Business
Research Solutions Reports Preliminary Fourth Quarter and Fiscal Year 2024 Results
Expects Record Revenue and Income from Operations, Continued Strong Cash Flow HENDERSON, Nev., Aug. 19, 2024 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ:
About this update from Research Solutions, Inc
[{"type":"text","content":"Expects Record Revenue and Income from Operations, Continued Strong Cash Flow\nHENDERSON, Nev., Aug. 19, 2024 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a trusted partner providing cloud-based workflow solutions to accelerate research for R&D-driven organizations, announced selected preliminary financial results for its fiscal fourth quarter and fiscal year ended June 30, 2024.\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 2024:\nTotal revenue to increase 22% to approximately $12.1 millionPlatform revenue to be up 86% to approximately $4.3 million; Annual recurring revenue (\"ARR\") to increase approximately 85% to $17.4 millionPositive income from operations of approximately $0.7M. The Company expects to incur a GAAP net loss in the quarter primarily due to a charge of approximately $4.3M related to increasing its projected earn-out assumptions with respect to the Scite acquisition.Adjusted EBITDA of approximately $1.4 million, a 70% increase from the prior-year quarterCash flow from operations near $2.0 million and ending cash balance above $6 millionThe Company also expects the following results for the full year Fiscal 2024:Total revenue to increase 18% to approximately $44.6 millionPlatform revenue to be up 61% to approximately $14 millionGAAP net loss of approximately $3.8 million; Adjusted EBITDA to increase 11% to approximately $2.2 millionCash flow from operations in excess of $3.5 million\"Our preliminary fourth quarter and fiscal year 2024 results reflect the strong momentum in our business, particularly within our Platforms segment. In addition, the continued growth in Platform revenue is improving our overall gross margin, Adjusted EBITDA and cash flow,\" said Roy W. Olivier, President and CEO of Research Solutions. \"The early success of Scite has contributed to this performance as ARR growth for this product has exceeded our initial expectations. For this reason, we increased our earn-out assumptions for the acquisition, as we continue to expect strong performance as we move into our fiscal year 2025.\"\nResearch Solutions expects to report its full fiscal fourth quarter 2024 results on September 19, 2024. Information on the conference call details will be provided in a separate press release.\nAnnu...