Business
Research Solutions Reports Fiscal Third Quarter 2023 Results
Reports 18% Revenue Increase and 24% Increase in ARR to $9.1 Million HENDERSON, Nev., May 11, 2023 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a
About this update from Research Solutions, Inc
[{"type":"text","content":"Reports 18% Revenue Increase and 24% Increase in ARR to $9.1 Million\nHENDERSON, Nev., May 11, 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 third quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nFiscal Third Quarter 2023 Summary\nTotal revenue of $10.3 million, an 18.1% increase from prior-year quarter and the Company's first reported quarter of over $10 million in revenuePlatform revenue up 26% to $2.2 million. Annual Recurring Revenue (\"ARR\") up 24% to $9.1 million.Gross profit up 24% from prior-year quarter. Total gross margin improved 190 basis points to 38.9%.Earnings of $0.01 per diluted share, compared to a loss of $0.01 per share in the prior-year quarter. Fiscal year to date net income of $0.01 per diluted share, compared to a loss of $0.05 in the same fiscal year to date period in the prior-year.Adjusted EBITDA of $559,000 compared to $94,000 in the prior-year quarterPositive cash flow from operations of $0.8 million for the quarter and $1.9 million fiscal year to date, compared to negative cash flow from operations of $0.4 million in the same fiscal year to date period in the prior-year\"Our third quarter results reflect the continued adoption of our platform by new customers and a 16% revenue increase in our transactions business, due to both organic growth and the successful transition of customer contracts from FIZ Karlsruhe, which took effect on January 1, 2023,\" said Roy W. Olivier, President and CEO of Research Solutions. \"Platform growth remained challenging in the quarter as our customers continue to extend sales cycles and operate under tightened budgets. Our profitability, however, has allowed us to continue to invest in marketing and product development, with some important product features being successfully released in the quarter. We feel well positioned to execute as the economic environment improves and believe our products will be even more relevant to our research customers.\"\nFiscal Third Quarter 2023 Results\nTotal revenue was $10.3 million, an 18.1% increase from $8.8 million in the year-ago quarter as both platform and transaction revenue increased from the prior period.\nPlatform subscription revenue increased 26% to $2.2 million compared to $...