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Research Solutions, Inc. (RSSS) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

Research Solutions, Inc.

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CIK: 1386301 Ticker: RSSS

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

 

 

Research Solutions Reports Fiscal Third Quarter 2022 Results

 

Reports Record Quarterly Revenue and 32 Percent Increase in ARR to $7.3 Million

 

HENDERSON, Nev., May 12, 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 third quarter ended March 31, 2022.

 

Fiscal Third Quarter 2022 Summary

 

·Total revenue of $8.8 million, a quarterly record for the Company and a 5% increase from the prior-year quarter
·Platform revenue up 33% to $1.8 million. Annual Recurring Revenue (“ARR”) up 32% to $7.3 million
·Gross profit up 20% from prior-year quarter. Total gross margin improved 460 basis points to 37.0%
·Loss of $0.01 per share, compared to breakeven in the prior-year quarter, positive Adjusted EBITDA of $0.1 million compared to $0.2M in the prior-year quarter
·Platform incremental ARR generated in the quarter was $0.5M and a total of $1.8M in the past twelve months.
·34 net new platform deployments in the quarter, 168 net new on a trailing twelve months basis

 

“Our third quarter results reflect the continued growth within our Platforms segment, as we posted our highest quarterly total revenue in company history and second consecutive quarter of at least $500,000 of incremental ARR,” said Roy W. Olivier, President and CEO of Research Solutions. “In addition, Q3 is seasonally a strong renewal period for us and this quarter we experienced our highest ever upsell bookings from existing customers as they continue to see the value in our Article Galaxy platform.”

 

Fiscal Third Quarter 2022 Results

 

Total revenue was $8.8 million, a 5% increase from $8.3 million in the year-ago quarter as platform revenue increased and transaction revenue was essentially unchanged from the prior period.

 

Platform subscription revenue increased 33% to $1.8 million compared to approximately $1.3 million in the year-ago quarter. The growth was due to an increase in ARR associated with renewals over the last twelve months as well as an increase in the total number of paid Platform deployments, including 34 net deployments added in the quarter. The quarter ended with annual recurring revenue of $7.3 million, up 32% year-over-year (see the company’s definition of annual recurring revenue below).

 

The following information was filed by Research Solutions, Inc. (RSSS) on Thursday, May 12, 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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Research Solutions, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Research Solutions, Inc.'s 10-Q Quarterly Report:
Ticker: RSSS
CIK: 1386301
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-017737
Submitted to the SEC: Mon Nov 14 2022 4:01:13 PM EST
Accepted by the SEC: Mon Nov 14 2022
Period: Friday, September 30, 2022
Industry: Business Services

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