Business
Research Solutions Reports Fiscal Second Quarter 2023 Results
Reports 10.7% Total Revenue and 31% Platform Revenue Growth, Increase in ARR to $8.8 Million HENDERSON, Nev., Feb. 9, 2023 /PRNewswire/ -- Research Solutions,
About this update from Research Solutions, Inc
[{"type":"text","content":"Reports 10.7% Total Revenue and 31% Platform Revenue Growth, Increase in ARR to $8.8 Million\nHENDERSON, Nev., Feb. 9, 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 second quarter ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nFiscal Second Quarter 2023 Summary\nTotal revenue of $8.7 million, a 10.7% increase from prior-year quarter representing the Company's second consecutive quarter of double-digit revenue growthPlatform revenue up 31% to $2.1 million. Annual Recurring Revenue (\"ARR\") up 28% to $8.8 millionGross profit up 20% from prior-year quarter. Total gross margin improved 300 basis points to 39.0%Loss of $0.01 per share, compared to a loss of $0.02 per share in the prior-year quarterPositive Adjusted EBITDA of $201,000 compared to loss of $165,000 in the prior-year quarterPositive cash flow from operations of $0.9 million for the quarter and $1.0 million fiscal year to date, compared to negative cash flow from operations of $0.3 million in the same fiscal year to date period in the prior-year\"Our second quarter results reflect the ongoing strength of our business, including the adoption of our Platform by new customers and the second consecutive quarter of revenue growth in our Transactions business,\" said Roy W. Olivier, President and CEO of Research Solutions. \"The increase in ARR during the quarter reflects the onboarding of new customers, expanded use of the Platform by existing customers including upgrades, and our new Curedatis offering introduced during the quarter. We believe our products deliver a solid return on investment to our customers and we continue to maintain good retention and positive upsell momentum in the present economic environment. While onboarding new customers has proved more challenging in recent quarters, I remain confident in the long-term growth prospects of our Platforms offering and our ability to attract and retain new customers.\"\nFiscal Second Quarter 2023 Results\nTotal revenue was $8.7 million, a 10.7% increase from $7.9 million in the year-ago quarter as both platform and transaction revenue increased from the prior period.\nPlatform subscription revenue increased 31% to $2.1 million compared to $1.6 million in the year-ago quarter....