Royalty of a SaaS-only mix shift and AI-enabled product strategy have driven a meaningful re-acceleration in ARR and margin quality for RSSS in Q3 2025. Total revenue trended to $12.7 million in the quarter, with platform revenue up 22% year-over-year to $4.8 million and ARR reaching $20.4 million, a 23% YoY increase. Management emphasized broad-based ARR growth across SITE and Article Galaxy, including a record $736k net incremental ARR growth in B2B and a trailing ARR mix that favors higher-margin SaaS platforms over transactional revenue. Gross margin expanded to 49.5% (up 430 bps YoY), driven by the continuing revenue mix shift toward higher-margin platforms (platform gross margin 87.4%, up 180 bps YoY) and more favorable platform economics. Adjusted EBITDA set a quarterly company record at $1.4 million, with trailing twelve-month adjusted EBITDA at $5.1 million (10.4% margin). Cash from operations was roughly $2.9 million in the quarter, and the cash balance stood at $9.9 million with no revolver borrowings. Management framed the results as consistent with a deliberate, AI-enabled value-creation strategy, highlighting that ARR could advance toward the next milestone of $30 million as AI-driven cross-sell and product expansion continue. The near-term outlook remains positive, with a guided expectation of a strong Q4 finish and continued ARR growth, while acknowledging potential macro headwinds from government budget reductions that could influence library budgets but are not yet material to topline. This report synthesizes the quarter’s financials, management commentary, competitive context, and a forward-looking investment thesis.