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Rubicon Technologies (NYSE: RBT) has received a delisting notification from the New York Stock Exchange, effective after market close on June 7, 2024. The company plans to appeal this decision, and if successful, trading will resume on the NYSE. Meanwhile, Rubicon's stock will begin trading on the OTC markets from June 10, 2024. This delisting does not impact the company’s operations or SEC reporting obligations. Recently, Rubicon sold its fleet technology business for $61.7 million and a potential $12.5 million earnout. The company is focused on expanding its RUBICONConnect™ product and has secured a significant contract with a national grocer for its Technical Advisory Services (TAS). CEO Phil Rodoni emphasized the company's commitment to sustainable practices and future growth.
Rubicon Technologies (NYSE: RBT) reported its Q1 2024 financial results with significant developments. Revenue for the quarter was $166.1 million, down 8.3% from $181.1 million in Q1 2023. However, gross profit increased by 8.2% to $10.1 million. Adjusted EBITDA showed a 20.9% improvement, reducing net losses to $17.2 million from $9.5 million. Rubicon sold its fleet technology unit to Rodina Capital for $94.2 million, enhancing its financial stability. The firm also secured a new contract in the grocery sector, providing waste services to 500+ stores across North America.
Rubicon Technologies (NYSE: RBT), a leader in technology solutions for waste, recycling, and fleet operations, will release its Q1 2024 financial results on May 20, 2024, after market close.
The company will host a conference call at 5:00 PM ET to discuss the results. Investors and interested parties can register for the event via the provided link or access the live webcast on Rubicon's Investor Relations webpage.
The call can also be accessed via telephone by dialing (929) 203-2112 or toll-free at (888) 660-6863, referencing Rubicon Technologies. An archive of the webcast and the earnings press release will be available on Rubicon's website after the event.
Rubicon Technologies, a leading technology solutions provider for waste, recycling, and fleet operations, sold its fleet technology business unit and issued convertible preferred stock to Rodina Capital for a total transaction value of $94.2 million. The sale ensures long-term viability, improves the balance sheet, and provides liquidity for business objectives. This move highlights Rubicon's commitment to customer-focused solutions like RUBICONConnect™ and sustainability initiatives.
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