Rubicon Technologies Reports Successful Q2, Positive Outlook for 2023

Rubicon Technologies (Rubicon) (NYSE: RBT) reported its second quarter earnings for 2023 this week, siting a continued trend of success throughout the first half the of the year.

The company has achieved its second consecutive quarter of Gross Profit, with approximately $12 million which is double the Gross Profit of 2022’s second quarter. With this, the company remains on track to achieve a positive Adjusted EBITDA for the fourth quarter of 2023.

“We are excited to announce our second quarter 2023 results, which include a second consecutive quarter of record Adjusted Gross Profit. This outstanding performance is the result of our team’s diligent execution of our Bridge to Profitability plan, and I am pleased to report that we remain on target to achieve positive Adjusted EBITDA for the fourth quarter of this year,” said Phil Rodoni, Chief Executive Officer of Rubicon.

“With a solid foundation in place, we are now focused on growth and driving even greater results for the Company and our valued customers.”

For Q2 2023, Rubicon reports its revenue was approximately $174.6 million, which is an increase of $10 million compared to Q2 2022’s revenue report. According to the report, this success can be attributed to the strength of the RUBICONConnect business, as well as the continued growth of the SaaS business.

Rubicon also saw improvements in its Gross Profit, Adjusted Gross Profit, Net Loss, and Adjusted EBITDA compared to Q2 of 2022, pointing to a successful outlook for the second half of the year. Gross profit for the company was $11.8 million, an increase of $6.3 million or 116.1% more than Q2 2022.

Net Loss for Q2 2023 at Rubicon was $(22.8) million, which is an improvement of $5 million compared to the Net Loss from Q2 2022, which was $(27.8) million.

During the second quarter of 2023, Rubicon saw quite a few business and operational highlights, including announcing a new, three-year partnership with Denver, Colorado. Now, RUBICONSmart City technology is powering the City and County of Denver’s entire solid waste and recycling fleet, which includes more than 150 vehicles, digitizing its operations and enabling greater efficiency. This technology is now deployed in over 100 cities, which includes eight of the top 20 U.S. cities in terms of population.

Rubicon also secured notable customer renewals during the quarter, such as its five-year extension with Gap, Inc. RUBICONConnect has been deployed in more than 2,000 Gap stores across the United States and Canada.

According to the press release, moving forward for the rest of the year, Rubicon is keeping its focus on reaching profitability, making improvements in its digital platform and products, and executing a strategic plan to achieve its next phase of growth.