 and full fiscal year ended 30 June 2026 earnings conference call. On the call today are Founder and Chief Executive Officer of NETSOL Technologies Inc., Najeeb Ghauri, Global Head of Sales and Group Managing Director of Europe, Asad Ghauri, Chief Financial Officer, Sardar Abubakr, and Senior Vice President and Corporate of Legal Affairs, General Counsel and Corporate Secretary, Patti McGlasson. Also available for the Q&A portion are Chief Accounting Officer Roger Almond and Chief Marketing Officer Erik Wagner. I will now turn the call over to Patti, who will provide the necessary disclaimer regarding the forward-looking statements made during today's call. Patti, please go ahead.

Speaker #1: I will now turn the call over to Patti, who will provide the necessary disclaimer regarding the forward-looking statements made during today's call. Patti, please go ahead.

Speaker #2: Thank you. Good morning, everyone, and thank you for joining us today. After we review the company's business highlights and financial results for the fourth quarter and full fiscal year ended June 30, 2026, we will open the call for questions.

Patti McGlasson: Thank you. Good morning, everyone, and thank you for joining us today. After we review the company's business highlights and financial results for Q4 and full fiscal year ended 30 June 2026, we will open the call for questions. Before we begin, I would like to remind you that our remarks today will include forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include our fiscal 2027 guidance, reflect management's current expectations, and are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied. We encourage you to review the cautionary statements and risk factors contained in NETSOL's press release issued earlier today, as well as our filings with the Securities and Exchange Commission, including our most recent Form 10-K and quarterly reports on Form 10-Q.

Speaker #2: Before we begin, I'd like to remind you that our remarks today will include forward-looking statements within the meaning of the Federal Securities Laws, including the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

Speaker #2: These statements include our fiscal 2027 guidance, reflect management's current expectations and are subject to risk and uncertainties, and actual results may differ materially from those expressed or implied.

Speaker #2: We encourage you to review the cautionary statements and risk factors contained in NETSOL's press release issued earlier today as well as our filings of the Securities and Exchange Commission, including our most recent Form 10-K and quarterly reports on Form 10-Q.

Speaker #2: I'd also like to note that today's discussion will include certain non-GAAP financial measures. A reconciliation of these measures to their most direct, comparable GAAP figure can be found in the press release issued earlier today.

Patti McGlasson: I would also like to note that today's discussion will include certain non-GAAP financial measures. A reconciliation of these measures to their most direct comparable GAAP figure can be found in the press release issued earlier today. A supplemental investor presentation is available through the webcast link and in the investor relations sections of our website at ir.netsoltech.com, and has been furnished as an exhibit to the Form 8-K we will file with our press release issued this morning. Lastly, please remember that this call is being recorded and will be available for replay on our website at ir.netsoltech.com, and through a link included in today's press release. At this time, all participants are in listen-only mode. I will now hand the call over to our Founder and CEO, Najeeb Ghauri. Go ahead, Najeeb.

Speaker #2: A supplemental investor presentation is available through the webcast link, and in the investor relations sections of our website at irnetsoltech.com. And it has been furnished as an exhibit to the Form 8-K we will file with our press release issued this morning.

Speaker #2: Lastly, please remember that this call is being recorded and will be available for replay on our website at irnetsoltech.com, as well as through a link included in today's press release.

Speaker #2: At this time, all participants are in listen-only mode. I will now hand the call over to our Founder and CEO, Najeeb Ghauri. Go ahead, Najeeb.

Speaker #3: Thank you, Patti. Good morning, everyone, and thank you for joining our call today to review our results for the fourth quarter and full fiscal year ended June 30, 2026.

Najeeb Ghauri: Thank you, Patti. Good morning, everyone, and thank you for joining our call today to review our results for Q4 and full fiscal year ended 30 June 2026. Fiscal 2026 was the strongest financial year in NETSOL's history. Total net revenues were $74.4 million, up 12.5% year-over-year basis and over our $73 million guidance. Non-GAAP EBITDA grew almost 23%, and income from operations nearly doubled. The growth reached the bottom line this year. These results reflect a company in the middle of a deliberate transformation from a services and license business and a platform business. Recurring subscription and support revenue now represents approximately half of our total revenue. Later in the call, Sardar Abu, our CFO, will walk you through the remaining performance obligations and the measures we will report each quarter so you can track the durability of this base.

Speaker #3: Fiscal '26 was the strongest financial year in NETSOL's history. Total net revenues were $74.4 million up 12.5% year-over-year basis and over an average $73 million guidance.

Speaker #3: Non-GAAP EBITDA grew almost 23%, and income from operations nearly doubled. The growth reached the bottom line this year. These results reflect a company in the middle of a deliberate transformation.

Speaker #3: From its services and license business and a platform business, recurring subscription and support revenue now represents approximately half of our total revenue. Later in the call, Sadar Abu, our CFO, will walk you through remaining performance obligations and the measures we will report each quarter so you can track the deliverability of this base.

Speaker #3: In June, NETSOL returned to the Russell indexes, added to six benchmarks, including the Russell 3000E and the Russell Micro Cap Index. Index membership matters for a company our size.

Najeeb Ghauri: In June, NETSOL returned to the Russell Indexes, added to six benchmarks, including the Russell 3000E and the Russell Microcap Index. Index membership matters for a company our size. It makes NETSOL eligible for the many institutional mandates that are limited to index constituents, and it puts us back in the universe where institutional investors screen. Let me talk about the business behind these numbers. Fiscal 2026 gave us the proof points across every part of our strategy. Earlier this month, we announced that BMO has signed a contract to upgrade from our legacy platform to Transcend Finance. BMO is one of the largest banks in North America, and this agreement is the clearest validation yet of our upgrade strategy. We have customers across North America who have run our acquired legacy software for decades.

Speaker #3: It makes NETSOL eligible for the many institutional mandates that are limited to index constituents and it puts us back in the universe universities where institutional investors screen.

Speaker #3: Let me talk about the business behind these numbers. Fiscal 2026 gave us the proof points across every part of our strategy. Earlier this month, we announced that BMO has signed a contract to upgrade from our legacy platform to Transcend Finance.

Speaker #3: BMO is one of the largest banks in North America and this agreement is a clearest validation yet of our upgrade strategy. We have customers across North America who have run our acquired legacy software for has a modern path forward, and BMO shows what that path looks like.

Najeeb Ghauri: Each of them now has a modern path forward, and BMO shows what that path looks like. A long-tenured customer chosen to deepen the relationship with NETSOL on our newest technology. Across the rest of the business, the platform continued to deliver. in December, we signed one of the largest Transcend Finance contract extensions in our history with a tier 1 global auto captive customer. Transcend Retail became a growth engine in the US, and Asad Ghauri will take you through the momentum in detail. Our Asia Pacific business continued to perform, anchored by market leadership in China and expanding alongside our customers across the region. Fiscal 2026 was also the year we built the team for the next phase. Sardar Abubakr joined us as a Chief Financial Officer in January.

Speaker #3: A long-term customer chose to deepen the relationship with NETSOL on our newest technology. Across the rest of the business, the platform continued to deliver.

Speaker #3: In December, we signed one of the largest Transcend Finance contract extensions in our history with a Tier 1 global auto captive customer. Transcend Retail became a growth engine in the U.S., and Assad Ghauri will take you through the momentum in detail.

Speaker #3: Our Asia Pacific business continued to perform, anchored by market leadership in China and expanding alongside our customers across the region. Fiscal 2026 was also the year we built the team for the next phase.

Speaker #3: Sadar Abu Bakr joined us as a chief financial officer in January. At our annual meeting in June, shareholders elected a strengthened board re-electing Ian Smith, the former CEO of BMW Group Financial Groups for the USA and Americas, and adding Richard Howard, the former president and CEO of Daimler Truck Financial Services, for North America, and Ahmed Ibrahim, the CEO of Jazz World, one of the world's biggest digital operators, who earlier in his career held senior leadership roles at the Ford Motor Company and Jaguar Land Rover.

Najeeb Ghauri: At our annual meeting in June, shareholders elected a strengthened board, re-electing Ian Smith, the former CEO of BMW Group Financial Services for the USA and the Americas, and adding Richard Howard, the former President and CEO of Daimler Truck Financial Services for North America, and Aamir Ibrahim, the CEO of Jazz, one of the world's biggest digital operators, who earlier in his career held senior leadership roles at the Ford Motor Company and Jaguar Land Rover. The people who ran our customers' businesses now help govern ours. I can think of no stronger endorsement of where the company is headed. We are also transforming how we operate across Transcend Finance. We are reducing the resource intensity of our development and delivery model through AI-enabled development, automation, and structural efficiencies. I want to be clear about how we think about this.

Speaker #3: The people who ran our customers' businesses now help govern ours. I can think of no stronger endorsement of where the company is headed. We are also transforming how we operate.

Speaker #3: Across transcend finance, we are reducing the resource intensity of our development and delivery model through AI-enabled development. Automation and structural efficiencies. I want to be clear about how we think about this.

Speaker #3: It is not about reducing headcount, but it's own say. It is about building a more scalable organization one that is more nimble and faster to respond to changing market requirements.

Najeeb Ghauri: It is not about reducing headcount, but its own sake, it is about building a more scalable organization, one that is more nimble and faster to respond to changing market requirements. Where our engineering and delivery capacity can grow client impact without growing costs at the same time. As part of that, we are focusing our investment on the core Transcend platform and the adjacencies where NETSOL has a defensible customer and domain advantage. Looking to fiscal 2027, our priorities are very clear. First, scale Transcend Retail across the US dealer market. Second, embed AI across our products and our operations. Third, upgrade our legacy install base to Transcend, with BMO as a template. And fourth, grow with our customers as they expand into new markets. You saw that model this year when a leading Chinese leasing company went live on Transcend Finance in Indonesia.

Speaker #3: Where our engineering and delivery capacity can grow client impact without growing costs at the same time. As part of that, we are focusing our investment on the core Transcend platform and the adjacencies where NETSOL has a defensible customer and domain advantage.

Speaker #3: Looking to fiscal 2027, our priorities are very clear. First, scale transcend retail across the US dealer market. Second, embed AI across our products and our operations.

Speaker #3: Third, upgrade our legacy install base to transcend the BMO in the template. As a template. And fourth, grow with our customers as they expand into new markets.

Speaker #3: You saw that model this year when a leading Chinese leasing company went live on transcend finance in Indonesia. When our customers enter a new country, they take NETSOL with them.

Najeeb Ghauri: When our customers enter a new country, they take NETSOL with them. We are also introducing full-year guidance with our Q4 results. Sardar Abu will take you through the numbers. I will close with this. We believe the value of what we have built, the customer base, the recurring revenue, the platform, is not yet reflected in our market valuation, and we see that as an opportunity. Last December, we rang the bell in Times Square, New York, to mark our 26th year on Nasdaq. There is no better way to honor that milestone than the strongest year in our history, and we intend to build on it. With that, I will hand the call over to Asad Ghauri, our Global Head of Sales and Group Managing Director of Europe, to walk through the commercials and sales update. Asad?

Speaker #3: We are also introducing full-year guidance with our fourth quarter results. Sadar Abu will take you through the numbers. I will close with this: We believe the value of what we have built—the customer base, the recurring revenue, the platform—is not yet reflected in our market valuation.

Speaker #3: And we see that as an opportunity. Last December, we rang the bell in Times Square, New York, to mark our 26th year on NASDAQ.

Speaker #3: There is no better way to honor that milestone than with the strongest year in our history, and we intend to build on it. With that, I'll hand the call over to Assad Ghauri, our global head of sales and group managing director of Europe, to walk through the commercials and sales update.

Speaker #3: Assad,

Speaker #2: Thank you, Najeeb, and good morning everyone. My focus today is on what's converting into revenue for us and the pipeline behind it. But before I start, one point of context for everyone on this call is our key messaging, our core growth engine today and going forward is transcend finance worldwide.

Asad Ghauri: Thank you, Najeeb, and good morning, everyone. My focus today is on what's converting into revenue for us and the pipeline behind it. Before I start, one point of context for everyone on this call is our key messaging. Our core growth engine today and going forward is Transcend Finance worldwide. Transcend Retail is our big bet in our home market in the US, and total focus is on the execution of that. I'll start with the go-lives this year. We've had multiple. A leading Chinese leasing company launched its Indonesian operations on Transcend Finance. Northridge Finance, a division of the Bank of Ireland, went live on Transcend to support its growth strategy in the UK. A tier 1 US-based auto captive went live on Transcend Finance in China, a deal valued at multiple millions.

Speaker #2: And transcend retail is our big bet in our home market in the US. And total focus is on the execution of that. I'll start with the go-lives this year.

Speaker #2: We've had multiple. A leading Chinese leasing company launched its Indonesian operations on Transcend Finance. Northbridge Finance, a division of the Bank of Ireland, went live on Transcend to support its growth strategy in the UK.

Speaker #2: A Tier 1, US-based auto captive went live on Transcend Finance in China—a deal valued at multiple millions. Tierra Leasing Thailand upgraded to the latest wholesale finance system on our Transcend platform, expanding its use of our technology.

Asad Ghauri: Toyota Leasing Thailand upgraded to the latest wholesale finance system on our Transcend platforms, expanding its use of our technology. These go-lives convert into recurring subscription support revenues going forward. Exactly the visibility Sardar will be quantifying later in the call. We also renewed a multi-million dollar contract with a tier 1 multinational bank in the United Kingdom, extending that relationship of more than a decade by another 10 years and deepening our presence in the UK asset finance market. Let me turn to Transcend Retail, our digital retail platform for OEMs and dealer groups. The commercial progress this year was real. It's accelerating. Sonic Automotive, the Fortune 500 dealership group, is building its branded digital retail experience on our platform. Our platform is rolling out across approximately 350 franchise dealerships of a premium global OEM in North America, one of the largest digital retail deployments in the US automotive market.

Speaker #2: These go-lives convert into recurring subscription support revenues going forward exactly the visibility. Sardar will be quantifying later in the call. We also renewed a multi-million dollar contract with the Tier 1 multinational bank in the United Kingdom, extending that relationship for more than a decade by another 10 years.

Speaker #2: And deepening our presence in the UK asset finance market. Let me turn to Transcend Retail, our digital retail platform for EMs and dealer groups.

Asad Ghauri: Let me turn to Transcend Retail, our digital retail platform for OEMs and dealer groups. The commercial progress this year was real. It's accelerating. Sonic Automotive, the Fortune 500 dealership group, is building its branded digital retail experience on our platform. Our platform is rolling out across approximately 350 franchise dealerships of a premium global OEM in North America, one of the largest digital retail deployments in the US automotive market.

Speaker #2: The commercial progress this year was real; it's accelerating. Sonic Automotive, a Fortune 500 dealership group, is building its branded digital retail experience on our platform.

Speaker #2: Our platform is rolling out across a flux, immediately, to 350 franchise dealerships of a premium global OEM in North America, one of the largest digital automotive markets.

Speaker #2: The US digital retail market remained large and underpenetrated, and our combination of finance and leasing debt, fast time to go-live, and a modern customer experience is winning head-to-head evaluations against well-funded competitors.

Asad Ghauri: The US digital retail market remained large and under-penetrated, and our combination of finance and leasing, their fast time to go live, and a modern customer experience is winning head-to-head evaluations against well-funded competitors. We're the only vendor at the table who also runs the lender side of the transaction, and that is why we will win. We expect Transcend Retail to be one of the most important growth stories in the company over the next several years. Alongside retail, there is a second US growth motion upgrade. Our legacy install base is defined set of accounts where we are the incumbents. The relationships that in some cases span decades. BMO is a template. Legacy to Transcend upgrades are now an active category in our pipeline, and each upgrade turns a maintenance relationship into a modern subscription relationship. A word on AI.

Speaker #2: We're the only vendor at the table who also runs the lender side of the transaction and that is why we will win. We expect that transcend retail to be one of the most important growth stories in the company over the next several years.

Speaker #2: Alongside retail, there is a second U.S. growth motion: upgrades. Our legacy install base is a defined set of accounts where we are the incumbents, with relationships that in some cases span decades.

Speaker #2: BMO is a template. Legacy-to-transcend upgrades are now an active category in our pipeline, and each upgrade turns a maintenance relationship into a modern subscription relationship.

Speaker #2: A word on AI. It's an area of focus for the company and it's increasingly centered on to how customers engage with us commercially. During the year, we introduced various product functionalities in the AI-enabled credit decisioning areas automating Malian tasks, manual tasks, accelerating decision time, and improving underwriting accuracy.

Asad Ghauri: It's an area of focus for the company, and it's increasingly central to how customers engage with us commercially. During the year, we introduced various product functionalities in the AI-enabled credit decisioning areas, automating manual tasks, accelerating decision time, and improving underwriting accuracy. We deployed intelligent document processing systems with AI capability within the platform. All of these have amplified the efficiencies for our clients, and we expect to push forward with that. Another key aspect of our AI focus is our platform has become AI native. While we focus on presenting products within our platforms, the enablement of our customers to be able to deploy their own AI functional pieces is as important. The architecture currently of Transcend Finance and Retail supports that, and that has gained real traction for us.

Speaker #2: And we deployed intelligent document processing systems with AI capability within the platform. All of these have amplified the efficiencies for our clients and we expect to push forward with that.

Speaker #2: Another key aspect of our AI focus is our platform has become AI native. So while we focus on presenting products within our platforms, the enablement of our customers to be able to deploy their own AI functional pieces is as important.

Speaker #2: And the architecture currently off transcend finance and retail supports that. And that has gained real traction for us. Finally, the pipeline remains strong supported both by expansion within our existing customer base and by new business development.

Asad Ghauri: Finally, the pipeline remains strong, supported both by expansion within our existing customer base and by new business development. The pipeline, together with the upgrades and rollouts already signed, BMO, the OEM retail deployment, the expansion the customers are taking to new markets, is what underpins the guidance Sardar will walk you through. With that, I will hand over the call to our CFO, Sardar, to review the financial results.

Speaker #2: The pipeline together with the upgrades and rollouts already signed BMO the OEM retail deployment and the extensions expansions our customers are taking to new markets is what underpins the guidance Sardar will walk you through.

Speaker #2: With that, I'll hand over the call to our CFO, Sardar, to review the financial results.

Speaker #3: Thank you, Assad, and good morning everyone. Fiscal 2026 was an important year for the company. We delivered double-digit revenue growth, expanded gross and operating margins, nearly doubled operating income, and generated strong cash flow.

Sardar Abubakr: Thank you, Asad, and good morning, everyone. Fiscal 2026 was an important year for the company. We delivered double-digit revenue growth, expanded gross and operating margins, nearly doubled operating income, and generated strong cash flow. Just as importantly, we are putting in place the financial discipline, operating model, and performance metrics required to make this progress durable. My comments will cover five areas: the rebound and Q4 exit rate, the quality of the full year results, the strength and use of our balance sheet, the actions underway to improve earnings conversion and simplify the organization, and our guidance for fiscal 2027. Before turning to the full year, I want to provide a Q4 perspective. Q4 revenue was $20.7 million, a record quarter for us, up 12.5% year over year. Subscription and support revenue grew 9% to $8.9 million, while services revenue increased 21.3% to $11.7 million.

Speaker #3: Just as importantly, we are putting in place the financial discipline, operating model, and performance metrics required to make this progress durable. My comments will cover five areas.

Speaker #3: The rebound and fourth quarter exit rate, the quality of the full year results, the strength and use of our balance sheet, the actions underway to improve earnings conversion and simplify the organization, and our guidance for fiscal 2027.

Speaker #3: Before turning to the full year, I want to provide a fourth quarter perspective. Fourth quarter revenue was $20.7 million—a record quarter for us, up 12.5% year-over-year.

Speaker #3: Subscription and support revenue grew 9% to 8.9 million, while services revenue increased 21.3% to 11.7 million. Fourth quarter gross profit increased 27.3% to 13.2 million, and gross margin expanded to 63.6% from 56.2%.

Sardar Abubakr: Q4 gross profit increased 27.3% to $13.2 million, and gross margin expanded to 63.6% from 56.2%. Operating income increased 14.2% to $4.5 million, representing an operating margin of 21.6%, compared with 17.4% last year. GAAP net income attributable to NETSOL increased 45.9% to $3.8 million or $0.32 per diluted share, compared with $0.22. The exit rate is particularly important in the context of our start to the new year. in Q1 last year, revenue was $15 million, gross margin was 39.4%, and operating loss was $1.8 million, and net loss attributable to NETSOL was $2.4 million. By Q3, however, revenue had reached a then record $19.8 million, gross margin was 55.6%, and operating income was $3 million. in Q4, revenue reached $20.7 million, gross margin was 63.6%, and operating income was $4.5 million.

Speaker #3: Operating income increased 40.2% to 4.5 million, representing an operating margin of 21.6% compared with 17.4% last year. Gap income net income attributable to NETSOL increased 45.9% to 3.8 million, or 32 cents per diluted share compared with 22 cents.

Speaker #3: The exit rate is particularly important in the context of our start to the new year. In the first quarter, last year, revenue was 15 million, gross margin was 39.4%, and operating loss was 1.8 million, and net loss attributable to NETSOL was 2.4 million.

Speaker #3: By the third quarter, however, revenue had reached a then-record $19.8 million; gross margin was 55.6%, and operating income was $3 million. In Q4, revenue reached $20.7 million; gross margin was 63.6%, and operating income was $4.5 million.

Speaker #3: From Q1 to Q4, revenue increased by approximately 38%, gross margin expanded by more than 2,400 basis points, and the quarterly operating result improved by approximately 6.3 million.

Sardar Abubakr: From Q1 to Q4, revenue increased by approximately 38%, gross margin expanded by more than 2,400 basis points, and the quarterly operating result improved by approximately $6.3 million. This demonstrates a meaningful rebound in execution while recognizing the timing of agreements, implementation milestones, and development capitalization can create quarter-to-quarter variability. For the full year, total net revenues increased 4.5% to a record $74.4 million above our $73 million guidance. Subscription and support revenue increased 8.7% to $35.8 million, demonstrating continued growth in the recurring foundations of the business. Services revenue increased 3.3% to $33.6 million as we progressed major implementation. License revenue was $5 million and included approximately $4.7 million associated with the renewal and amendment of an existing Transcend customer agreement. We want investors to distinguish absolute recurring revenue growth from revenue mix.

Speaker #3: This demonstrates a meaningful rebound in execution while recognizing that timing of agreements implementation milestones and development capitalization can create quarter to quarter variability. For the full year, total net revenues increased 12.5% to a record 74.4 million, above our 73 million guidance.

Speaker #3: Subscription and support revenue increased 8.7% to 35.8 million, demonstrating continued growth in the recurring foundations of the business. Services revenue increased 3.3% to 33.6 million, as we progressed major implementations.

Speaker #3: License revenue was $5 million and included approximately $4.7 million associated with the renewal and amendment of an existing Transcend customer agreement. We want investors to distinguish absolute recurring revenue growth from revenue mix.

Speaker #3: Subscription and support represented 48.1% of revenue, compared to 49.8% last year, because license revenue increased this year. We will increasingly supplement this disclosure with consistent measures of recurring revenue remaining performance obligations and implementation activity.

Sardar Abubakr: Subscription and support represented 48.1% of revenue, compared to 49.8% last year because license revenue increased this year. We will increasingly supplement this disclosure with consistent measures of recurring revenue, remaining performance obligations, and implementation activity. We are also introducing a metric we call contracted revenue. As of 30 June 2026, contracted revenue was approximately $60 million. We define this as revenue expected under existing signed agreements, plus our best estimate of change requests from those same customers and same agreements. It is not annual recurring revenue, not backlog, and of course not a guaranteed revenue floor. We will report this each quarter on a consistent basis, and our objective is to grow well above it through Transcend deployments, expansion within existing customers, selected new customers, and partnerships. Turning to gross profit. Gross profit increased 20.2% to $39.1 million, and gross margin expanded 330 basis points to 52.6%.

Speaker #3: We are also introducing a metric we call contracted revenue. As of June 30th, , 2026, contracted revenue was approximately 60 million. We define this as revenue expected under existing signed agreements plus our best estimate of change requests from those same customers and same agreements.

Speaker #3: It is not annual recurring revenue, not backlog, and of course, not a guaranteed revenue floor. We will report this each quarter on a consistent basis, and our objective is to grow well above it through Transcend deployments, expansion within existing customers, selected new customers, and partnerships.

Speaker #3: Turning to gross profit, gross profit increased 20.2% to $39.1 million, and gross margin expanded 330 basis points to 52.6%. Operating income increased 98.4% to $6.9 million, with operating margin increasing from 5.3% to 9.3%.

Sardar Abubakr: Operating income increased 98.4% to $6.9 million, with operating margin increasing from 5.3% to 9.3%. These are the clearest indicators of improved execution. The results benefited from revenue mix, delivery leverage, and the capitalization of qualifying software development costs. We will provide investors with clearer visibility into total product development investment so that the underlying trend remains transparent. Non-GAAP EBITDA grew 22.8% to $8 million. Consolidated adjusted EBITDA increased 68.8% to $9.15 million compared to $5.42 million. Adjusted EBITDA attributable to NETSOL increased 61% to approximately $6.01 million compared with $3.73 million. The prior year comparison has been recast to exclude foreign exchange gains and losses on a consistent basis. Reconciliations of all non-GAAP measures are included in today's earnings release. Net income attributable to NETSOL was $2.95 million or $0.25 per diluted share, consistent with the prior year.

Speaker #3: These are the clearest indicators of improved execution. The results benefited from revenue mix, delivery leverage, and the capitalization of qualifying software development costs. We will provide investors with clearer visibility into total product development investment so that the underlying trend remains transparent.

Speaker #3: Non-GAAP EBITDA grew 22.8% to $8 million. Consolidated adjusted EBITDA increased 68.8% to $9.15 million, compared to $5.42 million. Adjusted EBITDA attributable to NETSOL increased 61% to approximately $6.01 million, compared with $3.73 million.

Speaker #3: The prior-year comparison has been recast to exclude foreign exchange gains and losses on a consistent basis. Reconciliations of all non-GAAP measures are included in today's earnings release.

Speaker #3: Net income attributable to NETSOL was $2.95 million, or $0.25 per diluted share, consistent with the prior year. This should be considered in the context of two significant movements.

Sardar Abubakr: This should be considered in the context of two significant movements. First, fiscal 2025 included a foreign exchange gain of $1.3 million and interest in investment income of $1.87 million. In fiscal 2026, we recorded a foreign exchange loss of $0.39 million and interest income of $1.07 million. Total other income was therefore approximately $2.27 million lower year over year. Second, income attributable to non-controlling interests increased by approximately $1 million to $2.65 million. Despite those headwinds below operating income level, consolidated net income increased 22.4% to $5.6 million. We believe that this bridge demonstrates that the underlying operating business improved materially this year, even though the improvement was not yet fully reflected in earnings attributable to NETSOL shareholders. Turning to net cash. Net cash provided by operating activities was $13.9 million compared with $0.4 million last year, and cash increased 56.3% to $27.1 million.

Speaker #3: First, fiscal 2025 included a foreign exchange gain of $1.3 million and interest and investment income of $1.87 million. In fiscal 2026, we recorded a foreign exchange loss of $0.39 million and interest income of $1.07 million.

Speaker #3: Total other income was therefore approximately 2.27 million lower year over year. Second, income attributable to non-controlling interests increased by approximately 1 million. 2.65 million.

Speaker #3: Despite those headwinds below the operating income level, consolidated net income increased 22.4% to $5.6 million. We believe that this bridge demonstrates that the underlying operating business improved materially this year, even though the improvement was not yet fully reflected in earnings attributable to NETSOL shareholders.

Speaker #3: Turning to net cash: net cash provided by operating activities was $13.9 million, compared with $0.4 million last year. Cash increased 56.3% to $27.1 million.

Speaker #3: As we indicated in our third quarter call, the working capital timing that reduced cash at March 31 reversed in the fourth quarter. This is a meaningful improvement in financial capacity.

Sardar Abubakr: As we indicated in our Q3 call, the working capital timing that reduced cash at 31 March reversed in the Q4. This is a meaningful improvement in financial capacity. Contract liabilities contributed approximately $6.5 million to operating cash flow, reflecting advanced billings and customer commitments. We do not assume that this working capital benefit will repeat, of course, at the same level year over year. During the year, we invested approximately $2 million in property and equipment and $2.7 million in capitalized software development. After these investments, the business still generated approximately $9.8 million of cash. We will remain disciplined in balancing product investment, liquidity, potential strategic transactions, and shareholder value. Supporting the four strategic priorities Najeeb outlined, our financial agenda for fiscal 2027 is quite straightforward.

Speaker #3: Contract liabilities contributed approximately $6.5 million to operating cash flow, reflecting advanced billings and customer commitments. We do not assume that these working capital benefits will repeat, of course, at the same level year over year.

Speaker #3: During the year, we invested approximately $2 million in property and equipment and $2.7 million in capitalized software development. After these investments, the business still generated approximately $9.8 million of cash.

Speaker #3: We will remain disciplined in balancing product investment, liquidity, potential strategic transactions, and shareholder value, supporting the four strategic priorities Najeeb outlined. Our financial agenda for fiscal 2027 is quite straightforward.

Speaker #3: Grow recurring revenue and its visibility. Protect and improve margins. Apply AI in practical and measurable ways. Focus the portfolio on our highest return opportunities and strengthen the conversion of consolidated profit into value for NETSOL shareholders.

Sardar Abubakr: Grow recurring revenue and its visibility, protect and improve margins, apply AI in practical and measurable ways, focus the portfolio on our highest return opportunities, and strengthen the conversion of consolidated profit into value for NETSOL shareholders. We will apply AI where the outcomes are measurable, faster development and testing, less implementation effort, better support resolution, and automated back-office processes. That is part of a broader efficiency program that will continue through fiscal 2027. As of 30 June 2026, we employed approximately 1,370 people, compared with approximately 1,460 a year earlier, while revenue grew 12.5%. We are reviewing workforce structure, utilization, location strategy, and the skills an AI-embedded delivery model requires. This is not a headcount reduction exercise. It is a disciplined review of how we deploy people and direct capacity towards product innovation, customer delivery, and growth. We are also reviewing our portfolio for simplification.

Speaker #3: We will apply AI where the outcomes are measurable: faster development and testing, less implementation effort, better support resolution, and automated back-office processes. That is part of a broader efficiency program that will continue through fiscal 2027.

Speaker #3: As of June 30, 2026, we employed approximately 1,370 people, compared with approximately 1,460 a year earlier, while revenue grew 12.5%. We are reviewing workforce structure, utilization, location strategy, and the skills and AI-embedded delivery model required.

Speaker #3: This is not a headcount reduction exercise. It is a disciplined review of how we deploy people and direct capacity towards product innovation, customer delivery, and growth.

Speaker #3: We are also reviewing our portfolio for simplification. This includes assessing products, legal entities, and activities against strategic fit, growth potential, margin, cash requirements, and management complexity.

Sardar Abubakr: This includes assessing products, legal entities, and activities against strategic fit, growth potential, margin, cash requirements, and management complexity. Capital will be directed to the core asset finance platform and close to core adjacencies where NETSOL has a defensible customer and domain advantage. A further strategic priority for us is evaluating minority interests in Pakistan. The Pakistan business is a major contributor to the company, but the increasing allocation of earnings to non-controlling interests does reduce how much of our consolidated performance reaches NETSOL shareholders. As we have said before, we are actively evaluating structural options to address this over time, subject to valuation, funding, regulatory and tax considerations, and the rights of minority shareholders.

Speaker #3: Capital will be directed to the core asset finance platform and close to core adjacencies, where NETSOL has a defensible customer and domain advantage. A further strategic priority for us is evaluating minority interest in Pakistan.

Speaker #3: The Pakistan business is a major contributor to the company, but the increasing allocation of earnings to non-controlling interests does reduce how much of our consolidated performance reaches NETSOL shareholders.

Speaker #3: As we have said before, we are actively evaluating structural options to address this over time, subject to valuation, funding, regulatory and tax considerations, and the rights of minority shareholders.

Speaker #3: Please note that no transaction has been approved, and we cannot guarantee that our objectives will be achieved in the near or long term. We will communicate when a specific course of action is sufficiently developed.

Sardar Abubakr: Please note that no transaction has been approved, and we cannot guarantee that our objectives will be achieved in the near or long term, and we will communicate when a specific course of action is sufficiently developed. Our growth strategy combines organic execution and selective strategic partnerships, JVs, and acquisitions in core and close to core adjacencies. We will apply a strict criteria, product and customer fit, recurring revenue quality, margin and cash profile, integration complexity, and a clear return above our cost of capital. We will not pursue scale for its own sake. For fiscal 2027, NETSOL currently expects net revenues to grow 13% to 16% over fiscal 2026. Gross margin of approximately 50% or better. Consolidated adjusted EBITDA growth of 15% to 25%, corresponding to approximately $10.5 million to $11.4 million. This guidance assumes continued subscription growth, execution of contracted implementations, disciplined cost management, and no material acquisitions.

Speaker #3: Our growth strategy combines organic execution and selective strategic partnerships, joint ventures, and acquisitions in core and close-to-core adjacencies. We will apply strict criteria: product and customer fit, recurring revenue quality, margin and cash profile, integration complexity, and a clear return above our cost of capital.

Speaker #3: We will not pursue scale for its own sake. For fiscal 2027, NETSOL currently expects net revenues to grow 13% to 16% over fiscal 2026.

Speaker #3: Gross margin of approximately 50% or better. Consolidated adjusted EBITDA growth of 15% to 25%, corresponding to approximately $10.5 million to $11.4 million. This guidance assumes continued subscription growth, execution of contracted implementations, disciplined cost management, and no material acquisitions.

Speaker #3: While it's important to note that the timing of agreements. Implementation milestones, foreign exchange, customer decisions, and advanced billings can create variability between quarters. Our focus will be on full year execution and the quality of growth.

Sardar Abubakr: While it's important to note that the timing of agreements, implementation milestones, foreign exchange, customer decisions, and advanced billings can create variability between quarters, our focus will be on full year execution and the quality of growth. In summary, fiscal 2026 demonstrated that NETSOL can grow while expanding margins and generating cash. The next phase is to make that performance more predictable, more transparent, and more valuable to NETSOL shareholders. We will do that through recurring growth, disciplined execution, practical AI adoption, portfolio simplification, thoughtful structural action, and rigorous capital allocation. With that, operator, please open the line for questions.

Speaker #3: In summary, fiscal 2026 demonstrated that NETSOL can grow while expanding margins and generating cash. The next phase is to make that performance more predictable, more transparent, and more valuable to NETSOL shareholders.

Speaker #3: We will do that through recurring growth, disciplined execution, practical AI adoption, portfolio simplification, thoughtful structural action, and rigorous capital allocation. With that, operator, please open the line for questions.

Speaker #1: Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Operator: Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment while we pull for questions. Our first question is from Greg Burns with Sidoti & Company. Please proceed.

Speaker #1: You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Speaker #1: One moment while we pull up questions. Our first question is from Greg Burns with Sadodi and Company. Please proceed.

Speaker #2: Morning. I just wanted to first touch on the '27 guidance for gross margins. I guess it's implying they're down a little bit year over year.

Greg Burns: Morning. Just wanted to first touch on the 2027 guidance for gross margins. I guess, it is implying down a little bit year over year. Is there going to be a shift in mix? What is driving that outlook for a little bit, reduction in gross margin?

Speaker #2: Is there going to be a shift in mix or what what is driving that that outlook for a little bit reduction in gross margin?

Speaker #4: Thank you for the question. And do you want to jump in? Go ahead, Abu.

Sardar Abubakr: Thank you for the question. Abu, you want to jump in? Go ahead, Abu. Yes, Naj. I will take this. Thank you for the question. We are optimistic of our gross margin forecast. We believe that the guidance that we have given of 50% is a stable guidance. It is a guidance that wherever we go into new agreements and also review existing agreements, we do expect more than 50% gross margin in our business. You saw in the numbers that I quoted that we closed at a higher rate. We expect no reasons why we would not be able to achieve growth in this. The stable guidance that we would like to give the market today is that we will be at least 50% or better. As we progress quarter over quarter, we will continue to monitor and upgrade that guidance as needed.

Speaker #3: Yes. Yes, Nad. So I'll I'll I'll I'll take this. So thank you for the question. we are optimistic of our gross margin forecast. We believe that the guidance that we have given of 50% is a staple guidance.

Speaker #3: It is a guidance that wherever we go into new agreements and also review existing agreements, we do expect a a more than 50% gross margin in our business.

Speaker #3: You saw in the numbers that I quoted that we closed at a higher rate. We expect no reasons why we would not be able to achieve growth in this.

Speaker #3: But the staple guidance that we would like to give the market today is that we will be at least 50% or better, and as we progress quarter over quarter, we will continue to monitor and upgrade that guidance as needed.

Speaker #2: Okay. Thanks for that. and then and with the the transition from least peak to transcend with BMO that you announced, when when you do a transition like that, I know you you mentioned you're moving from a maintenance to a subscription revenue, but is there any like revenue uplift or margin margin benefit?

Greg Burns: Okay. Thanks for that. With the transition from LeasePak to Transcend with BMO, that you announced, when you do a transition like that, I know you mentioned you are moving from a maintenance to a subscription revenue, but is there any revenue uplift or margin benefit? What are the additional benefits to transitioning from that legacy platform to Transcend for you?

Speaker #2: What are the additional benefits to transitioning from that legacy platform to Transcend for you?

Speaker #4: I think I'll let you answer the question.

Najeeb Ghauri: I think I will let Asit answer that question.

Speaker #2: Yeah.

Asad Ghauri: Yeah. Thanks, Najeeb. It provides a huge uplift to our subscription revenue. Implementation, again, is dependent on how we structure the upgrade with the client, but definite bump up for us overall in our subscription revenue as we move forward with them, which is our primary focus.

Speaker #4: Thanks, Nad. Thank you, so I think it provides a huge uplift to our subscription revenue. Implementation, again, is dependent on how we structure the upgrade with the client.

Speaker #4: But there's a definite bump up for us overall in our subscription revenue as we move forward with them, which is our primary focus.

Speaker #2: Okay. Okay. How big is your lease peak install base, maybe from a number of customers? Oh, sorry.

Greg Burns: Okay. How big is your LeasePak install base?

Asad Ghauri: LeasePak, sorry.

Greg Burns: Maybe from a number of customer. Oh, sorry.

Speaker #4: So about yeah. Lease pack. So it's about seven customers currently.

Asad Ghauri: Yeah, LeasePak. It's about 7 customers currently.

Speaker #2: Okay.

Sardar Abubakr: Okay.

Sardar Abubakr: All US-based.

Speaker #4: US based. Yeah.

Asad Ghauri: Yeah.

Speaker #2: Yeah. Okay. All right. And then the the transcend retail in the US can you just.

Greg Burns: Okay. All right. Transcend Retail in the US, can you just give us a little bit more color on the pipeline and opportunity? I know you announced 3 dealers that launched maybe earlier this quarter. Could you just talk about the pipeline and why you won there, and what benefits you're bringing to the auto dealer market in the US?

Speaker #4: Mm-hmm.

Speaker #2: Give us a little bit more color on the pipeline and opportunity? I don't know you announced three dealers that that launched maybe earlier this this quarter, but could you just talk about the the pipeline and you know, why you won there and and what what benefits you're bringing to the to the auto dealer market in the US.

Speaker #4: Okay. So, I mean, we've got the digital retail space divided into two areas. The three dealers that you refer to are part of bigger dealer groups.

Asad Ghauri: We've got the digital retail space divided into two areas. The three dealers that you refer to are part of bigger dealer groups. They all carry more than 15 dealerships within the group. Our primary port of call is to ensure that we get the initiation right in these three dealers. With that, it opens up the other dealerships within the group. I said we have two focuses. One is tier 1 OEMs, which we're doing a rollout for, which is a 350, could potentially turn out to be more. That's a space that we have great engagement in. Lastly, on the DGG side, which is where we define dealership groups, that's where seeing the traction and you see those three dealers.

Speaker #4: So they all carry more than 15 dealerships within the group. So our primary port of call is to ensure that we get the initiation right in these three dealers, and with that, it opens up the other dealerships within the group.

Speaker #4: So I said we have two focuses. One is tier-one OEMs, which we're doing a rollout for, with which the 350 could potentially turn out to be more.

Speaker #4: So that's a space where we have great engagements. And lastly, on the D2G side, which is where we define dealership groups, that's where we're seeing the traction, and you see those three dealers.

Speaker #4: You'll see more coming on as we move forward in the year. With the potential of adding 20, 15 to 20 dealers average based on that go-live of that customer.

Asad Ghauri: You'll see more coming on as we move forward in the year with the potential of adding 15 to 20 dealers average based on that go live of that customer. If that makes sense. Yeah, that does. When we look across the three geographies that you're in,

Speaker #4: If that makes sense.

Speaker #2: Yeah. That's that does. so when we look across the the three geographies that you're in where where do you expect the the most growth to see the most growth?

Greg Burns: where do you expect to see the most growth? Is it in the US with the

Speaker #2: Is it in the US with the retail part of the business or elsewhere?

Greg Burns: Yeah

Greg Burns: retail part of the business or no?

Speaker #4: You know, for me, I think there's great momentum for us in all three regions right now. As we'd explained earlier, and I presented, our core focus in the US, besides Transcend Finance, is retail.

Najeeb Ghauri: For me, I think there is great momentum for us in all three regions right now. As we explained earlier and I presented that our core focus in the US besides Transcend Finance is retail, and we would like to execute there before moving on to other regions. Transcend Finance, on the other hand, is tracking really well, and you will see that in the coming weeks with some of the announcements that we make.

Speaker #4: And we would like to execute there before moving on to other regions. But Transcend Finance, on the other hand, is tracking really well. And you'll see that in the coming weeks with some of the announcements that we make.

Speaker #2: All right, well, great. Thank you.

Greg Burns: All right. Great. Thank you.

Speaker #4: All right.

Najeeb Ghauri: All right.

Speaker #1: Our next question is from Todd Felty with StoneX. Please proceed.

Operator: Our next question is from Todd Felty with StoneX. Please proceed.

Speaker #5: Hey, congratulations on a great quarter. Nice to see the growth in revenues, margins, and earnings. I wanted to touch on the cash position. I saw it had grown to a little over $27 million.

Todd Felty: Hey, congratulations on a great quarter. Nice to see the growth in revenues, margins, and earnings. I wanted to touch on the cash position. I saw it had grown to a little over $27 million, and in the past, you had talked about some M&A activity or possibly buying a full ownership of NetSol PK. I was just wondering if you could update us on that as well as if any share buybacks are going on.

Speaker #5: And in the past, you had talked about some M&A activity or possibly buying full ownership of NETSOL PK. I was just wondering if you could give us an update on that, as well as if any share buybacks are going on.

Speaker #4: I think I can add a point that will come in. Absolutely. We are very pleased with our cash position, and the company is very conscious of opportunities, particularly in the US market, because we see a lot of opportunities, whether that's M&A or just new relationships.

Najeeb Ghauri: I think I can add a point, then Asad will come in. Absolutely, we are very pleased with our cash position, and the company is very conscious of opportunities, particularly in the US market, because we see a lot of opportunities, whether they are M&A or just new relationships. I think Asad can be some more clear about exactly how else he is thinking about really using this cash. Go ahead, Asad and Abu.

Speaker #4: But I think assets can give you some more clarity about exactly how else he's thinking about really using this cash with Assad and Abu.

Speaker #3: Yeah, I—I think I'll...

Asad Ghauri: I think I will leave the cash part to our experts, Sardar Abubakr, that is. On the M&A side, I think there is definite interest. We are well-positioned, and we will keep the market informed as we see traction and positivity in those engagements. But they are ongoing. Sardar Abubakr, you want to take the cash, please?

Speaker #4: Leave the cash part to our experts—Abu Bakr, that is. But on the M&A side, I think there's definite interest. We are well positioned.

Speaker #4: And we will keep the market informed as we see traction and positivity in those engagements. But they are ongoing. Abu Bakr, do you want to take the cash, please?

Speaker #3: Sure, sure, sure, sure. So thank you for the question, Todd. Two aspects. One that I covered in my script: we are actively evaluating structural options when it comes to NETSOL Pakistan.

Sardar Abubakr: Sure. Thank you for the question, Todd. Two aspects. One, that I covered in my script. We are actively evaluating structural options when it comes to NetSol Pakistan. So that is number one. Number two, as I also mentioned in my script, we are evaluating what we call core or close-to-core adjacencies. US is our home market. We are committed to growing the US market at a significant rate, both through our flagship Transcend Finance platform, as you saw with the BMO deal, but also our big bet, which is Transcend Retail. In addition, given we also operate in Europe and APAC, we are selectively evaluating potential close-to-core adjacencies through partnerships and potential future acquisitions. As those discussions develop, we will consistently and transparently update the market.

Speaker #3: So that's number one. Number two, as I also mentioned in my script, we are evaluating what we call core or close-to-core adjacencies.

Speaker #3: The US is our home market. We are committed to growing the US market at a significant rate, both through our flagship Transcend Finance platform, as you saw with the BMO.

Speaker #3: Deal. But also, our big bet, which is Transcend Retail. In addition, given we also operate in Europe and APAC, we are selectively evaluating potential close-to-core adjacencies.

Speaker #3: Through partnerships and potential future acquisitions, as those discussions develop, we will consistently and transparently update the market. But rest assured, the cash position that you see will be used for growing our existing core business.

Sardar Abubakr: But rest assured, the cash position that you see will be used for growing our existing core business, investing in product innovation, becoming a nimble AI organization, but also inorganic opportunities as we see best suited to NETSOL.

Speaker #3: We are investing in product innovation, becoming a nimble AI organization, but also considering inorganic opportunities as we see best suited to NETSOL.

Speaker #4: Okay, that's great to hear. Really appreciate the color on all that. And then, finally, I just wanted to maybe get an update on investor relations.

Todd Felty: Okay. That's great to hear. Really appreciate the color on all that. Then, finally, just wanted to maybe get an update on investor relations. I know you've been doing some conferences. Is there any plans to have analyst coverage in the near future? I don't see any

Speaker #4: I know you've been doing some conferences. Is there any plan to have analyst coverage in the near future? I don't see any analyst reports out there as of now.

Sardar Abubakr: Yeah.

Todd Felty: analyst reports out there as of now.

Speaker #3: Sure, so I'll take that, Najeeb and Assad. We will be updating the market soon. We fully recognize that NETSOL is a stock that must have more consistent analyst coverage.

Sardar Abubakr: Sure. So I'll take that, Naj and Asad. We will be updating the market soon. We fully recognize that NETSOL as a stock must have more consistent analyst coverage, and not even one. Ideally, we should have coverage by more than one analyst. We have now finalized discussions with a reputed research analyst firm, and that coverage will start after this earnings call, and the process of that will complete. However, we are not stopping there. We believe, as I said, that multiple analyst coverage is the way to go to get our story out there. I think I'll leave you with one thing on this furthermore, Todd, and this is towards everyone who has dialed in. I encourage everyone to compare NETSOL's stock performance this year versus NASDAQ Composite, the software industry, and also our peers.

Speaker #3: And not even one. Ideally, we should have coverage by more than one analyst. We have now finalized discussions with a reputed research analyst firm.

Speaker #3: And that coverage will start after this earnings call, and the process of that will complete. However, we are not stopping there. We believe, as I said, that multiple analyst coverage is the way to go.

Speaker #3: To get our story out there, I think I'll leave you with one thing on this, furthermore, Todd. And this is towards everyone who has dialed in.

Speaker #3: I encourage everyone to compare NETSOL's stock performance this year versus the NASDAQ, NASDAQ Composite, the software industry, and also our peers. And I believe, as Najeeb stated in his opening note, that this is a story we will get out there more.

Sardar Abubakr: I believe, as Naj stated in his opening note, this is a story that we will get out there more, and you should start to see analyst coverage in the quarters ahead.

Speaker #3: And you should start to see analyst coverage in the quarters ahead.

Speaker #4: Okay, that's very helpful. I know when I look at the enterprise value of the company, I mean, you just seem so ridiculously undervalued that I'm hoping that'll change in the near future.

Todd Felty: Okay. That is very helpful. I know when I look at the enterprise value of the company, you just seem so ridiculously undervalued, that I am hoping that will change in the near future. I appreciate you taking my questions and congratulations again to you and your team on such a good job. Thank you.

Speaker #4: But I appreciate you taking my questions, and congratulations again to you and your team on such a good job. Thank you.

Speaker #5: I want to add, Todd, I think for the audience, this company was going in a different direction, in a very exciting way.

Najeeb Ghauri: I want to add, Todd, I think for the audience, this company is in a different direction in a very exciting way. What we have seen in the last two years and our results delivered today shows that the company sees a very big opportunity, particularly in the US, whether it is retail or our main platform. It is a growing market for us, and we are just about to grab a few new contracts, and we mentioned about it. We were in a roadshow for BMO, and I think our team is very excited about getting new investors. Three, four of them are going to New York and other places to meet a lot of new potential bankers, investors.

Speaker #5: What we have seen in the last two years and our results delivered today is it shows that the company sees a very big opportunity particularly in the US whether it's a retail it's a retail or our main platform.

Speaker #5: It's a growing market for us. And we just about to grab a few new contracts and we mentioned about it. we were in a roadshow and for BMO and I think our team is very exciting about getting new investors.

Speaker #5: Three or four of them are going to New York and will cover the places to meet with a lot of new potential bankers and investors. You'll see increased interest in the stock because now we feel the company is on the right trajectory to really make sure that investors who come in will have a good ROI in the short to long term.

Najeeb Ghauri: You will see increased interest in the stock because now we feel the company is at the right trajectory to really make sure that the investor who comes in, they will have a good ROI in the short to long term. We are really excited about it. In the closing, I thank everyone for your questions. We remain focused on executing against our strategic priorities and building on the momentum across our business, and we look forward to reporting our progress against the guidance we introduced today. Before we go, I want to thank all of our colleagues around the world who work very hard to make who we are today. They delivered the strongest year in our history. Thank you for all of your time today and your continued interest in NETSOL.

Speaker #5: So, we are really excited about it. And in the closing, I thank everyone for your questions. We remain focused on executing against our strategic priorities.

Speaker #5: And building on the momentum across our business. We look forward to reporting our progress against the guidance we introduced today. Before we go, I want to thank all of our colleagues around the world who work very hard to make us who we are today.

Speaker #5: They delivered the strongest year in our history. Thank you for all of your time today and your continued support.

Speaker #4: And, Najeeb, I think there are some questions outstanding. If...

Asad Ghauri: Najeeb, I think there is still some questions outstanding.

Najeeb Ghauri: Are there any questions outstanding?

Speaker #5: Are there any questions outstanding?

Speaker #4: Yeah, I think there are some people waiting to ask more questions.

Asad Ghauri: Yeah, I think there are some people waiting to ask more questions.

Najeeb Ghauri: Okay, please. Go ahead, take it. Sorry.

Speaker #5: Okay, please go ahead. Take it. Sorry.

Speaker #2: Thank you. As a reminder, this is Star Star One on your telephone keypad. If you would like to ask a question, our next question is from Peter Sadotti with Sadotti and Company.

Operator: Thank you. As a reminder, it is star one on your telephone keypad if you would like to ask a question. Our next question is from Peter Sidoti with Sidoti & Company. Please proceed.

Speaker #2: Please proceed.

Speaker #6: Hey, I'm sorry, I'm still learning the name. The release didn't include financials, and I don't think the 10-K has been filed. Can you just give me a handle on when the actual numbers will be available?

Peter Sidoti: Hey, I am sorry, I am still learning on the name. The release did not include financials, and I do not think the 10-K has been filed. Can you just give me a handle on when the actual numbers will be available?

Najeeb Ghauri: Do you know when it was today?

Speaker #6: I think you you sure.

Sardar Abubakr: I will take that. Sure. The press release should be available, and the 10-K should be available later today.

Speaker #3: So, the press release should be available, and the 10-K should be available later today.

Speaker #6: Okay, great. Thank you very much.

Peter Sidoti: Okay, great. Thank you very much.

Speaker #3: Thank you.

Sardar Abubakr: Thank you.

Speaker #2: There are no further questions at this time. Najeeb, would you like to continue your closing remarks?

Operator: There are no further questions at this time. Najeeb, would you like to continue your closing remarks?

Speaker #5: Yes. So I think before we go, I want to thank our colleagues around the world who delivered these very strong numbers today in our history.

Najeeb Ghauri: Yes. I think before we go, I want to thank our colleagues around the world who delivered these very strong numbers today in our history. I thank all our shareholders who are committed long-term, and they look to this company as a possibility to really create not just the ROI, but also excitement in the company, because we are very excited for our future, and we believe that we will really turn the corner. We already have turned the corner this year. Thank you all for your time today and your continued interest in NETSOL. We appreciate you being part of this journey with us. Thank you and have a good day.

Speaker #5: And I thank all our shareholders who are committed long-term and who look at this company as a possibility to really create not just the ROI, but also excitement in the company.

Speaker #5: Because we are very excited for our future, and we believe that we will really turn the corner. We already have turned the corner this year.

Speaker #5: Thank you all for your time today and your continued interest in NETSOL. We appreciate you being part of this journey with us. Thank you, and have a good day.

Speaker #6: Thank you.

Asad Ghauri: Thank you.

Speaker #2: Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

Operator: Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

Speaker #5: Thank you for your help, operator.

Najeeb Ghauri: Thank you for your help, operator.

Operator: Thank you.