Business
Research Solutions Reports Preliminary Fourth Quarter and Fiscal Year 2023 Results
Expects Decade-High Revenue Growth, Record Adjusted EBITDA and Cash Flow Positive GAAP Net Income for Fiscal Year 2023 HENDERSON, Nev., Aug. 14, 2023
About this update from Research Solutions, Inc
[{"type":"text","content":"Expects Decade-High Revenue Growth, Record Adjusted EBITDA and Cash Flow Positive GAAP Net Income for Fiscal Year 2023\nHENDERSON, Nev., Aug. 14, 2023 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a pioneer in providing cloud-based workflow solutions for R&D driven organizations, announced selected preliminary financial results for its fiscal fourth quarter and fiscal year ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nBased on preliminary unaudited information, Research Solutions expects the following results for its fiscal fourth quarter 2023:\nTotal revenue to increase 16% to approximately $10 millionPlatform revenue to be up 22% to approximately $2.3 million; Annual recurring revenue (\"ARR\") to increase approximately 19% to $9.4 millionPositive net income and Adjusted EBITDA of approximately $0.8 millionThe Company also expects the following results for the full year Fiscal 2023:\nTotal revenue to increase 14% to approximately $37.7 million, with organic growth of approximately 12% when excluding the revenue impact of customers from the Fiz acquisition. The organic growth rate is the best the Company has reported in more than a decade.Platform revenue to be up 28% to approximately $8.7 millionPositive fiscal year GAAP net income for the first time since fiscal year 2015Adjusted EBITDA of approximately $2.0 million compared to ($374,000) in the prior fiscal year; SG&A expenses, excluding items normally removed to calculate Adjusted EBITDA, expected to be $12.7 million compared to $12.4 million the in prior fiscal yearCash flow from operations of approximately $3.4 million and a cash balance as of June 30, 2023, of approximately $13.5 million\"Our preliminary fourth quarter and fiscal year 2023 results reflect the ongoing positive transformation in our business, as the company is experiencing significant growth on both the top line and bottom line for the first time in its history. On a fiscal year basis, we expect to grow revenue double digits on a percentage basis, report a GAAP net profit, and generate cash flow of over $3 million. We continue to execute on our strategy and are beginning to demonstrate the earnings potential in our business,\" said Roy W. Olivier, President and CEO of Research Solutions. \"We are also pleased that on July 31, 2023, we announced the acquisition of ResoluteAI, which is one of a n...