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Rubicon Technologies (NYSE: RBT) has entered a three-year partnership with the City of Miami to enhance its waste and recycling services. This collaboration will integrate Rubicon’s smart city software into Miami’s Department of Solid Waste, transitioning operations from manual to digital. The initiative aims to improve collection efficiency, monitor route performance, and reduce missed pickups. Miami, with a population of 442,241, is also targeting carbon neutrality by 2050. Rubicon’s technology aims to foster sustainability and operational efficiency in the city’s waste management.
Rubicon Technologies, Inc. (NYSE: RBT) has reported its continued leadership in organics recycling amid increasing demand and positive legislative changes. The company highlights successful partnerships in urban areas, diverting over 1,800 tons of food waste and reducing CO2 emissions significantly. However, challenges remain, particularly in infrastructure to support compliance with recycling mandates. Ryan Cooper, a company director, addressed these challenges at the recent RFMA Annual Conference. Furthermore, Cooper was recognized as Volunteer of the Year by the U.S. Composting Council for his efforts in promoting organics recycling. Rubicon aims to equip partners with technology to enhance sustainability.
Rubicon Technologies, Inc. (NYSE: RBT) has been notified by the NYSE of non-compliance with listing standards due to its Class A common stock averaging below $1.00 over a 30-day trading period. While this does not result in immediate delisting, the company plans to notify the NYSE by April 11 of its intention to remedy this deficiency. Rubicon can regain compliance within six months if its share price meets the required thresholds. Potential remedies include a reverse stock split, subject to stockholder approval. The stock will continue to be listed during this period, conditional on meeting other listing standards.
Rubicon Technologies, Inc. (NYSE: RBT) reported its Q4 and full-year 2022 financial results, showing a 16% increase in annual revenue to $675.4 million and 14% growth in Adjusted Gross Profit to $53.3 million. Q4 revenue reached $166.0 million, up 2%, with Gross Profit improving by 17% to $6.8 million. The net loss decreased significantly to $18.0 million from $30.3 million year-over-year. Rubicon expects to achieve positive Adjusted EBITDA in Q4 2023, supported by strategic partnerships and cost reduction efforts. Despite the promising financial outlook, the company recorded a net loss of $281.8 million for 2022, impacted by nonrecurring expenses related to its merger.
Rubicon Technologies, Inc. (NYSE: RBT) has expanded its smart waste management technology to eleven new cities across the U.S., serving a combined population of over 950,000.
The cities include Rochester, NY; Surprise, AZ; and High Point, NC, among others. Rubicon's technology aims to digitize waste collection operations, enhancing efficiency, reducing missed pickups, and saving costs.
In 2022, Rubicon digitized 2,734 routes, servicing 2.7 million customers and eliminating 2.9 million sheets of paper. The company focuses on providing innovative solutions to make waste disposal more efficient and environmentally friendly.