Business
Route1 Announces Q2 2024 Financial Results
TORONTO, ON / ACCESSWIRE / August 20, 2024 / Route1 Inc . (TSXV:ROI) (the "Company" or "Route1"...
About this update from Route1 Inc.
[{"type":"text","content":"Route1 Announces Q2 2024 Financial ResultsTORONTO, ON / ACCESSWIRE / August 20, 2024 / Route1 Inc. (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- and six-month periods ended June 30, 2024. Statement of operationsIn 000s of CAD dollars Q22024 Q12024 Q42023 Q32023 Q22023 Q12023 Revenue Subscription and services $888 $906 $1,064 $1,148 $1,159 $1,086 Devices and appliances 2,605 3,123 3,222 3,370 3,026 3,486 Other (9) 3 10 5 (1) 3 Total revenue 3,484 4,032 4,296 4,523 4,184 4,575 Cost of revenue 2,269 2,716 2,797 2,998 3,011 2,897 Gross profit 1,215 1,317 1,499 1,525 1,173 1,678 Operating expenses 1,457 1,431 1,558 1,542 1,533 1,805 Operating profit 1 (242) (115) (59) (18) (360) (128)Total other expenses 2 86 34 223 52 265 175 Net income (loss) $(328) $(149) $(282) $(70) $(625) $(303)1 Before stock-based compensation2 Includes gain or loss on asset disposal, stock-based compensation expense, interest expense, income tax recovery, foreign exchange loss or gain, other expenses and acquisition expenses.Adjusted EBITDA 1In thousands of Canadian dollars Q22024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Adjusted EBITDA $2 $134 $226 $297 $(27) $219 Depreciation and amortization 245 248 285 314 333 349 Operating profit $242 $(115) $(59) $(18) $(360) $(128)1 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.Subscription and services revenuein 000s of CAD dollars Q22024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Application software $49 $129 $139 $280 $343 $456 Other services 839 777 925 868 816 630 Total $888 $906 $1,064 $1,148 $1,159 $1,086 Other services revenuein 000s of CAD dollars Q22024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Technology life-cycle maintenance and support $356 $347 $323 $314 $310 $285 Professional services 483 430 602 553 506 345 Total $839 $777 $925 $867 $816 $630 Operating Results Commentary\"Simply put, ...