Route1 Announces Q4 and Fiscal Year 2023 Financial Results

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[{"type":"text","content":"Route1 Announces Q4 and Fiscal Year 2023 Financial ResultsTORONTO, ON / ACCESSWIRE / April 24, 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 twelve-month periods ended December 31, 2023.Fiscal Year 2023 (FY 2023) In 000s of CAD dollars FY 2023 FY 2022 FY 2021 Revenue Services $4,456 $6,194 $9,702 Device 13,104 15,830 17,432 Other 18 21 137 Total Revenue 17,578 22,045 27,271 Cost of revenue 11,703 14,462 16,446 Gross profit 5,875 7,583 10,825 Operating expenses 6,439 7,645 9,812 Operating profit 1 (564) (62) 1,013 Total other expenses 2, 3 719 1,656 791 Net income (loss) $(1,283) $(1,718) $222 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 FY 2022, the Company wrote down its deferred tax asset and liabilities with a net impact of ($1,141).Fourth Quarter 2023 (Q4 2023) Statement of operationsIn 000s of CAD dollars Q42023 Q32023 Q22023 Q12023 Q42022 Q32022 Revenue Subscription and services $1,064 $1,148 $1,159 $1,086 $1,103 $1,326 Devices and appliances 3,222 3,370 3,026 3,486 2,279 5,519 Other 10 5 (1) 3 6 2 Total revenue 4,296 4,523 4,184 4,575 3,388 6,847 Cost of revenue 2,797 2,998 3,011 2,897 2,032 4,842 Gross profit 1,499 1,525 1,173 1,678 1,356 2,005 Operating expenses 1,558 1,542 1,533 1,805 1,859 1,802 Operating profit 1 (59) (17) (360) (128) (503) 203 Total other expenses 2, 3 226 53 265 175 1,223 139 Net income (loss) $(285) $(70) $(625) $(303) $(1,726) $64 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 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 Dec 312023 Sept 302023 Jun 302023 Mar 312023 Dec 312022 Application software $139 $280 $343 $456 $475 Other services 925 868 816 630 628 Total $1,064 $1,148 $1,159 $1,086 $1,103 Other services revenuein 000s of CAD dollars Dec 312023 Sept 302022...

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