Rubicon Technologies, Inc. - RBT STOCK NEWS

Rubicon Technologies, Inc. (NYSE: RBT) is set to release its financial results for the fourth quarter and full year 2022 on March 8, 2023. The announcement will take place after market close, followed by a conference call at 5:00 PM ET. Investors can register for the call via a provided link or access the live webcast on the Investor Relations page of Rubicon’s website. The call will also be available via telephone. Rubicon is dedicated to leveraging technology to drive environmental innovation and sustainability, helping businesses and governments find economic value in waste.

Rubicon Technologies, Inc. (NYSE: RBT) has signed a three-year extension agreement with Wood Residential to provide waste and recycling solutions across the United States. The partnership utilizes Rubicon's RUBICONConnect™ platform, deployed in 51 multi-family properties, to support Wood Residential's sustainability targets. This collaboration aims to divert waste from landfills through enhanced education and resource management. The focus will be on waste removal, single-stream recycling, and cardboard recycling, leveraging a network of over 8,000 partners.

Rubicon Technologies, Inc. (NYSE: RBT) announced the appointment of Kevin Schubert as Chief Financial Officer, effective immediately, in addition to his role as president. Schubert aims to enhance the company’s financial operations and accelerate its path to profitability. He has previously held positions at various public companies and has contributed to securing funding and restructuring debt. Former CFO Jevan Anderson will step down but has been praised for his contributions in guiding Rubicon through its public company transition. The company continues to focus on innovation in waste and recycling technology.

Rubicon Technologies, Inc. (NYSE: RBT) has reported significant strides in its strategic plan to achieve profitability and enhance financial flexibility. Key actions include extending debt maturities to December 2023, securing an additional $30 million in equity capital, simplifying capital structure by terminating Forward Purchase Agreements, and implementing cost reduction strategies. These efforts aim to improve working capital availability and drive shareholder value. CEO Phil Rodoni expressed confidence in the company's direction, underscoring ongoing support from investors.

Rubicon Technologies, Inc. (NYSE: RBT) has announced a three-year extension with Sweetgreen, Inc. (NYSE: SG) as its lead partner for waste and recycling services. This partnership, which began in 2016, aims to enhance waste diversion and sustainability initiatives. Rubicon will continue managing Sweetgreen's waste programs, focusing on composting, food scraps recycling, and providing sustainability data through its RUBICONConnect™ platform. The collaboration underscores both companies' commitment to sustainability and reducing landfill waste.

Rubicon Technologies, Inc. (NYSE: RBT) reported a 24% increase in third-quarter revenue to $185 million, up from $149.2 million year-over-year. Gross profit rose 16.7% to $6.6 million. Adjusted gross profit reached $14.1 million, indicating an 18.9% growth. However, the company faced a net loss of $211.1 million, significantly higher than $18.1 million in the previous year, primarily due to one-time transaction expenses. Revenue net retention improved to 118.3%. The company is focusing on operational efficiencies and a path to profitability while preparing for a conference call on November 9, 2022.

Rubicon Technologies (NYSE: RBT) and Walmart (NYSE: WMT) have signed a two-year agreement to enhance waste diversion efforts and improve account management services. This partnership will expand into the recycling of plastic film and green waste collection, building upon their collaboration since 2013. Rubicon's RUBICONConnect™ is already utilized in 70 Walmart distribution centers, optimizing waste efficiency and sustainability. This extension aligns with Walmart's goals of zero waste and advancing a circular economy.

Rubicon Technologies (NYSE: RBT) is set to release its third quarter 2022 financial results on November 9, 2022, after market close. Following this, a live conference call will be held at 5:00 PM Eastern Time, where management will discuss the results. Investors can join the call via webcast or by phone. An archived version of the call will be available on the company's Investor Relations page shortly after the event.

Rubicon Technologies has appointed Phil Rodoni as CEO, effective October 13, 2022, while founding CEO Nate Morris continues as Chairman. Rodoni, previously CTO, aims to accelerate growth in the $2.1 trillion waste and recycling market, building on the company's recent transition to a public entity. He emphasizes profitability and technological advancement as core goals. Board members express confidence in Rodoni's leadership to foster Rubicon's strategic vision and impact within the industry.