What changed in Research Solutions, Inc.'s 2025 10-K compared to 2024?

Across the narrative sections we track, Research Solutions, Inc. (RSSS) added 164 paragraphs, removed 150, and edited 130 between the 2024 and 2025 10-K filings. The biggest movers are Item 7. Management's Discussion & Analysis (+66/−57), Item 1. Business (+46/−37), Item 1A. Risk Factors (+39/−46).

Did Research Solutions, Inc. add new Risk Factors in the 2025 10-K?

Yes — Item 1A Risk Factors shows 39 new/edited paragraphs and 46 removed paragraphs versus the 2024 10-K.

What changed in Research Solutions, Inc.'s MD&A (Item 7) in 2025?

Item 7 Management's Discussion & Analysis shows 66 new/edited paragraphs and 57 removed paragraphs year-over-year. Read the side-by-side diff to see exactly which revenue, margin, and outlook commentary was rewritten.

Did Research Solutions, Inc. update its Cybersecurity disclosure (Item 1C) in 2025?

Item 1C Cybersecurity has 3 paragraph-level changes between the 2024 and 2025 filings.

Where does this RSSS 10-K diff come from?

The source filings are Research Solutions, Inc.'s official 2024 and 2025 Form 10-K annual reports from SEC EDGAR. 10q10k.net parses each filing, aligns paragraphs by section (Item 1, 1A, 1C, 2, 3, 7, 7A), and highlights every added, removed and edited sentence side-by-side.

Research Solutions, Inc.RSSS決算レポート

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詳細分析

Jacobs Solutions Inc. is an American international technical professional services firm based in Dallas. The company provides engineering, technical, professional, and construction services as well as scientific and specialty consulting for a broad range of clients globally, including companies, organizations, and government agencies. Jacobs has consistently ranked No. 1 on both Engineering News-Record (ENR)'s 2018, 2019, 2020, 2021, 2022, and 2023 Top 500 Design Firms and Trenchless Technolo...

What changed in Research Solutions, Inc.'s 10-K — 2024 vs 2025

Item 1. Business

Business — how the company describes what it does

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2024 filing

2025 filing

Platforms We charge a subscription fee that allows customers to access and utilize certain premium features of our Platform. Revenue is recognized ratably over the term of the subscription agreement, which is typically one year, provided all other revenue recognition criteria have been met. Billings or payments received in advance of revenue recognition are recorded as deferred revenue.

Platforms We charge a subscription fee that allows customers to access and utilize certain premium features of our Platforms. Revenue is recognized ratably over the term of the subscription agreement, which is typically one year, provided all other revenue recognition criteria have been met. Billings or payments received in advance of revenue recognition are recorded as deferred revenue.

Business Company Overview 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, 2024: 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.

Business Company Overview 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.

Customers securely access the Platform through online web interfaces and via web service APIs that enable customers to leverage Platform features and functionality from within in-house and third-party software systems. The Platform can also be configured to satisfy a customer’s individual preferences.

Customers securely access the Platforms through online web interfaces and via web service APIs that enable customers to leverage Platform features and functionality from within in-house and third-party software systems. Our Platforms can also be configured to satisfy a customer’s individual preferences.

Core to many of our Platform solutions is providing our customers with ways to find and download digital versions of STM articles that are critical to their research. Customers submit orders for the articles they need which we source and electronically deliver to them generally in under an hour; in most cases under one minute.

Our Platforms enable life science and other research-intensive organizations to accelerate their research and development activities through our advanced discovery tools (i.e. search), tools to access and buy STM articles required to support their research (i.e. acquire), as well as tools that manage that content across the enterprise and on an individual basis (i.e. manage).

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).

At the closing of the transaction contemplated by the Share Exchange Agreement, Research Solutions acquired all of the outstanding shares of Reprints Desk from its stockholders and issued 8,000,003 shares of common stock to the former stockholders of Reprints Desk. Following completion of the exchange transaction, Reprints Desk became a wholly-owned subsidiary of Research Solutions.

At the closing of the transaction contemplated by the Share Exchange Agreement, Research Solutions acquired all of the outstanding shares of Reprints Desk from its stockholders 9 Table of Contents and issued 8,000,003 shares of common stock to the former stockholders of Reprints Desk. Following completion of the exchange transaction, Reprints Desk became a wholly-owned subsidiary of Research Solutions.

Our Platform is deployed as a single, multi-tenant system across our entire customer base. Customers securely access the Platform through online web interfaces and via web service APIs that enable customers to leverage Platform features and functionality from within in-house and third-party software systems. The Platform can also be configured to satisfy a customer’s individual preferences.

These Platforms are deployed as a single, multi-tenant system across our entire customer base. Customers securely access the Platforms through online web interfaces and via web service APIs that enable customers to leverage Platform features and functionality from within in-house and third-party software systems. The Platforms can also be configured to satisfy a customer’s individual preferences.

The promotional mix of tactics we utilize includes: search engine optimization and digital marketing, educational content, advertising, events, direct response and integrated marketing campaigns, public relations and content publicity, thought leadership programs, channel alliances training, and 8 Table of Contents analyst relations.

(formerly Derycz Scientific, Inc.). 9 Table of Contents On June 9, 2022, we formed ResSol LA to provide operational and administrative support services to Reprints Desk.

(formerly Derycz Scientific, Inc.). On June 9, 2022, we formed ResSol LA to provide operational and administrative support services to Reprints Desk.

Platforms Our cloud-based SaaS Platforms consist of proprietary software and Internet-based interfaces sold to customers through an annual or monthly subscription fee. Legacy functionality falls into three areas. Discover – These solutions facilitate search (discovery) across virtually all STM articles available. The solutions we offer include free (basic) search solutions and advanced search tools like the Resolute.ai and scite.ai products.

Platforms Our cloud-based SaaS Platforms consist of proprietary software and Internet-based interfaces sold to customers through an annual or monthly subscription fee. Legacy functionality falls into three areas. Discovery Tools – Our Scite.ai and Resolute.ai solutions facilitate search (discovery) across virtually all STM articles available. These solutions include basic search solutions and advanced search tools.

Using Resolute.ai and scite.ai technology, we plan to release several new Platform solutions to enhance the research workflows described above and add new solutions to support the analysis functions that exist in our typical customer base. Our Platforms are deployed as a single, multi-tenant system across our entire customer base.

We plan to release several new Platform solutions to enhance the research workflows described above and add new solutions to support the analysis functions that exist in our typical customer base. Our Platforms are generally deployed as a single, multi-tenant system across our entire customer base.

The acquisition was completed through the merger of our subsidiary, Research Solutions Acquisition 2, LLC, with Scite, Inc., with our subsidiary surviving the merger and subsequently being renamed Scite, LLC. Human Capital Resources As of September 13, 2024, we had 145 full time employees.

Customers and Suppliers There were no customers that accounted for greater than 10% of our revenue for the years ended June 30, 2024 and 2023. Approximately 44% and 43% of our content cost for the years ended June 30, 2024 and 2023, respectively, was derived from our three largest suppliers of content.

Customers and Suppliers There were no customers that accounted for greater than 10% of our revenue for the years ended June 30, 2025 and 2024. 8 Table of Contents Approximately 45% and 44% of our content cost for the years ended June 30, 2025 and 2024, respectively, was derived from our three largest suppliers of content.

We also offer an AI based “assistant” in some of our solutions to allow the researcher to ask questions about articles, groups of articles (folders), and more. We also have the capability to provide full text search on STM content in the scite.ai Platform where the publisher gives us the rights to do so.

In addition, Generative AI based “assistants” in some of our solutions allow the researcher to ask questions about articles, groups of articles (folders), and more. We also have the capability to provide near full text search on STM content in the Scite.ai solution where the publisher gives us the rights to do so.

We leverage our Platform’s efficiencies in scalability, stability and development costs to fuel rapid innovation and competitive advantage.

We leverage our Platforms efficiencies in scalability, stability and development costs to fuel rapid innovation and to gain a competitive advantage.

The Platforms typically deliver an ROI 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 over time.

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.

STM content is sold to our customers on a per transaction basis. Researchers and knowledge workers in life science and other research-intensive organizations generally require single copies of published STM journal articles for use in their research activities.

In addition, we add between 2 to 4 million newly published STM articles each year. STM content is rented or sold to our customers on a per transaction basis. Researchers and knowledge workers in life science and other research-intensive organizations generally require single copies of published STM journal articles for use in their research activities.

In addition, these tools increasingly enable users to find insights in other datasets adjacent to STM content, such as Clinical Trial, Patent, Life Science & MedTech Regulatory information, Competitor and Technology landscape insights in addition to searching the customer’s internal datasets. The advanced search solutions are sold through a seat, enterprise, or individual license.

In addition, these tools increasingly enable users to find insights in other datasets adjacent to STM content, such as Clinical Trial, Patent, Life Science & MedTech Regulatory information, Competitor and Technology landscape insights, in addition to searching the customer’s internal datasets.

The majority of these publishers provide us with electronic access to their content, which allows us to further expedite the delivery of single articles to our customers. In addition, we rely on a small number of content publishers for the majority of our content costs.

The majority of these publishers provide us with electronic access to their content, which allows us to further expedite the delivery of single articles to our customers.

The majority of these publishers provide us with electronic access to their content, which allows us to electronically deliver single articles to our customers often in a matter of minutes.

We 5 Table of Contents have arrangements with hundreds of content publishers that allow us to distribute their content. The majority of these publishers provide us with electronic access to their content, which allows us to electronically deliver single articles to our customers often in a matter of seconds.

We also seek to grow existing customer revenue by year over year increases, and through value-based add-ons. 6 Table of Contents In addition, we submit proposals to potential customers in response to requests for proposals, or “Request for Proposals” (RFPs).

We also seek to grow existing customer revenue by year over year increases, and through value-based add-ons. In addition, we submit proposals to potential customers in response to requests for proposals, or “Request for Proposals” (RFPs). We are continually improving our operations and technology to ensure that they are capable of delivering proposed solutions and supporting future growth.

We are focused on rapidly developing an ecosystem of new interactive app-like components for researchers that will deliver time saving efficiencies in core research workflows and knowledge creation processes. We continually enhance the performance of our existing proprietary software and systems and develop and implement new technologies that expand the available methods of discovering, obtaining and managing content.

Acquire – Our Article Galaxy® (“AG”) solution allows for research organizations to load their entitlements (subscriptions, discount or token packages, and their existing library of articles) and AG manages those entitlements in the background enabling the researchers to focus on acquiring articles they need quickly and efficiently at the lowest possible cost.

We leverage our Platforms’ efficiencies in scalability, stability and development costs to fuel rapid innovation and competitive advantage. 4 Table of Contents Access – Our Article Galaxy® (“AG”) and Article Galaxy Scholar (Academic Library version) (“AGS”) solutions allow for research organizations to load their entitlements (subscriptions, discount or token packages, and their existing content library of articles) and AG/AGS manages those entitlements in the background enabling the researchers to focus on acquiring articles they need quickly and efficiently at the lowest possible cost.

Company Services We account for revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASC 606”). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected.

The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected.

We derive our revenues from two sources: annual licenses that allow customers to access and utilize certain premium features of our cloud-based SaaS research intelligence platform (“Platform” or “Platforms”) and the transactional sale of STM content managed, sourced and delivered through the Platform (“Transactions”). 7 Table of Contents We apply the following five steps in order to determine the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied.

Our focus on product development leads us to continually explore options to strengthen and broaden our service offering portfolio.

Product Development We seek to grow revenue through product differentiation, and the development of new products that are attractive to new and existing customers. Our focus on product development leads us to continually explore options to strengthen and broaden our service offering portfolio.

When used in conjunction with our discovery Platforms, customers can initiate orders, route orders based on the lowest cost to acquire, obtain spend and usage reporting, automate authentication, and connect seamlessly to in-house and third-party software systems. 4 Table of Contents Manage – Our References solution allows users to access the article inside the Platform including setting up personal folders or team folders and allows researchers to markup and take notes on the articles in a supported browser on a desktop or tablet.

When used in conjunction with our Discovery Tools Platforms, customers can initiate orders, route orders based on the lowest cost to acquire, obtain spend and usage reporting, automate authentication, and connect seamlessly to in-house and third-party software systems.

Promotion We employ a segment-focused marketing approach that focuses on traditional buyers such as corporate libraries as well as new types of non-library buyers across a variety of business functions, including those within research and development.

Although we do not have exclusive relationships with these content publishers, the aggregate number of in place agreements are essential to our value proposition, market presence, and our ability to satisfy the requirements of our customers. 6 Table of Contents Promotion We employ a segment-focused marketing approach that focuses on traditional buyers such as corporate libraries as well as new types of non-library buyers across a variety of business functions, including those within research and development.

DE R.L. DE C.V., an entity organized under the laws of Mexico. We provide software and related services to help research intensive organizations 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 software-as-a-service (“SaaS”) via auto-renewing license agreements.

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.

Corporate, academic, and government customers typically sign up under annual agreements. Individual researchers can sign up under an annual or a month-to-month agreement and are typically billed monthly.

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.

We use Artificial Intelligence (“AI”) in several parts of the research workflow today and will continually add capability as we move forward. Today we offer an AI based recommendation engine in our Discover, Acquire, and Manage Platform solutions.

We also use state of the art AI models, such as Large Language Models to include Generative AI “assistants” in several parts of the research workflow today and will continually add capability as we move forward. Today we employ Generative AI technologies as a basis for our recommendation engine in our Discovery Tools, Access, and Manage Platform solutions.

This service is generally known in the industry as single article delivery or document delivery. We also obtain the necessary permission licenses from the content publisher or other rights holder so that our customer’s use complies with applicable copyright laws. We have arrangements with hundreds of content publishers that allow us to distribute their content.

We also obtain the necessary permission licenses from the content publisher or other rights holder so that our customer’s use complies with applicable copyright laws and we are expanding these services to include the use of content in AI applications and for the training of AI models.

We continually 5 Table of Contents enhance the performance of our existing proprietary software and systems and develop and implement new technologies that expand the available methods of discovering, obtaining and managing content. Through the acquisitions of ResoluteAI and Scite, our services have been enhanced to include AI as part of the research workflow.

Through the acquisitions of ResoluteAI and Scite, our services have been enhanced to include AI as part of the research workflow.

We leverage our Platform efficiencies in scalability, stability and development costs to fuel rapid innovation and to gain a competitive advantage. Transactions We provide our researchers with a single source to the universe of published STM content that includes over 100 million existing STM articles and over 2 to 4 million newly published STM articles each year.

Transactions We provide our researchers with a single source to the universe of published STM content that includes over 200 million existing STM journal articles for instant download, 50 million journal articles for rent, 10 million online book chapters, and 45 million only in print journal articles.

Removed

Added

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.

Removed

We are continually improving our operations and technology to ensure that they are capable of delivering proposed solutions and supporting future growth. Product Development We seek to grow revenue through product differentiation, and the development of new products that are attractive to new and existing customers.

Added

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.

Removed

Loss of any or all of these suppliers of content would significantly reduce our revenue, which would have a material adverse effect on our results of operations. We can provide no assurance that these suppliers of content will continue to supply us with content in the future.

Added

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.

Added

Scite.ai includes full text search capability on most of the world’s STM content providing better search results and citation information as supporting or contrasting evidence. This powers our AI assistant and literature search engine and gives researchers better insights into any topic. The advanced search solutions are sold through a seat, enterprise, or individual license.

Added

In addition, Article Galaxy facilitates rights and permissions for various re-use cases, including the utilization in AI applications and training of AI applications, ensuring copyright compliance for our customers. Manage – Our References solution offers a comprehensive reference management solution with built-in document delivery capabilities specifically designed to meet the collaboration and security needs of research- intensive organizations.

Added

This user-friendly Platform enables researchers to seamlessly organize their literature, collaborate with team members, and access a vast collection of scientific content. By integrating organization tools with instant access to millions of scholarly articles, our References solution streamlines the research workflow and enhances productivity for scientific professionals.

Added

AI models are integral to powering the unique insights our platforms provide as well as the user experience customers enjoy.

Added

Natural language processing (“NLP”) and AI models are used to enhance metadata, define connections between topics and content items as well as to generate data and metrics employed to enable users to rapidly identify and understand the value of content they need for their research.

Added

The ability to not only mine an article’s full text but also show snippets of full text is unique to our Company and allows our Generative AI assistants to provide highly accurate results with a very low incidence of hallucinations as part of a Retrieval Augmented Generation framework focused just on STM content.

Added

This service is generally known in the industry as single article delivery or document delivery.

Added

In addition, we rely on a small number of content publishers for the majority of our content costs. 7 Table of Contents Company Services We account for revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASC 606”).

Added

We apply the following five steps in order to determine the appropriate amount of revenue to be recognized as we fulfill our obligations under each of our agreements: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations in the contract; and ● recognize revenue as the performance obligation is satisfied.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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2024 filing

2025 filing

We were in compliance with these covenants as of June 30, 2024, however, our failure to comply with these covenants in the future may result in an event of default, which if not cured or waived, could result in the bank preventing us from accessing availability under our line of credit and requiring us to repay any outstanding borrowings.

We were in compliance with these covenants as of June 30, 2025, however, our failure to comply with these covenants in the future may result in an event of default, which if not cured or waived, could result in the bank preventing us from accessing availability under our line of credit and requiring us to repay any outstanding borrowings.

We currently have a line of credit with PNC Bank, National Association, maturing on April 15, 2025, under which there were no outstanding borrowings as of June 30, 2024. Our loan agreement contains, and any agreements to refinance our debt likely will contain, financial and restrictive covenants.

We currently have a line of credit with PNC Bank, National Association, maturing on April 15, 2026, under which there were no outstanding borrowings as of June 30, 2025. Our loan agreement contains, and any agreements to refinance our debt likely will contain, financial and restrictive covenants.

Under the terms of our outstanding options and warrants to purchase our common stock issued to employees and others, the holders are given an opportunity to profit from a rise in the market price of our common stock that, upon the exercise of the options and/or warrants, could result in dilution in the interests of our other stockholders.

Under the terms of our outstanding options to purchase our common stock issued to employees and others, the holders are given an opportunity to profit from a rise in the market price of our common stock that, upon the exercise of the options, could result in dilution in the interests of our other stockholders.

Increased accessibility of free or relatively inexpensive information sources may reduce demand for our products and services. In recent years, more public sources of free or relatively inexpensive information have become available, particularly through the Internet, and this trend is expected to continue.

The market price of our common stock and the value of your investment could substantially decline if our options are exercised and our common stock is issued and resold into the market, or if a perception exists that a substantial number of shares will be issued upon exercise of our warrants and option and then resold into the market.

Foreign operations are subject to various risks which could have a material adverse effect on those operations, the costs of those operations, and our business as a whole, including: exposure to local economic and employment conditions; exposure to local taxes and employment regulations, political conditions; currency exchange rate fluctuations; reliance of local management; and additional potential costs of complying with rules and regulations, and potential changes to those rule and regulations, of foreign jurisdictions.

Foreign operations are subject to various risks which could have a material adverse effect on those operations, the costs of those operations, and our business as a whole, including: exposure to local economic and employment conditions; exposure to local taxes and employment regulations, political conditions; currency exchange rate fluctuations; reliance of local 16 Table of Contents management; and additional potential costs of complying with rules and regulations, and potential changes to those rule and regulations, of foreign jurisdictions.

As a consequence of this enhanced risk, more risk-adverse investors may, under the fear of losing all or most of their investment in the event of negative news or lack of progress, be more inclined to sell their shares on the market more quickly and at greater discounts than would be the case with the stock of a seasoned issuer.

As a consequence of this enhanced risk, more risk-adverse investors may, under 17 Table of Contents the fear of losing all or most of their investment in the event of negative news or lack of progress, be more inclined to sell their shares on the market more quickly and at greater discounts than would be the case with the stock of a seasoned issuer.

We may become subject to Nevada’s control share acquisition laws (Nevada Revised Statutes 78.378 -78.3793), which prohibit an acquirer, under certain circumstances, from voting shares of a corporation’s stock after crossing specific 19 Table of Contents threshold ownership percentages, unless the acquirer obtains the approval of the issuing corporation’s stockholders.

We may become subject to Nevada’s control share acquisition laws (Nevada Revised Statutes 78.378 -78.3793), which prohibit an acquirer, under certain circumstances, from voting shares of a corporation’s stock after crossing specific threshold ownership percentages, unless the acquirer obtains the approval of the issuing corporation’s stockholders.

Our proprietary software systems are critical to our business because they enable the efficient and timely service of a large number of customer orders. Similarly, we rely on our websites, online networks, and email systems to obtain content and deliver customer orders, and provide timely, relevant and dependable business information to our customers.

Our proprietary software systems are critical to our business because they enable the efficient and timely service of a large number of customer orders. Similarly, we rely on our websites, online networks, and email systems to obtain 13 Table of Contents content and deliver customer orders, and provide timely, relevant and dependable business information to our customers.

As a public company, we are required to document and test our internal control procedures in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 18 Table of Contents 2002, or Section 404. Further, Section 404 requires annual management assessments of the effectiveness of our internal controls over financial reporting.

As a public company, we are required to document and test our internal control procedures in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404. Further, Section 404 requires annual management assessments of the effectiveness of our internal controls over financial reporting.

Any adverse consequence resulting from the materialization of the foregoing risks would adversely affect our financial performance and results of operations. 16 Table of Contents Unfavorable global economic conditions could have a material adverse effect on our business, financial condition, results of operations, prospects and market price of our common stock.

Any adverse consequence resulting from the materialization of the foregoing risks would adversely affect our financial performance and results of operations. Unfavorable global economic conditions could have a material adverse effect on our business, financial condition, results of operations, prospects and market price of our common stock.

Financial instability and a general decline in economic conditions in the United States and other countries caused by political instability and conflict, including the ongoing conflict between Russia and Ukraine, and economic or financial challenges caused by current and potential future bank failures or by general health crises such as the COVID-19 pandemic, have led to market disruptions, including significant volatility in commodity prices, credit and capital markets instability, including disruptions in access to bank deposits and lending commitments, supply chain interruptions, rising interest rates and global inflationary pressures.

Financial instability and a general decline in economic conditions in the United States and other countries caused by political instability and conflict, including the ongoing conflict between Russia and Ukraine, and economic or financial challenges caused by current and potential future bank failures or by general health crises, have led to market disruptions, including significant volatility in commodity prices, credit and capital markets instability, including disruptions in access to bank deposits and lending commitments, supply chain interruptions, rising interest rates and global inflationary pressures.

Furthermore, a successful claimant could secure a judgment or we may agree to a settlement that prevents us from providing certain content or that requires us to pay substantial damages, including treble damages if we are found to have 11 Table of Contents willfully infringed the claimant’s copyrights, royalties or other fees.

Furthermore, a successful claimant could secure a judgment or we may agree to a settlement that prevents us from providing certain content or that requires us to pay substantial damages, including treble damages if we are found to have willfully infringed the claimant’s copyrights, royalties or other fees.

We also could be exposed to negligence claims or other legal proceedings brought by regulators, our customers or their clients, and we could incur significant legal expenses and our management’s attention may be diverted from our operations in defending ourselves 13 Table of Contents against and resolving lawsuits or claims.

It is difficult to predict in what form laws and regulations will be adopted or how they will be construed by the relevant courts, or the extent to which any changes might adversely affect us.

It is difficult to predict in what form laws and regulations 15 Table of Contents will be adopted or how they will be construed by the relevant courts, or the extent to which any changes might adversely affect us.

We cannot assure you that our competitors will not succeed in developing or marketing technologies or products that are more effective or commercially attractive than our products or that would render our solutions and related 12 Table of Contents technologies obsolete.

Secondly, an investment in us is a speculative or “risky” investment due to our lack of meaningful profits 17 Table of Contents to date and uncertainty of future profits.

Secondly, an investment in us is a speculative or “risky” investment due to our lack of meaningful profits to date and uncertainty of future profits.

We have never paid cash dividends on our common stock and do not anticipate paying cash dividends on our common stock in the foreseeable future. In addition, our Loan and Security Agreement with Silicon Valley Bank prohibits us from paying cash dividends.

We have never paid cash dividends on our common stock and do not anticipate paying cash dividends on our common stock in the foreseeable future. In addition, our Loan and Security Agreement with PNC Bank, National Association (“PNC”) prohibits us from paying cash dividends.

We may continue to incur losses for an indeterminate period of time and may be unable to sustain profitability. An extended period of losses and negative cash flow may prevent us from successfully operating and expanding our business. We may be unable to sustain or increase our profitability on a quarterly or annual basis.

If we do not pay dividends, our common stock may be less valuable because a return on your investment might only occur if the market price of our common stock appreciates.

If we do not pay dividends, our common stock may be less valuable because a return on your investment might only occur if the market price of our common stock appreciates. The exercise of outstanding options to purchase our common stock could substantially dilute your investment.

As of June 30, 2024, we had no shares of preferred stock issued and outstanding. Accordingly, as of June 30, 2024, we could issue up to 63,878,009 additional shares of common stock and 20,000,000 additional shares of “blank check” preferred stock.

As of June 30, 2025, we had no shares of preferred stock issued and outstanding. Accordingly, as of June 30, 2025, we could issue up to 64,274,626 additional shares of common stock and 20,000,000 additional shares of “blank check” preferred stock.

There were no customers that accounted for greater than 10% of our accounts receivable as of June 30, 2024 and 2023, respectively. In addition, we have made prepayments to suppliers of content.

This risk is heightened during periods when economic conditions worsen. There were no customers that accounted for greater than 10% of our accounts receivable as of June 30, 2025 and 2024, respectively. In addition, we have made prepayments to suppliers of content.

As of June 30, 2024 we had issued and outstanding 32,295,373 shares of common stock and we had 3,826,618 shares of common stock reserved for future grants under our equity compensation plans and for issuances upon the exercise or conversion of currently outstanding options, warrants and convertible securities.

As of June 30, 2025 we had issued and outstanding 32,479,993 shares of common stock and we had 3,245,381 shares of common stock reserved for future grants under our equity 18 Table of Contents compensation plans and for issuances upon the exercise or conversion of currently outstanding options and convertible securities.

In the event that we were to lose PCI DSS compliance status (or fail to renew compliance under a future version of the PCI DSS), we could be exposed to increased operating costs, fines and penalties and, in extreme circumstances, may have our credit card processing privileges revoked, which would have a material adverse effect on our business. 14 Table of Contents Our failure to comply with the covenants contained in our loan agreement could result in an event of default that could adversely affect our financial condition and ability to operate our business as planned.

Acquisitions, joint ventures or similar strategic relationships may disrupt or otherwise have a material adverse effect on our business and financial results. As part of our strategy, we may explore strategic acquisitions and combinations, including the acquisition of customer lists, or enter into joint ventures or similar strategic relationships.

As part of our strategy, we may explore strategic acquisitions and combinations, including the acquisition of customer lists, or enter into joint ventures or similar strategic relationships.

Many of our competitors have or may have greater corporate, financial, operational, sales and marketing resources, and more experience in research and development than we have.

Rapid technological development may render our products under development, or any future solutions we may have, and related technologies obsolete. Many of our competitors have or may have greater corporate, financial, operational, sales and marketing resources, and more experience in research and development than we have.

These potential disruptions and cyber-attacks could negatively affect revenues, costs, customer demand, system availability and our reputation. In addition, as we execute our strategy to grow through acquisitions and to pursue newer technologies that improve the efficiency of our operations, we are also expanding our information technologies, resulting in a greater technological presence and corresponding vulnerability to cybersecurity risk.

In addition, as 14 Table of Contents we execute our strategy to grow through acquisitions and to pursue newer technologies that improve the efficiency of our operations, we are also expanding our information technologies, resulting in a greater technological presence and corresponding vulnerability to cybersecurity risk.

For our fiscal years ended June 30, 2024 and 2023, we incurred a net loss of $3,786,597 and earned a net income of $571,623, respectively. As of June 30, 2024, we had an accumulated deficit of $26,309,246. We cannot predict if we will be profitable.

Though we earned a net income of $1,265,553 for our fiscal year ended June 30, 2025, we incurred a net loss of $3,786,597 for our fiscal year ended June 30, 2024. As of June 30, 2025, we had an accumulated deficit of $25,043,693. We cannot predict if we will be profitable.

The loss of our largest customers would significantly reduce our revenue and adversely affect our results of operations. There were no customers that accounted for greater than 10% of our revenue for the years ended June 30, 2024 and 2023.

We may be unable to sustain or increase our profitability on a quarterly or annual basis. 10 Table of Contents The loss of our largest customers would significantly reduce our revenue and adversely affect our results of operations. There were no customers that accounted for greater than 10% of our revenue for the years ended June 30, 2025 and 2024.

Any failure by our personnel, contractors, or other agents to adhere to our established policies could violate confidentiality obligations or applicable laws and regulations, jeopardize our intellectual property rights, cause or contribute to unlawful discrimination, or result in the misuse of personally identifiable information or the injection of malware into our systems. 12 Table of Contents Our industry is subject to intense competition and rapid technological change, including as a result of artificial intelligence, which may result in products or new solutions that are superior to our products or solutions under development.

Moreover, our arrangements with content providers are non-exclusive. As a result, our content providers can provide the same content to our competitors. We are exposed to credit risk on our accounts receivable and prepayments to suppliers of content. This risk is heightened during periods when economic conditions worsen.

We can provide no assurance that these suppliers of content will continue to supply us with content in the future. Moreover, our arrangements with content providers are non-exclusive. As a result, our content providers can provide the same content to our competitors. We are exposed to credit risk on our accounts receivable and prepayments to suppliers of content.

Our future success will depend in large part on our ability to establish and maintain a competitive position in current and future technologies. Rapid technological development may render our products under development, or any future solutions we may have, and related technologies obsolete.

Our future success will depend in large part on our ability to establish and maintain a competitive position in current and future technologies.

We may be subject to intellectual property rights claims by third parties, which are extremely costly to defend, could require us to pay significant damages and could limit our ability to use certain technologies.

Such investments may include: executing on, and mitigating risks associated with, new product offerings and entrance into new geographic markets; and ensuring continued compatibility of our new platforms and technologies with our customers’ networks and systems. 11 Table of Contents We may be subject to intellectual property rights claims by third parties, which are extremely costly to defend, could require us to pay significant damages and could limit our ability to use certain technologies.

In addition, our failure to successfully manage our growth could result in our sales not increasing 15 Table of Contents commensurately with our capital investments. If we are unable to successfully manage our growth, we may be unable to achieve our goals.

In addition, our failure to successfully manage our growth could result in our sales not increasing commensurately with our capital investments. If we are unable to successfully manage our growth, we may be unable to achieve our goals. Acquisitions, joint ventures or similar strategic relationships may disrupt or otherwise have a material adverse effect on our business and financial results.

Approximately 44% and 43% of our content cost for the years ended June 30, 2024 and 2023, respectively, was derived from our three largest suppliers of content.

Approximately 45% and 44% of our content cost for the years ended June 30, 2025 and 2024, respectively, was derived from our three largest suppliers of content. Loss of any or all of these suppliers of content would significantly reduce the attractiveness of our services and our revenue, which would have a material adverse effect on our results of operations.

In addition, the failure to continue to invest in our business could result in a material adverse effect on our future financial results. Such investments may include: executing on, and mitigating risks associated with, new product offerings and entrance into new geographic markets; and ensuring continued compatibility of our new platforms and technologies with our customers’ networks and systems.

In addition, the failure to continue to invest in our business could result in a material adverse effect on our future financial results.

Removed

Loss of any or all of these suppliers of content would significantly 10 Table of Contents reduce the attractiveness of our services and our revenue, which would have a material adverse effect on our results of operations. We can provide no assurance that these suppliers of content will continue to supply us with content in the future.

Added

The rapid evolution of AI and GenAI technologies requires us to expend resources to develop, test and implement solutions that utilize AI and GenAI effectively, which has and may continue to lead us to incur significant expense to maintain a competitive advantage within the industry.

Removed

Our industry is subject to intense competition and rapid technological change, which may result in products or new solutions that are superior to our products or solutions under development.

Added

These potential disruptions and cyber-attacks could negatively affect revenues, costs, customer demand, system availability and our reputation.

Removed

The recent closures of Silicon Valley Bank, or SVB, Signature Bank and First Republic Bank have resulted in broader financial institution liquidity risk and concerns.

Added

Our failure to comply with the covenants contained in our loan agreement could result in an event of default that could adversely affect our financial condition and ability to operate our business as planned.

Removed

Although we were able to access all of the funds we had in deposit with SVB and have diversified banking services previously provided solely by SVB to alternative global banking providers, future adverse developments with respect to specific financial institutions or the broader financial services industry may lead to market-wide liquidity shortages.

Removed

Voting power of a significant percentage of our common stock is held by our former Executive Chairman, and his brother-in-law, who together are able to exert significant influence over the outcome of matters to be voted on by our stockholders.

Removed

As of September 13, 2024, Peter Victor Derycz, our former Executive Chairman, had voting power equal to approximately 8.3% of votes eligible to be cast at a meeting of our stockholders. Paul Kessler, the brother-in-law of Mr.

Removed

Derycz, exercises investment and voting control over the shares held by Bristol Investment Fund, Ltd., and had, as of September 13, 2024, voting power equal to approximately 3.8% of votes eligible to be cast at a meeting of our stockholders. As a result of their significant ownership interests, Mr. Derycz and Mr.

Removed

Kessler together currently have the ability to exert significant influence over the election of directors, and other matters submitted to a vote of all of our stockholders. They may also have interests that differ from yours and may vote in a manner that is adverse to your interests.

Removed

This concentration of ownership may have the effect of deterring, delaying or preventing a change of control of our company, could deprive our stockholders of an opportunity to receive a premium for their common stock as part of a sale of our company and might ultimately affect the market price of our common stock.

Removed

The exercise of outstanding options and warrants to purchase our common stock could substantially dilute your investment.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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These measures include, but are not limited to: (i) user access control management; (ii) intrusion detection and prevention systems; (iii) information security continuity measures, including redundant systems and information backups; (iv) system segmentation; (v) encryption of critical information and data; (vi) event logging; (vii) implementation of an application patching and update cadence; and (viii) incident response planning and least privilege access methodology. 20 Table of Contents Cybersecurity Governance Our Board of Directors delegates to the Audit Committee the oversight of our programs, policies, and procedures related to cybersecurity, information asset security, and data privacy and protection.

These measures include, but are not limited to: (i) user access control management; (ii) intrusion detection and prevention systems; (iii) information security continuity measures, including redundant systems and information backups; (iv) system segmentation; (v) encryption of critical information and data; (vi) event logging; (vii) implementation of an application patching and update cadence; and (viii) incident response planning and least privilege access methodology. Cybersecurity Governance Our board of directors delegates to the Audit Committee the oversight of our programs, policies, and procedures related to cybersecurity, information asset security, and data privacy and protection.

Item 1C. C ybersecurity As required by Item 106 of Regulation S-K, the following sets forth certain information regarding our cybersecurity strategy, risk management and governance. We are committed to protecting the confidentiality and integrity of our data, as well as the data of our customers.

Item 1C. C ybersecurity As required by Item 106 of Regulation S-K, the following sets forth certain information regarding our cybersecurity strategy, risk management and governance. 19 Table of Contents We are committed to protecting the confidentiality and integrity of our data, as well as the data of our customers.

All of our associates and contractors have a responsibility and a role to play by complying with our cybersecurity operational practices and reporting any potential cybersecurity incidents or exposures to our cybersecurity team. To ensure that associates can play their part in protecting our networks and data from cybersecurity incident exposure, all of our associates receive cybersecurity training in the form of online modules on an annual basis, routine simulations to assess risk, and retraining where necessary. Material Cybersecurity Risks, Threats & Incidents We are not aware of any cyber event that has had a material effect on our business.

All of our associates and contractors have a responsibility and a role to play by complying with our cybersecurity operational practices and reporting any potential cybersecurity incidents or exposures to our cybersecurity team. 20 Table of Contents To ensure that associates can play their part in protecting our networks and data from cybersecurity incident exposure, all of our associates receive cybersecurity training in the form of online modules on an annual basis, routine simulations to assess risk, and retraining where necessary. Material Cybersecurity Risks, Threats & Incidents We are not aware of any cyber events that have had a material effect on our business.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Item 4. Mine Safety Disclosures 21 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [Reserved] 23 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 24

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Common Stock Repurchases Effective as of March 19, 2024, the Compensation Committee of our Board of Directors authorized the repurchase, on the last day of each trading window during which the outstanding awards remain outstanding and otherwise in accordance with our insider trading policies, of an aggregate value not exceeding $750,000, in addition to the prior remaining balance of outstanding common stock of $82,347 (at prices no greater than $4.00 per share) from our employees to satisfy their tax obligations in connection with the vesting of stock incentive awards through the end of fiscal year 2025.

Common Stock Repurchases Effective as of March 19, 2024, the Compensation Committee of our board of directors authorized the repurchase, on the last day of each trading window during which the outstanding awards remain outstanding and otherwise in accordance with our insider trading policies, of an aggregate value not exceeding $750,000 (the “Repurchase Cap”), in addition to the prior remaining balance of outstanding common stock of $330,774 (at prices no greater than $4.00 per share) (the “Repurchase Price Cap”)) from our employees to satisfy their tax obligations in connection with the vesting of stock incentive awards through the end of fiscal year 2025.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information and Approximate Number of Holders of Common Stock Our common stock is quoted on The Nasdaq Stock Market LLC’s Nasdaq Capital Market (“Nasdaq”) under the symbol “RSSS.” As of September 13, 2024, according to the records of our transfer agent, we had 57 record holders of our common stock.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information and Approximate Number of Holders of Common Stock Our common stock is quoted on The Nasdaq Stock Market LLC’s Nasdaq Capital Market (“Nasdaq”) under the symbol “RSSS.” As of September 12, 2025, according to the records of our transfer agent, we had 48 record holders of our common stock.

Direct costs incurred to acquire the shares are included in the total cost of the shares. 22 Table of Contents The following table summarizes repurchases of our common stock on a monthly basis: Total Number of Shares Approximate Dollar Value Total Number Average Purchased as Part of of Shares that May Yet Be of Shares Price Paid Publicly Announced Purchased Under the Period Purchased 1 per Share Plans or Programs Plans or Programs April 1-30, 2024 — — — $ 379,071 May 1-31, 2024 — — — $ 379,071 June 1-30, 2024 12,235 $ 2.63 — $ 346,893 Total 12,235 $ 2.63 — — 1 Consists of shares of common stock purchased from employees to satisfy tax obligations in connection with the vesting of stock incentive awards.

The following table summarizes repurchases of our common stock on a monthly basis: Approximate Dollar Value Total Number Average of Shares that May Yet Be of Shares Price Paid Purchased Under the Period Purchased 1 per Share Plans or Programs April 1-30, 2025 — — $ 188,500 May 1-31, 2025 — — $ 188,500 June 1-30, 2025 9,734 $ 2.69 $ 162,316 Total 9,734 $ 2.69 — 1 Consists of shares of common stock purchased from employees to satisfy tax obligations in connection with the vesting of stock incentive awards.

During the years ended June 30, 2024 and 2023, we repurchased 198,383 and 51,841 shares of our common stock under the repurchase plan at an average price of approximately $2.79 and $2.01 per share, respectively, for an aggregate amount of $554,202 and $104,250, respectively.

During the three months ended June 30, 2024, we repurchased 12,235 shares of our common stock under the repurchase plan at an average price of approximately $2.63 per share for an aggregate amount of $32,178.

As of June 30, 2024, $346,893 remains under the current authorization to repurchase our outstanding common stock from our employees. Shares repurchased are retired and deducted from common stock for par value and from additional paid in capital for the excess over par value.

Shares repurchased are retired and deducted from common stock for par value and from additional paid in capital for the excess over par value. Direct costs incurred to acquire the shares are included in the total cost of the shares.

The actual number of shares repurchased will be determined by applicable employees in their discretion and will depend on their evaluation of market conditions and other factors. As of June 30, 2023, $151,095 remained under the current authorization to repurchase our outstanding common stock from our employees.

The actual number of shares repurchased will be determined by applicable employees in their discretion and will depend on their evaluation of market conditions and other factors. During the three months ended June 30, 2025, we repurchased 9,734 shares of our common stock from employees at an average price of approximately $2.69 per share for an aggregate amount of $26,184.

Added

Effective as of December 19, 2024, the Compensation Committee of our board of directors authorized an increase in the Repurchase Cap to an aggregate value not exceeding $1,500,000 and the Repurchase Price Cap to a price no greater than $5.50 per share.

Added

During the year ended June 30, 2025, we repurchased 310,330 shares of our common stock from employees at an average market price of approximately $3.01 per share for an aggregate amount of $934,577. As of June 30, 2025, $162,316 remained under the current authorization to repurchase our outstanding common stock from our employees.

Added

During the year ended June 30, 2024, we repurchased 198,383 shares of our common stock from employees at an average market price of 22 Table of Contents approximately $2.79 per share for an aggregate amount of $554,202. As of June 30, 2024, $346,893 remained under the current authorization to repurchase our outstanding common stock from our employees.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Revenue is recognized ratably over the term of the subscription agreement, which is typically one year for commercial customers and monthly for individual subscribers, provided all other revenue recognition criteria have been met. Billings or payments received in advance of revenue recognition are recorded as deferred revenue.

Revenue is recognized ratably over the term of the subscription agreement, which is typically one year for commercial customers and monthly or annual for individual subscribers, provided all other revenue recognition criteria have been met. Billings or payments received in advance of revenue recognition are recorded as deferred revenue.

However, Adjusted EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of liquidity.

However, Adjusted EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income (loss), income (loss) from operations or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of liquidity.

Overview 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, 2024: 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.

Overview 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.

Pursuant to the PNC Loan Agreement, we entered into a Revolving Line of Credit Note (the “PNC Note”) with PNC, which provides for a $500,000 secured revolving line of credit that matures on April 15, 2025 and bears interest annually at the daily SOFR rate plus 2.5%, with accrued interest due and payable monthly.

Pursuant to the PNC Loan Agreement, we entered into a Revolving Line of Credit Note (the “PNC Note”) with PNC, which provides for a $500,000 secured revolving line of credit that matures on April 15, 2026 and bears interest annually at the daily SOFR rate plus 2.5%, with accrued interest due and payable monthly.

Management’s Discussion and Analysis of Financial Condition and Results of Operations Cautionary Notice Regarding Forward-Looking Statements The following discussion and analysis of our financial condition and results of operations for the years ended June 30, 2024 and 2023 should be read in conjunction with our consolidated financial statements and related notes to those financial statements that are included elsewhere in this report.

Management’s Discussion and Analysis of Financial Condition and Results of Operations Cautionary Notice Regarding Forward-Looking Statements The following discussion and analysis of our financial condition and results of operations for the years ended June 30, 2025 and 2024 should be read in conjunction with our consolidated financial statements and related notes to those financial statements that are included elsewhere in this report.

The PNC Note contains customary events of default including, among other things, payment defaults, material misrepresentations, breaches of covenants, revocation of guarantee, certain bankruptcy and insolvency events. There were no outstanding borrowings under the line of credit as of June 30, 2024.

While a vast majority of the articles are available in electronic form, the Company also has workflows to deliver older paper-based articles through relationships we have built with libraries around the world. 25 Table of Contents Inflation Risk We do not believe that inflation has had a material effect on its operations to date, other than its impact on the general economy.

While a vast majority of the articles are available in electronic form, the Company also has workflows to deliver older paper-based articles through relationships we have built with libraries around the world. Inflation Risk We do not believe that inflation has had a material effect on its operations to date, other than its impact on the general economy.

Operating Activities Net cash provided by operating activities was $3,550,954 for the year ended June 30, 2024 and resulted primarily from an increase in fair value of vested restricted common stock of $1,994,362, an increase in deferred revenue of $921,879 and an increase in accounts payable and accrued expenses of $560,027, partially offset by an increase in accounts receivable of $344,020.

Net cash provided by operating activities was $3,550,954 for the year ended June 30, 2024 and resulted primarily from restricted common stock expense of $1,994,362, an increase in deferred revenue of $921,879 and an increase in accounts payable and accrued expenses of $560,027, partially offset by an increase in accounts receivable of $344,020.

In addition, we use Adjusted EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in evaluating potential acquisitions; and in making compensation decisions and in communications with our board of directors concerning our financial performance.

In addition, we use Adjusted EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in evaluating potential acquisitions; and in making compensation 33 Table of Contents decisions and in communications with our board of directors concerning our financial performance.

We leverage our Platform’s efficiencies in scalability, stability and development costs to fuel rapid innovation and competitive advantage.

We leverage our Platforms’ efficiencies in scalability, stability and development costs to fuel rapid innovation and competitive advantage.

Any excess of the repurchase price over the fair value of the instruments repurchased shall be recognized as additional compensation cost. Allowance for Credit Losses Our trade accounts receivable are recorded at amounts billed to customers and presented on the balance sheet net of the allowance for estimated credit losses.

Any excess of the repurchase price over the fair value of the instruments repurchased shall be recognized as additional compensation cost. Allowance for Credit Losses Our trade accounts receivable are recorded at amounts billed to customers and presented on the consolidated balance sheet net of the allowance for estimated credit losses, and typically due within 30 days.

Platforms Our cloud-based SaaS Platforms consist of proprietary software and Internet-based interfaces sold to customers through an annual or monthly subscription fee. Legacy functionality falls into three areas. Discovery Tools – Our Scite.ai and Resolute.ai solutions facilitate search (discovery) across virtually all STM articles available. These solutions include basic search solutions and advanced search tools.

These tools allow for searching and identifying relevant research and then purchasing that research through one of our other solutions.

These tools allow for searching and identifying relevant research and then purchasing that research through one of our other 24 Table of Contents solutions.

We derive our revenues from two sources: annual licenses that allow customers to access and utilize certain premium features of our 26 Table of Contents cloud-based SaaS research intelligence platforms and the transactional sale of STM content managed, sourced and delivered through the Platform.

We define Adjusted EBITDA as net income (loss), plus interest expense, other income (expense) including any change in fair value of contingent earnout liability, foreign currency transaction loss, provision for income taxes, depreciation and amortization, stock-based compensation, income from discontinued operations and gain on sale of discontinued operations.

We define Adjusted EBITDA as net income (loss), plus interest expense, other (income) expense including any change in fair value of contingent earnout liability, foreign currency transaction loss (gain), provision for income taxes, depreciation and amortization, and stock-based compensation, when applicable.

In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on our historical losses and an overall assessment of past due trade accounts receivable outstanding. We established an allowance for doubtful accounts of $68,579 and $85,051 as of June 30, 2024 and 2023, respectively.

In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on our historical losses, our forecast and an overall assessment of trade accounts receivable outstanding. We established an allowance for doubtful accounts of $182,324 and $68,579 as of June 30, 2025 and 2024, respectively.

Income and expenditures are translated at the average exchange rate of the period. Although the majority of our revenue and costs are in US dollars, the costs of Reprints Desk Latin America and ResSol LA are in Mexican Pesos. As a result, currency exchange fluctuations may impact our revenue and the costs of our operations.

Although the majority of our revenue and costs are in US dollars, the costs of Reprints Desk Latin America and ResSol LA are in Mexican Pesos. As a result, currency exchange fluctuations may impact our revenue and the costs of our operations.

Access – Our Article Galaxy® (“AG”) and Article Galaxy Scholar (Academic Library version) (“AGS”) solutions allow for research organizations to load their entitlements (subscriptions, discount or token packages, and their existing content library of articles) and AG/AGS manages those entitlements in the background enabling the researchers to focus on acquiring articles they need quickly and efficiently at the lowest possible cost.

The majority of these publishers provide us with electronic access to their content, which allows us to electronically deliver single articles to our customers often in a matter of minutes.

We have arrangements with hundreds of content publishers that allow us to distribute their content. The majority of these publishers provide us with electronic access to their content, which allows us to electronically deliver single articles to our customers often in a matter of seconds.

In addition, these tools increasingly enable users to find insights in other datasets adjacent to STM content, such as Clinical Trial, Patent, Life Science & MedTech Regulatory information, Competitor and Technology landscape insights, in addition to searching the customer’s internal datasets.

In addition, we add between 2 to 4 million newly published STM 25 Table of Contents articles each year. STM content is rented or sold to our customers on a per transaction basis. Researchers and knowledge workers in life science and other research-intensive organizations generally require single copies of published STM journal articles for use in their research activities.

Off-Balance Sheet Arrangements We do not have any off-balance sheet arrangements. Recently Issued Accounting Pronouncements For information about recently issued accounting standards, refer to Note 2 to our Consolidated Financial Statements appearing elsewhere in this report. Item 7A. Quantitative and Qualitative Disclosures About Market Risk Not required. 34 Table of Contents

Revenue is recognized ratably over the term of the subscription agreement, which is typically one year, provided all other revenue recognition criteria have been met. Billings or payments received in advance of revenue recognition are recorded as deferred revenue.

Liquidity and Capital Resources Year Ended June 30, 2024 2023 Consolidated Statements of Cash Flow Data: Net cash provided by operating activities $ 3,550,954 $ 3,383,847 Net cash used in investing activities (10,095,256) (344,659) Net cash used in financing activities (905,851) (97,259) Effect of exchange rate changes 4,851 229 Net increase (decrease) in cash and cash equivalents (7,445,302) 2,942,158 Cash and cash equivalents, beginning of period 13,545,333 10,603,175 Cash and cash equivalents, end of period $ 6,100,031 $ 13,545,333 Liquidity As of June 30, 2024, we had cash and cash equivalents of $6,100,031 compared to $13,543,333 as of June 30, 2023, a decrease of $7,445,302.

Liquidity and Capital Resources Year Ended June 30, 2025 2024 Consolidated Statements of Cash Flow Data: Net cash provided by operating activities $ 7,023,166 $ 3,550,954 Net cash used in investing activities (19,261) (10,095,256) Net cash used in financing activities (877,884) (905,851) Effect of exchange rate changes 1,260 4,851 Net increase (decrease) in cash and cash equivalents 6,127,281 (7,445,302) Cash and cash equivalents, beginning of period 6,100,031 13,545,333 Cash and cash equivalents, end of period $ 12,227,312 $ 6,100,031 Liquidity As of June 30, 2025, we had cash and cash equivalents of $12,227,312 compared to $6,100,031 as of June 30, 2024, an increase of $6,127,281.

Foreign Currency The accompanying consolidated financial statements are presented in United States dollars, the functional currency of our company. Capital accounts of foreign subsidiaries are translated into US dollars from foreign currencies at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date.

Capital accounts of foreign subsidiaries are translated into US dollars from foreign currencies at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period.

Under ASC 718, Repurchase or Cancellation of equity awards, the amount of cash or other assets transferred (or liabilities incurred) to repurchase an equity award shall be charged to equity, to the extent that the amount paid does not exceed the fair value of the equity instruments repurchased at the repurchase date.

We recognize stock-based compensation within the consolidated statements of operations and comprehensive income (loss) with classification depending on the nature of the services rendered. 27 Table of Contents Under ASC 718, repurchase or cancellation of equity awards, the amount of cash or other assets transferred (or liabilities incurred) to repurchase an equity award shall be charged to equity, to the extent that the amount paid does not exceed the fair value of the equity instruments repurchased at the repurchase date.

We estimate the fair value of stock option and warrant awards to employees and directors on the date of grant using an option-pricing model, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in our Statements of Operations.

We estimate the fair value of stock option and warrant awards to employees and directors on the date of grant using an option-pricing model.

Greater personnel costs include separation costs paid to a former officer as result of the resolution of the proxy matter. Provision for Income Taxes During the years ended June 30, 2024 and 2023 we recorded a provision for income taxes of $113,071 and $5,602, respectively, an increase of $107,469, which was largely due to an increase in income tax related to our ResSol LA subsidiary. 31 Table of Contents Net Income (Loss) Year Ended June 30, 2024 2023 $ Change % Change Net Income (Loss): Net income (loss): $ (3,786,597) $ 571,623 $ (4,358,220) (762.4) % Net income decreased $4,358,220 or 762.4%, for the year ended June 30, 2024 compared to the prior year, due to increased operating expenses, primarily in intangibles amortization and depreciation expenses associated with our acquisition accounting, and charges on our other income line related to increasing the estimated earn out liability associated with the acquisitions completed in fiscal year 2024.

Personnel and consulting costs also decreased, partially offset by greater recruiting expenses. Provision for Income Taxes During the years ended June 30, 2025 and 2024 we recorded a provision for income taxes of $82,811 and $113,071, respectively, a decrease of $30,260, which was largely due to a decrease in income tax related to our ResSol LA subsidiary. 31 Table of Contents Net Income (Loss) Year Ended June 30, 2025 2024 $ Change % Change Net Income (Loss): Net income (loss): $ 1,265,553 $ (3,786,597) $ 5,052,150 133.4 % Net income increased $5,052,150 or 133.4%, for the year ended June 30, 2025 compared to the prior year, primarily due to increased gross profit, partially offset by increase in sales and marketing expenses and a decrease in the net estimated earn out liability associated with the Scite acquisition completed in fiscal year 2024, due to change of estimated fair value.

Set forth below is a reconciliation of Adjusted EBITDA to net income (loss) for the year ended June 30, 2024 and 2023: Years Ended June 30, 2024 2023 $ Change % Change Net income (loss) $ (3,786,597) $ 571,623 $ (4,358,220) (762.4) % Add (deduct): Other (income) expense 2,903,983 (338,617) 3,242,600 957.6 % Foreign currency transaction loss (gain) 21,395 (121,953) 143,348 117.5 % Provision for income taxes 113,071 5,602 107,469 1,918.4 % Depreciation and amortization 836,271 52,649 783,622 1,488.4 % Stock-based compensation 2,155,461 1,849,906 305,555 16.5 % Adjusted EBITDA $ 2,243,584 $ 2,019,210 $ 224,374 11.1 % 33 Table of Contents We present Adjusted EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

Set forth below is a reconciliation of Adjusted EBITDA to net income (loss) for the year ended June 30, 2025 and 2024: Years Ended June 30, 2025 2024 $ Change % Change Net income (loss) $ 1,265,553 $ (3,786,597) $ 5,052,150 133.4 % Add (deduct): Other (income) expense 1,152,847 2,903,983 (1,751,136) (60.3) % Foreign currency transaction loss (gain) (202,527) 21,395 (223,922) (1,046.6) % Provision for income taxes 82,811 113,071 (30,260) (26.8) % Depreciation and amortization 1,245,362 836,271 409,091 48.9 % Stock-based compensation 1,723,561 2,155,461 (431,900) (20.0) % Adjusted EBITDA $ 5,267,607 $ 2,243,584 $ 3,024,023 134.8 % We present Adjusted EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

Net cash used in investing activities was $344,659 for the year ended June 30, 2023 and primarily from the payment for non-refundable deposit for asset acquisition of $297,450. 32 Table of Contents Financing Activities Net cash used in financing activities was $905,851 for the year ended June 30, 2024 and resulted from repurchase of common stock of $554,202 and the payment of contingent acquisition consideration of $351,649 pertaining to FIZ acquisition.

Net cash used in investing activities was $10,095,256 for the year ended June 30, 2024 and resulted primarily from the payment for the Scite acquisition of $7,305,493 and the payment for the ResoluteAI acquisition of $2,718,253. 32 Table of Contents Financing Activities Net cash used in financing activities was $877,884 for the year ended June 30, 2025 and resulted from the repurchase of common stock of $934,577 and the payment of contingent acquisition consideration of $124,107, partially offset by the proceeds from the exercise of stock options of $180,800. Net cash used in financing activities was $905,851 for the year ended June 30, 2024 and resulted from repurchase of common stock of $554,202 and the payment of contingent acquisition consideration of $351,649 pertaining to FIZ acquisition.

Transactions ↑ $ 1,647,176 Increased primarily due to organic higher paid order volume and additional paid order volume due to the FIZ asset acquisition. Cost of Revenue Years Ended June 30, 2024 2023 $ Change % Change Cost of Revenue: Platforms $ 2,067,203 $ 1,027,286 $ 1,039,917 101.2 % Transactions 22,916,530 21,975,275 941,255 4.3 % Total cost of revenue $ 24,983,733 $ 23,002,561 $ 1,981,172 8.6 % Years Ended June 30, 2024 2023 % Change * As a percentage of revenue: Platforms 14.8 % 11.8 % 3.0 % Transactions 74.7 % 75.7 % (1.0) % Total 56.0 % 61.0 % (5.0) % * The difference between current and prior period cost of revenue as a percentage of revenue Total cost of revenue as a percentage of revenue decreased 5.0%, from 61.0% for the previous year to 56.0%, for the year ended June 30, 2024. Impact as percentage Category of revenue Key Drivers Platforms ↑ 3.0 % Increased primarily due to proportionally greater hosting costs from ResoluteAI.

Transactions ↓ $ (565,096) Decreased primarily due to lower volume of paid orders. Cost of Revenue Years Ended June 30, 2025 2024 $ Change % Change Cost of Revenue: Platforms $ 2,371,540 $ 2,067,203 $ 304,337 14.7 % Transactions 22,490,490 22,916,530 (426,040) (1.9) % Total cost of revenue $ 24,862,030 $ 24,983,733 $ (121,703) (0.5) % Years Ended June 30, 2025 2024 % Change * As a percentage of revenue: Platforms 12.5 % 14.8 % (2.3) % Transactions 74.7 % 74.7 % (0.0) % Total 50.7 % 56.0 % (5.3) % * The difference between current and prior period cost of revenue as a percentage of revenue Total cost of revenue as a percentage of revenue decreased 5.3%, from 56.0% for the previous year to 50.7%, for the year ended June 30, 2025. Impact as percentage Category of revenue Key Drivers Platforms ↓ 2.3 % Decreased primarily due to proportionally lower personnel and hosting costs.

Transactions ↓ 1.0 % Decreased primarily due to higher copyright margins. 30 Table of Contents Gross Profit Years Ended June 30, 2024 2023 $ Change % Change Gross Profit: Platforms $ 11,889,314 $ 7,655,960 $ 4,233,354 55.3 % Transactions 7,750,852 7,044,931 705,921 10.0 % Total gross profit $ 19,640,166 $ 14,700,891 $ 4,939,275 33.6 % Years Ended June 30, 2024 2023 % Change* As a percentage of revenue: Platforms 85.2 % 88.2 % (3.0) % Transactions 25.3 % 24.3 % 1.0 % Total 44.0 % 39.0 % 5.0 % * The difference between current and prior period gross profit as a percentage of revenue Operating Expenses Years Ended June 30, 2024 2023 $ Change % Change Operating Expenses: Sales and marketing $ 3,442,503 $ 2,285,478 $ 1,157,025 50.6 % Technology and product development 5,442,382 3,742,192 1,700,190 45.4 % General and administrative 8,511,697 6,654,011 1,857,686 27.9 % Depreciation and amortization 836,271 52,649 783,622 1,488.4 % Stock-based compensation expense 2,155,461 1,849,906 305,555 16.5 % Foreign currency transaction loss (gain) 21,395 (121,953) 143,348 117.5 % Total operating expenses $ 20,409,709 $ 14,462,283 $ 5,947,426 41.1 % Category Impact Key Drivers Sales and marketing ↑ $ 1,157,025 Increased primarily due to greater personnel costs, including costs from the ResoluteAI and Scite transactions, and marketing discretionary spend partially offset by lower consulting expenses.

Transactions — — % No material change. 30 Table of Contents Gross Profit Years Ended June 30, 2025 2024 $ Change % Change Gross Profit: Platforms $ 16,584,155 $ 11,889,314 $ 4,694,841 39.5 % Transactions 7,611,796 7,750,852 (139,056) (1.8) % Total gross profit $ 24,195,951 $ 19,640,166 $ 4,555,785 23.2 % Years Ended June 30, 2025 2024 % Change* As a percentage of revenue: Platforms 87.5 % 85.2 % 2.3 % Transactions 25.3 % 25.3 % 0.0 % Total 49.3 % 44.0 % 5.3 % * The difference between current and prior period gross profit as a percentage of revenue Operating Expenses Years Ended June 30, 2025 2024 $ Change % Change Operating Expenses: Sales and marketing $ 5,360,356 $ 3,442,503 $ 1,917,853 55.7 % Technology and product development 5,631,344 5,442,382 188,962 3.5 % General and administrative 7,936,644 8,511,697 (575,053) (6.8) % Depreciation and amortization 1,245,362 836,271 409,091 48.9 % Stock-based compensation expense 1,723,561 2,155,461 (431,900) (20.0) % Foreign currency transaction loss (gain) (202,527) 21,395 (223,922) (1,046.6) % Total operating expenses $ 21,694,740 $ 20,409,709 $ 1,285,031 6.3 % Category Impact Key Drivers Sales and marketing ↑ $ 1,917,853 Increased primarily due to greater personnel costs, including a new CRO, consulting and training expenses and marketing discretionary advertising spend, most of which is related to the additional cost base associated with the Scite acquisition.

Net cash provided by operating activities was $3,383,847 for the year ended June 30, 2023 and resulted primarily from an increase in net income, the fair value of vested restricted common stock of $1,418,718, an increase in accounts payable and accrued expenses of $1,337,056 and an increase in deferred revenue of $886,198, partially offset by an increase in accounts receivable of $901,518.

Operating Activities Net cash provided by operating activities was $7,023,166 for the year ended June 30, 2025 and resulted primarily from an adjustment to contingent earnout liability of $1,748,526, an increase in deferred revenue of $1,678,272, restricted common stock expense of $1,518,104 and a decrease in prepaid royalties of $1,066,312, partially offset by a decrease in accounts payable and accrued expenses of $1,426,282 and an increase in accounts receivable of $341,434.

Investing Activities Net cash used in investing activities was $10,095,256 for the year ended June 30, 2024 and resulted primarily from the payment for the Scite acquisition of $7,305,493 and the payment for the ResoluteAI acquisition of $2,718,253.

Investing Activities Net cash used in investing activities was $19,261 for the year ended June 30, 2025 and resulted from the purchase of property and equipment.

There were no outstanding borrowings on the line of credit at maturity and all security interests and liens related to the Loan and Security Agreement have been released. On April 15, 2024, we entered into a Loan Agreement (the “PNC Loan Agreement”) with PNC Bank, National Association (“PNC”), as lender.

On April 15, 2024, we entered into a Loan Agreement (the “PNC Loan Agreement”) with PNC, as lender.

General and administrative ↑ $ 1,857,686 Increased due to greater personnel costs, primarily from the onboarding of Resolute AI and Scite and greater legal expenses, partially offset by lower recruiting expenses. Greater legal expenses include proxy-related and acquisition-related costs.

Technology and product development ↑ $ 188,962 Increased primarily due to greater software development personnel costs and increased technology subscription costs, most of which are related to the additional cost base associated with the Scite acquisition. General and administrative ↓ $ 575,053 Decreased primarily due to lower legal expenses.

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Manage – Our References solution allows users to access the article inside the Platform including setting up personal folders or team folders and allows researchers to markup and take notes on the articles in a supported browser on a desktop or tablet.

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We estimate the fair value of restricted stock awards to employees and directors using the market price of our common stock on the date of grant, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in our Statements of Operations.

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We currently do not engage in any currency hedging activities. 27 Table of Contents The following table summarizes the exchange rates used: Year Ended June 30, 2024 2023 Period end Euro : US Dollar exchange rate 1.07 1.09 Average period Euro : US Dollar exchange rate 1.08 1.05 Period end GBP : US Dollar exchange rate 1.26 1.27 Average period GBP : US Dollar exchange rate 1.26 1.20 Period end Mexican Peso : US Dollar exchange rate 0.05 0.06 Average period Mexican Peso : US Dollar exchange rate 0.06 0.05 Quarterly Information (Unaudited) The following table sets forth unaudited and quarterly financial data for the four quarters of fiscal years 2024 and 2023: June 30, Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, 2024 2024 2023 2023 2023 2023 2022 2022 Revenue: Platforms $ 4,277,338 $ 3,953,403 $ 3,125,584 $ 2,600,192 $ 2,303,375 $ 2,249,632 $ 2,110,272 $ 2,019,967 Transactions 7,856,176 8,162,269 7,188,158 7,460,779 7,656,342 8,092,794 6,606,394 6,664,676 Total revenue 12,133,514 12,115,672 10,313,742 10,060,971 9,959,717 10,342,426 8,716,666 8,684,643 Cost of revenue: Platforms 627,051 571,352 486,185 382,615 275,110 268,630 253,073 230,473 Transactions 5,863,596 6,062,388 5,343,755 5,646,791 5,764,064 6,046,523 5,059,766 5,104,922 Total cost of revenue 6,490,647 6,633,740 5,829,940 6,029,406 6,039,174 6,315,153 5,312,839 5,335,395 Gross profit: Platforms 3,650,287 3,382,051 2,639,399 2,217,577 2,028,265 1,981,002 1,857,199 1,789,494 Transactions 1,992,580 2,099,881 1,844,403 1,813,988 1,892,278 2,046,271 1,546,628 1,559,754 Total gross profit 5,642,867 5,481,932 4,483,802 4,031,565 3,920,543 4,027,273 3,403,827 3,349,248 Operating expenses: Sales and marketing 830,195 1,122,365 804,927 685,016 455,030 642,624 666,608 521,216 Technology and product dev. 1,489,491 1,371,754 1,336,558 1,244,579 991,093 953,677 922,132 875,290 General and administrative 1,917,908 2,027,073 2,023,848 2,542,868 1,649,333 1,871,590 1,613,664 1,519,424 Depreciation and amortization 311,004 309,898 155,749 59,620 22,163 18,332 6,342 5,812 Stock-based comp. expense 426,190 541,002 596,455 591,814 585,384 480,458 608,703 175,361 Foreign currency transaction loss (gain) 6,336 22,177 (13,738) 6,620 (37,743) (72,547) (84,179) 72,516 Total operating expenses 4,981,124 5,394,269 4,903,799 5,130,517 3,665,260 3,894,134 3,733,270 3,169,619 Other income (expenses and income taxes) (3,482,970) (11,362) 366,369 110,909 120,463 103,703 73,913 34,936 Net income (loss) $ (2,821,227) $ 76,301 $ (53,628) $ (988,043) $ 375,746 $ 236,842 $ (255,530) $ 214,565 Basic income (loss) per common share: Net income (loss) per share $ (0.09) $ - $ - $ (0.04) $ 0.01 $ 0.01 $ (0.01) $ 0.01 Basic weighted average common shares outstanding 30,314,522 30,020,652 28,092,945 27,052,445 26,981,813 26,929,314 26,816,550 26,718,171 Diluted income (loss) per common share: Net income (loss) per share $ (0.09) $ - $ - $ (0.04) $ 0.01 $ 0.01 $ (0.01) $ 0.01 Diluted weighted average common shares outstanding 30,314,522 33,511,242 28,092,945 27,052,445 30,058,791 29,791,719 26,815,550 27,779,841 28 Table of Contents Comparison of the Years Ended June 30, 2024 and 2023 Results of Operations Year Ended June 30, 2024 2023 $ Change % Change Revenue: Platforms $ 13,956,517 $ 8,683,246 $ 5,273,271 60.7 % Transactions 30,667,382 29,020,206 1,647,176 5.7 % Total revenue 44,623,899 37,703,452 6,920,447 18.4 % Cost of revenue: Platforms 2,067,203 1,027,286 1,039,917 101.2 % Transactions 22,916,530 21,975,275 941,255 4.3 % Total cost of revenue 24,983,733 23,002,561 1,981,172 8.6 % Gross profit: Platforms 11,889,314 7,655,960 4,233,354 55.3 % Transactions 7,750,852 7,044,931 705,921 10.0 % Total gross profit 19,640,166 14,700,891 4,939,275 33.6 % Operating expenses: Sales and marketing 3,442,503 2,285,478 1,157,025 50.6 % Technology and product development 5,442,382 3,742,192 1,700,190 45.4 % General and administrative 8,511,697 6,654,011 1,857,686 27.9 % Depreciation and amortization 836,271 52,649 783,622 1,488.4 % Stock-based compensation expense 2,155,461 1,849,906 305,555 16.5 % Foreign currency transaction loss (gain) 21,395 (121,953) 143,348 117.5 % Total operating expenses 20,409,709 14,462,283 5,947,426 41.1 % Income (loss) from operations (769,543) 238,608 (1,008,151) (422.5) % Other income 333,088 338,617 (5,529) (1.6) % Change in fair value of contingent earnout liability (3,237,071) — (3,237,071) — % Income (loss) from operations before provision for income taxes (3,673,526) 577,225 (4,250,751) (736.4) % Provision for income taxes (113,071) (5,602) (107,469) (1,918.4) % Net income (loss) $ (3,786,597) $ 571,623 $ (4,358,220) (762.4) % Revenue Years Ended June 30, 2024 2023 $ Change % Change Revenue: Platforms $ 13,956,517 $ 8,683,246 $ 5,273,271 60.7 % Transactions 30,667,382 29,020,206 1,647,176 5.7 % Total revenue $ 44,623,899 $ 37,703,452 $ 6,920,447 18.4 % 29 Table of Contents Total revenue increased $6,920,447, or 18.4%, for the year ended June 30, 2024 compared to the prior year, due to the following: Category Impact Key Drivers Platforms ↑ $ 5,273,271 Increased due to additional deployments to new and existing customers, expansion from existing customers and additional revenue from the ResoluteAI and Scite acquisitions.

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Technology and product development ↑ $ 1,700,190 Increased due to greater software development personnel costs, primarily from the onboarding personnel from ResoluteAI and Scite, but also due to organic growth in personnel cost.

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This decrease was primarily due to cash used in investing activities, primarily related to the acquisitions completed in fiscal year 2024.

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Net cash used in financing activities was $97,259 for the year ended June 30, 2023 and resulted from the repurchase of common stock of $104,250 and the payment of contingent acquisition consideration of $50,509 pertaining to FIZ acquisition, partially offset by the proceeds from the exercise of options of $57,500.

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We entered into a Loan and Security Agreement with Silicon Valley Bank (“SVB”) on July 23, 2010, which, as amended, provides for a revolving line of credit for the lesser of $2,500,000, or 80% of eligible accounts receivable. The line of credit matured on February 28, 2024 and was not renewed.

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AI models are integral to powering the unique insights our platforms provide as well as the user experience customers enjoy.

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We leverage our Platforms efficiencies in scalability, stability and development costs to fuel rapid innovation and to gain a competitive advantage.

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This service is generally known in the industry as single article delivery or document delivery.

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Depending on the type of restricted stock award, the fair value of our restricted stock is estimated based on the market price of our common stock on the date of grant or with the assistance of a valuation specialist, using the Monte Carlo simulations on a binomial model with a derived service period.

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We recognize compensation expense on the straight-line basis over the requisite service period for awards subject to time vesting conditions and the graded tranche basis for awards subject to market vesting conditions. Forfeitures are accounted for as they occur.

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We added provisions and reserve adjustments of approximately $163,000 and $99,000 in the years ended June 30, 2025 and 2024, respectively. We had write-offs of approximately $49,000 and $80,000 in the years ended June 30, 2025 and 2024, respectively. Foreign Currency The accompanying consolidated financial statements are presented in United States dollars, the functional currency of our company.

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We currently do not engage in any currency hedging activities. 28 Table of Contents Comparison of the Years Ended June 30, 2025 and 2024 Results of Operations Year Ended June 30, 2025 2024 $ Change % Change Revenue: Platforms $ 18,955,695 $ 13,956,517 $ 4,999,178 35.8 % Transactions 30,102,286 30,667,382 (565,096) (1.8) % Total revenue 49,057,981 44,623,899 4,434,082 9.9 % Cost of revenue: Platforms 2,371,540 2,067,203 304,337 14.7 % Transactions 22,490,490 22,916,530 (426,040) (1.9) % Total cost of revenue 24,862,030 24,983,733 (121,703) (0.5) % Gross profit: Platforms 16,584,155 11,889,314 4,694,841 39.5 % Transactions 7,611,796 7,750,852 (139,056) (1.8) % Total gross profit 24,195,951 19,640,166 4,555,785 23.2 % Operating expenses: Sales and marketing 5,360,356 3,442,503 1,917,853 55.7 % Technology and product development 5,631,344 5,442,382 188,962 3.5 % General and administrative 7,936,644 8,511,697 (575,053) (6.8) % Depreciation and amortization 1,245,362 836,271 409,091 48.9 % Stock-based compensation expense 1,723,561 2,155,461 (431,900) (20.0) % Foreign currency transaction loss (gain) (202,527) 21,395 (223,922) (1,046.6) % Total operating expenses 21,694,740 20,409,709 1,285,031 6.3 % Income (loss) from operations 2,501,211 (769,543) 3,270,754 425.0 % Other income 595,679 333,088 262,591 78.8 % Change in fair value of contingent earnout liability (1,748,526) (3,237,071) 1,488,545 46.0 % Income (loss) before provision for income taxes 1,348,364 (3,673,526) 5,021,890 136.7 % Provision for income taxes (82,811) (113,071) 30,260 26.8 % Net income (loss) $ 1,265,553 $ (3,786,597) $ 5,052,150 133.4 % Revenue Years Ended June 30, 2025 2024 $ Change % Change Revenue: Platforms $ 18,955,695 $ 13,956,517 $ 4,999,178 35.8 % Transactions 30,102,286 30,667,382 (565,096) (1.8) % Total revenue $ 49,057,981 $ 44,623,899 $ 4,434,082 9.9 % 29 Table of Contents Total revenue increased $4,434,082, or 9.9%, for the year ended June 30, 2025 compared to the prior year, due to the following: Category Impact Key Drivers Platforms ↑ $ 4,999,178 Increased due to additional deployments to new and existing customers, expansion from existing customers and additional revenue from a full year of the Scite acquisition.

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This increase was primarily due to cash provided by operating activities.

Research Solutions, Inc.RSSS決算レポート

What changed in Research Solutions, Inc.'s 10-K — 2024 vs 2025

Top changes in Research Solutions, Inc.'s 2025 10-K

Item 1. Business

Item 1A. Risk Factors

Item 1C. Cybersecurity

Item 4. Mine Safety Disclosures

Item 5. Market for Registrant's Common Equity

Item 7. Management's Discussion & Analysis

Other RSSS 10-K year-over-year comparisons