NetSol Technologies, Inc. (NASDAQ: NTWK) has named Sardar Abubakr, FCCA, as its new Chief Financial Officer, effective January 20 2026. The change follows the departure of former CFO Roger K. Almond, who will transition to Chief Accounting Officer and oversee global accounting operations and SEC filings, ensuring continuity in financial reporting.
Abubakr brings more than twenty years of international finance and strategy experience. Most recently he served as Vice President of New Business Ventures and M&A at Jazz, a subsidiary of VEON Group, where he led digital‑transformation initiatives and managed complex, multi‑entity financial structures across Europe and Asia. His background in scaling technology‑driven businesses aligns with NetSol’s focus on an AI‑enabled, subscription‑based platform.
NetSol’s recent financial results illustrate the context for the leadership change. In the first quarter of fiscal 2025, the company reported total net revenues of $15 million, up 2.8% from the prior year, while a GAAP net loss of $2.4 million widened. Gross margins improved to 56.2% in Q4 FY2025 from 51.5% in Q4 FY2024, and the full‑year 2025 revenue rose 8% to $66 million, with subscription and support revenues up 18% to $32.9 million. These figures show a company in transition—revenue growth is solid, but profitability remains a challenge that the new CFO will need to address.
The appointment is part of NetSol’s broader strategy to strengthen financial leadership as it expands its AI‑enabled platform. Abubakr’s expertise in scaling technology businesses and managing complex financial structures is expected to help the company improve cost discipline, enhance financial governance, and accelerate the monetization of its subscription offerings. By pairing his skill set with the existing leadership of CEO Najeeb Ghauri, NetSol aims to convert revenue growth into sustainable profitability.
Naeem Ghauri, President and Co‑Founder, said, “Sardar brings deep international leadership experience across finance, strategy and transformation, with a proven track record operating in complex, multi‑entity environments at large, publicly traded organizations. We are excited to welcome Mr. Abubakr to NETSOL at a pivotal moment in our growth.” CEO Najeeb Ghauri added, “Our performance in the first quarter of 2025 was driven by encouraging trends, including a double‑digit increase in subscription and support revenue. We continue to invest in growth while focusing on cost discipline to improve profitability.”
Investors reacted to NetSol’s Q1 FY2026 earnings with a decline, citing the wider net loss despite revenue growth. The CFO transition signals management’s commitment to addressing profitability concerns and strengthening financial oversight as the company pursues its AI‑enabled subscription strategy.
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