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Rubicon Technologies (OTC: RBTC), a technology-based waste and recycling solutions provider, has appointed Michael Dulin as Chief Executive Officer, effective immediately. Dulin, who joined Rubicon's Board of Directors in November 2024, replaces Interim CEO Osman Ahmed, who will remain on the Board.
Dulin brings over two decades of experience in environmental solutions and has previously served as CEO of Circulus Holdings, PBLLC, CEO at HEPACO, President and COO at Shamrock Environmental , and President of Envita Solutions. He holds degrees in Environmental Management, Environmental Systems, and Public Health from the University of Kentucky.
The appointment aims to drive Rubicon's next growth phase in sustainability-driven waste management and environmental solutions, leveraging Dulin's expertise in waste processing, infrastructure, and technology.
Rubicon Technologies (OTC: RBTC) has appointed Eric Bauer as Chief Financial Officer, effective immediately. Grant Deans, the Interim CFO, will continue as Controller reporting to Bauer. Bauer brings over 20 years of experience in corporate leadership, investment banking, and private equity, with recent focus in waste and environmental services industries.
Prior to joining Rubicon, Bauer served as CFO at Circulus Holdings, a post-consumer recycled LDPE resin producer. His previous roles include CFO positions at Sharps Compliance and Nuverra Environmental Solutions, as well as Managing Director of M&A Advisory at Evercore, where he completed over 65 advisory assignments.
Rubicon Technologies (OTC: RBTC) has announced a strategic refinancing transaction including a new revolving facility and a $20 million preferred equity raise, led by Rodina Capital. The refinancing of existing debt facilities has been approved by an independent special committee and the company's Board of Directors.
The company recently reported strong quarterly performance and growth in its core waste brokerage offering. Rubicon has expanded its services through RUBICONConnect™, adding power washing and grease trap programs, while seeing increased interest in Technical Advisory Services for zero waste programs, waste audits, and EPR guidance.
Rubicon Technologies (OTC: RBTC) reported Q3 2024 financial results showing mixed performance. Revenue increased 8.3% to $182.5 million compared to Q3 2023. However, Gross Profit decreased 26.1% to $8.6 million, and Adjusted Gross Profit fell 16.6% to $14.2 million. The company reduced its net loss by 71.9% to $(8.5) million from $(30.2) million in Q3 2023. Adjusted EBITDA improved by 63.4% to $(3.2) million. Notable customer renewals included Papa John's International and Caleres, with growth in ancillary services like power washing and grease trap maintenance.
Rubicon Technologies, Inc. (OTC: RBTC) reported its Q2 2024 financial results, showing mixed performance. Revenue decreased by 5.1% to $163.1 million, while net income improved significantly to $27.3 million. However, gross profit and adjusted EBITDA declined. The company highlighted new customer acquisitions and a major account renewal. Notably, Rubicon sold its fleet technology business unit to Rodina Capital for $94.2 million, aiming to improve its balance sheet and focus on core operations. This strategic move is expected to accelerate Rubicon's path to profitability and support growth in its waste and recycling solutions business.
Rubicon Technologies (OTC: RBTC) has announced a significant leadership change. Phil Rodoni is stepping down as CEO and board member effective immediately. Osman Ahmed, previously the lead independent director, is appointed interim CEO. Ahmed is a co-founder of New Circle Capital and Senior Advisor at 10X Capital. Rodoni, who led the company since 2022, and served as CTO from 2015-2022, expressed optimism for the company's future.
Rubicon recently sold its fleet technology business for $61.7 million upfront and a potential $12.5 million earnout in 2024, signaling a strategic focus on its RUBICONConnect™ product. This product aids commercial waste generators, including Fortune 500 companies, in achieving sustainability goals through tailored solutions.
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