Research Solutions, Inc. (NASDAQ: RSSS), a pioneer in providing cloud-based workflow solutions for R&D driven organizations, reported last month financial results for its fiscal first quarter that ended September 30, 2022.
Total revenue of $8.7 million, a 12% increase from the prior-year quarter, was driven by strong performance in the company’s platform business. Platform revenue was up 34% to $2.0 million with annual recurring revenue (“ARR”) up 33% to $8.3 million.
Gross profit increased 26% from prior-year quarter, resulting in total gross margin improving 420 basis points to 38.6%. Net income of $215,000, or $0.01 per diluted share, compared to loss of ($372,000) or ($0.01) per share.
The company achieved a quarterly record of $433,000 in Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and generated positive cash flow from operations of $109,000.
This quarter, platform incremental ARR generated was $0.4M, totaling over $2 million in the past twelve months.
The company’s stock trades on the Nasdaq under stock ticker “RSSS” and opened this morning at $1.91 and peaked at $1.98 shortly after the trading day opened.
