Business
Research Solutions Reports Fiscal Third Quarter 2022 Results
Reports Record Quarterly Revenue and 32 Percent Increase in ARR to $7.3 Million HENDERSON, Nev., May 12, 2022 /PRNewswire/ -- Research Solutions, Inc.
About this update from Research Solutions, Inc
[{"type":"text","content":"Reports Record Quarterly Revenue and 32 Percent Increase in ARR to $7.3 Million\nHENDERSON, Nev., May 12, 2022 /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 third quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nFiscal Third Quarter 2022 Summary\nTotal revenue of $8.8 million, a quarterly record for the Company and a 5% increase from the prior-year quarterPlatform revenue up 33% to $1.8 million. Annual Recurring Revenue (\"ARR\") up 32% to $7.3 millionGross profit up 20% from prior-year quarter. Total gross margin improved 460 basis points to 37.0%Loss of $0.01 per share, compared to breakeven in the prior-year quarter, positive Adjusted EBITDA of $0.1 million compared to $0.2M in the prior-year quarterPlatform incremental ARR generated in the quarter was $0.5M and a total of $1.8M in the past twelve months.34 net new platform deployments in the quarter, 168 net new on a trailing twelve months basis\"Our third quarter results reflect the continued growth within our Platforms segment, as we posted our highest quarterly total revenue in company history and second consecutive quarter of at least $500,000 of incremental ARR,\" said Roy W. Olivier, President and CEO of Research Solutions. \"In addition, Q3 is seasonally a strong renewal period for us and this quarter we experienced our highest ever upsell bookings from existing customers as they continue to see the value in our Article Galaxy platform.\"\nFiscal Third Quarter 2022 Results\nTotal revenue was $8.8 million, a 5% increase from $8.3 million in the year-ago quarter as platform revenue increased and transaction revenue was essentially unchanged from the prior period.\nPlatform subscription revenue increased 33% to $1.8 million compared to approximately $1.3 million in the year-ago quarter. The growth was due to an increase in ARR associated with renewals over the last twelve months as well as an increase in the total number of paid Platform deployments, including 34 net deployments added in the quarter. The quarter ended with annual recurring revenue of $7.3 million, up 32% year-over-year (see the company's definition of annual recurring revenue below).\nTransaction revenue was $7.0 million, relatively flat compared to the third qua...