$RBT reports strong Q4 and FY22 results, eyes profitability with differentiated service offering.
Mar 9th 2023, 11:06 am
Analyst Summary: Rubicon Technologies, a digital marketplace for waste and recycling, reported strong Q4 and FY2022 financial and operational results. In Q4 2022, Rubicon reported revenue of $166.0 million, an increase of 2% from Q4 2021. Full-year revenue for 2022 was $675.4 million, a 16% increase from 2021. Gross profit for Q4 was $6.8 million, a 17% increase from Q4 2021, and $25.0 million for the full year, a 17% increase from the previous year. Adjusted EBITDA for Q4 was negative $17.6 million, compared to negative $19.5 million in Q4 2021. The Company expects to achieve positive Adjusted EBITDA for Q4 2023. CEO Phil Rodoni expressed pride in the Company’s growth and commitment to providing a differentiated service offering. Rubicon aims to achieve profitability and further develop its strategic vision and execution plan moving forward. The Company’s President, Kevin Schubert, was appointed Chief Financial Officer in February 2023. Rubicon is currently in discussions with financing sources to potentially raise new equity and recapitalize debt prior to its maturity. The Company will host a conference call to discuss its financial results.