10-Q - Rubicon Technologies, Inc. (0001862068) (Filer)

Mon, May 20, 9:28 PM (264 days ago)

Rubicon Technologies, Inc. reported a net loss of $17.2 million for Q1 2024, a significant increase from the $9.5 million loss in Q1 2023. Total revenue decreased by 8.9% to $163.1 million, driven by a 10.4% decline in service revenue due to canceled contracts, partially offset by a 7.3% increase in recyclable commodity revenue. Total costs and expenses were down by 2.5%, with notable reductions in sales and marketing, product development, and general and administrative expenses. However, these savings were offset by higher interest expenses and a loss on change in fair value of derivatives. Adjusted EBITDA improved slightly, reflecting ongoing cost reduction efforts. The company faces liquidity challenges, with cash and equivalents at $13.8 million and a substantial portion of its credit facilities drawn. Recent developments include the sale of its SaaS business for $68.2 million and a $20 million preferred stock issuance, aimed at improving liquidity. The company continues to focus on operational efficiencies and cost reductions to navigate its financial uncertainties.