Research Solutions, Inc. (RSSS): Business Model Canvas [Dec-2025 Updated]

You're looking at a firm deep in a strategic pivot, shifting hard from selling individual articles to building a sticky, higher-margin software business powered by AI. Honestly, this Business Model Canvas lays out the math: for Fiscal Year 2025, the company booked $49.1 million in total revenue, but the real signal is the $19.0 million from platform subscriptions-that's up a strong 36% year-over-year, even as the older per-article revenue still accounts for $30.1 million. This structure shows exactly how they are using key publisher deals and AI tools like Scite to grow that recurring base, which hit $20.9 million in ARR by Q4. Dig in below to see the nine blocks defining this transition from transactional service to an AI-enabled SaaS play. That's the whole game now.

Research Solutions, Inc. (RSSS) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Research Solutions, Inc.'s (RSSS) content and technology access strategy as of late 2025. These relationships aren't just nice-to-haves; they directly feed the Platform revenue, which hit $19.0 million for the full fiscal year 2025, a 36% year-over-year increase.

The Key Partnerships block is where the content supply chain and the AI engine connect. Here's a breakdown of the critical relationships driving the business model:

Direct indexing agreements with dozens of major publishers.

Research Solutions, Inc. builds its Smart Citations technology on these foundational agreements. This publisher partnership model ensures comprehensive coverage that competitors can't match, providing access to millions of full-text articles through these indexing agreements alongside Open Access content.

• Partnerships enable contextual information on citations: supported, contradicted, or merely mentioned.
• The model is designed to provide the most complete and accurate citation analysis available in the market.

Strategic integration with Third Iron's LibKey for academic library access.

The integration of Article Galaxy Scholar (AGS) into LibKey's linking ecosystem, announced in June 2025, streamlines access for researchers. This is a direct play to enhance the value proposition for academic segments, which contribute to the $6.7 million in B2C Annual Recurring Revenue (ARR) as of the fourth quarter of fiscal 2025.

Here's how the AGS-LibKey partnership is quantified:

Partnership Component	Metric/Data Point (FY2025 Context)
AGS Content Coverage	Access options through over 34,000 journals
Delivery Mechanism	Auto-mediated document delivery with 98% instant delivery rate reported
Integration Structure	AGS is consulted after Open Access, publisher subscription, and aggregator subscription sources are exhausted in the LibKey 'waterfall'
Integration Availability	Piloted with select institutions as of June 2025, with more LibKey services receiving integration capabilities in Summer 2025

Content providers for the legacy Transaction revenue business.

This is the traditional transactional part of the business, which saw revenue of $30.1 million in fiscal year 2025. While the focus is shifting to high-margin Platform revenue, these content relationships remain vital for fulfilling paid orders.

The financial exposure and reliance on these suppliers are clear:

• Transaction revenue for FY2025 was $30.1 million.
• Content cost for the year ended June 30, 2025, was approximately 45% of transaction revenue.
• No single supplier accounted for greater than 10% of total revenue for the year ended June 30, 2025.
• The arrangements with content providers are non-exclusive.

Technology partners for Generative AI tools (e.g., Microsoft Copilot).

Research Solutions, Inc. emphasizes customer choice in the underlying AI models powering its platform, which is a key differentiator for its Scite offering. Usage of the AI-powered platform grew 250 percent year-over-year.

The AI ecosystem partnerships include:

Technology Partner Aspect	Associated Data/Metric (FY2025)
Underlying AI Models Supported	GPT-4o-Mini by OpenAI and Haiku by Anthropic
Customer Embedding	Customers are embedding Scite directly into their own systems, dashboards, and even generative AI assistance
Cost Efficiency	AI-related technology costs decreased by more than 50 percent

The weighted Rule of 40 metric, combining ARR growth and profitability, rose to 34% for FY2025, supported by this technology transition.

Finance: draft 13-week cash view by Friday.

Research Solutions, Inc. (RSSS) - Canvas Business Model: Key Activities

Developing and integrating AI-powered research workflow tools (Scite)

Usage of the AI-powered research platform, Scite, grew by 250 percent year-over-year as of January 28, 2025. The underlying Smart Citations technology has processed more than 1.4 billion citation statements. The company recorded a charge of approximately $2.4 million in Q2 Fiscal 2025 related to increasing the projected contingent earnout liability for Scite. The final Scite earnout was finalized at $15.4 million, structured as 62% in cash and 38% in stock, paid over eight quarters through May 2027. For Fiscal Year 2025, Research Solutions, Inc. had a full fiscal year of Scite revenue versus seven months in Fiscal 2024. In the first quarter of Fiscal 2026, Scite's B2C subscribers contributed $6.5 million to the Annual Recurring Revenue (ARR) of $21.3 million.

Maintaining and expanding publisher content access agreements

The platform maintains deep relationships with publishers, which allows customers to search the full text of paid research content from publishers in addition to open access content.

Sales and marketing for B2B platform deployments

The company recorded its best organic performance ever in Q2 Fiscal 2025 with 61 net new B2B platform deployments in that quarter alone. For the full Fiscal Year 2025, there were 150 net new B2B platform deployments. The B2B segment showed strong growth:

• B2B ARR was $12.7 million at the end of Q2 Fiscal 2025.
• B2B ARR reached $13.5 million at the end of Q3 Fiscal 2025.
• B2B ARR was $14.2 million at the end of Q4 Fiscal 2025.
• B2B ARR stood at $14.8 million in Q1 Fiscal 2026.
• Net B2B ARR growth in Q3 Fiscal 2025 was a company record of $736,000.
• B2B incremental ARR in Q1 Fiscal 2026 was $561,000.

Operating expenses in Sales and Marketing increased in Q2 Fiscal 2025, partly due to having a full quarter of Scite expenses compared to one month in the prior-year quarter.

Processing and delivering individual scientific articles (Transaction)

Transaction revenue figures for recent periods are as follows:

Period Ended	Transaction Revenue Amount	Transaction Customer Count
December 31, 2024 (Q2 FY2025)	$7.3 million	1,384
March 31, 2025 (Q3 FY2025)	$7.8 million	1,380
June 30, 2025 (Q4 FY2025)	$7.3 million	1,338
September 30, 2025 (Q1 FY2026)	$7.2 million	Not Stated

For the full Fiscal Year 2025, Transaction revenue was $30.1 million. The transaction customer count for Q2 Fiscal 2025 was 1,384, compared to 1,398 in the prior-year quarter.

Research Solutions, Inc. (RSSS) - Canvas Business Model: Key Resources

You're looking at the core assets Research Solutions, Inc. (RSSS) relies on to run its business as of late 2025. These aren't just things they own; they are the engines driving the platform revenue shift.

The foundation is the combination of proprietary platforms. You have Article Galaxy, which is the core research workflow platform, now significantly enhanced by the integration of technology from the Scite acquisition. This includes AI-powered search capabilities that let researchers search across citation statements from full-text articles, moving beyond just titles and abstracts.

The intellectual property related to Smart Citations and AI Rights is a newer, critical resource. Research Solutions, Inc. launched the AI Rights add-on for Article Galaxy in September 2025. This directly addresses a compliance gap affecting an estimated 76% of researchers who use AI tools but lack clear copyright permissions for analyzing paywalled scientific content. This add-on integrates rights verification and acquisition for use with enterprise AI platforms like Microsoft Copilot, ChatGPT, and Claude.

The financial underpinning of this platform strategy is the recurring revenue base. As of the fourth quarter of fiscal year 2025, the Annual Recurring Revenue (ARR) stood at $20.9 million, marking a 20% year-over-year increase. This is a key metric showing the stickiness of the subscription model.

ARR Component	Amount as of Q4 FY2025
Total Annual Recurring Revenue (ARR)	$20.9 million
B2B Recurring Revenue Portion	Approximately $14.2 million
B2C Recurring Revenue Portion	Approximately $6.7 million

Also vital is the extensive, publisher-independent network of content access rights. Research Solutions, Inc. operates as one of the only marketplaces for scientific, technical, and medical (STM) content that is not tied to a single publisher. This independence allows the platform to combine AI-powered tools with seamless access to both open access and paywalled research.

The platform revenue growth reflects the success of these resources. Platform subscription revenue for the full fiscal year 2025 reached $19.0 million, a 36% year-over-year increase. The platform's weighted Rule of 40 metric rose to 34% for FY2025.

• Platform revenue for Q4 FY2025 was $5.2 million, up 21% year-over-year.
• Fiscal Year 2025 total revenue was $49.1 million, a 10% increase.
• Total gross margin for FY2025 improved to 49.3%.

Finance: draft 13-week cash view by Friday.

Research Solutions, Inc. (RSSS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Research Solutions, Inc. (RSSS) is capturing more of the research workflow spend, particularly as organizations grapple with content sprawl and the rise of generative AI. The value propositions center on efficiency, compliance, and verifiable intelligence.

Streamlined, one-stop access to scientific, technical, and medical (STM) content.

This is about moving away from fragmented access to a unified platform. The success of this proposition is visible in the financial shift: Platform revenue, which represents this subscription access, grew 36% year-over-year for Fiscal Year 2025, reaching $19.0 million. This platform revenue now makes up nearly 40% of total revenue, up from 31% in Fiscal 2024. The Annual Recurring Revenue (ARR) reflects this stickiness, closing Fiscal Year 2025 at $20.9 million, a 20% increase year-over-year for the quarter ending June 30, 2025. The platform gross margin is exceptionally high at 87.4% as of Q3 2025, showing the efficiency of delivering this access.

AI-powered validation of research via Smart Citations (Scite).

This is where Research Solutions, Inc. (RSSS) differentiates itself from general AI tools. The Smart Citations technology, which shows whether research findings are supported, contradicted, or merely mentioned, is gaining industry recognition, winning the 2025 Gold Award for Excellence in Publishing. The scale of this intelligence is massive: as of October 2025, the underlying technology had processed more than 1.4 billion citation statements. Furthermore, the market is responding to the AI component; revenue from AI-based B2B offerings grew over 180% in the year leading up to Q3 2025. The AI-based Scite product itself showed a growth rate of over 40% for the full Fiscal Year 2025.

Copyright-compliant use of journal content with Generative AI tools.

Navigating copyright for AI training and use is a major headache for institutions. Research Solutions, Inc. (RSSS) addresses this by building its AI tools on top of deep rights agreements with publishers. This allows customers to search the full text of paywalled content alongside open access material, a critical feature for compliance. The company is actively monetizing this by launching 'AI rights offerings' and an 'AI gateway product,' which are designed to monetize the AI usage of content legally. This focus on a compliant, rights-enabled AI layer is a core differentiator.

Cost reduction by avoiding duplicate article purchases for organizations.

The value proposition here is about maximizing the return on existing content spend. The sales strategy is explicitly designed to demonstrate these 'cost savings' to potential customers, which is helping drive the platform adoption. While direct customer cost savings figures aren't public, the internal efficiency gains are clear, which supports competitive pricing and value delivery. For instance, as of January 2025, the company reported that its own AI-related technology costs had decreased by more than 50%, demonstrating operational leverage that can be passed on or reinvested to enhance the customer value proposition. The overall blended gross margin improved by 530 basis points to 49.3% for Fiscal Year 2025, largely due to the shift to the higher-margin platform, which is inherently more efficient than transactional fulfillment.

Here's a quick look at the financial momentum supporting these value drivers:

Metric	Value (Latest Reported)	Period End Date
Platform Revenue (FY 2025)	$19.0 million	June 30, 2025
Platform Revenue YoY Growth (FY 2025)	36%	June 30, 2025
Annual Recurring Revenue (ARR)	$20.9 million	June 30, 2025
AI-based B2B Revenue Growth YoY	Over 180%	Q3 2025
Platform Gross Margin	87.4%	Q3 2025
Total Processed Citation Statements (Scite)	Over 1.4 billion	October 2025

The company's success in shifting its revenue mix is a direct measure of how well these value propositions are resonating. You see this in the platform revenue share climbing to nearly 40% of the total.

• Platform Revenue Share of Total Revenue: ~40% (FY 2025) vs. 31% (FY 2024).
• Record Net B2B ARR Growth: $736,000 in Q3 2025.
• Internal AI Tech Cost Reduction: Over 50% decrease reported.
• Industry Validation: 2025 Gold Award for Smart Citations.

Finance: draft 13-week cash view by Friday.

Research Solutions, Inc. (RSSS) - Canvas Business Model: Customer Relationships

You're looking at how Research Solutions, Inc. (RSSS) manages the people who pay for their platform, which is key since their strategy is heavily weighted toward recurring revenue now. Honestly, the numbers show this shift is working, with platform revenue becoming a much bigger piece of the pie.

The company explicitly stated management is focusing resources on large, strategic customers, which points directly to a dedicated account management approach for that tier. This contrasts with the strategy for smaller users. For fiscal year 2025, platform subscription revenue hit $19.0 million, a 36% year-over-year increase. This recurring revenue now represents nearly 40% of total revenue, up from 31% in fiscal 2024.

High customer retention is definitely supporting this growth, even though the company acknowledged challenges like customer churn in its Q1 earnings call for fiscal 2026. The overall Annual Recurring Revenue (ARR) finished fiscal year 2025 at a record $20.9 million, growing 20% year-over-year. The latest reported total ARR, as of the Q1 fiscal 2026 call, was $21.3 million, marking a 21% increase year-over-year.

The B2B segment is a major driver of this stickiness, evidenced by 150 net new B2B platform deployments during fiscal year 2025. The B2B portion of ARR was approximately $14.2 million at the end of fiscal year 2025.

Here's a quick look at how the recurring revenue streams break down as of the end of fiscal year 2025:

Segment	FY 2025 Annual Recurring Revenue (ARR)	FY 2025 Platform Revenue	FY 2025 Platform Revenue Growth (YoY)
B2B Platform	Approximately $14.2 million	Data not explicitly separated	Growth supported by 150 net new B2B platform deployments
B2C Platform	Approximately $6.7 million	Data not explicitly separated	Growth in B2C subscribers
Total Platform	$20.9 million	$19.0 million	36%

The structure clearly supports long-term, subscription-based relationships, which is the core of the SaaS model. The platform revenue growth of 36% for the full year 2025, compared to transaction revenue declining by 1.8% for the same period, underscores this strategic focus. The gross margin improvement to 49.3% for FY2025, up 530 basis points, is a direct result of this mix shift to higher-margin subscriptions.

For the smaller accounts and B2C users, the strategy leans toward efficiency, which means automated support and self-service. This is implied by the management's stated focus on dedicating resources elsewhere and the fact that the B2C ARR was approximately $6.7 million in FY2025, a smaller segment than B2B ARR.

You can see the customer base is stratified by the type of revenue they generate:

• Dedicated support for large, strategic B2B customers.
• Automated/self-service for smaller accounts and B2C users.
• B2B ARR growth driven by 150 net new deployments in FY2025.
• Platform subscription revenue grew 18% to $5.1 million in Q1 FY2026.
• Total active customer count decreased to 1,326 in Q1 FY2026 from 1,390 a year prior, highlighting churn risk.

Finance: review the Q1 FY2026 customer acquisition cost relative to the 21% ARR growth by next Tuesday.

Research Solutions, Inc. (RSSS) - Canvas Business Model: Channels

You're looking at how Research Solutions, Inc. (RSSS) gets its platform and transaction services into the hands of researchers and institutions as of late 2025. The channel strategy clearly leans heavily into recurring software revenue streams, which is why platform revenue growth is so important.

Direct B2B Sales Team for Enterprise Platform Deployments

The direct sales force targets enterprise clients for platform rollouts. This channel is responsible for driving the core B2B recurring revenue component of the Annual Recurring Revenue (ARR).

For the full fiscal year 2025, the company reported achieving 150 net new B2B platform deployments. This effort contributed to the record full-year platform subscription revenue of $19.0 million. The sales team is clearly focused on landing these larger, sticky contracts, as evidenced by the Q2 fiscal 2025 performance, which saw a record 61 net new B2B platform deployments in that quarter alone.

The success in this channel is reflected in the B2B portion of the recurring revenue base. At the end of Q4 fiscal 2025, the B2B recurring revenue component of the total $20.9 million ARR stood at approximately $14.2 million. By the end of Q1 fiscal 2026, that B2B ARR grew to roughly $14.8 million.

Online Platform (Article Galaxy) for B2C and Self-Service B2B Subscriptions

The Article Galaxy platform serves as the primary digital storefront for both individual B2C subscribers and self-service B2B adoption. This is where the company captures a broader, potentially faster-moving segment of the market.

The B2C recurring revenue stream is a significant part of the overall subscription picture. For fiscal year 2025, the B2C recurring revenue component of the $20.9 million total ARR was $6.7 million. In Q3 fiscal 2025, the B2C recurring revenue was reported at $6.9 million within a total ARR of $20.4 million. You saw strong momentum in Q2 fiscal 2025, with a nearly $1 million sequential increase in B2C recurring revenue.

It's important to note that penetration of newer AI tools, like Scite, into the existing Article Galaxy customer base is still relatively low; penetration is reported in the low to mid-single-digit range on that customer base.

Strategic Integration with Third-Party Library Technology (e.g., LibKey)

Research Solutions, Inc. (RSSS) uses strategic partnerships to extend reach into established library ecosystems. The integration with third-party technology is a key way to get in front of more academic users without solely relying on direct sales cycles.

Regarding the partnership with LibKey, management described it specifically as an opportunity to expand the academic business. While specific revenue attribution for this channel isn't broken out in the latest reports, its strategic value is tied to expanding the overall academic footprint.

Direct API/Integration Access for Enterprise AI Platforms

The move toward a more modern, flexible delivery model includes offering direct integration points for enterprise partners, particularly those building large language models (LLMs) or other AI research tools. This is a future-facing channel.

Management has explicitly discussed a pivot toward a headless, API-first platform strategy designed to integrate with LLMs. The success of the AI component is already visible in the revenue mix. The AI-based Scite product, for instance, showed growth of over 40% for fiscal year 2025. Furthermore, the CEO noted that the company's AI-based products are organically growing at almost 4x the pace of its legacy products.

Here's a quick look at how the platform revenue, which these channels drive, compares to the total business as of late 2025:

Metric	FY 2025 (Full Year)	Q4 FY 2025	Q1 FY 2026
Total Revenue	$49.1 million	$12.4 million	$12.3 million
Platform Revenue	$19.0 million	$5.2 million	$5.1 million
Platform Revenue as % of Total Revenue	Nearly 40%	42%	42%
Total ARR	$20.9 million	$20.9 million	$21.3 million

The ongoing revenue mix shift to the higher-margin Platforms business is defintely driving margin expansion, with the blended gross margin reaching 50% on a trailing 12-month basis as of Q1 fiscal 2026.

• Platform gross margin was 88.1% in Q1 fiscal 2026.
• Platform gross margin was 88.5% in Q4 fiscal 2025.
• Transaction business gross margin was 24.1% in Q4 fiscal 2025.

Finance: draft 13-week cash view by Friday.

Research Solutions, Inc. (RSSS) - Canvas Business Model: Customer Segments

You're looking at the core user base for Research Solutions, Inc. (RSSS) as of late 2025, focusing purely on the hard numbers that define where their revenue and platform usage come from. This isn't about potential; it's about what they reported for the fiscal year ending June 30, 2025.

The customer base is clearly segmented into two primary recurring revenue buckets: B2B and B2C. The B2B segment is the powerhouse, encompassing the high-value pharmaceutical, biotech, and corporate R&D organizations, alongside academic institutions.

For the full Fiscal Year 2025, the Annual Recurring Revenue (ARR) stood at $20.9 million. Here is the breakdown of that recurring revenue stream:

Customer Segment Group	FY 2025 Annual Recurring Revenue (ARR) Amount	FY 2025 Platform Revenue Amount
B2B (Pharma, Biotech, Corporate R&D, Academic)	$14.2 million	Implied portion of $19.0 million Platform Revenue
B2C (Individual researchers and scientists)	$6.7 million	Implied portion of $19.0 million Platform Revenue

The strategic shift toward the B2B segment is evident in the growth metrics. For the full Fiscal Year 2025, Research Solutions, Inc. recorded 150 net new B2B platform deployments. Furthermore, the third quarter of Fiscal Year 2025 saw a record net B2B ARR growth of $736,000 in that single quarter alone.

The penetration within the top tier of the life sciences industry is a key indicator of segment validation. As of the latest reporting, over 70 percent of the top pharmaceutical companies use the Article Galaxy platform.

For the academic side, which falls under the B2B umbrella, the focus remains on streamlining access for institutions. The platform, often referenced as Article Galaxy Scholar (AGS) in this context, was part of a strategic integration partnership with Third Iron's LibKey, which was set for wide availability in Summer 2025, aiming to enhance scholarly content access for libraries.

The B2C segment, representing individual researchers and scientists, contributed $6.7 million to the total FY 2025 ARR. This segment's transaction revenue for the full fiscal year was $30.1 million, down from $30.7 million in fiscal 2024, which the company attributed to lower paid order volume in the second half of fiscal 2025.

• FY 2025 Total Revenue: $49.1 million.
• FY 2025 Platform Revenue: $19.0 million, representing 38.7% of total revenue (Platform revenue was 36% of total revenue in Q1 FY2025).
• FY 2025 Total Gross Margin: 49.3%.
• Transaction Customer Count (Q1 FY2025): 1,390 customers.

Research Solutions, Inc. (RSSS) - Canvas Business Model: Cost Structure

You're looking at the core expenditures driving Research Solutions, Inc. (RSSS) operations as they transition further into a SaaS model. The overall spending picture for the full Fiscal Year 2025 shows total operating expenses clocked in at $21.7 million. This was an increase from the $20.4 million reported in fiscal 2024. That increase wasn't spread evenly, so we need to look closer at where the dollars went.

The Transaction revenue business, which relies on content access, has a direct cost tied to that access-the cost of content acquisition. While the exact dollar amount for content acquisition isn't itemized separately from the main operating expenses, the Transaction revenue itself was $30.1 million for FY2025, down from $30.7 million in the prior year. This revenue stream is the primary driver for those content-related variable costs.

Investment in growth is clear in the Sales and Marketing line item. You saw a significant push here to drive platform adoption. To be fair, the increase in total operating expenses was primarily related to higher sales and marketing expenses. One report noted that sales and marketing expenses increased by 55.7% year-over-year for FY2025, which is a major allocation of capital.

Technology development and R&D costs are also critical as Research Solutions, Inc. (RSSS) pushes its AI/SaaS platform. We saw additional costs in Technology and Product Development in Q2 2025 compared to Q2 2024, partly due to integrating Scite. Still, the company noted operational efficiency in scaling its AI capabilities, reporting that AI-related technology costs had decreased by more than 50 percent as of January 2025.

Here's a quick math summary of the key cost structure components we can confirm for FY2025:

Cost Component	FY2025 Amount (USD)	Comparison/Context
Total Operating Expenses	$21.7 million	Up from $20.4 million in FY2024
Transaction Revenue (Context for Content Cost)	$30.1 million	Down from $30.7 million in FY2024
Sales & Marketing Expense Change	Increase of 55.7%	Primary driver of OpEx increase
Platform Revenue (SaaS Focus)	$19.0 million	Up 36% year-over-year

The cost structure reflects a business actively investing in its future platform growth while managing the legacy transaction costs. You should focus on the following key cost drivers:

• $21.7 million in total operating expenses for the year.
• Significant investment in Sales and Marketing, up 55.7%.
• Technology and R&D costs supporting the AI/SaaS platform buildout.
• Variable costs associated with $30.1 million in Transaction revenue.

Finance: draft 13-week cash view by Friday.

Research Solutions, Inc. (RSSS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Research Solutions, Inc. (RSSS) brought in money in their last full fiscal year. Honestly, the story here is the shift toward more predictable, high-margin software revenue, even as the older transaction business saw a slight dip. The total revenue for Fiscal Year 2025 landed at approximately $49.1 million.

To get a clearer picture of that $49.1 million, let's break down the two main buckets that made up the top line for the full fiscal year 2025. This mix shift is key to their margin story.

Revenue Stream Component	Fiscal Year 2025 Amount	Year-over-Year Change Context
Total Revenue	$49.1 million	10% increase from Fiscal 2024.
Platform Subscription Revenue (SaaS)	$19.0 million	Up 36% YoY.
Transaction Revenue (Document Delivery)	$30.1 million	Compared to $30.7 million in Fiscal 2024 (a decrease).

Platform Subscription Revenue, that's the recurring SaaS money, really drove the growth engine. For the full year, this stream hit $19.0 million. That's a solid 36% year-over-year increase. This growth came from organic expansion in both the B2C and B2B platforms, helped by having a full year of Scite revenue compared to only seven months in the prior fiscal year. The platform revenue mix accounted for over 40% of total revenue in the final quarter, which is a major milestone.

On the other side, Transaction Revenue, which is the per-article document delivery, was $30.1 million for Fiscal Year 2025. This was actually a slight step back from the $30.7 million seen in Fiscal 2024. The reason management points to is lower paid order volume, particularly in the second half of the fiscal year.

The recurring side of the business is best measured by Annual Recurring Revenue (ARR) at the end of Q4 FY2025, which totaled $20.9 million, up 20% year-over-year. You should definitely keep an eye on how the B2B segment is performing within that total ARR figure. Here's the quick math on the Q4 ARR components:

• B2B recurring revenue was approximately $14.2 million.
• B2C recurring revenue was approximately $6.7 million.

Also, Research Solutions, Inc. is actively layering in new monetization avenues tied to their AI focus. They launched new revenue from AI Rights add-on licensing, which is designed to let users acquire copyright-safe rights for AI usage with a single click. That's a clear action to capture value from the generative AI trend in research workflows.