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Research Solutions, Inc. (RSSS) SEC Filing 10-Q Quarterly Report for the period ending Friday, March 31, 2023

Research Solutions, Inc.

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CIK: 1002554 Ticker: RSSS

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

 

Research Solutions Reports Fiscal Third Quarter 2023 Results

 

Reports 18% Revenue Increase and 24% Increase in ARR to $9.1 Million

 

HENDERSON, Nev., May 11, 2023

— 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, 2023.

 

Fiscal Third Quarter 2023 Summary

 

•Total revenue of $10.3 million, an 18.1% increase from prior-year quarter and the Company’s first reported quarter of over $10 million in revenue
•Platform revenue up 26% to $2.2 million. Annual Recurring Revenue (“ARR”) up 24% to $9.1 million.
•Gross profit up 24% from prior-year quarter. Total gross margin improved 190 basis points to 38.9%.
•Earnings of $0.01 per diluted share, compared to a loss of $0.01 per share in the prior-year quarter. Fiscal year to date net income of $0.01 per diluted share, compared to a loss of $0.05 in the same fiscal year to date period in the prior-year.
•Adjusted EBITDA of $559,000 compared to $94,000 in the prior-year quarter
•Positive cash flow from operations of $0.8 million for the quarter and $1.9 million fiscal year to date, compared to negative cash flow from operations of $0.4 million in the same fiscal year to date period in the prior-year

 

“Our third quarter results reflect the continued adoption of our platform by new customers and a 16% revenue increase in our transactions business, due to both organic growth and the successful transition of customer contracts from FIZ Karlsruhe, which took effect on January 1, 2023,” said Roy W. Olivier, President and CEO of Research Solutions. “Platform growth remained challenging in the quarter as our customers continue to extend sales cycles and operate under tightened budgets. Our profitability, however, has allowed us to continue to invest in marketing and product development, with some important product features being successfully released in the quarter. We feel well positioned to execute as the economic environment improves and believe our products will be even more relevant to our research customers.”

 

Fiscal Third Quarter 2023 Results

 

Total revenue was $10.3 million, an 18.1% increase from $8.8 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, May 11, 2023 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 2023 10-K Annual Report includes:

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

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Stockholders' Equity
Condensed Consolidated Statements Of Operations And Other Comprehensive Income (Loss)
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Acquisition (Details)
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Line Of Credit (Details)
Organization, Nature Of Business And Basis Of Presentation
Organization, Nature Of Business And Basis Of Presentation (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Options Narrative (Details)
Stockholders' Equity - Repurchases Of Our Common Stock (Details)
Stockholders' Equity - Restricted Common Stock (Details)
Stockholders' Equity - Restricted Common Stock Narrative (Details)
Stockholders' Equity - Stock Option Activity (Details)
Stockholders' Equity - Stock Options By Exercise Price (Details)
Stockholders' Equity - Valuation Assumptions (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Concentrations (Details)
Summary Of Significant Accounting Policies - Exchange Rates (Details)
Summary Of Significant Accounting Policies - Revenue (Details)

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: RSSS
CIK: 1386301
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-23-009591
Submitted to the SEC: Fri May 12 2023 4:00:38 PM EST
Accepted by the SEC: Fri May 12 2023
Period: Friday, March 31, 2023
Industry: Business Services

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