Business
Research Solutions Reports Preliminary Fiscal Fourth Quarter 2021 Results
Company Expects to Report 32% Increase in Annual Recurring Revenue to $5.9 Million HENDERSON, Nev., Aug. 24, 2021 /PRNewswire/ -- Research Solutions, Inc.
About this update from Research Solutions, Inc
[{"type":"text","content":"Company Expects to Report 32% Increase in Annual Recurring Revenue to $5.9 Million\n\n\nHENDERSON, Nev., Aug. 24, 2021 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a pioneer in providing cloud-based workflow solutions for R&D driven organizations, today announced selected preliminary results for its fiscal fourth quarter ended June 30, 2021. \n\n \n \n \n \n \n \n\n \nBased on preliminary unaudited information, Research Solutions expects total revenue in the fourth quarter of fiscal 2021 to increase 4.2% to approximately $8.2 million compared to $7.9 million in the same quarter last year. Platform subscription revenue is expected to increase 34% to approximately $1.4 million. Annual recurring revenue is expected to increase 32% to approximately $5.9 million (see the company's definition of annual recurring revenue below), and the number of paid platform deployments is expected to increase 38% to 553. Net loss is expected to be approximately $90,000, and adjusted EBITDA approximately $135,000 (see definition of Adjusted EBITDA, a non-GAAP term, below). \nCash and cash equivalents at June 30, 2021, are expected to amount to approximately $11 million compared to $9.3 million at June 30, 2020. As of June 30, 2021, the company had no long-term liabilities or other debt and full access to a revolving line of credit for the lesser of $2.5 million, or 80% of eligible accounts receivable.\n\"Our preliminary fourth quarter results reflect the continued momentum and dedication in our Platforms business. For the full year, platform deployments increased 38%, and the past two quarters reflect our two best quarters of net platform deployments in company history. The strategic sales initiatives implemented over the past two years are starting to drive results,\" said Roy W. Olivier, Interim President and CEO of Research Solutions. \"We are also pleased to increase our cash position by $1.7 million while remaining debt-free, and are actively looking to make strategic acquisitions.\"\nResearch Solutions expects to report its full fiscal fourth quarter 2021 results on September 23, 2021. Information on the call details will be provided in a separate press release.\nAnnual Recurring Revenue\nThe company defines annual recurring revenue as the value of contracted Platform subscription recurring revenue normalized to a one-year period.\n...