Rubicon, a leader in technology-driven waste and recycling solutions, has reported its financial and operational performance for the third quarter of 2024, showcasing substantial progress across key metrics.
“We’re thrilled with our Q3 performance, where Rubicon’s relentless focus on partner-centricity and strategic account management drove continued momentum,” said Osman Ahmed, Interim CEO of Rubicon. “Our financial results highlight material improvements in net loss and adjusted EBITDA, along with significant revenue growth. I would like to thank our amazing employees, customers, and vendor partners for their role in achieving these results.”
Q3 2024 Financial Highlights
Rubicon’s financial performance in Q3 2024 underscores its continued growth and operational improvements:
- Revenue: Total revenue reached $182.5 million, an increase of $14.0 million (8.3%) compared to $168.5 million in Q3 2023.
- Gross Profit: Reported at $8.6 million, a decline of $3.1 million (26.1%) from $11.7 million in Q3 2023.
- Adjusted Gross Profit: Amounted to $14.2 million, reflecting a reduction of $2.8 million (16.6%) compared to $17.0 million in the same period last year.
- Net Loss: Narrowed to $(8.5) million, a substantial improvement of $21.7 million (71.9%) compared to a net loss of $(30.2) million in Q3 2023.
- Adjusted EBITDA: Improved significantly to $(3.2) million, an increase of $5.6 million (63.4%) from $(8.8) million in Q3 2023. This figure includes $3.7 million in non-cash expenses related to Rubicon’s contract with Palantir.
Operational and Business Highlights
Rubicon achieved several milestones in its operations during the quarter, driven by customer renewals, service expansions, and heightened interest in advisory services:
- Customer Renewals:
Key customer renewals included Papa John’s International, Inc. and Caleres, a global footwear company known for its popular brands such as Sam Edelman, Famous Footwear, and Vince. These renewals highlight Rubicon’s ability to maintain strong relationships with major partners in diverse industries. - Growth in Ancillary Services:
Rubicon continued to expand its range of services for commercial customers. Notable growth areas included:- Power Washing Services: Helping businesses maintain clean and inviting spaces.
- Comprehensive Grease Trap Maintenance: Supporting food service businesses with essential waste management solutions.
- Technical Advisory Services (TAS):
The company witnessed increased demand for its specialized consulting services, which include:- Zero Waste Programs: Helping organizations design and implement strategies to achieve zero waste goals.
- Waste Audits and Material Characterizations: Providing detailed insights into waste streams to improve efficiency.
- Extended Producer Responsibility (EPR) Guidance: Advising businesses on compliance and sustainability practices.
CEO’s Vision for Growth
Interim CEO Osman Ahmed credited the company’s progress to a strategic focus on partnerships, innovation, and delivering tailored solutions to its customers. “Our mission is to redefine waste management through technology and customer-centricity,” Ahmed said. “The Q3 results demonstrate how we’re building momentum toward long-term profitability and growth, while continuing to innovate and expand our offerings to meet evolving customer needs.”
Looking Ahead
Rubicon’s Q3 2024 performance reflects its commitment to operational excellence and sustainable growth. By leveraging its robust technology platform and deep customer relationships, the company is well-positioned to further expand its market presence and continue delivering value to stakeholders.
As Rubicon progresses into the final quarter of the year, it remains focused on driving innovation, expanding its service portfolio, and strengthening its partnerships to capitalize on emerging opportunities in the waste and recycling industry.
Conclusion
Rubicon’s strong Q3 financial and operational performance underscores its leadership in the waste management sector. With substantial revenue growth, improved profitability metrics, and continued expansion of its service offerings, the company is poised to achieve sustainable growth while delivering impactful solutions to its customers and partners.
