Cuộc họp báo cáo kết quả kinh doanh Quý 4 năm tài chính 2026 của Research Solutions (RSSS): ARR B2B tăng 14%, ARR AI đạt 800.000 USD

Điểm tin chính

• Doanh thu quý 4 năm tài chính 2026 giảm xuống 12,1 triệu USD từ mức 12,4 triệu USD, do mức tăng doanh thu đăng ký nền tảng không đủ bù đắp cho mức sụt giảm 6,7% của doanh thu từ giao dịch.
• Tổng ARR đạt 22,5 triệu USD, tăng 7,8% so với cùng kỳ năm trước. ARR mảng B2B tăng 14,1% lên khoảng 16,2 triệu USD, bao gồm 800.000 USD ARR liên quan đến AI.
• Biên lợi nhuận gộp năm tài chính 2026 mở rộng 260 điểm cơ bản lên 51,9%. Lợi nhuận gộp tăng 3,6% lên 25,1 triệu USD mặc dù tổng doanh thu thấp hơn.
• Việc áp dụng AI đang dịch chuyển hoạt động nghiên cứu sang các giao diện dựa trên đại lý (agent-based). Scite đã ghi nhận hơn 18 triệu lượt đọc AI, trong khi quyền truy cập MCP giúp giá trị hợp đồng trung bình tăng gần gấp đôi đối với các thương vụ hoàn tất trong năm.
• Ban lãnh đạo kỳ vọng tăng trưởng từ mảng đăng ký nền tảng, tỷ lệ giữ chân khách hàng cải thiện, hoạt động giao dịch tiếp tục ổn định, EBITDA điều chỉnh cao hơn và khả năng tạo tiền mặt mạnh mẽ trong năm tài chính 2027, nhưng không đưa ra dự báo doanh thu chính thức.
• Công ty kết thúc năm tài chính 2026 với 12,6 triệu USD tiền mặt, không có khoản vay tín dụng tuần hoàn nào và còn ba đợt thanh toán earn-out Scite dự kiến đáo hạn trong năm tài chính 2027.

Kết quả tài chính cốt lõi

Kết quả lợi nhuận ròng quý 4 năm trước bao gồm một khoản điều chỉnh thuận lợi liên quan đến việc xác định khoản thanh toán earn-out cuối cùng của Scite. Ban lãnh đạo cho rằng sự sụt giảm dòng tiền hoạt động kinh doanh trong năm tài chính chủ yếu là do thời điểm ghi nhận vốn lưu động hơn là do khả năng sinh lời cốt lõi hay khả năng thu hồi khoản phải thu.

Kết quả kinh doanh và hoạt động

Research Solutions đã kết thúc năm tài chính 2026 với 1.276 triển khai nền tảng sau khi bổ sung thêm 29 triển khai trong quý 4 và 105 triển khai trong cả năm. Giá bán trung bình tăng 4,7%, nhờ hoạt động bán hàng gia tăng và quy trình bán hàng bài bản hơn tập trung vào các hợp đồng lớn hơn.

Doanh thu nền tảng chiếm hơn 43% tổng doanh thu, hỗ trợ mở rộng biên lợi nhuận trên toàn công ty. Biên lợi nhuận gộp mảng nền tảng đạt 87,3% trong quý 4, nằm trong phạm vi mục tiêu khoảng giữa 80% của ban lãnh đạo. Biên lợi nhuận gộp mảng giao dịch cải thiện lên 26,0% từ mức 24,1%, phản ánh cơ cấu nhà xuất bản thuận lợi và giá nội dung bản quyền tốt hơn.

Tổng ARR đạt 22,5 triệu USD vào cuối năm, bao gồm khoảng 16,2 triệu USD ARR mảng B2B và 6,3 triệu USD ARR mảng B2C Scite đã chuẩn hóa. ARR B2B tăng 2,0 triệu USD, tương đương 14,1%, trong khi ARR B2C đã chuẩn hóa giảm khoảng 380.000 USD trong năm tài chính 2026.

Doanh thu giao dịch trong năm giảm 8,7% do khối lượng giảm từ một số ít khách hàng lớn và do các quyền lợi giao dịch đã được bao gồm trong gói đăng ký nền tảng. Mức giảm trong quý 4 đã thu hẹp xuống 6,7% so với mức 11% trong quý 3, điều mà ban lãnh đạo mô tả là phù hợp với xu hướng ổn định.

ARR liên quan đến AI đạt 800.000 USD, tăng 125% so với quý trước và tăng mạnh từ mức gần như bằng 0 của một năm trước đó. Các cổng kết nối Scite và Article Galaxy hiện có sẵn thông qua ChatGPT, Claude và Copilot. Theo ban lãnh đạo, khoảng 3/4 lượng sử dụng MCP đến từ các gói trả phí, và những khách hàng áp dụng MCP có tỷ lệ giữ chân cao hơn rõ rệt.

Research Solutions cũng ra mắt Cổng kết nối MCP cho nhà xuất bản (publisher MCP Gateway). Khoảng 40 nhà xuất bản đã được lập chỉ mục và hai hợp đồng Cổng kết nối đầu tiên đã được ký kết. Ban lãnh đạo cho biết sản phẩm này vẫn đang ở giai đoạn thương mại hóa ban đầu.

Triển vọng từ ban lãnh đạo

Research Solutions không đưa ra dự báo chính thức cho năm tài chính 2027. Mặc dù vậy, ban lãnh đạo đã phác thảo các kỳ vọng sau:

• Tiếp tục tăng trưởng doanh thu đăng ký nền tảng và doanh số B2B mạnh mẽ ở khối doanh nghiệp và học thuật, nhờ đội ngũ bán hàng lớn hơn và các sản phẩm AI mới.
• Cải thiện tỷ lệ gia hạn và bán hàng gia tăng khi việc giám sát sức khỏe khách hàng, điều chỉnh cơ cấu đội ngũ và việc áp dụng MCP giúp nâng cao mức độ gắn kết.
• Mảng kinh doanh B2C đi ngang do sự cạnh tranh và đối tượng khách hàng học thuật nhạy cảm về giá.
• Doanh thu giao dịch và chuyển giao tài liệu giảm ở mức một chữ số thấp so với cùng kỳ năm trước.
• Thêm một năm tăng trưởng EBITDA điều chỉnh và tạo ra dòng tiền mạnh mẽ nhờ quản lý chi phí kỷ luật.

Ban lãnh đạo cho biết quy mô hợp đồng tiềm năng (pipeline) của các sản phẩm AI vượt xa mức 1 triệu USD được đề cập trước đó nhưng không đưa ra con số cụ thể. Công ty đang đánh giá các phương án thâu tóm, mua lại cổ phiếu và các phương án sử dụng tiền mặt tiềm năng khác, mặc dù chưa có thương vụ thâu tóm nào dự kiến diễn ra trong ngắn hạn.

Rủi ro và các yếu tố cần theo dõi

• Khối lượng giao dịch mua lẻ theo bài viết truyền thống tiếp tục chịu áp lực khi hoạt động nghiên cứu dịch chuyển sang các giao diện AI.
• Tăng trưởng mảng B2C vẫn gặp khó khăn do các nhà nghiên cứu học thuật cá nhân nhạy cảm về chi phí và phải đối mặt với danh mục sản phẩm cạnh tranh ngày càng mở rộng.
• Việc thực thi gia hạn và bán hàng gia tăng vẫn cần được chú ý mặc dù đã có sự cải thiện trong quý 4 và những thay đổi về mặt tổ chức gần đây.
• Việc thương mại hóa Cổng kết nối nhà xuất bản vẫn ở giai đoạn đầu, và ban lãnh đạo cho biết các mô hình cấp phép AI vẫn đang tiếp tục phát triển.
• Tổng số khách hàng hoạt động giảm xuống 1.323 so với 1.338 của một năm trước đó.

Điểm nhấn phần Hỏi & Đáp với chuyên viên phân tích

Ban lãnh đạo làm rõ rằng 800.000 USD ARR liên quan đến AI bao gồm cả doanh số bán mới và bán hàng gia tăng. Công ty có kế hoạch công bố doanh thu liên quan đến AI trong thời gian tới nhưng chưa cam kết tách biệt đóng góp từ khách hàng mới và doanh thu mở rộng.

Việc định giá MCP thường áp dụng hợp đồng theo số lượng người dùng (seat-based) hoặc hợp đồng doanh nghiệp với giới hạn sử dụng và các khoản phí bổ sung khi vượt giới hạn. Scite MCP và Article Galaxy MCP hiện yêu cầu có bản quyền sử dụng các sản phẩm cốt lõi tương ứng, mặc dù Research Solutions đang thử nghiệm các mô hình thay thế.

Việc sử dụng Scite đang dịch chuyển từ các giao diện tìm kiếm và trợ lý của công ty sang MCP, với số lượt đọc AI ngày càng tăng nhanh. Mức độ áp dụng Article Galaxy MCP đang ở giai đoạn sớm hơn, và ban lãnh đạo đang theo dõi mối quan hệ giữa việc mua bài viết và mức độ sử dụng trên nền tảng cũng như các kênh MCP.

Toàn văn biên bản cuộc họp kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Research Solutions financial and operating results for its fiscal fourth quarter and full year ended June 30, 2026. As a reminder, this conference is being recorded.

I would like to now turn the conference over to your host, John Beisler, Investor Relations.

John Beisler

Thank you, operator. Good afternoon, everyone, and welcome to the Research Solutions Fourth Quarter and Full Fiscal Year 2026 Earnings Call. On the call today are Roy W. Olivier, Chairman and Chief Executive Officer; Dave Kutil, Chief Financial Officer; and Josh Nicholson, Chief Strategy Officer.

After the market closed this afternoon, the company issued a press release announcing its results for the fourth quarter of full year fiscal 2026. The release is available on the company's website at researchsolutions.com.

Before management begins their prepared remarks, I would like to remind you that some of the statements made today will be forward-looking and are made under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied due to a variety of factors. We refer you to Research Solutions' recent filings with the SEC for a more detailed discussion of the risks that could impact today's -- that could impact the company's future operating results and financial condition.

Also on today's call, management will reference certain non-GAAP financial measures, which we believe provide useful information for investors. A reconciliation of those measures to GAAP measures is included in the earnings press release issued this afternoon.

Finally, I would like to remind everyone that this call will be recorded and made available for replay via a link on the company's website.

I would now like to turn the call over to Roy W. Olivier. Roy?

Roy Olivier

Thank you, John. It was a busy year at Research Solutions in all respects. The corporate and academic sales teams did a nice job growing year-over-year while upgrading our sales process and sales team.

We turned over almost 50% of our sales team during the year and have expanded sales head count going into FY '27.

We continue to transition to a more structured sales process that has resulted in closing larger deals than we have in the past, raised our average sales price or ASP on both products and resulted in 105 net new deployments for the year.

While the new sales teams are doing well, and we feel very good about that continuing in FY '27, the upsell and renewal teams continue to need focus. We appointed a new leader to run that team, strengthen and expanded the team and realigned the structure around customer size and location.

We also implemented a tool to do a better job measuring customer health and kicking off automated and manual workflows based on those results. For example, we can kick off an engagement workflow to a specific cohort of users who have not used the software or used what we know are high-value features.

We started all this in early FY '26 and saw a nice improvement in renewal rates in Q4 of FY '26. We expect this more to positively impact net ARR growth as we go into and through FY '27.

We did report a 14% B2B ARR growth during the year, raising our high gross margin platform revenue from 39% of total revenue last year to over 43% this year, which translated into another year of positive results in terms of operating income, net income, EBITDA and cash flow.

In addition to increased spend in sales, we made some additional investments in product development and software engineering, which helped us release 2 new key AI products in addition to increasing development velocity on our core Scite and Article Galaxy products.

In addition, we made several internal changes to improve productivity and output, including using AI to help us write and test code.

All these improvements drove a large increase in development productivity. In fact, in the third quarter of FY '25, we were doing about 50 software updates a month. In June of '26, we did 200, a 4x improvement. Most importantly, we released 2 AI products that extend the unique capability of Scite and Article Galaxy to be accessible in ChatGPT, Claude or Copilot. This is part of our intent to "be where the researchers are working," and those products have been well received by our customers. As noted in our press release, we did about $800,000 in AI-related bookings in Q4, and we have built a strong pipeline of interest in those products that we expect we'll close in FY '27.

I think much of what we did in FY '27 will set us up nicely to grow the business profitably in FY '27.

I'd like to pass the call over to Dave to walk you through the fiscal fourth quarter and full year FY '26 financial results in detail. And then I'll discuss our goals in FY '27 and wrap up with some comments and the outlook for the year ahead. Dave?

Dave Kutil

Thank you, Roy, and good afternoon, everyone. I'll start my comments with a recap of our fourth quarter, followed by a summary of fiscal 2026 results.

Total revenue for the fourth quarter of fiscal 2026 was $12.1 million compared to $12.4 million in the fourth quarter of fiscal 2025, as increased platform revenue was more than offset by a decrease in transaction revenue.

Our platform subscription revenue was $5.3 million compared to $5.2 million in the prior year quarter. The growth was driven by an increase in B2B platform ARR due to a mix of new logo generation and upsells and cross-sells into our existing customer base, partially offset by a decline in B2C ARR.

We added 29 net new platform deployments in the quarter, bringing total deployments to 1,276 at year-end. We ended the quarter with $22.5 million in annual recurring revenue, up 7.8% year-over-year, which breaks down as approximately $16.2 million in B2B ARR and approximately $6.3 million in normalized ARR associated with sites B2C subscribers.

B2B ARR grew $2 million or 14.1% versus the year ago period and included AI-related ARR of $800,000, which grew 125% sequentially from the third quarter of fiscal '26. Please see today's press release for how we define and use annual recurring revenue and other non-GAAP terms.

Transaction revenue for the fourth quarter was approximately $6.8 million compared to $7.3 million in the prior year quarter, a decline of approximately 6.7%. That result represents a meaningful improvement from the 11% year-over-year decline we reported in the third quarter and is consistent with the stabilization trend we discussed on last quarter's call.

Our total active customer count for the quarter was 1,323 compared to 1,338 in the same period a year ago.

Gross margin for the fourth quarter was 53%, a 200 basis point improvement over the fourth quarter of 2025 and a new quarterly record for the company. The increase was due to the ongoing revenue mix shift towards our higher-margin platforms business which now represents 43% of our total revenue.

The Platform business recorded gross margin of 87.3% compared to an all-time high of 88.5% in the prior year quarter, but still well within our target range of mid-80% gross margin.

Gross margin in our Transactions business was 26% compared to 24.1% in our prior year quarter. The increase was primarily attributable to improved margins on our copyright content, reflecting favorable publisher mix and pricing partially offset by lower service fee margins.

Total operating expenses in the quarter were $5.6 million compared to $5.1 million in the prior year quarter, as increased sales and marketing expenses and upfront investments in AI were partially offset by lower general and administrative costs compared to the fourth quarter of fiscal 2025.

Other expense for the quarter was $135,000 compared to income of $1.2 million in the prior year quarter. The prior year result was primarily attributable to a favorable adjustments, the final earn-out determination for sites in the fourth quarter of fiscal 2025.

As a reminder, as of August 2, we have completed 5 quarters of earn-out payments with 3 additional payments remaining in fiscal 2027.

Net income for the quarter was $666,000 or $0.02 per diluted share compared to $2.4 million or $0.09 per diluted share in the prior year quarter.

Adjusted EBITDA for the quarter was $1.4 million compared to $1.6 million for the fourth quarter of last year.

Now let me turn to the full year fiscal 2026 results. Total revenue for fiscal 2026 was approximately $48.3 million compared to $49.1 million in fiscal 2025. Platform subscription revenue increased roughly 10% to $20.8 million. Total deployments at year-end were 1,276 and net increase of 105 the deployments from the end of fiscal 2025, and our average sales price increased 4.7% due to the upselling efforts mentioned earlier.

From an ARR perspective, we added approximately $2 million of net B2B ARR during the fiscal year, while normalized B2C ARR declined by approximately $380,000 for the full year.

Transaction revenue for fiscal 2026 was $27.5 million compared to $30.1 million in the prior year, a decline of approximately 8.7% as transaction purchases for new customers were more than offset by lower volumes from a small number of large customers and the transactions-related benefits offered within our Platform subscriptions.

As I noted earlier, the year-over-year trend improved as we exited the fiscal year. Gross margin for fiscal 2026 was 51.9%, a 260 basis point improvement over fiscal '25. The increase is primarily related to our continued revenue shift towards our higher-margin Platform business and it drove a 3.6% increase in gross profit dollars to $25.1 million despite the lower revenue base.

Total operating expenses in fiscal 2026 were $21.5 million compared to $21.7 million in the prior year. Lower general and administrative and stock compensation expense were partially offset by higher sales and marketing expenses and product development costs.

Other expense for the year was $724,000 and $1.2 million in fiscal 2025. Last year included $1.7 million to reflect the adjustments made to the Scite earn-out finalization.

Net income for fiscal 2026 was $2.8 million or $0.08 per diluted share compared to $1.3 million or $0.04 per diluted share in the prior year.

Adjusted EBITDA for the year was $5.8 million compared to $5.3 million in fiscal 2025.

Turning to cash flow. Cash flow from operations for the fourth quarter was approximately $1.8 million compared to $2.3 million in the prior year quarter. For the full year, we generated approximately $5.3 million in cash flow from operations compared to approximately $7 million in fiscal 2025.

As we discussed on last quarter's call, the year-over-year decline primarily reflects the timing of working capital payments rather than a change in the underlying earnings power of the business or the collectibility of our receivables.

Turning to our balance sheet. Cash and cash equivalents as of June 30, 2026, were $12.6 million compared to $12.2 million on June 30, 2025. The end of the fiscal year with a higher cash balance than a year ago, even after funding 4 quarters of Scite earn-out payments, consistent with the expectations that we laid out on last year's fourth quarter call. There were no outstanding borrowings under our revolving line of credit. And with a growing cash position and no debt, our current balance sheet provides the flexibility to complete the remaining Scite earn-out payments in fiscal 2027, while remaining opportunistic in regard to strategic alternatives.

As we look forward to fiscal 2027, we expect continued Platform subscription growth, improving retention and further stabilization in our transactions business. Paired with disciplined expense management, we believe that we are also positioned to deliver another year of adjusted EBITDA growth and strong cash generation.

I'll now turn the call over to Josh to talk about our products. Josh?

Josh Nicholson

Yes. Thanks, Dave, and hello, everyone. I missed the last call as my wife and I welcomed our daughter to the world, really 1 of the best things ever, but I'm happy to be back with you guys today.

So today, I want to cover 3 things. What is AI actually doing to our business, what we shipped in response and why we think we are on the right side of the shift.

First, the impact of AI on the business, because I know it continues to be the question on everyone's mind and the question we get a lot. Our answer is that AI is already reshaping how research gets read, and we can see it directly in our own data.

Since we launched the Article Galaxy and Scite MCP connectors in February, AI agents have performed more than 16 million scholarly reads through Scite. Two details in that data matter for how you think about research solutions: One, in June, 4 months after launch; two, calls from AI agents overtook the number of queries in our own Scite assistant interface.

Usage didn't shrink, it moved. Researchers are still asking the same questions. They're increasingly asking them inside Claude, ChatGPT and Copilot instead of inside a browser tab and more corporate and academic customers are taking licenses with these tools.

Our job is to recognize our differentiators, leverage them and be where the users are and where we are. Scite and Article Galaxy connectors are in the official connector directories of all 3 of these platforms. Copilot, ChatGPT and Claude. Article Galaxy is the only DocDel tool with a connector that integrates directly into LLMs. Scite is 1 of the very few scientific article search connectors, and it adds capability that platforms themselves do not have and other search tools do not have either. I can tell you whether a claim has been supported or contradicted by later research because we have classified over 1.6 billion citations statements from the full text of the literature. It can also search inside Paywalled full text through our publisher agreement.

The second point roughly 43% of what AI agents reach for sits behind a Paywall, that is the unique value that AI and research solutions can deliver together. An agent finds a paper in Scite and about 4 times in 10, it cannot read the full text. Article Galaxy is a compliant rights cleared way to get it. 20 years of publisher relationships and right settlement do not get disrupted by a language model. It becomes the thing that the language model needs.

So the honest answer on AI is this. Legacy per article volume is under pressure, and Dave walked you through the transaction numbers, but the same force that pressures document delivery is creating demand for verified search, verification and rights cleared access, and that demand is landing on our recurring platform business.

Second, I want to talk about what we shipped. In fiscal 2026, we put 3 major things into production. The Gateway, MCP access to Scite and Article Galaxy with admin controls, purchasing and ordering and coverage that now extends beyond papers to patent grant clinical trials and drug and device data. The Meter, metered billing on agent usage, Pro and Teams plans on Scite and pooled usage across an organization. So that the agentic access is something we price for rather than give away. Today, roughly 3/4 of MCP usage comes from paid plans, not free ones. And then self-serve and API console launched in August, so a developer or a pharma data science team or an agent can get started ASAP.

Third, why is this working commercially? MCP is behaving as an expansion engine. MCP deals that we closed this year were almost entirely upsells to existing Scite customers, and on average, adding agentic access roughly doubled the contract. The first article Galaxy MCP deals landed as new logos, a large pipeline Roy continues to grow and the mix is shifting towards larger corporate deals. That shows up in deal size. The average value of new opportunities we create each quarter has nearly doubled over the past 2 years, with the sharpest step-up in the 2 quarters since the MCP launch.

It also shows up in retention. Customers who adopt MCP retain at far higher rates than those who do not. The part of the retention fix and the AI strategy are the same work, get customers using agentic access early and they stay.

The last piece is the supply side. We launched a publisher MCP Gateway that makes a publisher's content discoverable to AI agents while keeping Paywalled full text protected and that gives the publisher a clean read on what AI demand for their catalog looks like. Around 40 publishers are indexed and the first 2 Gateway agreements are signed. Every publisher that joins makes the corporate product more valuable, and every corporate customer makes the Gateway more valuable to publishers.

To close, the way research is distributed has shifted twice from print to online and now from online to AI, each time a new layer formed between the content and the reader, and that layer captured the growth. We built the layer this year. It's live, it's metered, and it's in the base of what we sell. Fiscal 2027 is about scaling it.

Back to you, Roy.

Roy Olivier

Thanks, Josh. I think Josh and Dave did a great job framing our results and what we've done to lay the groundwork for the future. I want to close covering a few items. First, let's talk about how I think about FY '27. It will continue to be a year of change in our industry as we continue to see mass adoption of AI. We have deep vertical market expertise and research, where being 100% correct is required. I think of us as filling the gap between what an LLM can do and what a research-intensive organization expects.

What is changing is how researchers start the research journey and what tools they use daily. What is not changing is that the business is driven by rights management and the costs to do research.

What we have always done, we will continue to do, produce tools that researchers can use where they are working in a copyright compliant and cost-efficient way, managing entitlements, company IP, rights, billing and reporting, along with access to almost 160 million journal articles from 1,800 publishers and societies is what is required in enterprise research. Scite's access to behind the Paywall information, the unique Scite badge that shows the quality of the article a researcher is looking at and all the supporting business intelligence to help publishers sell AI rights to researchers based on usage data to improve the LLM experience exponentially for both the enterprise and the publisher. When you add that to the fact that we have multiyear customer relationships with over 1,000 enterprises around the world, we believe we're well positioned to be part of the AI growth story going forward.

So what does that mean for FY '27 results? While we do not give guidance, I expect to see strong corporate and academic B2B sales in FY '27 based on our larger and more experienced sales teams and new AI solutions. We have seen and we expect to continue to see improved renewal and upsells based on a larger and more focused team, better tools monitoring leading indicators earlier in the ownership cycle and AI tools that when installed directly translate to higher renewal rates.

As noted in our press release and above, we've seen a large increase in AI-related product sales and have a strong pipeline going into FY '27. I do believe it will be a strong year in that regard.

I expect B2C to continue to be a challenging environment as increased competition chases the same individual researcher. I do think our unique value works here as well, but we are typically serving academic researchers in this segment that are very cost sensitive.

What we are losing to "try something else," we are gaining in higher retention, higher monthly payments using MCP with their LLM of choice. Our ASP lifetime value and renewal rates in this segment are going up. The challenge would be to drive any material growth that is acceptable at and acceptable customer acquisition costs.

In short, I think this is a flat business for the year. I do expect to see continued headwinds on transactions or DocDel sales resulting in a low single-digit year-over-year decline as it's a 5-year -- versus its 5-year CAGR of about 1% growth. It's an important business and will continue to be 1 in the new AI world. Our tools help customers find and acquire what they need in a cost-efficient and copyright compliant way. That's not going to change.

While I don't have a top line growth number to tell you, I can say that I expect the output of all of this to be improved EBITDA and cash flows in FY '27. We have almost $13 million in cash, no debt and are generating cash.

While we continue to look at acquisitions that will help us accelerate growth and add unique or strategic capability, we do not have anything lined up in the short term. We do recognize that our stock price is far below where we think it should be and are evaluating all options to increase shareholder value, including stock buybacks or other ways to use the cash to directly impact that.

With now -- with that, I will now turn the call back over to the operator for Q&A. Operator?

Operator

[Operator Instructions] We will take our first question from Jacob Stephan with Lake Street Capital Markets.

Phần hỏi đáp

Jacob Stephan

I appreciate you taking the questions and appreciate all the color as well. The AI-related ARR number, that's the first time you guys have broken that out. How much of that is genuinely incremental customer spend versus kind of like repricing and rebundling of existing subscriptions at renewal? And maybe if as a part B, you can kind of comment on attach rate with FY '26 renewable?

Roy Olivier

That's a net ARR growth number of AI-related products that could be an upsell or could be a new sale. I don't think we did that math and certainly haven't disclosed it. We will disclose an AI-related revenue number going forward, but I don't think we'll split it up across what's upsell and what's new. I guess we could, but I'd have to give that some thought. And that's -- I think we said this, but that that's up -- that's compared to near 0 a year ago. So the point is the MCP, the AI products are starting to generate traction, because that $800,000 number is out of a net ARR growth for the year of, I think, $1.8 million or $1.9 million. Dave, correct me if I'm wrong.

Dave Kutil

Correct. Yes.

Jacob Stephan

Okay. Got it. Maybe if you could comment on pricing a little bit. It seems like a lot of the industry is shifting towards kind of a usage-based model. How are you guys pricing this? Is this more of a per seat basis? Is there some usage component to it? Any color there would be helpful.

Roy Olivier

We do run some pricing models around usage, but typically, the price that's put in front of the customer is -- if it's not seats, it's an enterprise, but it has caps for usage and above that, they have to buy additional usage.

Jacob Stephan

Okay. So very similar to kind of how Anthropic and OpenAI are currently working as well.

Roy Olivier

Yes.

Jacob Stephan

Maybe just last 1 for me then. On Scite MCP and Article Galaxy MCP. So if a researcher gets your information or data inside of 1 of those 2, I guess, what keeps them from paying for either Scite or Article Galaxy? Is the MCP kind of a pull-through channel that you guys are using and driving transaction orders? Or is there some kind of intermediary in there?

Roy Olivier

Today, if you want to run MCP, you have to have the corresponding products. So you have to have an AG license to run MCP for AG. You have to have a Scite license to run MCP for Scite. However, we are experimenting with some new models where that won't necessarily be required.

On the AG side, it's really hard to separate those 2. On the Scite side, it would be easier to separate those 2, and we're looking at that.

Operator

[Operator Instructions] Our next question will come from Derek Greenberg with Maxim Group.

Derek Greenberg

Just continuing off the last question. I was wondering for the MCP product, you had mentioned that, that's primarily been an upsell from current customers. I was wondering how usage is tracking on MCP versus the traditional products? If you were to break those out separately, do you see a drop-off in traditional versus the MCP or how you view that dynamic?

Roy Olivier

Do you want to take that one, Josh?

Josh Nicholson

Yes. I discussed this a little bit, and I'll talk maybe first about the Scite MCP. So if you look at usage in assistant or search compared to MCP, really the users are moving over to MCP. And so assistant usage is declining and MCP is actually really skyrocketing. And so we have over 18 million AI reads. And if you look at the growth of that, which we publish on the Scite, you can see it ticking up even this last week, 1 million reads over that. And so we're seeing a lot, and this goes to the thesis going to where the users are. And so we're seeing better retention and more usage through MCP.

For Article Galaxy, we've been a bit more conservative on how we roll that out. We are discussing different ways of deploying that. We do see usage across the customer base, and that usage is interesting, but I would say it's still pretty early. And what we're tracking there is really looking at the article -- purchase to article use. How does that compare platform versus MCP. And in both of those cases, everything is basically plain language, so instead of clicking a button here or there, you're telling the tool to do this or to search that. And so I think it really facilitates the use of both core differentiators of the product in where users are starting to live including a lot of our own researchers and developers on the team. More and more of us are daily users of Claude, not just in software development, but really across the org. And we ourselves use MCPs from some of our tools such as our sales CRM and analytics and things like that.

Derek Greenberg

Okay. Got it. And I was wondering if you could talk a little bit more about the Gateway products and maybe the economics there on both the supply and the demand side and just how the traction look on that?

Josh Nicholson

Yes. On that, that's pretty early, but I think there's very large demand. I think what publishers are trying to figure out is how does their content exist in this world of AI. And so again, as I mentioned, we're trying to help bring content into AI just as hosting platforms brought content online. I think where we'll start to see some of that is that we provide subscription-based access to their subscribers. And so we get value to our product, which we're charging for, they get value to their subscribers and they get usage data for that. I think this is going to evolve over time. And I think we ultimately serve a variety of different kind of mechanisms and paths to serve the AI licensing. But I think it's still early, and there hasn't been much traction across anyone kind of in the space. But there is demand, and I think we are seeing good interest from some publishers in exploring this with us.

Derek Greenberg

Got it. And then just last 1 for me. I was wondering for the pipeline you mentioned it was growing nicely. I was wondering, last quarter, you provided us over $1 million on the AI products. I was wondering if there's any more detail you could provide in terms of what that pipeline may look like today?

Roy Olivier

It's well over that today, but I don't have an exact number.

Operator

I'm showing no additional questions at this time. I'd like to now turn the call back to Roy Olivier for any additional closing remarks.

Roy Olivier

Thank you, and thanks, everyone, for joining us on our call today. As a reminder, we'll be participating at the Lake Street Conference tomorrow in New York City. We look forward to speaking with you in November to discuss the first quarter FY '27 results. Have a great day.

Josh Nicholson

Thank you.

Operator

Thank you. This brings us into today's meeting. We appreciate your time and participation. You may now disconnect.