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Research Solutions Reports Fourth Quarter and Fiscal Year 2024 Results

Published

2 years ago

on

Reports 18% Revenue Increase, ARR of $17.4 Million and Record Cash Flow

HENDERSON, Nev., Sept. 19, 2024 /PRNewswire/ — Research Solutions, Inc. (NASDAQ: RSSS), a trusted partner providing cloud-based workflow solutions to accelerate research for R&D-driven organizations, reported record financial results for its fourth quarter and full fiscal year ended June 30, 2024.

Fiscal Fourth Quarter 2024 Summary (compared to prior-year quarter)

Total revenue of $12.1 million, a 22% increase.Platform revenue up 86% to $4.3 million. Platform revenue accounted for 35% of the revenue as compared to 23% in the prior year.Annual Recurring Revenue (“ARR”) up 84% to $17.4 million, which includes approximately $12.1 million of B2B recurring revenue and $5.4M of B2C recurring revenue.Gross profit up 44%. Total gross margin improved 710 basis points to 46.5%.Net loss of $2.8 million, or ($0.09) per diluted share, compared to $376,000 or $0.01 per diluted share. The quarter’s result includes a charge of approximately $4.3 million related to increasing the projected earnout for Scite.Adjusted EBITDA of $1.4 million, a 70% improvement and a Company quarterly record, compared to $825,000.Cash flow from operations of $2.0 million, compared to $1.5 million, a 30% improvement.

Fiscal Year 2024 Summary (compared to Fiscal 2023)

Total revenue of $44.6 million, an 18% increase.Platform revenue up 61% to $14.0 million. Transaction revenue increased 5.7% to $30.7 million.Gross profit up 34%. Total gross margin improved 500 basis points to 44.0%.Net loss of $3.8 million, or ($0.13) per diluted share, including the previously mentioned $4.3 million charge and $1.5 million in proxy and acquisition-related expenses, compared to net income of $572,000 or $0.02 per diluted share.Adjusted EBITDA of $2.2 million, which is inclusive of proxy and acquisition-related expenses of $1.4 million, a Company record, compared to $2.0 million.Cash flow from operations of $3.6 million, a Company record, compared to $3.4 million.

“Fiscal 2024 was a transformational year for the Company. We completed two acquisitions which helped position us as a vertical SaaS and AI company, helping researchers throughout their entire workflow. The integration of these acquisitions and our operational execution were meaningful contributors to our 85% year-over-year ARR growth and the double-digit increase in Adjusted EBITDA,” said Roy W. Olivier, President and CEO of Research Solutions. “There are many untapped market opportunities where our highly specialized product offerings can serve as a vital piece of the research process.  Overall, we believe we are well-positioned to deliver meaningful ARR growth while expanding Adjusted EBITDA margins, creating long-term value for our shareholders.” 

Fiscal Fourth Quarter 2024 Results

Total revenue was $12.1 million, a 22% increase from $10.0 million in the year-ago quarter primarily driven by increased platform revenue versus the prior-year period due to revenue from the Company’s acquisitions as well as organic platform revenue growth.

Platform subscription revenue for the quarter was $4.3 million, an 86% year-over-year increase. The increase was primarily due to the acquisition of Scite, as well as organic growth in the core Article Galaxy platform. The quarter ended with annual recurring revenue of $17.4 million, up 84% year-over-year (see the company’s definition of annual recurring revenue below).

Transaction revenue was $7.9 million, compared to $7.7 million in the fourth quarter of fiscal 2023. The transaction active customer count for the quarter was 1,398, compared to 1,404 customers in the prior-year quarter (see the company’s definition of active customer accounts and transactions below).

Total gross margin improved 710 basis points from the prior-year quarter to 46.5%. The increase was primarily driven by the continued revenue mix shift to the higher-margin Platforms business, as well as a 70 basis point increase in margins in the transactions business.

Total operating expenses were $5.0 million, compared to $3.7 million in the fourth quarter of 2023. The increase was primarily related to the additional cost base associated with the aforementioned acquisitions, as well as increased non-cash depreciation and amortization expense related to such acquisitions. 

Other expense for the quarter was approximately $3.5 million, compared to other income of $120,000 in the prior-year quarter. The primary driver of this was $4.3M of expense related to increasing the earn-out assumption associated with the Scite acquisition.

Net loss in the fourth quarter was $2.8 million, or ($0.09) per diluted share, compared to net income of $376,000, or $0.01 per diluted share, in the prior-year quarter. Adjusted EBITDA was $1.4 million, compared to $825,000 in the year-ago quarter (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below).

Full-Year Fiscal 2024 Results

Total revenue was $44.6 million, an 18% increase from fiscal 2023, driven by both increased platform revenue and transaction revenue.

Platform subscription revenue for fiscal 2024 was $14.0 million, a 61% year-over-year increase. The increase was primarily due to the acquisition of Scite, as well as organic growth in the core Article Galaxy platform.

Transaction revenue was $30.7 million, compared to $29.0 million in fiscal 2023. The increase was driven by organic growth and the impact of a full year of contribution from the acquisition of contracts from FIZ Karlsruhe, compared to six months in fiscal 2023.

Total gross margin improved 500 basis points from the prior-year to 44.0%. The increase was primarily driven by the continued revenue mix shift to the higher-margin Platforms business, as well as a 100 basis point increase in margins in the transactions business related to pricing initiatives.

Total operating expenses for the year were $20.4 million, compared to $14.5 million in fiscal 2023. The increase was primarily related to the additional cost base associated with the acquisitions, including increased non-cash depreciation and amortization expense related to such acquisitions, as well as the aforementioned proxy and acquisition-related expenses.

Net loss for fiscal 2024 was $3.8 million, or ($0.13) per diluted share, compared to net income of $572,000, or $0.02 per diluted share, in the prior-year. Adjusted EBITDA was $2.2 million, compared to $2.0 million in fiscal 2023 (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, September 19, 2024
Time: 5:00 p.m. ET (2:00 p.m. PT)
Dial-in number: 1-412-317-5180

The conference call will be broadcast live and available for replay until October 19, 2024 by dialing  1-412-317-6671 and using the replay ID 10191850, and via the investor relations section of the company’s website at http://researchsolutions.investorroom.com/.

Fiscal Fourth Quarter Financial and Operational Summary Tables vs. Prior-Year Quarter

Quarter Ended June 30,

Twelve Months Ended June 30,

2024

2023

Change

% Change

2024

2023

Change

% Change

Revenue:

Platforms

$   4,277,338

$ 2,303,375

$  1,973,963

85.7 %

$ 13,956,517

$   8,683,246

$  5,273,271

60.7 %

Transactions

$   7,856,176

$ 7,656,342

199,834

2.6 %

$ 30,667,382

$ 29,020,206

1,647,176

5.7 %

Total Revenue

12,133,514

9,959,717

2,173,797

21.8 %

44,623,899

37,703,452

6,920,447

18.4 %

Gross Profit:

Platforms

3,650,286

2,028,265

1,622,021

80.0 %

11,889,314

7,655,960

4,233,353

55.3 %

Transactions

1,992,580

1,892,278

100,302

5.3 %

7,750,852

7,044,931

705,921

10.0 %

Total Gross Profit

5,642,866

3,920,543

1,722,323

43.9 %

19,640,166

14,700,891

4,939,274

33.6 %

Gross profit as a % of revenue:

Platforms

85.3 %

88.1 %

-2.7 %

85.2 %

88.2 %

-3.0 %

Transactions

25.4 %

24.7 %

0.6 %

25.3 %

24.3 %

1.0 %

Total Gross Profit

46.5 %

39.4 %

7.1 %

44.0 %

39.0 %

5.0 %

Operating Expenses:

Sales and marketing

830,195

455,030

375,165

82.4 %

3,442,503

2,285,478

1,157,025

50.6 %

Technology and product development

1,489,491

991,093

498,398

50.3 %

5,442,382

3,742,192

1,700,190

45.4 %

General and administrative

1,917,907

1,649,333

268,574

16.3 %

8,511,697

6,654,012

1,857,685

27.9 %

Depreciation and amortization

311,004

22,163

288,841

1303.3 %

836,271

52,649

783,622

1488.4 %

Stock-based compensation

426,190

585,384

(159,194)

-27.2 %

2,155,461

1,849,906

305,555

16.5 %

Foreign currency translation loss

6,336

(37,743)

44,079

116.8 %

21,395

(121,953)

143,348

117.5 %

Total Operating Expenses

4,981,123

3,665,260

1,315,863

35.9 %

20,409,709

14,462,284

5,947,425

41.1 %

Income (loss) from operations

661,743

255,283

406,460

159.2 %

(769,543)

238,608

(1,008,151)

-422.5 %

Other Income (Expenses):

Other income

(3,451,948)

120,522

(3,572,470)

NM 

(2,903,983)

338,617

(3,242,600)

NM 

Provision for income taxes

(31,022)

(59)

(30,963)

NM 

(113,071)

(5,602)

(107,469)

NM 

Total Other Income (Expenses):

(3,482,970)

120,463

(3,603,433)

NM 

(3,017,054)

333,015

(3,350,069)

NM 

Net income (loss)

$  (2,821,227)

$    375,746

(3,196,973)

NM 

$ (3,786,597)

$      571,623

(4,358,220)

NM

NM

Adjusted EBITDA

$   1,405,273

$    825,087

$      580,186

70.3 %

$   2,243,584

$   2,019,210

$     224,374

11.1 %

Quarter Ended June 30,

Twelve Months Ended June 30,

2024

2023

Change

% Change

2024

2023

Change

% Change

Platforms:

B2B ARR (Annual recurring revenue*):

  Beginning of Period

$ 11,653,063

$ 9,107,681

$  2,545,382

27.9 %

$   9,444,130

$   7,922,188

$  1,521,942

19.2 %

   Incremental ARR

407,139

336,448

70,691

21.0 %

2,616,072

1,521,941

1,094,131

71.9 %

  End of Period

$ 12,060,202

$ 9,444,129

$  2,616,073

27.7 %

$ 12,060,202

$   9,444,129

$  2,616,073

27.7 %

Deployments:

  Beginning of Period

983

815

168

20.6 %

835

733

102

13.9 %

   Incremental Deployments

38

20

18

90.0 %

186

102

84

82.4 %

  End of Period

1,021

835

186

22.3 %

1,021

835

186

22.3 %

ASP (Average sales price):

  Beginning of Period

$         11,855

$      11,175

$             680

6.1 %

$        11,310

$        10,808

$             502

4.6 %

  End of Period

$         11,812

$      11,310

$             502

4.4 %

$        11,812

$        11,310

$             502

4.4 %

B2C ARR (Annual recurring revenue*):

  Beginning of Period

$   4,902,975

$               –

$  4,902,975

$                 –

$                 –

$                –

   Incremental ARR

460,154

–

460,154

NM

5,363,129

–

5,363,129

NM

  End of Period

$   5,363,129

$               –

$  5,363,129

NM

$   5,363,129

$                 –

$  5,363,129

NM

Total ARR (Annualized recurring revenue):

$ 17,423,331

$ 9,444,129

$  7,979,202

84.5 %

$ 17,423,331

$   9,444,129

$  7,979,202

84.5 %

Transaction Customers:

Corporate customers

1,093

1,090

3

0.3 %

1,088

1,012

76

7.5 %

Academic customers

305

314

(9)

-2.9 %

316

304

12

4.0 %

Total customers

1,398

1,404

(6)

-0.4 %

1,404

1,316

88

6.7 %

Active Customer Accounts, Transactions and Annual Recurring Revenue

The company defines active customer accounts as the sum of the total quantity of customers per month for each month in the period divided by the respective number of months in the period. The quantity of customers per month is defined as customers with at least one transaction during the month.

A transaction is an order for a unit of copyrighted content fulfilled or managed in the Platform.

The company defines annual recurring revenue (“ARR”) as the value of contracted Platform subscription recurring revenue normalized to a one-year period.  For B2C ARR, this includes the annualized value of monthly subscriptions, meaning their monthly value multiplied by twelve.

Use of Non-GAAP Measure – Adjusted EBITDA

Research Solutions’ management evaluates and makes operating decisions using various financial metrics. In addition to the company’s GAAP results, management also considers the non-GAAP measure of Adjusted EBITDA. Management believes that this non-GAAP measure provides useful information about the company’s operating results.

The tables below provide a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure. Adjusted EBITDA is defined 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, gain on sale of discontinued operations, and other potential adjustments that may arise. Set forth below is a reconciliation of Adjusted EBITDA to net income (loss):

Quarter Ended June 30,

Twelve Months Ended June 30,

2024

2023

Change

% Change

2024

2023

Change

% Change

Net Income (loss)

$  (2,821,227)

$    375,746

$ (3,196,973)

NM

$ (3,786,597)

$      571,623

$(4,358,220)

NM

 Add (deduct):

–

Other income (expense)

3,451,948

(120,522)

3,572,470

NM

2,903,983

(338,617)

3,242,600

NM

Foreign currency translation loss

6,336

(37,743)

44,079

116.8 %

21,395

(121,953)

143,348

117.5 %

Provision for income taxes

31,022

59

30,963

NM

113,071

5,602

107,469

NM

Depreciation and amortization

311,004

22,163

288,841

1303.3 %

836,271

52,649

783,622

1488.4 %

Stock-based compensation

426,190

585,384

(159,194)

-27.2 %

2,155,461

1,849,906

305,555

16.5 %

Gain on sale of disc. ops.

–

–

–

–

–

–

 Adjusted EBITDA

$   1,405,273

$    825,087

$      580,186

70.3 %

$   2,243,584

$   2,019,210

$     224,374

11.1 %

About Research Solutions 
Research Solutions, Inc. (NASDAQ: RSSS) provides cloud-based technologies to streamline the process of obtaining, managing, and creating intellectual property. Founded in 2006 as Reprints Desk, the company was a pioneer in developing solutions to serve researchers. Today, more than 70 percent of the top pharmaceutical companies, prestigious universities, and emerging businesses rely on Article Galaxy, the company’s SaaS research platform, to streamline access to the latest scientific research and data with 24/7 customer support. For more information and details, please visit www.researchsolutions.com 

Important Cautions Regarding Forward-Looking Statements

Certain statements in this press release may contain “forward-looking statements” regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the markets in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects”, “intends,” “plans,” “believes,” “seeks,” “estimates,” “endeavors,” “strives,” “may,” or variations of such words, and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties and assumptions that are difficult to predict, estimate or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company’s most recent annual report on Form 10-K, as such may be amended or supplemented by subsequent quarterly reports on Form 10-Q, or other reports filed with the Securities and Exchange Commission. Examples of forward-looking statements in this release include statements regarding enhanced product offerings, additional customers, and the Company’s prospects for growth. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company’s filings with the Securities and Exchange Commission. 

 

Research Solutions, Inc. and Subsidiaries
Consolidated Balance Sheets

June 30, 

June 30, 

2024

2023

Assets

Current assets:

Cash and cash equivalents

$

6,100,031

$

13,545,333

Accounts receivable, net of allowance of $68,579 and $85,015, respectively

6,879,800

6,153,063

Prepaid expenses and other current assets

643,553

400,340

Prepaid royalties

1,067,237

1,202,678

Total current assets

14,690,621

21,301,414

Non-current assets:

Property and equipment, net of accumulated depreciation of $922,558 and $881,908,
respectively

88,011

70,193

Intangible assets, net of accumulated amortization of $1,535,310 and $747,355,
respectively ($8,343,056 provisional)

10,764,261

462,068

Goodwill ($13,171,486 provisional)

16,315,888

—

Deposits and other assets

981

1,052

Total assets

$

41,859,762

$

21,834,727

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable and accrued expenses

$

8,843,612

$

8,079,516

Deferred revenue

9,023,848

6,424,724

Total current liabilities

17,867,460

14,504,240

Non-current liabilities:

Contingent earnout liability

12,298,114

—

Total liabilities

30,165,574

14,504,240

Commitments and contingencies

Stockholders’ equity:

Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and
outstanding

—

—

Common stock; $0.001 par value; 100,000,000 shares authorized; 32,295,373 and
29,487,508 shares issued and outstanding, respectively

32,295

29,487

Additional paid-in capital

38,089,958

29,941,873

Accumulated deficit

(26,309,246)

(22,522,649)

Accumulated other comprehensive loss

(118,819)

(118,224)

Total stockholders’ equity

11,694,188

7,330,487

Total liabilities and stockholders’ equity

$

41,859,762

$

21,834,727

 

Research Solutions, Inc. and Subsidiaries
Consolidated Statements of Operations and Other Comprehensive Loss

Years Ended

June 30, 

2024

2023

Revenue:

Platforms

$

13,956,517

$

8,683,246

Transactions

30,667,382

29,020,206

Total revenue

44,623,899

37,703,452

Cost of revenue:

Platforms

2,067,203

1,027,286

Transactions

22,916,530

21,975,275

Total cost of revenue

24,983,733

23,002,561

Gross profit

19,640,166

14,700,891

Operating expenses:

Selling, general and administrative

19,573,438

14,409,634

Depreciation and amortization

836,271

52,649

Total operating expenses

20,409,709

14,462,283

Income (loss) from operations

(769,543)

238,608

Other income

333,088

338,617

Change in fair value of contingent earnout liability

(3,237,071)

—

Income (loss) from operations before provision for income taxes

(3,673,526)

577,225

Provision for income taxes

(113,071)

(5,602)

Net income (loss)

(3,786,597)

571,623

Other comprehensive income (loss):

Foreign currency translation

(595)

3,717

Comprehensive income (loss)

$

(3,787,192)

$

575,340

Basic income (loss) per common share:

Net income (loss) per share

$

(0.13)

$

0.02

Weighted average common shares outstanding

28,863,949

26,860,761

Diluted income (loss) per common share:

Net income (loss) per share

$

(0.13)

$

0.02

Weighted average common shares outstanding

28,863,949

29,139,759

 

Research Solutions, Inc. and Subsidiaries
Consolidated Statements of Cash Flows

Years Ended

June 30, 

2024

2023

Cash flow from operating activities:

Net income (loss)

$

(3,786,597)

$

571,623

Adjustment to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

836,271

52,649

Fair value of vested stock options

140,150

375,189

Fair value of vested restricted common stock

1,994,362

1,418,718

Fair value of vested unrestricted common stock

—

68,272

Modification cost of accelerated vesting of restricted common stock

20,949

56,000

Adjustment to contingent earnout liability

3,237,071

—

Changes in operating assets and liabilities:

Accounts receivable

(344,020)

(901,518)

Prepaid expenses and other current assets

(164,579)

(124,314)

Prepaid royalties

135,441

(356,026)

Accounts payable and accrued expenses

560,027

1,337,056

Deferred revenue

921,879

886,198

Net cash provided by operating activities

3,550,954

3,383,847

Cash flow from investing activities:

Purchase of property and equipment

(71,510)

(47,209)

Payment for acquisition of Resolute, net of cash acquired

(2,718,253)

—

Payment for acquisition of Scite, net of cash acquired

(7,305,493)

—

Payment for non-refundable deposit for asset acquisition

—

(297,450)

Net cash used in investing activities

(10,095,256)

(344,659)

Cash flow from financing activities:

Proceeds from the exercise of stock options

—

57,500

Common stock repurchase

(554,202)

(104,250)

Payment of contingent acquisition consideration

(351,649)

(50,509)

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

Supplemental disclosures of cash flow information:

Cash paid for income taxes

$

113,071

$

5,602

Non-cash investing and financing activities:

Contingent consideration accrual on asset acquisition

$

32,022

$

138,428

 

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SOURCE Research Solutions, Inc.

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Preserve Backup Workflows

Customers can retain existing backup software, repositories and retention policies. Converged deployments support agentless protection with Commvault, Veeam and NetBackup. For Compute Edition, Arcfra plans NetBackup support in November 2026, then Commvault/Veeam in December 2026.

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Huawei’s 7th Global Installer Summit: Meeting the Best Installers, Building New Home Energy Ecosystem for a Greener Future

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31 minutes ago

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November 2, 2026

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DONGGUAN, China, Nov. 2, 2026 /PRNewswire/ — From October 21–23, 2026, Huawei’s 7th Global Installer Summit convened over 1,000 partners and installers from 54 countries and regions to discuss strategies, new products and solutions, industry trends, and business models, exploring the future green energy ecosystem.

At the summit, Huawei Digital Power released its comprehensive installer strategy and debuted the groundbreaking new product, reinforcing its commitment to low-carbon generation, mobility electrification, and all-intelligence. It is driving renewables with grid-forming and AI, powering safer mobility through full electrification, and maximizing tokens per watt.

Having already empowered over 4.3 million homeowners worldwide, the company is streamlining the installer journey from faster installations to reliable support through strategic services that handle technical complexities. The centerpiece of the event was the launch of the industry’s first Full-SiC all-in-one system, the LUTERRA™ S2. Designed for maximum efficiency and ease, it features complete wireless communication, a single SKU to cut logistic and stocking costs, installation in under 10 minutes, 10% more usable capacity, and 43% greater lifetime energy. From faster installations to reliable support and new service opportunities, Huawei handles the complexity — so installers can serve customers better and build a business that lasts.

As the summit’s highlight, Huawei FusionSolar hosted its first global installation race with 48 teams from 36 countries. Competitors experienced the LUTERRA S2’s unmatched efficiency firsthand, with the Spanish champion team finishing in an impressive 2 minutes and 32 seconds, widely praising its game-changing installation speed.

Six global installer representatives shared compelling success stories at the summit:

A French installer highlighted a shift from traditional resale to a subscription platform model connecting homeowners, installers, banks, and grid operators.Three Thai representatives discussed integrating PV, ESS, chargers, and green finance to transition from single products to smart home ecosystems.A Mexican installer showcased benchmark practices overcoming industrial energy challenges through compliance and collaboration.A Brazilian installer demonstrated absolute reliability by installing the region’s first Huawei BESS at their own factory before making any customer sales.

More than an industry event, this summit serves as a strategic meeting point for global installer partners to align on common visions and jointly shape the roadmap for sustainable development. Looking ahead, Huawei will continue to work with installers—driven by technological innovation and ecosystem co-building—to advance the global green transition.

LUTERRA S2 will soon launch in Europe in November and in the Asia-Pacific region in December. Stay tuned for more.

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SOURCE Huawei

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HashKey On-Chain and RD Technologies Form Deep Partnership to Support On-Chain Testing for RDUSD

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2 hours ago

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November 2, 2026

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On-Chain Ecosystem Drives Institutional Adoption of RDUSD Across Cross-Border Trade, Financing, and Corporate Payments

HONG KONG, Nov. 1, 2026 /PRNewswire/ — HashKey On-Chain, an on-chain financial infrastructure provider, announced a major strategic partnership with RD Technologies. The two parties will engage in a series of technical and ecosystem explorations centered around RDUSD. Leveraging HashKey On-Chain’s full-stack comprehensive strengths in connecting on-chain infrastructure with institutional financial service ecosystems, the collaboration will span digital asset on-chain trading, settlement, treasury management, and asset tokenization. Together, they aim to drive the expansion of the US dollar stablecoin RDUSD from digital asset trading into real-world business scenarios such as cross-border trade, corporate payments/collections, and institutional finance.

HSK Chain Plans to Support RDUSD On-Chain Testing

RDUSD is a US dollar stablecoin supported by RD Technologies and issued by Anchorage Digital Bank N.A., a US federally regulated bank. Anchorage Digital Bank N.A. is the first federally chartered digital asset bank in the US, specializing in providing secure digital asset custody and financial services for institutional clients. RDUSD is designed to comply with the regulatory framework under the US GENIUS Act. As a digital US dollar settlement instrument, it is committed to satisfying institutional clients’ needs to optimize treasury management in real-world operations while providing fiat-anchored support for asset tokenization.

As a core component of this collaboration, RDUSD will be deployed on HSK Chain. HSK Chain is an institutional-grade Ethereum Layer 2 that provides auditable, high-performance infrastructure support for the on-chain deployment, circulation, and smart contract execution of RDUSD. Currently, the HSK Chain ecosystem features over 200 projects with an on-chain RWA (Real World Asset) size exceeding US$300 million, covering asset classes such as money market funds, ETFs, and precious metals. It has also established a CeDeFi partnership with Morpho to explore institutional fund onboarding and on-chain yield opportunities. Following the deployment and launch of RDUSD, both parties will further drive its integration into HSK Chain’s existing ecosystem, exploring technical applications in native scenarios such as on-chain lending, trading, RWA subscriptions, and settlement. HSK Chain will also provide technical development support for RDUSD’s deployment and multi-platform integration.

RDUSD to Be Implemented Across HashKey On-Chain’s Diverse Scenarios

Relying on HashKey On-Chain’s three core technical application platforms, RDUSD will gradually be integrated into the following scenarios:

HashKey Trading Portal (HTP): In asset trading scenarios, RDUSD will be used for the trade settlement of various tokenized RWA products, providing stable and efficient settlement support for the on-chain circulation of real-world assets.

HashKey On-Chain Trade Finance Platform: RDUSD is expected to serve as a medium aimed at delivering 24/7, more efficient, and cost-effective on-chain clearing and settlement for cross-border import and export enterprises. Combined with the tokenization of trade assets (such as electronic bills of lading), it will support smart contract-driven Delivery vs. Payment (DvP) and act as a settlement tool for licensed financial institutions conducting disbursements and repayments for trade financing based on real trade backgrounds.

HashKey Settlement Platform (HSP): Both companies will explore further integrating RDUSD into relevant settlement protocols to provide global enterprises and cross-border payment service providers with payment, collection, and settlement services, as well as cash pooling and disbursement channel support. In addition to enhancing international corporate treasury management efficiency, this will reserve capacity for emerging scenarios such as automated AI agent payments.

These scenarios will also address the needs of RD Technologies and its partners in cross-border trade payments and treasury management, bridging corporate payments with on-chain finance to serve the real-economy operations of Asia-based cross-border institutions.

Rita Liu, CEO of RD Technologies, stated:

“The close collaboration between HashKey On-Chain and RD Technologies has always been a key focus for both parties. RDUSD brings a fresh highlight to this partnership. We look forward to combining our respective strengths in cross-border payments and digital assets to propel the technical application of RDUSD across diverse scenarios—such as on-chain trading, settlement, and treasury management—to better serve corporate demands and the real economy.”

Rachel Qiu, Head of Business Development at HashKey Group and COO of HashKey On-Chain Business Group, stated:

“The upcoming deployment of RDUSD on HSK Chain marks the first step in our collaboration. Moving forward, leveraging HashKey On-Chain’s extensive experience in on-chain business, we will partner with RD Technologies to drive the gradual integration of compliant stablecoins into real-world commercial and financial activities, providing institutional users with more comprehensive digital asset services. In areas such as cross-border trade and corporate payments, HashKey On-Chain is well-equipped to provide the requisite technology and application platforms to support efficient, compliant on-chain clearing and settlement, ultimately fostering the growth of the on-chain ecosystem.”

This strategic collaboration surrounding RDUSD represents a vital step for HashKey On-Chain as it continuously enhances its institutional-grade digital asset infrastructure. In the future, HashKey On-Chain will continue to join forces with industry partners like RD Technologies to explore the long-term value of stablecoins in cross-border payments, global treasury management, and real-world asset tokenization. By extending stablecoins deeper into the real economy and institutional finance, the partnership aims to deepen the integration between traditional finance and the on-chain economy, jointly building next-generation financial infrastructure.

About HashKey On-Chain

HashKey On-Chain is the core business group of HashKey Group dedicated to building and operating full-stack on-chain financial infrastructure. By coordinating five major business matrices—tokenized asset issuance (HIP), trading (HTP), payments (HSP), public chain (HSK Chain), and on-chain staking (HashKey Cloud)—it leverages a high-efficiency technical foundation to deliver end-to-end solutions for institutional clients, forging a solid bridge between traditional financial capital and the crypto economy.

About RD Technologies

RD Technologies is a Hong Kong-based global fintech group providing innovative digital financial services to enterprises through its licensed entities. The group is dedicated to building next-generation financial infrastructure that connects traditional finance (Web2) with Web3. As one of the first participants in the Hong Kong Monetary Authority’s (HKMA) Stablecoin Issuer Sandbox, RD Technologies consistently balances compliance with innovation. To date, the group has raised over US$90 million in total funding. Its investors include prominent industry and strategic figures such as HashKey Group, HSG (Sequoia China), ZA Global, Solana Foundation, Guotai Junan International, China Harbour, Bright Venture Capital, Hivemind Capital, Eternal Digital, Junshi Investment, and Aptos Labs.

Disclaimer

This material is provided for general information only and does not constitute an offer, solicitation, recommendation or investment advice in respect of any securities, tokenised assets, stablecoins or financial products, nor a public offering, solicitation or invitation to invest in any jurisdiction. It is intended only for professional investors meeting applicable legal and regulatory requirements (where applicable). Non-professional investors should not rely on its contents in making any investment decisions. Regulated activities that require a licence are provided only by entities within the group holding the relevant licences within the scope permitted by their licences, and are subject to applicable laws and regulations. The on-chain infrastructure, protocol frameworks, technology platforms and related collaboration arrangements described herein are technical infrastructure or technical service platforms; they are not licensed corporations of the Hong Kong Securities and Futures Commission, and their activities do not themselves constitute regulated activities under the Securities and Futures Ordinance. Any reference to a platform, product, service, business scenario or collaboration arrangement is for illustration only and should not be regarded as any commercial commitment, service assurance or future business arrangement; descriptions of application scenarios such as cross-border trade, corporate payments, treasury management, trade finance, corporate treasury management, on-chain settlement and on-chain finance reflect only potential application directions or technical exploration. Whether the relevant projects can be implemented depends on technical conditions, market demand, collaboration arrangements and regulatory requirements. The issuance, reserve management, redemption and related compliance matters of any stablecoin referred to herein (where applicable) are the responsibility of the relevant issuer and service providers; the HashKey Group and its related entities do not participate. Stablecoins, tokenised assets and digital assets all involve risks; their prices and values may fluctuate significantly, and investors may lose all or part of their principal. Past performance is not a guarantee of future performance. Before making any investment decision, investors should review the relevant product documents and risk disclosures and seek independent professional advice. This material has not been reviewed or approved by any regulatory authority. In the event of any ambiguity or inconsistency between the Chinese and English versions, the Chinese version shall prevail.

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SOURCE HashKey Holdings Limited

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