Business
Research Solutions Reports Fiscal Second Quarter 2020 Financial Results
ENCINO, Calif., Feb. 13, 2020 /PRNewswire/ -- Research Solutions, Inc. (OTCQB: RSSS), a SaaS provider of workflow efficiency solutions for R&D-driven
About this update from Research Solutions, Inc
[{"type":"text","content":"ENCINO, Calif., Feb. 13, 2020 /PRNewswire/ -- Research Solutions, Inc. (OTCQB: RSSS), a SaaS provider of workflow efficiency solutions for R&D-driven organizations, reported financial results for its fiscal second quarter 2020 ended December 31, 2019.\n\n \n \n\n \nFiscal Second Quarter 2020 Highlights vs. Year-Ago Quarter\nPlatform revenue up 42% to $950,000, with a 27% increase in total Platform deployments to 338. Annual recurring revenue up 38% to $3.7 million. Transaction revenue increased 4% to $6.6 million compared to $6.3 million, with customer count up to 1,139 compared to 1,083. Total gross margin up 180 basis points to 30.2%. Net loss from continuing operations was $0.6 million, or $(0.03) per share, compared to a net loss of $0.6 million, or $(0.03) per share. Management Commentary \n\"During the second quarter, we maintained our momentum with strong relative growth in both our Platform and Transaction businesses and continued consolidated gross margin expansion,\" said Peter Derycz, president and CEO of Research Solutions. \"With our sales and marketing teams remaining heavily focused on generating new enterprise clients, we made good progress optimizing and fine-tuning our prospecting activities to ensure we are getting in front of the small-to-medium-sized organizations driven by R&D. In addition, we continued to make improvements to the Platform's user experience and interface, along with rolling out multiple updates to various gadgets throughout the quarter.\n\"As we look to the back half of fiscal 2020, we continue to expect our focus on the enterprise, along with introducing our unique capabilities to an expanded audience through various partnerships, to accelerate Platform revenue growth. Our ability to provide an innovative research platform that is consistently evolving to meet the needs of our customers combined with our retooled sales and marketing strategies gives us confidence that we will continue executing our growth strategy for the remainder of the year and beyond.\" \nFiscal Second Quarter 2020 Financial Results\nTotal revenue increased 8% to $7.5 million compared to $7.0 million in the same year-ago quarter. \nPlatform subscription revenue increased 42% to $950,000 compared to $668,000 in the same year-ago quarter. The increase was primarily due to a 27% increase in the total number of paid Platfo...