Rubicon Technologies, Inc. (RBT)
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Why Is Rubicon Technologies (RBT) Stock Down 24% Today?
Rubicon Technologies (NYSE: RBT ) stock is falling hard on Tuesday following the release of its earnings report for the first quarter of 2024. The report starts with the waste and recycling services company's earnings per share of -33 cents for the quarter.
Rubicon Technologies, Inc. (RBT) Q1 2024 Earnings Call Transcript
Rubicon Technologies, Inc. (NYSE:RBT ) Q1 2024 Earnings Conference Call May 20, 2024 5:00 PM ET Company Participants Chris Spooner - Executive Vice President of Finance Phil Rodoni - Chief Executive Officer Kevin Schubert - President and Chief Financial Officer Conference Call Participants Brett Knoblauch - Cantor Fitzgerald Operator Good afternoon and welcome to Rubicon Technologies First Quarter 2024 Earnings Call. My name is John and I will be your operator for today's call.
Rubicon Technologies Stock Tanks After Q1 Results: Here's Why
Rubicon Technologies, Inc. RBT shares are falling after the company reported its first-quarter financial results Monday. Here's a look at the details. The Details: Rubicon Technologies reported $163.062 million in sales for the quarter, representing a 9.96% decrease from the same period last year. The company also reported quarterly losses of 33 cents per share. “We are pleased to report our results for the first quarter, demonstrating our continued momentum through year-over-year Adjusted EBITDA improvement on our path to profitability. This performance is a testament to the dedication and hard work of our team, as well as the trust and support of our customers,” said Phil Rodoni, CEO of Rubicon. “The recent sale of the fleet technology business unit aligns with our strategic vision to lead our industry by innovating and investing in sustainable practices that meet the evolving needs of both our hauler network and customer base. We are excited to leverage this newfound financial agility to drive growth, enhance our competitive edge, and deliver exceptional value to our shareholders and customers alike.” On May 7, the company announced it had sold its fleet technology business and issued convertible preferred stock in Rubicon to Rodina Capital in a sale with a total transaction value of $94.2 million, which includes up-front cash of $61.7 million and an earnout consideration of $12.5 million that could become payable in 2024. Rubicon also issued $20.0 million of convertible preferred stock to Rodina Capital. Rubicon shares are trading lower following the print after gaining 27.4% during regular trading Monday. Related News: Palo Alto Networks Shares Drop After Q3 Results, In-Line Guidance: The Details RBT Price Action: According to Benzinga Pro, Rubicon Technologies shares are down 36% after hours at 12 cents at the time of publication Monday. Image: Shutterstock © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Rubicon Technologies, Inc. Profile
| Software Industry | Information Technology Sector | Philip Rodoni CEO | NYSE Exchange | 78112J208 CUSIP |
| US Country | 434 Employees | - Last Dividend | 27 Sep 2023 Last Split | 6 Dec 2021 IPO Date |
Overview
Rubicon Technologies, Inc. is a pioneer in the digital marketplace for waste and recycling services, offering comprehensive cloud-based solutions to a global clientele. Serving both the private and public sectors, the company targets waste generators, haulers, and recyclers with a range of management services. Founded in 2008 with its headquarters in Atlanta, Georgia, Rubicon Technologies is dedicated to improving waste and recycling processes through innovative technology, aiming to bring efficiency and sustainability to waste management practices worldwide.
Products and Services
- Consultation and Management Services
Rubicon offers expert consultation to assist customers in planning effective waste removal and management strategies. The services span across waste analysis, consolidation of billing and administration, providing cost savings through detailed analyses, and rigorous vendor performance monitoring. This comprehensive approach ensures that clients receive tailored solutions that not only meet their waste management needs but also deliver financial and operational efficiencies.
- Logistics Services
Understanding the complexities involved in waste collection and recycling, Rubicon Technologies provides logistics services designed to streamline these processes. The company leverages technology to optimize routes and manage scheduling, ensuring that waste collection and recycling processes are conducted as efficiently as possible. This service significantly reduces environmental impact and operational costs, benefitting both the client and the community at large.
- Recyclable Commodities Market
Another key facet of Rubicon's offerings is its involvement in the marketing and resale of recyclable materials. By facilitating the sale of recyclables to new users, Rubicon not only contributes to the circular economy but also helps businesses recover value from their waste. This service underscores the company's commitment to reducing waste to landfill, encouraging recycling, and promoting sustainable practices across different industries.
