Rubicon reported a revenue of USD 166 million in Q4 2022, lagging analyst estimates of USD 199 million. However, the revenue increased 2% YoY, while the adjusted gross profit reached USD 13.4 million, remaining roughly flat from Q4 2021 (-1% YoY). The revenue for FY 2022 increased by 16% YoY to USD 675 million.

The company attributed the revenue growth to increased service with both new and existing customers across business lines. The negligible decline in adjusted gross profit was primarily driven by one-time customer expenses but was largely offset by stronger performance in the SaaS product lines.

The company's adjusted EBITDA loss was USD 17.6 million in Q4 2022, a slight improvement from a loss of USD 19.5 million in Q4 2021. Net losses reduced significantly in Q4 2022 to USD 18 million, compared to USD 30.3 million in Q4 2021, due to increased revenue and a decrease in general and administrative expenses (-50% YoY). This reduction in losses was partially driven by a USD 10.4 million gain on the settlement of certain management bonuses. The reduction in losses was also attributed to the company's merger with Founder SPAC and strategic shift.

The company expects to generate a positive adjusted EBITDA for Q4 2023.