Research Solutions, Inc. (NASDAQ: RSSS) reported Q1 revenue for the quarter came in at $7.7 million, versus $7.6 thousand reported last year.

Fiscal First Quarter 2021 Summary Compared to Prior Year Quarter:

• Total revenue increased 2% to $7.7 million
• Platform revenue up 33% to $1.1 million, Annual recurring revenue up 35% to $4.7 million
• Total gross margin improved 110 basis points to 31.6%
• Net income of $15,000, an improvement of $96,000; diluted earnings per share of nil
• Adjusted EBITDA of $167,000, an improvement of $131,000

"The sustained momentum within our Platforms business is evident in our first quarter fiscal 2021 results, with 31 net new deployments in the quarter and a record for Annual Recurring Revenue," said Peter Derycz, President and CEO of Research Solutions. "We continue to enhance the product initiatives and offerings through Article Galaxy research platform to simplify, accelerate and lower the cost of information access for our users, including many within the life sciences field that continue to work on therapeutics and vaccines for COVID-19. We believe we remain well-positioned to grow our business through ongoing product improvements to our Article Galaxy platform, additional partnership opportunities, such as our most recent partnership with BIO Business Solutions, and our refined lead generation and sales approach."

For earnings history and earnings-related data on Research Solutions, Inc. (RSSS) click here.