Expects Record Revenue and Income from Operations, Continued Strong Cash Flow
HENDERSON, Nev., Aug. 19, 2024 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ:RSSS), a trusted partner providing cloud-based workflow solutions to accelerate research for R&D-driven organizations, announced selected preliminary financial results for its fiscal fourth quarter and fiscal year ended June 30, 2024.
Based on preliminary unaudited information, Research Solutions expects the following results for its fiscal fourth quarter 2024:
Total revenue to increase 22% to approximately $12.1 million
Platform revenue to be up 86% to approximately $4.3 million; Annual recurring revenue ("ARR") to increase approximately 85% to $17.4 million
Positive income from operations of approximately $0.7M. The Company expects to incur a GAAP net loss in the quarter primarily due to a charge of approximately $4.3M related to increasing its projected earn-out assumptions with respect to the Scite acquisition.
Adjusted EBITDA of approximately $1.4 million, a 70% increase from the prior-year quarter
Cash flow from operations near $2.0 million and ending cash balance above $6 million
The Company also expects the following results for the full year Fiscal 2024:
Total revenue to increase 18% to approximately $44.6 million
Platform revenue to be up 61% to approximately $14 million
GAAP net loss of approximately $3.8 million; Adjusted ...
