Carsten Reisinger | AdobeStock
Rubicon Technologies Inc., a provider of waste and recycling software based in Lexington, Kentucky, has released its financial and operational results for the second quarter of 2022.
In the second quarter, revenue totaled $165 million, an increase of 20 percent compared with $138 million in the second quarter of 2021. The company says revenue growth reflected continued expansion within the company’s existing customer base as well as the addition of new customers. The company says its total cost of revenue is $158,571 compared with $132,247 in the same quarter of 2021.
Gross profit in the second quarter was $5 million, 26 percent higher compared with 2021. The adjusted gross profit in the second quarter was $13 million, 19 percent higher compared with the prior year's quarter. This profit growth was driven by increased service levels with new and existing customers, according to Rubicon.
“Becoming a public company was a tremendous accomplishment and strengthens Rubicon’s market position as we accelerate growth, bring more digitization to the waste and recycling industry, and continue our mission to end waste,” says Nate Morris, chairperson and CEO of Rubicon. “Despite cost inflation pressures across the category, waste and recycling continue to outperform the broader market even with current market challenges. I am so proud of our achievements in the second quarter of this year, and look forward to sharing updates on our progress in the future.”
The company also is reporting total amortization and depreciation of $1,402, compared with $1,989 in the second quarter of 2021.
Other highlights include:
completing a merger Aug. 16, raising $196.8 million in gross proceeds;
entering strategic data and technology partnership with Palantir Technologies, a software company that empowers organizations to integrate their data, decisions, and operations;
featured in a documentary series produced by Amazon about the company’s transformative work with Santa Fe, New Mexico;
expanded its RUBICONSmartCity customer base with three-year contracts with the cities of Houston and Scranton, Pennsylvania, and announced multi year extension agreement with Tuesday Morning Corp.;
announced multi year agreement with SRS Distribution Inc.; and,
Expanded suite of RUBICONSmartCity solutions with the launch of a new product to optimize municipal snow removal.
Recycling Today has reached out for additional information.
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