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WKN: A2JBKW | ISIN: US87166B1026 | Ticker-Symbol: N/A
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Research Solutions, Inc.: Research Solutions Reports Fiscal Third Quarter 2025 Results

Finanznachrichten News

Reports 23 Percent Increase in ARR to $20.4 Million and 43 Net New Platform Deployments, Positive Net Income and Record Adjusted EBITDA and Cashflow

HENDERSON, Nev., May 8, 2025 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), the leading AI-powered research workflow platform, reported financial results for its fiscal third quarter ended March 31, 2025.

Fiscal Third Quarter 2025 Summary

  • Total revenue of $12.7 million, compared to $12.1 million in the prior-year quarter.
  • Platform revenue up 22% to $4.8 million. Platform revenue accounted for 38% of total revenue as compared to 33% in the prior-year quarter.
  • Annual Recurring Revenue ("ARR") up 23% to $20.4 million, which includes approximately $13.5 million of B2B recurring revenue and $6.9 million of B2C recurring revenue. Net B2B ARR growth in the quarter was $736,000, a Company record for quarterly B2B growth.
  • Gross profit up 14% from the prior-year quarter. Total gross margin improved 430 basis points to 49.5%.
  • Net income of $216,000 or $0.01 per diluted share, compared to net income of $76,000 or nil per diluted share in the prior-year quarter.
  • Adjusted EBITDA of $1.4 million compared to $961,000 in the prior-year quarter. On a trailing twelve-months ("TTM") basis, the Company has now generated Adjusted EBITDA of $5.1 million, which represents a 10.4% margin.
  • Cash flow from operations of approximately $2.9 million in the quarter, which was a Company quarterly record, compared to $2.0 million in the prior-year quarter.

"This quarter represents a number of significant milestone achievements for our Company. We are pleased to report ARR above $20 million for the first time in our history. Revenue from our AI-based B2B offerings has grown over 180% in the last year, and we continue to experience strong growth in our B2C offerings and core Article Galaxy platform. These results are due in part to our revamped sales strategy, which better demonstrates to potential customers the improved efficiency and cost savings offered by our products within the research process workflow," said Roy W. Olivier, President and CEO of Research Solutions. "As we experience strong organic growth in ARR sales, we continue to outperform when it comes to generating operating cash flow and Adjusted EBITDA, which positions us to reinvest in our business or make acquisitions that broaden our product capabilities and enhance our cross-selling opportunities."

Fiscal Third Quarter 2025 Results

Total revenue was $12.7 million, a 4.5% increase from $12.1 million in the year-ago quarter as platform revenue growth more than offset a decline in transaction revenue from the prior period.

Platform subscription revenue increased 22% to $4.8 million compared to $4.0 million in the year-ago quarter. The increase was primarily due to an increase in the total number of paid Platform deployments and B2C subscribers, as well as upsells to existing customers. The quarter ended with annual recurring revenue of $20.4 million, up 23% year-over-year (see the Company's definition of annual recurring revenue below).

Transaction revenue was $7.8 million, compared to $8.2 million in the third quarter of fiscal 2024. The decrease was primarily due to lower paid order volume in the period. The transaction customer count for the quarter was 1,380, compared to 1,426 customers in the prior-year quarter (see the Company's definition of active customer accounts and transactions below).

Total gross margin improved 430 basis points from the prior-year quarter to 49.5%. The increase was primarily driven by a continued revenue mix shift to the higher-margin Platforms business as well as increased margins in that business and the transaction business.

Total operating expenses were $5.7 million, compared to $5.4 million in the third quarter of 2024. The increases were related to additional costs in Sales and Marketing, offset by some reductions in General and Administrative expenses.

Net income for the third quarter was $216,000, or $0.01 per diluted share, compared to net income of $76,000, or nil per diluted share, in the prior-year quarter. Adjusted EBITDA was $1.4 million, compared to $961,000 in the year-ago quarter (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below).

Conference Call

Research Solutions President and CEO Roy W. Olivier and CFO Bill Nurthen will host the conference call, followed by a question and answer period.

Date: Thursday, May 8, 2025
Time: 5:00 p.m. ET (2:00 p.m. PT)
Dial-in number: 1-203-518-9843
Conference ID: RESEARCH

The conference call will be broadcast live and available for replay until June 8, 2025 by dialing 1-412-317-6671 and using the replay ID 11158769, and via the investor relations section of the company's website at http://researchsolutions.investorroom.com/.

Fiscal Third Quarter Financial and Operational Summary Tables vs. Prior-Year Quarter














Quarter Ended March 31,


Nine Months Ended March 31,



2025

2024

Change

% Change


2025

2024

Change

% Change

Revenue:











Platforms

$ 4,839,929

$ 3,953,403

$ 886,526

22.4 %


$ 13,770,831

$ 9,679,179

$ 4,091,652

42.3 %


Transactions

$ 7,821,434

$ 8,162,269

(340,835)

-4.2 %


$ 22,849,233

$ 22,811,206

38,027

0.2 %

Total Revenue

12,661,363

12,115,672

545,691

4.5 %


36,620,064

32,490,385

4,129,679

12.7 %











Gross Profit:











Platforms

4,229,623

3,382,051

847,572

25.1 %


11,993,516

8,239,028

3,754,488

45.6 %


Transactions

2,037,457

2,099,881

(62,424)

-3.0 %


5,860,533

5,758,272

102,261

1.8 %

Total Gross Profit

6,267,080

5,481,932

785,148

14.3 %


17,854,049

13,997,300

3,856,749

27.6 %











Gross profit as a % of revenue:











Platforms

87.4 %

85.5 %

1.8 %



87.1 %

85.1 %

2.0 %



Transactions

26.0 %

25.7 %

0.3 %



25.6 %

25.2 %

0.4 %


Total Gross Profit

49.5 %

45.2 %

4.3 %



48.8 %

43.1 %

5.7 %












Operating Expenses:











Sales and marketing

1,607,678

1,122,365

485,313

43.2 %


4,141,172

2,612,308

1,528,864

58.5 %


Technology and product development

1,394,936

1,371,754

23,182

1.7 %


4,274,543

3,952,891

321,652

8.1 %


General and administrative

1,845,411

2,027,074

(181,663)

-9.0 %


5,783,788

6,593,791

(810,002)

-12.3 %


Depreciation and amortization

312,013

309,898

2,115

0.7 %


930,341

525,267

405,074

77.1 %


Stock-based compensation

594,639

541,002

53,637

9.9 %


1,546,950

1,729,271

(182,321)

-10.5 %


Foreign currency translation loss

(44,519)

22,177

(66,696)

NM


(119,205)

15,059

(134,264)

NM

Total Operating Expenses

5,710,158

5,394,270

315,888

5.9 %


16,557,589

15,428,587

1,129,003

7.3 %

Income (loss) from operations

556,922

87,663

469,259

535.3 %


1,296,460

(1,431,286)

2,727,746

NM











Other Income (Expenses):











Other income

(327,042)

31,228

(358,270)

NM


(2,316,404)

547,965

(2,864,369)

NM


Provision for income taxes

(13,410)

(42,590)

29,180

-68.5 %


(74,816)

(82,049)

7,233

-8.8 %

Total Other Income (Expenses):

(340,452)

(11,362)

(329,090)

NM


(2,391,220)

465,916

(2,857,136)

NM

Net income (loss)

$ 216,470

$ 76,301

140,169

183.7 %


$ (1,094,760)

$ (965,370)

(129,390)

-13.4 %










NM

Adjusted EBITDA

$ 1,419,055

$ 960,740

$ 458,315

47.7 %


$ 3,654,546

$ 838,311

$ 2,816,235

335.9 %














Quarter Ended March 31,


Nine Months Ended March 31,



2025

2024

Change

% Change


2025

2024

Change

% Change

Platforms:











B2B ARR (Annual recurring revenue*):











Beginning of Period

$ 12,738,256

$ 11,614,748

$ 1,123,508

9.7 %


$ 12,060,201

$ 9,444,130

$ 2,616,071

27.7 %


Incremental ARR

735,818

38,315

697,503

1820.4 %


1,413,873

2,208,933

(795,060)

-36.0 %


End of Period

$ 13,474,074

$ 11,653,063

$ 1,821,011

15.6 %


$ 13,474,074

$ 11,653,063

$ 1,821,012

15.6 %












Deployments:











Beginning of Period

1,090

942

148

15.7 %


1,021

835

186

22.3 %


Incremental Deployments

43

41

2

4.9 %


112

148

(36)

-24.3 %


End of Period

1,133

983

150

15.3 %


1,133

983

150

15.3 %












ASP (Average sales price):











Beginning of Period

$ 11,686

$ 12,330

$ (643)

-5.2 %


$ 11,812

$ 11,310

$ 502

4.4 %


End of Period

$ 11,892

$ 11,855

$ 38

0.3 %


$ 11,892

$ 11,855

$ 38

0.3 %













B2C ARR (Annual recurring revenue*):











Beginning of Period

$ 6,371,381

$ 3,954,090

$ 2,417,291

61.1 %


$ 5,363,129

$ -

$ 5,363,129

NM


Incremental ARR

506,545

948,885

(442,340)

NM


1,514,797

4,902,975

(3,388,178)

NM


End of Period

$ 6,877,926

$ 4,902,975

$ 1,974,951

40.3 %


$ 6,877,926

$ 4,902,975

$ 1,974,951

40.3 %













Total ARR (Annualized recurring revenue):

$ 20,352,000

$ 16,556,038

$ 3,795,962

22.9 %


$ 20,352,000

$ 16,556,038

$ 3,795,963

22.9 %












Transaction Customers:











Corporate customers

1,060

1,105

(45)

-4.1 %


1,062

1,087

(25)

-2.3 %


Academic customers

320

321

(1)

-0.3 %


323

320

3

1.0 %


Total customers

1,380

1,426

(46)

-3.2 %


1,385

1,407

(22)

-1.5 %












Active Customer Accounts, Transactions and Annual Recurring Revenue

The Company defines active customer accounts as the sum of the total quantity of customers per month for each month in the period divided by the respective number of months in the period. The quantity of customers per month is defined as customers with at least one transaction during the month.

A transaction is an order for a unit of copyrighted content fulfilled or managed in the Platform.

The Company defines annual recurring revenue ("ARR") as the value of contracted Platform subscription recurring revenue normalized to a one-year period. For B2C ARR, this includes the annualized value of monthly subscriptions, meaning their monthly value multiplied by twelve.

Use of Non-GAAP Measure - Adjusted EBITDA

Research Solutions' management evaluates and makes operating decisions using various financial metrics. In addition to the Company's GAAP results, management also considers the non-GAAP measure of Adjusted EBITDA. Management believes that this non-GAAP measure provides useful information about the Company's operating results.

The tables below provide a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure. Adjusted EBITDA is defined as net income (loss), plus interest expense, other income (expense) including any change in fair value of contingent earnout liability, foreign currency transaction loss, provision for income taxes, depreciation and amortization, stock-based compensation, and other potential adjustments that may arise. Set forth below is a reconciliation of Adjusted EBITDA to net income (loss):


Quarter Ended March 31,


Nine Months Ended March 31,


2025

2024

Change

% Change


2025

2024

Change

% Change

Net Income (loss)

$ 216,470

$ 76,301

$ 140,169

183.7 %


$ (1,094,760)

$ (965,370)

$ (129,390)

-13.4 %

Add (deduct):








-


Other (income) expense

327,042

(31,228)

358,270

NM


2,316,404

(547,965)

2,864,369

NM

Foreign currency translation loss (gain)

(44,519)

22,177

(66,696)

NM


(119,205)

15,059

(134,264)

NM

Provision for income taxes

13,410

42,590

(29,180)

-68.5 %


74,816

82,049

(7,233)

-8.8 %

Depreciation and amortization

312,013

309,898

2,115

0.7 %


930,341

525,267

405,074

77.1 %

Stock-based compensation

594,639

541,002

53,637

9.9 %


1,546,950

1,729,271

(182,321)

-10.5 %

Adjusted EBITDA

$ 1,419,055

$ 960,740

$ 458,315

47.7 %


$ 3,654,546

$ 838,311

$ 2,816,235

335.9 %

About Research Solutions
Research Solutions, Inc. (NASDAQ: RSSS) provides cloud-based technologies to streamline the process of obtaining, managing, and creating intellectual property. Founded in 2006 as Reprints Desk, the Company was a pioneer in developing solutions to serve researchers. Today, more than 70 percent of the top pharmaceutical companies, prestigious universities, and emerging businesses rely on Article Galaxy, the Company's SaaS research platform, to streamline access to the latest scientific research and data with 24/7 customer support. For more information and details, please visit www.researchsolutions.com

Important Cautions Regarding Forward-Looking Statements
Certain statements in this press release may contain "forward-looking statements" regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the markets in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "targets," "goals," "projects", "intends," "plans," "believes," "seeks," "estimates," "endeavors," "strives," "may," or variations of such words, and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties and assumptions that are difficult to predict, estimate or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company's most recent annual report on Form 10-K, as such may be amended or supplemented by subsequent quarterly reports on Form 10-Q, or other reports filed with the Securities and Exchange Commission. Examples of forward-looking statements in this release include statements regarding enhanced product offerings, additional customers, and the Company's prospects for growth. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company's filings with the Securities and Exchange Commission.

Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)




March 31,


June 30,




2025


2024


Assets








Current assets:








Cash and cash equivalents


$

9,852,007


$

6,100,031


Accounts receivable, net of allowance of $82,026 and $68,579, respectively



7,604,058



6,879,800


Prepaid expenses and other current assets



625,727



643,553


Prepaid royalties



755,299



1,067,237


Total current assets



18,837,091



14,690,621










Non-current assets:








Property and equipment, net of accumulated depreciation of $944,694 and $922,558, respectively



60,051



88,011


Intangible assets, net of accumulated amortization of $2,431,738 and $1,535,310, respectively



9,956,378



10,764,261


Goodwill



16,372,979



16,315,888


Deposits and other assets



881



981


Total assets


$

45,227,380


$

41,859,762










Liabilities and Stockholders' Equity








Current liabilities:








Accounts payable and accrued expenses


$

8,529,572


$

8,843,612


Deferred revenue



10,355,768



9,023,848


Contingent earnout liability, current portion



6,019,488



-


Total current liabilities



24,904,828



17,867,460










Non-current liabilities:








Contingent earnout liability, long-term portion



9,091,422



12,298,114


Total liabilities



33,996,250



30,165,574










Commitments and contingencies
















Stockholders' equity:








Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and outstanding



-



-


Common stock; $0.001 par value; 100,000,000 shares authorized; 32,405,120 and 32,295,373 shares
issued and outstanding, respectively



32,405



32,295


Additional paid-in capital



38,728,405



38,089,958


Accumulated deficit



(27,404,006)



(26,309,246)


Accumulated other comprehensive loss



(125,674)



(118,819)


Total stockholders' equity



11,231,130



11,694,188


Total liabilities and stockholders' equity


$

45,227,380


$

41,859,762


Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)


















Three Months Ended


Nine Months Ended




March 31,


March 31,




2025


2024


2025


2024
















Revenue:














Platforms


$

4,839,929


$

3,953,403


$

13,770,831


$

9,679,179


Transactions



7,821,434



8,162,269



22,849,233



22,811,206


Total revenue



12,661,363



12,115,672



36,620,064



32,490,385
















Cost of revenue:














Platforms



610,306



571,352



1,777,315



1,440,151


Transactions



5,783,977



6,062,388



16,988,700



17,052,934


Total cost of revenue



6,394,283



6,633,740



18,766,015



18,493,085


Gross profit



6,267,080



5,481,932



17,854,049



13,997,300
















Operating expenses:














Selling, general and administrative



5,398,145



5,084,371



15,627,248



14,903,319


Depreciation and amortization



312,013



309,898



930,341



525,267


Total operating expenses



5,710,158



5,394,269



16,557,589



15,428,586
















Income (loss) from operations



556,922



87,663



1,296,460



(1,431,286)
















Other income



78,868



31,228



496,392



279,678


Change in fair value of contingent earnout liability



(405,910)



-



(2,812,796)



268,287
















Income (loss) before provision for income taxes



229,880



118,891



(1,019,944)



(883,321)


Provision for income taxes



(13,410)



(42,590)



(74,816)



(82,049)
















Net income (loss)



216,470



76,301



(1,094,760)



(965,370)
















Other comprehensive income (loss):














Foreign currency translation



(3,324)



858



(6,855)



6,261


Comprehensive income (loss)


$

213,146


$

77,159


$

(1,101,615)


$

(959,109)
















Basic income (loss) per common share:














Net income (loss) per share


$

0.01


$

-


$

(0.04)


$

(0.03)


Weighted average common shares outstanding



31,033,022



30,020,652



30,597,410



28,377,199
















Diluted income (loss) per common share:














Net income (loss) per share


$

0.01


$

-


$

(0.04)


$

(0.03)


Weighted average common shares outstanding



32,139,935



33,511,242



30,597,410



28,377,199


Research Solutions, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)












Nine Months Ended




March 31,




2025


2024










Cash flow from operating activities:








Net loss


$

(1,094,760)


$

(965,370)


Adjustment to reconcile net loss to net cash provided by operating activities:








Depreciation and amortization



930,341



525,267


Stock options expense



146,751



104,502


Restricted common stock expense



1,400,199



1,603,820


Modification cost of accelerated vesting of restricted common stock



-



20,949


Adjustment to contingent earnout liability



2,812,796



(268,287)


Changes in operating assets and liabilities:








Accounts receivable



(754,258)



(739,883)


Prepaid expenses and other current assets



17,826



(156,026)


Prepaid royalties



311,938



197,888


Accounts payable and accrued expenses



(338,502)



498,584


Deferred revenue



1,331,920



768,347


Net cash provided by operating activities



4,764,251



1,589,791










Cash flow from investing activities:








Purchase of property and equipment



(11,571)



(57,761)


Payment for acquisition of Resolute, net of cash acquired



-



(2,718,253)


Payment for acquisition of Scite, net of cash acquired



-



(7,305,493)


Net cash used in investing activities



(11,571)



(10,081,507)










Cash flow from financing activities:








Common stock repurchase



(908,393)



(522,024)


Payment of contingent acquisition consideration



(91,174)



(314,960)


Net cash used in financing activities



(999,567)



(836,984)










Effect of exchange rate changes



(1,137)



4,791


Net increase (decrease) in cash and cash equivalents



3,751,976



(9,323,909)


Cash and cash equivalents, beginning of period



6,100,031



13,545,333


Cash and cash equivalents, end of period


$

9,852,007


$

4,221,424










Supplemental disclosures of cash flow information:








Cash paid for income taxes


$

74,816


$

82,049










Non-cash investing and financing activities:








Contingent consideration accrual on asset acquisition


$

29,394


$

36,130


SOURCE Research Solutions, Inc.

© 2025 PR Newswire
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