Mon, May 20, 9:22 PM (154 days ago)
Rubicon Technologies, Inc. has filed an amendment (No. 2) to its Annual Report on Form 10-K for the year ended December 31, 2023, to correct a financial error. The restatement involves a $94.3 million reclassification from noncontrolling interests to additional paid-in capital due to an exchange of Class V common stock to Class A common stock. This correction does not affect the company's total assets, liabilities, or stockholders' deficit, nor does it impact the consolidated statements of operations or cash flows. The company reported net losses of $77.6 million and $281.8 million for fiscal years 2023 and 2022, respectively. Rubicon's revenue grew from $359 million in 2018 to $698 million in 2023. The company faces substantial doubt about its ability to continue as a going concern due to liquidity issues and high levels of indebtedness ($200.4 million as of December 31, 2023). Rubicon's strategic focus includes cost reductions, operational efficiencies, and potential equity financing to address liquidity needs. Key risk factors include competition in the waste and recycling industry, dependency on a small number of large customers, and significant indebtedness. The company also faces challenges related to cybersecurity, regulatory compliance, and integration of acquisitions.