Naseej for Technology Co reported QQ1 2025 revenue of SAR 50.09 million with a gross margin of 22.95% and an EBIT margin of 2.23%, yielding an EBITDA of SAR 1.30 million and a net income of SAR 56 thousand (EPS SAR 0.0113). The quarter marks a pronounced seasonality effect: revenue plunged from SAR 143.26 million in Q4 2024 to SAR 50.09 million in Q1 2025, implying meaningful quarter-to-quarter volatility typical of project-based IT services and transformation initiatives. The year-over-year metrics reflect a sharp reset in quarterly baselines and, despite a positive quarter, profitability remains thin with limited earnings visibility outside a favorable project mix. Management commentary is not captured in the provided transcript, which constrains directional guidance, but the quarterly profile suggests that sustained top-line improvement will hinge on pipeline execution, government and public-sector demand, and the conversion of shorter-term engagements into recurring or multi-quarter programs. Investors should weigh the potential upside from Saudi digital transformation initiatives against the current narrow profit pool and the pronounced quarterly cyclicality.