Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.4M | $25.7M | $28.0M | $28.8M | $31.1M | $31.8M | $32.9M | $37.7M | $44.6M | $49.1M |
| Revenue growth | — | -25.1% | 8.8% | 2.8% | 7.9% | 2.2% | 3.7% | 14.5% | 18.4% | 9.9% |
| Gross profit | $5.63M | $6.10M | $7.35M | $8.34M | $9.64M | $10.3M | $12.0M | $14.7M | $19.6M | $24.2M |
| Gross margin | 16.4% | 23.7% | 26.2% | 29.0% | 31.0% | 32.4% | 36.5% | 39.0% | 44.0% | 49.3% |
| Operating income | -$1.29M | -$3.08M | -$1.95M | -$1.25M | -$852K | -$283K | -$1.63M | $239K | -$770K | $2.50M |
| Operating margin | -3.7% | -12.0% | -7.0% | -4.4% | -2.7% | -0.9% | -5.0% | 0.6% | -1.7% | 5.1% |
| Net income | -$498K | -$2.29M | -$1.68M | -$960K | -$662K | -$285K | -$1.63M | $572K | -$3.79M | $1.27M |
| Net margin | -1.4% | -8.9% | -6.0% | -3.3% | -2.1% | -0.9% | -5.0% | 1.5% | -8.5% | 2.6% |
| EPS (diluted) | -$0.03 | -$0.10 | -$0.07 | -$0.04 | -$0.03 | -$0.01 | -$0.06 | $0.02 | -$0.13 | $0.04 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $185K | -$437K | -$605K | $576K | $2.42M | $1.87M | -$417K | $3.38M | $3.55M | $7.02M |
| Capital expenditures | $58.4K | $59.6K | $29.3K | $15.8K | $0.00 | $19.9K | $44.3K | $47.2K | $71.5K | $19.3K |
| Free cash flow | $127K | -$496K | -$635K | $561K | $2.42M | $1.85M | -$461K | $3.34M | $3.48M | $7.00M |
| Share buybacks | $37.7K | $199K | $153K | $200K | $322K | $178K | $93.9K | $104K | $554K | $935K |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $6.08M | $5.77M | $4.91M | $5.35M | $9.31M | $11.0M | $10.6M | $13.5M | $6.10M | $12.2M |
| Total assets | $12.4M | $12.6M | $9.96M | $10.4M | $14.8M | $16.9M | $17.0M | $21.8M | $41.9M | $46.1M |
| Total liabilities | $6.33M | $8.22M | $6.68M | $7.38M | $9.95M | — | — | $14.5M | $30.2M | $32.2M |
| Shareholders' equity | $6.04M | $4.34M | $3.28M | $3.03M | $4.86M | $5.43M | $4.88M | $7.33M | $11.7M | $13.9M |
| Retained earnings | -$15.6M | -$17.9M | -$19.6M | -$20.5M | -$21.2M | -$21.5M | -$23.1M | -$22.5M | -$26.3M | -$25.0M |
| Shares (wtd avg diluted) | 17.8M | 23.2M | 24.0M | 24.4M | 26.0M | 26.5M | 26.4M | 29.1M | 28.9M | 31.5M |
Every figure is extracted from Research Solutions, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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