Research Solutions Inc
For the period ended May 9, 2024. Filed May 9, 2024.
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May 9, 2024 · Filed May 9, 2024
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Contents
EX-99.1 · Fiscal Third Quarter 2024 Summary (compared to prior-year quarter)
Fiscal Third Quarter 2024 Summary (compared to prior-year quarter)
| · | Total revenue of $12.1 million, a 17% increase. |
| · | Platform revenue up 76% to $4.0 million. Annual Recurring Revenue (“ARR”) up 82% to $16.6 million, which includes approximately $11.7 million of B2B recurring revenue and $4.9M of B2C recurring revenue. |
| · | Gross profit up 36%. Total gross margin improved 630 basis points to 45.2%. |
| · | Net income of $76,000 or $0.00 per diluted share, compared to $237,000 or $0.01 per diluted share. |
| · | Adjusted EBITDA of $961,000, a Company quarterly record, compared to $559,000. |
| · | Quarterly cash flow from operations of over $2 million, also a Company quarterly record, compared to $0.8 million. |
“Our third quarter performance reflects the first full quarter of contribution from Scite and continued progress integrating Scite and ResoluteAI within our Article Galaxy platform. While we realized some anticipated churn in ResoluteAI ARR in the quarter, we experienced strong growth in both Scite B2B and B2C ARR, closing some large cross-sell opportunities with existing customers,” said Roy W. Olivier, President and CEO of Research Solutions. “During the quarter we launched two new product offerings, Technology Landscape and Clinical Trial Landscape, both of which harness our ability to simultaneously search across multiple datasets, extracting and synthesizing insights into use case specific outputs as part of our strategy to deliver workflows that save time for our customers. The highly specialized value proposition for our product offerings continues to grow as we serve as a critical piece of the research process, giving users the opportunity to effectively discover, acquire and manage the most relevant content all in one place. Overall, we believe our offerings and expanded addressable market will deliver meaningful growth and long-term value for our shareholders.”
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