Research Solutions, Inc. RSSS
Research Solutions was incorporated in the State of Nevada on November 2, 2006, and is a publicly traded holding company with five wholly owned subsidiaries as of June 30, 2025: Reprints Desk, Inc., a Delaware corporation, including its wholly owned subsidiary Resolute Innovation, Inc., a Delaware corporation, Scite, LLC, a Delaware limited liability company, Reprints Desk Latin America S. de R.L. de C.V., an entity organized under the laws of Mexico, and RESSOL LA, S. DE R.L. DE C.V., an entity organized under the laws of Mexico.
We are a vertical software-as-a-service ("SaaS") and artificial intelligence ("AI") company providing software and related services to help research-intensive organizations simplify the research process, save time and money. We offer various software platforms ("Platform" or "Platforms") that are typically sold to corporate, academic, government and individual researchers as cloud-based SaaS via auto-renewing license agreements. Corporate, academic, and government customers typically sign up under annual or multi-year agreements paid annually in advance. Individual researchers can sign up under an annual or a month-to-month agreement and are typically billed monthly. Our Platforms also facilitate the sale of published scientific, technical, and medical ("STM") content sold as individual articles ("Transactions") either stand alone or via one or more of the research Platform solutions we provide. When one or more of the Platform solutions are used to purchase Transactions, customers pay for those transactions through monthly billing or via credit card for individual researchers. In addition, our Platforms facilitate rights and permissions for customers to re-use content, ensuring copyright compliance for research, regulatory and marketing use cases as well as the utilization of content with AI applications and for the training of AI models. Our Platforms enable life science and other research-intensive organizations to simplify their research and development activities through our advanced search (i.e. Discovery Tools), tools to access and buy STM articles required to support their research (i.e. Access), as well as tools that manage that content across the enterprise and on an individual basis (i.e. Manage). The Platforms also include advanced AI ("Generative AI") based assistants to help researchers understand the quality of the articles they are reviewing, speed up the review process, and to more fully understand how various research papers relate to each other. In addition to STM content, the Platforms provide additional context to the research process by including the ability to search and assimilate a variety of other types of data such as Patent, Clinical Trial, Regulatory and Competitive Intelligence data. They also typically deliver a return on investment to the customer by reducing the amount of time it takes a research organization to find, acquire and manage content, in addition to also driving down the ultimate cost per article and overall research costs over time.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.1M | $44.6M | $37.7M | $32.9M | $31.8M | $31.1M | $28.8M | $28.0M | $25.7M | $24.1M |
| Cost of revenue | $24.9M | $25.0M | $23.0M | $20.9M | $21.5M | $21.4M | $20.5M | $20.7M | $19.6M | $18.5M |
| Gross profit | $24.2M | $19.6M | $14.7M | $12.0M | $10.3M | $9.6M | $8.3M | $7.3M | $6.1M | $5.6M |
| R&D | $2.5M | $2.4M | — | — | — | — | — | — | — | — |
| SG&A | $20.4M | $19.6M | $14.4M | $13.6M | $10.6M | $10.5M | $9.6M | $9.1M | $9.1M | $6.8M |
| Total operating expenses | $21.7M | $20.4M | $14.5M | $13.7M | $10.6M | $10.5M | $9.6M | $9.3M | $9.2M | $6.9M |
| Operating income | $2.5M | -$769.5K | $238.6K | -$1.6M | -$283.0K | -$851.9K | -$1.3M | -$2.0M | -$3.1M | -$1.3M |
| Interest expense | — | — | — | — | — | — | $0 | $4.0K | $12.0K | $17.4K |
| Pre-tax income | $1.3M | -$3.7M | $577.2K | -$1.6M | -$281.9K | -$771.9K | -$1.1M | -$1.9M | -$3.1M | -$1.3M |
| Income tax | $82.8K | $113.1K | $5.6K | $7.6K | $3.2K | $7.8K | $27.0K | $39.8K | $35.5K | $28.2K |
| Net income | $1.3M | -$3.8M | $571.6K | -$1.6M | -$285.1K | -$662.2K | -$960.0K | -$1.7M | -$2.3M | -$497.9K |
| EPS, basic | 0.04 | -0.13 | 0.02 | -0.06 | — | — | — | — | — | -0.03 |
| EPS, diluted | 0.04 | -0.13 | 0.02 | -0.06 | -0.01 | -0.03 | -0.04 | -0.07 | -0.10 | -0.03 |
| Shares, diluted (wtd. avg.) | $31.5M | $28.9M | $29.1M | $26.4M | — | — | — | — | $23.2M | $17.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $12.2M | $6.1M | $13.5M | $10.6M | $11.0M | $9.3M | $5.4M | $4.9M | $5.8M | $6.1M |
| Receivables | $7.2M | $6.9M | $6.2M | $5.3M | $4.7M | $4.4M | $4.5M | $4.3M | $5.5M | $5.8M |
| Total current assets | $20.0M | $14.7M | $21.3M | $17.0M | $16.9M | $14.7M | $10.2M | $9.6M | $12.0M | $12.2M |
| Property, plant and equipment | $60.8K | $88.0K | $70.2K | $48.0K | $20.8K | $11.3K | $36.8K | $59.0K | $85.7K | $82.2K |
| Goodwill | $16.4M | $16.3M | $0 | — | — | — | — | — | — | — |
| Other intangibles | $9.7M | $10.8M | $462.1K | $0 | — | — | — | $0 | $41.9K | $104.8K |
| Total assets | $46.1M | $41.9M | $21.8M | $17.0M | $16.9M | $14.8M | $10.4M | $10.0M | $12.6M | $12.4M |
| Accounts payable | $7.4M | $8.8M | $8.1M | $6.6M | $6.7M | $6.3M | $4.9M | $4.7M | $6.4M | $5.7M |
| Total current liabilities | $25.5M | $17.9M | $14.5M | $12.1M | $11.5M | $10.0M | $7.3M | $6.5M | $7.9M | $6.3M |
| Total liabilities | $32.2M | $30.2M | $14.5M | — | — | $10.0M | $7.4M | $6.7M | $8.2M | $6.3M |
| Retained earnings | -$25.0M | -$26.3M | -$22.5M | -$23.1M | -$21.5M | -$21.2M | -$20.5M | -$19.6M | -$17.9M | -$15.6M |
| Total equity | $13.9M | $11.7M | $7.3M | $4.9M | $5.4M | $4.9M | $3.0M | $3.3M | $4.3M | $6.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.0M | $3.6M | $3.4M | -$417.2K | $1.9M | $2.4M | $576.4K | -$605.3K | -$436.8K | $185.2K |
| Depreciation and amortisation | $1.2M | $836.3K | $52.6K | $17.7K | $11.5K | $23.7K | $38.8K | $53.1K | $133.7K | $90.8K |
| Capital expenditure | $19.3K | $71.5K | $47.2K | $44.3K | $19.9K | $0 | $15.8K | $29.3K | $59.6K | $58.4K |
| Investing cash flow | -$19.3K | -$10.1M | -$344.7K | -$44.3K | -$19.9K | $0 | -$15.8K | -$86.7K | $361.3K | -$196.3K |
| Financing cash flow | -$877.9K | -$905.9K | -$97.3K | $63.3K | -$160.0K | $1.6M | -$100.0K | -$152.7K | -$199.3K | $4.7M |
| Buybacks | $934.6K | $554.2K | $104.2K | $93.9K | $178.0K | $321.6K | $200.0K | $152.7K | $199.3K | $37.7K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-25-091644.
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