Business
Research Solutions Announces Fiscal Fourth Quarter and Full Year 2023 Results
Reports Full-Year GAAP Net Income, Record Adjusted EBITDA and 28% Increase in Platform Revenue HENDERSON, Nev., Sept. 13, 2023 /PRNewswire/ -- Research
About this update from Research Solutions, Inc
[{"type":"text","content":"Reports Full-Year GAAP Net Income, Record Adjusted EBITDA and 28% Increase in Platform Revenue\nHENDERSON, Nev., Sept. 13, 2023 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a pioneer in providing cloud-based workflow solutions for R&D driven organizations, reported financial results for its fiscal fourth quarter and full year ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nFiscal Fourth Quarter 2023 Summary\nTotal revenue increased 16% to $10.0 millionPlatform revenue up 22% to $2.3 million; Annual recurring revenue up 19% to $9.4 millionGross profit up 19% to the prior-year quarter; Total gross margin improved 110 basis points to 39.4%Net income of $375,746 or one cent per diluted share, compared to a net loss of ($438,267) or one cent per share in the prior-year quarterAdjusted EBITDA of $825,087 compared to ($121,327) in the same period a year agoCash flow from operations of $1.5 million compared to slightly negative cash flow in the prior-year quarterFull-Year Fiscal 2023 Summary\nTotal revenue increased 14% to $37.7 millionPlatform revenue of $8.7 million, a 28% increase, with a 14% increase in total deployments to 835Total gross margin increased 250 basis points to 39.0%Net income of $0.6 million, or $0.02 per diluted share, compared to a net loss of $1.6 million or ($0.06) per share in the prior yearAdjusted EBITDA of $2.0 million compared to ($0.4 million) in the previous yearCash flow from operations of $3.4 million, compared to ($0.4 million) in the previous yearItems Subsequent to End of Fiscal 2023\nAcquired ResoluteAI, a developer of advanced search and discovery toolsEngaged Jeremy Murphy as an advisor and observer to the Board of Directors\"Fiscal year 2023 was an exciting year for our business. Our results represent the significant progress made across our organization, highlighted by our highest annual organic revenue growth in more than a decade and first year of GAAP profitability since fiscal 2015,\" said Roy W. Olivier, President and CEO of Research Solutions. \"Our customers continue to recognize the greater efficiency and cost savings offered through our Article Galaxy platform and our recent acquisition of ResoluteAI expands these offerings and capabilities, providing us with meaningful cross-selling opportunities. While we continue to see headwinds in the platform business, we are optimistic a...