Business
Research Solutions Reports Fiscal First Quarter 2023 Results
Reports 12% Total Revenue Growth, Positive EPS, and 33 Percent Increase in ARR to $8.3 Million HENDERSON, Nev., Nov. 10, 2022 /PRNewswire/ -- Research
About this update from Research Solutions, Inc
[{"type":"text","content":"Reports 12% Total Revenue Growth, Positive EPS, and 33 Percent Increase in ARR to $8.3 Million\nHENDERSON, Nev., Nov. 10, 2022 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a pioneer in providing cloud-based workflow solutions for R&D driven organizations, today reported financial results for its fiscal first quarter ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nFiscal First Quarter 2023 Summary\nTotal revenue of $8.7 million, a 12% increase from the prior-year quarterPlatform revenue up 34% to $2.0 million. Annual Recurring Revenue (\"ARR\") up 33% to $8.3 millionGross profit up 26% from prior-year quarter. Total gross margin improved 420 basis points to 38.6%Net income of $215,000,or $0.01 per diluted share, compared to loss of ($372,000) or ($0.01) per shareAdjusted EBITDA of $433,000, a quarterly record for the Company. Positive cash flow from operations of $109,000Platform incremental ARR generated in the quarter was $0.4M, and a total of over $2 million in the past twelve months\"It is exciting to see the impacts on our top and bottom line as our Platforms segment continues to grow and become a larger component of our business,\" said Roy W. Olivier, President and CEO of Research Solutions. \"We are also encouraged by the performance of our Transactions segment, which grew almost 7% in the quarter. This does not reflect the recently announced opportunity regarding onboarding FIZ Karlsruhe's AutoDoc customers which will also provide new upsell leads for our Article Galaxy Platform. We also continue to evaluate additional M&A opportunities to increase our recurring revenues and generate additional profitability in the future.\"\nFiscal First Quarter 2023 Results\nTotal revenue was $8.7 million, a 12% increase from $7.7 million in the year-ago quarter as both platform and transaction revenue increased versus the prior-year period.\nPlatform subscription revenue increased 34% to $2.0 million compared to approximately $1.5 million in the year-ago quarter. The increase was due to increases in ARR associated with customer upsells and increases in the total number of paid Platform deployments, including 23 net deployments added in the quarter. The quarter ended with annual recurring revenue of $8.3 million, up 33% year-over-year (see the company's definition of annual recurring revenue below).\nTransaction revenue...