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Research Solutions, Inc. (RSSS) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

Research Solutions, Inc.

CIK: 1386301 Ticker: RSSS

Exhibit 99.1

 

 

 

Research Solutions Reports Fiscal Second Quarter 2022 Results

Reports Record 56 Net New Platform Deployments and 36 Percent Increase in ARR to $6.8 Million

 

HENDERSON, Nev., February 10, 2022

Research Solutions, Inc. (NASDAQ: RSSS), a pioneer in providing cloud-based workflow solutions for R&D driven organizations, reported financial results for its fiscal second quarter ended December 31, 2021.

 

Fiscal Second Quarter 2022 Summary

 

·Total revenue of $7.9 million, a 5.7% increase from prior-year quarter

 

·Platform revenue up 31% to $1.6 million. Annual Recurring Revenue (“ARR”) up 36% to $6.8 million

 

·Gross profit up 19% from prior-year quarter. Total gross margin improved 390 basis points to 36.0%

 

·Loss of $0.02 per share, compared to a loss of $0.01 per share in the prior-year quarter

 

·Platform incremental ARR generated in the quarter was a record high of $0.6M. The Company has now generated $1.8M of incremental platform ARR in the past twelve months.

 

·56 net new platform deployments in the quarter compared to 29 in the prior-year

 

“In the second quarter we saw a record number of new customers adopt the platform, and existing customers continue to increase the number of features they subscribe to as they expand the licensed number of users,” said Roy W. Olivier, President and CEO of Research Solutions. “The increase in ARR during the quarter reflects continued operational efficiencies, more accountability from our sales teams, and a deeper focus on innovative new product upgrades. We believe we are well-positioned for growth in the second half of fiscal 2022.”

 

  

Fiscal Second Quarter 2022 Results

 

Total revenue was $7.9 million, a 5.7% increase from $7.4 million in the year-ago quarter as both platform and transaction revenue increased from the prior period.

 


The following information was filed by Research Solutions, Inc. (RSSS) on Thursday, February 10, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Research Solutions, Inc.'s 10-Q Quarterly Report:

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Research Solutions, Inc. provided additional information to their SEC Filing as exhibits

Ticker: RSSS
CIK: 1386301
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-001132
Submitted to the SEC: Mon Feb 14 2022 5:20:22 PM EST
Accepted by the SEC: Mon Feb 14 2022
Period: Friday, December 31, 2021
Industry: Business Services

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