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Founded Year

2018

Stage

Acquired | Acquired

Total Raised

$1.93M

About Scite

Scite focuses on the application of artificial intelligence in the research sector. The company offers a platform that uses deep learning to evaluate scientific articles, providing users with the context of citations and classifying whether it provides supporting or contrasting evidence for the cited claim. Scite primarily serves the academic and corporate research sectors. It was founded in 2018 and is based in Brooklyn, New York. In November 2023, Scite was acquired by Research Solutions

Headquarters Location

334 Leonard Street

Brooklyn, New York, 11211,

United States

510-912-7245

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Latest Scite News

Research Solutions Reports Fiscal Second Quarter 2024 Results

Feb 8, 2024

Research Solutions Reports Fiscal Second Quarter 2024 Results February 08, 2024 at 04:06 pm EST Share Reports 18.3% Revenue Increase and ARR of $15.6 Million HENDERSON, Nev., Feb. 8, 2024 /PRNewswire/ --Research Solutions, Inc. (NASDAQ: RSSS), a trusted partner providing cloud-based workflow solutions to accelerate research for R&D-driven organizations, reported financial results for its fiscal second quarter ended December 31, 2023. Fiscal Second Quarter 2024 Summary Total revenue of $10.3 million, an 18.3% increase from the prior-year quarter Platform revenue up 48% to $3.1 million. Annual Recurring Revenue ("ARR") up 77% to $15.6 million, which includes approximately $4.0 million of B2C recurring revenue and $0.4M of B2B recurring revenue from the Scite, Inc. ("Scite") acquisition. B2C ARR is broken out on a separate line in the Company's Financial and Operational Summary Tables and for the purposes of calculating B2C ARR, the value of any monthly recurring subscriptions has been multiplied by twelve (see the Financial and Operational Summary Tables and associated notes below). Gross profit up 31.7% from the prior-year quarter. Total gross margin improved 450 basis points to 43.5%. Net loss of $54,000 or ($0.00) on a per share basis, compared to a net loss of ($256,000) or ($0.01) per share in the prior-year quarter. The quarter's loss includes $307,000 in expenses related to M&A activities, most of which were legal expenses. Adjusted EBITDA of $318,000 compared to $201,000 in the prior-year quarter. The Adjusted EBITDA result is inclusive of the expenses related to M&A activities noted above. Without these costs, Adjusted EBITDA would have been approximately $625,000. The company closed its acquisition of Scite on December 1, 2023. The quarter's numbers include approximately one month of activity from Scite. "Our second quarter results reflect the continued execution of our plan and with the acquisition of Scite our ARR is now approximately $15.6 million. We also experienced continued organic growth across our platform and transaction offerings, with net incremental ARR on the Article Galaxy platform being our best result in the last four quarters," said Roy W. Olivier, President and CEO of Research Solutions. "In addition, we have greatly enhanced the offerings available within our Article Galaxy platform over the past six months with the addition of ResoluteAI and Scite. When combined with our existing products, these acquisitions add multiple new workflow and advanced search and discovery solutions that can be sold to new or existing customers. These new solutions materially increase our Total Addressable Market ("TAM") and as we further integrate the products together, we will be able to deliver unique value to our customers. Overall, we remain a critical piece of the research process and believe we are well-positioned to expand our user base as macroeconomic conditions improve." Fiscal Second Quarter 2024 Results Total revenue was $10.3 million, an 18% increase from $8.7 million in the year-ago quarter as both platform and transaction revenue increased from the prior-year period. Platform subscription revenue increased 48% to $3.1 million compared to $2.1 million in the year-ago quarter. The increase was primarily due to the acquisitions of ResoluteAI and Scite, as well as organic growth in the core Article Galaxy platform. The quarter ended with annual recurring revenue of $15.569 million, up 77% year-over-year, including approximately $4.355 million of ARR from Scite (see the company's definition of annual recurring revenue below). Transaction revenue was $7.2 million, compared to $6.6 million in the second quarter of fiscal 2023. The increase was primarily due to organic growth, which was also enhanced by higher transaction volumes related to contracts transferred from FIZ Karlsruhe effective on January 1, 2023. The transaction customer count for the quarter was 1,398, compared to 1,223 customers in the prior-year quarter (see the company's definition of active customer accounts and transactions below). Total gross margin improved 450 basis points from the prior-year quarter to 43.5%. The increase was primarily driven by the continued revenue mix shift to the higher-margin Platforms business, as well as increased margins in the transactions business. Total operating expenses were $4.9 million, compared to $3.7 million in the second quarter of 2023. The increase was primarily related to the additional expense base associated with the acquisitions of ResoluteAI and Scite. Additionally, this quarter's results include $307,000 in expenses related to M&A activities, the vast majority of which were legal expenses. Net loss in the second quarter was $54,000, or roughly breakeven on a per share basis, compared to a net loss of ($256,000), or ($0.01) per share, in the prior-year quarter. Adjusted EBITDA was $318,000, compared to $201,000 in the year-ago quarter. The Adjusted EBITDA result is inclusive of the $307,000 in M&A activity related costs noted above (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below). Conference Call Research Solutions President and CEO Roy W. Olivier and CFO Bill Nurthen will host the conference call, followed by a question and answer period. Date: Thursday, February 8, 2024 Time: 5:00 p.m. ET (2:00 p.m. PT) Dial-in number: 1-412-317-5180 Conference ID: 10185927 The conference call will be broadcast live and available for replay until March 8, 2024 by dialing  1-412-317-6671 and using the replay ID 10185927, and via the investor relations section of the company's website at http://researchsolutions.investorroom.com/. Fiscal Second Quarter Financial and Operational Summary Tables vs. Prior-Year Quarter Quarter Ended December 31,

Scite Frequently Asked Questions (FAQ)

  • When was Scite founded?

    Scite was founded in 2018.

  • Where is Scite's headquarters?

    Scite's headquarters is located at 334 Leonard Street, Brooklyn.

  • What is Scite's latest funding round?

    Scite's latest funding round is Acquired.

  • How much did Scite raise?

    Scite raised a total of $1.93M.

  • Who are the investors of Scite?

    Investors of Scite include Research Solutions and NYU Future Labs.

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