Research Solutions, Inc.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 13, 2026
RSSS$1.820.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001104659-25-112438
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-13.
0001104659-26-015157
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 64 previous paragraphs and 70 current paragraphs.
47 unchanged; 17 reworded; 2 added; 0 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 24 previous and 38 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
Total revenue increased $146,135, or 0.6%, for the six months ended December 31, 2025 compared to the prior year, due to the following:
Current report
Net income increased $2,607,536, or 198.9%, for the six months ended December 31, 2025 compared to the prior year, primarily due to a fiscal year 2024 increase in the estimated fair value related to the Scite earn out liability, increased gross profit and a decrease in operating expenses as described above.
Reworded paragraphs (17)
Previous wording
The following discussion and analysis of our financial condition and results of operations for the three months ended September 30, 2025 and 2024 should be read in conjunction with our consolidated financial statements and related notes to those financial statements that are included elsewhere in this report. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.
Current wording
The following discussion and analysis of our financial condition and results of operations for the three and six months ended December 31, 2025 and 2024 should be read in conjunction with our consolidated financial statements and related notes to those financial statements that are included elsewhere in this report. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.
Previous wording
forecast and an overall assessment of trade accounts receivable outstanding. We established an allowance for doubtful accounts of $126,398 and $182,234 as of September 30, 2025 and June 30, 2025, respectively.
Current wording
forecast and an overall assessment of trade accounts receivable outstanding. We established an allowance for doubtful accounts of $79,869 and $182,234 as of December 31, 2025 and June 30, 2025, respectively.
Previous wording
The accompanying consolidated financial statements are presented in United States dollars, the functional currency of our company. Capital accounts of foreign subsidiaries are translated into US dollars from foreign currencies at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period. Although the majority of our revenue and costs are in US dollars, the costs of Reprints Desk Latin America and ResSol LA are in Mexican Pesos. As a result, currency exchange fluctuations may impact our revenue and the costs of our operations. We currently do not engage in any currency hedging activities.
Current wording
The accompanying condensed consolidated financial statements are presented in United States dollars, the functional currency of our company. Capital accounts of foreign subsidiaries are translated into US dollars from foreign currencies at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period. Although the majority of our revenue and costs are in US dollars, the costs of Reprints Desk Latin America and ResSol LA are in Mexican Pesos. As a result, currency exchange fluctuations may impact our revenue and the costs of our operations. We currently do not engage in any currency hedging activities.
Previous wording
Comparison of the Three Months Ended September 30, 2025 and 2024
Current wording
Comparison of the Three and Six Months Ended December 31, 2025 and 2024
Previous wording
Total revenue increased $267,703, or 2.2%, for the three months ended September 30, 2025 compared to the prior year, due to the following:
Current wording
Total revenue decreased $121,568, or 1.0%, for the three months ended December 31, 2025 compared to the prior year, due to the following:
Previous wording
Total cost of revenue as a percentage of revenue decreased 2.7%, from 52.1% for the prior year to 49.4%, for the three months ended September 30, 2025.
Current wording
Total cost of revenue as a percentage of revenue decreased 3.5%, from 51.1% for the prior year to 47.6%, for the three months ended December 31, 2025.
Previous wording
Net income increased $80,383, or 12.0%, for the three months ended September 30, 2025 compared to the prior year, primarily due to increased gross profit, partially offset by an increase in operating expenses as described above.
Current wording
Net income increased $2,527,153, or 127.6%, for the three months ended December 31, 2025 compared to the prior year, primarily due to a fiscal year 2024 increase in the estimated fair value related to the Scite earn out liability, increased gross profit and a decrease in operating expenses as described above.
Previous wording
As of September 30, 2025, we had cash and cash equivalents of $11,955,763, compared to $12,227,312 as of June 30, 2025, a decrease of $271,549. This decrease was primarily due to cash used in financing activities.
Current wording
As of December 31, 2025, we had cash and cash equivalents of $12,262,780, compared to $12,227,312 as of June 30, 2025, an increase of $35,468. This increase was primarily due to cash provided by operating activities partially offset by cash used in financing activities.
Previous wording
Net cash provided by operating activities was $1,107,119 for the three months ended September 30, 2025 and resulted primarily from net income of $749,387, an adjustment to contingent earnout liability of $317,966, a decrease in accounts receivable of $292,053 and restricted common stock expense of $153,776, partially offset by a decrease in deferred revenue of $720,046.
Current wording
Net cash provided by operating activities was $2,491,176 for the six months ended December 31, 2025 and resulted primarily from net income of $1,296,306, an adjustment to contingent earnout liability of $596,603 and a decrease in accounts receivable of $1,530,063, partially offset by a decrease in accounts payable and accrued expenses of $1,035,903 and a decrease in deferred revenue of $785,267.
Previous wording
Net cash provided by operating activities was $843,119 for the three months ended September 30, 2024 and resulted primarily from a decrease in accounts receivable of $566,194 and a decrease in prepaid royalties of $494,713, partially offset by a decrease in deferred revenue of $992,792.
Current wording
Net cash provided by operating activities was $1,871,493 for the six months ended December 31, 2024 and resulted primarily from an adjustment to contingent earnout liability of $2,406,886 and a decrease in prepaid royalties of $478,169, partially offset by a decrease in accounts payable and accrued expenses of $737,670 and an increase in accounts receivable of $266,255.
Previous wording
Net cash used in investing activities was $17,539 for the three months ended September 30, 2025 and resulted from the purchase of property and equipment.
Current wording
Net cash used in investing activities was $24,561 for the six months ended December 31, 2025 and resulted from the purchase of property and equipment.
Previous wording
Net cash used in investing activities was $0 for the three months ended September 30, 2024.
Current wording
Net cash used in investing activities was $5,404 for the six months ended December 31, 2024 and resulted from the purchase of property and equipment.
Previous wording
Net cash used in financing activities was $16,119 for the three months ended September 30, 2024 and resulted from repurchase of common stock of $16,119.
Current wording
Net cash used in financing activities was $2,436,443 for the six months ended December 31, 2025 and resulted from the payment of contingent acquisition consideration of $2,554,394 and the repurchase of common stock of $39,549, partially offset by proceeds from the exercise of stock options of $157,500.
Previous wording
Net cash used in financing activities was $1,361,218 for the three months ended September 30, 2025 and resulted from the payment of contingent acquisition consideration of $1,337,831 and the repurchase of common stock of $23,387.
Current wording
Net cash used in financing activities was $267,838 for the six months ended December 31, 2024 and resulted from the payment of contingent acquisition consideration of $62,560 and the repurchase of common stock of $205,278.
Previous wording
On April 15, 2024, we entered into a Loan Agreement (the “PNC Loan Agreement”) with PNC Bank, National Association (“PNC”), as lender. Pursuant to the PNC Loan Agreement, we entered into a Revolving Line of Credit Note (the “PNC Note”) with PNC, which provides for a $500,000 secured revolving line of credit that matures on April 15, 2026 and bears interest annually at the daily SOFR rate plus 2.5%, with accrued interest due and payable monthly. The PNC Note contains customary events of default including, among other things, payment defaults, material misrepresentations, breaches of covenants, revocation of guarantee, certain bankruptcy and insolvency events. There were no outstanding borrowings under the line of credit as of September 30, 2025.
Current wording
On April 15, 2024, we entered into a Loan Agreement (the “PNC Loan Agreement”) with PNC Bank, National Association (“PNC”), as lender. Pursuant to the PNC Loan Agreement, we entered into a Revolving Line of Credit Note (the “PNC Note”) with PNC, which provides for a $500,000 secured revolving line of credit that matures on April 15, 2026 and bears interest annually at the daily SOFR rate plus 2.5%, with accrued interest due and payable monthly. The
Previous wording
Set forth below is a reconciliation of Adjusted EBITDA to net income for the three months ended September 30, 2025 and 2024:
Current wording
Set forth below is a reconciliation of Adjusted EBITDA to net income for the three and six months ended December 31, 2025 and 2024:
Previous wording
We present Adjusted EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in evaluating potential acquisitions; and in making compensation decisions and in communications with our board of directors concerning our financial performance. Adjusted EBITDA has limitations as an analytical tool, which includes, among others, the following:
Current wording
We present Adjusted EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in evaluating potential acquisitions; and in making compensation
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current report — wording carried from elsewhere
Total cost of revenue as a percentage of revenue decreased 3.1%, from 51.6% for the prior year to 48.5%, for the six months ended December 31, 2025.
Current report — wording carried from elsewhere
PNC Note contains customary events of default including, among other things, payment defaults, material misrepresentations, breaches of covenants, revocation of guarantee, certain bankruptcy and insolvency events. There were no outstanding borrowings under the line of credit as of December 31, 2025.
Current report — wording carried from elsewhere
decisions and in communications with our board of directors concerning our financial performance. Adjusted EBITDA has limitations as an analytical tool, which includes, among others, the following: