Route1 Inc - ROIUF STOCK NEWS

Route1 Inc. (OTCQB:ROIUF) reported a total revenue of 4,695 CAD for Q1 2022, down from 7,035 CAD in Q4 2021, marking a significant decline in performance. Subscription and services revenue also decreased to 1,911 CAD from 1,977 CAD. The company achieved a gross profit of 2,123 CAD but incurred a net loss of 315 CAD. Despite these challenges, the CEO indicated a focus on generating new recurring revenue and expressed optimism for sequential improvement in Q2 2022 amidst a tough macro environment.

Route1 reported its FY 2021 financial results, revealing total revenue of CAD 27,271,000, down from CAD 29,707,000 in FY 2020. The gross profit decreased to CAD 10,825,000 compared to CAD 11,072,000 the previous year. Despite achieving a net income of CAD 222,000, the company faced challenges due to global supply chain issues. Q4 2021 showed a net loss of CAD 315,000, highlighting ongoing operational struggles. Route1's strategic focus is shifting towards enhancing engineering services and data security technology, anticipating transitional quarters ahead.

Route1 Inc. (OTC PINK:ROIUF) provided a business update focusing on reducing reliance on OEMs amid global supply chain challenges. The company will enhance its turn-key engineering services, leveraging video and sensor technologies for real-time intelligence. Route1's subscription-based MobiKEY service aims to solidify recurring revenues. The company anticipates continued growth in automated license plate recognition systems, with recent orders generating approximately $2.2 million. Financial results for FY 2021 will be released in April 2022.

Route1 Inc. (OTCQB: ROIUF) announced that all proposals submitted at its annual general meeting held on December 7, 2021, in Scottsdale, Arizona, received shareholder approval. Key decisions include:

• Re-election of all directors
• Re-appointment of Grant Thornton LLP as auditors
• Re-approval of the stock option plan
• Amendment of by-laws for advance notice of director nominations

Route1 Inc. (OTCQB:ROIUF) reported its Q3 2021 financial results, showing total revenue of CAD 7.288 million, a 15.0% increase from Q2. Subscription and services revenue was CAD 2.297 million, down from CAD 2.671 million in Q2. The company reported a gross profit of CAD 2.592 million while net loss for the quarter was CAD 61, contrasting with a net income of CAD 461 in Q2. Cash flow from operating activities was CAD 435, reversing a negative trend from previous quarters. Total current liabilities rose to CAD 11.542 million, leading to a net working capital deficit of CAD 3.999 million.

Route1 Inc. (OTCQB:ROIUF) will announce its financial results for the three- and nine-month periods ending September 30, 2021, on November 22, 2021, after market close. A conference call for a business update is scheduled for November 23, 2021, at 9:00 AM ET. Route1, a provider of data-centric business solutions, emphasizes cybersecurity and operational efficiency in its offerings. Investors can access the webcast live or via replay after the call, which highlights the company's ongoing commitment to delivering actionable intelligence to clients.

Route1 Inc. (OTCQB: ROIUF) has appointed Alex Shpurov as its new Chief Technology Officer, effective November 8, 2021. Shpurov brings over 25 years of experience, including a prior role at Route1. He will lead innovations in blockchain technology, homomorphic encryption, and machine learning. The company is set to launch MobiLPR, a mobile app for license plate recognition, enhancing public safety. Route1's acquisition of Spyrus Solutions for approximately $0.58 million aims to strengthen its cybersecurity offerings. However, global chip shortages are impacting equipment delivery timelines.

Route1 Inc. (OTCQB: ROIUF), a North American provider of data-centric business solutions, announced the granting of 250,000 stock options to an employee, each priced at $0.50, expiring on October 7, 2026. The options will vest in three stages over three years. Currently, 3,025,000 options are outstanding under its stock option plan, which reserves 10% of issued capital for options totaling 3,813,996. This grant aims to enhance employee engagement and retention, aligning with Route1's commitment to driving profitability and operational efficiency.