Business
Route1 Announces Q1 2023 Financial Results
TORONTO, ON / ACCESSWIRE / May 25, 2023 / Route1 Inc . (OTCQB:ROIUF) and (TSXV:ROI) (the "Compa...
About this update from Route1 Inc.
[{"type":"text","content":"Route1 Announces Q1 2023 Financial ResultsTORONTO, ON / ACCESSWIRE / May 25, 2023 / Route1 Inc. (OTCQB:ROIUF) and (TSXV:ROI) (the \"Company\" or \"Route1\"), an advanced North American provider of data-centric business empowerment solutions, today reported its financial results for the three month period ended March 31, 2023.Statement of operationsIn 000s of CAD dollars Q12023 Q42022 Q32022 Q22022 Q12022 Revenue Subscription and services 1,086 1,103 1,326 1,854 1,911 Devices and appliances 3,486 2,279 5,519 5,251 2,781 Other 3 6 2 9 3 Total revenue 4,575 3,388 6,847 7,114 4,695 Cost of revenue 2,897 2,032 4,842 5,015 2,572 Gross profit 1,678 1,356 2,005 2,099 2,123 Operating expenses 1,805 1,859 1,802 1,972 2,012 Operating profit 1 (128) (503) 203 127 111 Total other expenses 2, 3 177 1,223 139 183 112 Net income (loss) (305) (1,726) 64 (56) (1)1 Before stock-based compensation2 Includes gain on litigation, gain or loss on asset disposal, stock-based compensation expense, interest expense, income tax recovery, foreign exchange loss or gain, other expenses and acquisition expense.3 For Q4 2022, the Company wrote down its deferred tax asset and liabilities with a net impact of ($1,141).Subscription and services revenuein 000s of CAD dollars Q12023 Q42022 Q32022 Q22022 Q12022 Application software 456 475 804 1,402 1,483 Technology as a service (TaaS) - - - - - Other services 630 628 522 452 428 Total 1,086 1,103 1,326 1,854 1,911 Other services revenuein 000s of CAD dollars Q42022 Q42022 Q32022 Q22022 Q12022 Technology life-cycle maintenance and support 285 300 275 214 209 Professional services 345 328 246 238 219 Total 630 628 521 452 428 Adjusted EBITDAin 000s of CAD dollars Q12023 Q42022 Q32022 Q22022 Q12022 Adjusted EBITDA 3 219 -142 543 459 446 Amortization 346 361 340 332 335 Operating profit (128) (503) 203 127 111 3 Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, stock-based compensation, patent litigation, restructuring and other costs. Adjusted EBITDA does not have any standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Adjusted EBITDA allows Route1 to compare its operating performance over time on a consistent basis. Balance sheet extractsIn 000s of CAD dollars Mar 312023 Dec 312022 Sep...