Business
Research Solutions Reports Fiscal First Quarter 2022 Results
Company Reports 33 Percent Increase in Platform ARR to $6.3 Million HENDERSON, Nev., Nov. 11, 2021 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a
About this update from Research Solutions, Inc
[{"type":"text","content":"Company Reports 33 Percent Increase in Platform ARR to $6.3 Million\n\n\nHENDERSON, Nev., Nov. 11, 2021 /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 first quarter ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nFiscal First Quarter 2022 Summary\nTotal revenue of $7.7 million, unchanged from prior-year quarter Platform revenue up 32% to $1.5 million. Annual Recurring Revenue (\"ARR\") up 33% to $6.3 million. Gross profit up 9% from prior-year quarter. Total gross margin improved 275 basis points to 34.4%. Loss of $0.01 per share, compared to earnings of nil per diluted share in the prior-year quarter 37 net new platform deployments in the quarter compared to 31 in the prior-year\"Our first quarter fiscal 2022 results reflect the continued focus on the growth of our Platforms business, with 37 net new deployments in the quarter and 158 deployments over the past 12 months,\" said Roy W. Olivier, President and CEO of Research Solutions. \"The combination of product initiatives and more focused sales and marketing efforts is leading to the addition of customers brand new to the company. With additional products set for launch later this year and the ability to use our strong balance sheet to make strategic acquisitions to supplement our organic growth, we believe we are well-positioned for continued success in fiscal 2022.\"\nFiscal First Quarter 2022 Results\nTotal revenue was $7.7 million, unchanged from the same year-ago quarter. \nPlatform subscription revenue increased 32% to $1.5 million compared to approximately $1.1 million in the year-ago quarter. The increase was primarily due to an increase in the total number of paid Platform deployments, including 37 net deployments added in the quarter. The quarter ended with annual recurring revenue of $6.3 million, up 7% sequentially and 33% year-over-year (see the company's definition of annual recurring revenue below).\nTransaction revenue was $6.2 million, compared to $6.6 million the first quarter of fiscal 2021. As previously noted, some of the decrease is related to the transaction savings that customers experience as they transition to the recurring revenue platform business. Transaction customer count for the quarter was 1,153, compared ...