Fri Sep 20 07:01:55 UTC 2024: ## Research Solutions Inc. Reports Record Revenue, Fueled by Platform Growth

**New York, NY (September 19, 2024)** – Research Solutions Inc. (NASDAQ: RSSS) today announced record revenue of $44.6 million for fiscal 2024, representing an 18% increase from the previous year. The company’s platform subscription revenue surged by 61% to $14 million, while transaction revenue grew by 5.7% to $30.7 million.

The company’s strong performance was driven by the successful integration of recent acquisitions, Resolute.ai and Scite.ai, which have enhanced its discovery and analysis capabilities. This resulted in a significant increase in Annual Recurring Revenue (ARR), reaching $17.4 million, an 84% year-over-year increase.

“We are pleased to report record revenue and continued strong growth in our platform business,” said Roy Olivier, CEO of Research Solutions Inc. “The acquisitions of Resolute.ai and Scite.ai have significantly strengthened our position in the market, and we are seeing strong demand for our solutions across all segments.”

**Key Highlights:**

* **Revenue:** $44.6 million, an 18% increase year-over-year
* **Platform Subscription Revenue:** $14 million, a 61% increase year-over-year
* **Transaction Revenue:** $30.7 million, a 5.7% increase year-over-year
* **Annual Recurring Revenue (ARR):** $17.4 million, up 84% year-over-year
* **Gross Margin:** 44% for fiscal 2024, a 500 basis point improvement over fiscal 2023.
* **Adjusted EBITDA:** $2.2 million, an 11% increase from fiscal 2023.
* **Platform Customer Count:** Exceeded 1,000 for the first time in the company’s history.

**Outlook:**

Despite some challenges in the B2B segment due to macroeconomic headwinds and longer sales cycles, the company remains optimistic about its growth prospects. Management indicated that they are actively pursuing further acquisitions and expect to continue investing in its platform business to drive future growth.

**About Research Solutions Inc.**

Research Solutions Inc. (NASDAQ: RSSS) provides research solutions for the academic, corporate, and government sectors. The company’s platform enables researchers to discover, access, and analyze scientific literature and data.

**Disclaimer:** This is a news article based on the provided information and does not constitute financial advice. Investors should conduct their own due diligence before making any investment decisions.

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