Business
Research Solutions Reports Fiscal Fourth Quarter and Full Year 2020 Results
Company Reports $4.4M in Platform ARR and Positive Full-Year Adjusted EBITDA HENDERSON, Nev., Sept. 24, 2020 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ:
About this update from Research Solutions, Inc
[{"type":"text","content":"Company Reports $4.4M in Platform ARR and Positive Full-Year Adjusted EBITDA\n\n\nHENDERSON, Nev., Sept. 24, 2020 /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 2020 ended June 30, 2020.\n\n \n \n \n \n \n \n\n \nFiscal Fourth Quarter 2020 Highlights\nTotal revenue increased 5.5% to $7.9 million Platform revenue up 33% to $1.1 million, Annual recurring revenue up 38% to $4.4 million. Transaction revenue increased 2% to $6.8 million Total gross margin improved 200 basis points to 31.8%. Earnings of nil per share, unchanged from the prior-year quarter Adjusted EBITDA of $146,000, an improvement of $187,000Full-Year Fiscal 2020 Highlights\nTotal revenue increased 7.9% to $31.1 million Platform revenue of $3.9 million, a 38% increase, with a 33% increase in total Platform deployments to 401 Transaction revenue increased 4.6% to $27.2 million, with customer count up to 1,119 compared to 1,081. Total gross margin increased 200 basis points to 31.0% Loss from continuing operations improved $395,000 to ($780,000), or ($0.03) per share, compared to ($0.05) per share in the prior year Adjusted EBITDA of $143,000, an improvement of $507,000 Cash and cash equivalents increased to $9.3 million, up $4.0 million compared to prior year end Successfully uplisted to Nasdaq Capital Market\"Our fourth quarter and fiscal 2020 results reflect the continued momentum across our organization, including the uplisting of our stock to the NASDAQ market on March 23rd. We set another record for annual recurring revenue for our Platforms business thanks to another strong quarter of new deployments. The shift in our marketing approach towards enterprise campaigns contributed to the 100 net new Platform deployments for the full year, including 27 in the fourth quarter.\" said Peter Derycz, President and CEO of Research Solutions. \"Our new partnerships and product initiatives expanded our available product offerings, while simplifying access for our customers, some of whom are involved in researching a potential COVID-19 vaccine. With additional product improvements, partnership opportunities on tap and better lead generation, combined with our strong balance sheet, we are well-positioned for contin...