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NET Revenue by Segments

Revenue by Segments

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As of Q3'25, NET's latest revenue data shows that Direct customers contributed USD 366.5M, while Channel partners generated USD 1.13B. This indicates that Channel partners have become the dominant revenue segment in the most recent quarter. From Q4'22 to Q3'25, the chart reveals a strong upward trend for both segments, with Channel partners experiencing especially rapid growth. While Direct customers maintained steady, incremental increases over the period, Channel partners saw a dramatic surge starting in 2025, overtaking Direct customers as the primary revenue source. This shift highlights a significant change in NET's revenue composition, with Channel partners now accounting for the majority of total revenue.