The following is a summary of the Rubicon Technologies, Inc. (RBT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Rubicon Technologies reported Q1 2024 revenue of $166.1 million, a decrease of 8.3% compared to Q1 2023 as a result of ending less profitable relationships.

• Adjusted gross profit saw a year-over-year growth of 5.9% and expanded gross profit margin by 138 basis points.

• The adjusted EBITDA was negative $11 million, an improvement of 20.9% compared to Q1 2023.

• Rubicon completed a $94.2 million transaction with Rodina Capital, involving the sale of its Fleet Technology business units.

Business Progress:

• The company's cost reduction measures led to a 9.3% decrease in selling, general, and administrative expenses compared to the previous year.

• It has succeeded in securing a significant new contract in the grocery sector, providing waste and recycling services to over 500 stores in the U.S and Canada.

• Rubicon is focusing on its core business and aims to assist commercial waste generators in achieving sustainability goals, recently launching the RUBICONConnect product and Technical Advisory Services.

• Part of the transaction proceeds will be used for working capital and debt reduction.

• The company has also fortified its relationships with over 8,000 vendor and hauler partners, primarily small independent businesses.

More details: Rubicon Technologies IR

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